American Funds Tax-Exempt Fund of New York Class F-1 NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-22448

American Funds Tax-Exempt Fund of New York

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: July 31

Date of reporting period: July 31, 2020

Brian C. Janssen

American Funds Tax-Exempt Fund of New York

6455 Irvine Center Drive

Irvine, California 92620

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

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 Tax-Exempt Fund of California^® American Funds Tax-Exempt Fund of New York^®

Annual reports for the year ended July 31, 2020

Invest in
municipal bonds
for tax-advantaged
income

Beginning January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, we intend to no longer mail paper copies of the fund’s shareholder reports, unless specifically requested from American Funds or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Capital Group website (capitalgroup.com); you will be notified by mail and provided with a website link to access the report each time a report is posted. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. If you prefer to receive shareholder reports and other communications electronically, you may update your mailing preferences with your financial intermediary, or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).

You may elect to receive paper copies of all future reports free of charge. If you invest through a financial intermediary, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you may inform American Funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at (800) 421-4225. Your election to receive paper reports will apply to all funds held with American Funds or through your financial intermediary.

American Funds Short-Term Tax-Exempt Bond Fund seeks to provide current income exempt from regular federal income tax, consistent with 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 with the 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 the preservation 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 to provide a high level of current income exempt from regular federal and California state income taxes. Its secondary objective is 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 state and New York City income taxes. Its secondary objective is preservation of capital.

Each fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For nearly 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge had been deducted (maximum 2.50% for American Funds Short-Term Tax-Exempt Bond Fund and Limited Term Tax-Exempt Bond Fund of America; 3.75% for 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), the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended June 30, 2020 (the most recent calendar quarter-end), and the total annual fund operating expense ratios as of the prospectus dated October 1, 2020 (unaudited):

	Cumulative total returns			Average annual total returns						Gross
Class A shares	1 year			5 years			10 years/Lifetime*			expense ratios

Reflecting 2.50% maximum sales charge
American Funds Short-Term Tax-Exempt Bond Fund		0.35	%		1.07	%		1.15	%		0.58	%
Limited Term Tax-Exempt Bond Fund of America		0.81			1.81			2.41			0.60

Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		–0.48			2.81			3.86			0.52
American High-Income Municipal Bond Fund		–2.69			3.66			5.19			0.67
The Tax-Exempt Fund of California		–0.77			2.79			4.22			0.61
American Funds Tax-Exempt Fund of New York		–1.69			2.37			3.29			0.67	^†

*	Applicable only to American Funds Tax-Exempt Fund of New York, which began operations on 11/1/10. All other funds reflect 10-year results.
^†	The net expense ratio for American Funds Tax-Exempt Fund of New York is 0.63% as of the prospectus dated October 1, 2020 (unaudited).

For other share class results, visit capitalgroup.com.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. The investment adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt Fund of New York. Investment results and the net expense ratio reflect the reimbursement, without which the results would have been lower and the expense ratio would have been higher. This reimbursement will be in effect through at least October 1, 2021, unless modified or terminated by the fund’s board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit capitalgroup.com for more information.

A summary of each fund’s 30-day yield can be found on page 3.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

		Contents

1		Letter to investors

4		Fund reviews

10		Results at a glance

		Investment portfolios

11		American Funds Short-Term Tax-Exempt Bond Fund

18		Limited Term Tax-Exempt Bond Fund of America

26		The Tax-Exempt Bond Fund of America

44		American High-Income Municipal Bond Fund

62		The Tax-Exempt Fund of California

78		American Funds Tax-Exempt Fund of New York

86		Financial statements

132		Boards of trustees and other officers

Fellow investors:

We are pleased to present this report for 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 Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York. It covers the 12-month period ended July 31, 2020, the conclusion of the funds’ fiscal year.

The past fiscal year was a tale in two parts, with municipal markets enjoying strong market conditions during the first seven months characterized by spread tightening and tight ratios to U.S. Treasurys. By March the full force of the economy’s pandemic-induced shutdown triggered a sharp sell-off. Credit spreads also widened dramatically across the yield curve. By fiscal year-end, the municipal market began to recover and stabilized in line with U.S. Treasury market conditions. This sequence of events ultimately produced total returns that ranged from 4.40% for The Tax-Exempt Bond Fund of America to 2.68% for American High-Income Municipal Bond Fund. (See pages 3 through 10 for fund specific results and information.)

The Bloomberg Barclays High Yield Municipal Bond Index (a market value-weighted index composed of municipal bonds rated below BBB/Baa) returned 3.12%, lagging the 5.36% return posted by the Bloomberg Barclays Municipal Bond Index, a measure of the long-term investment-grade (bonds rated BBB/Baa and above) tax-exempt market.

Economic and market overview

The fiscal year began with the municipal markets and general economy showing strength. Muni/Treasury ratios had reached very tight levels prior to the onset of the pandemic. As COVID-19 began spreading across the U.S. — prompting orders for communities to shelter-in-place, closing businesses and schools — investors sold municipal bonds at a significant pace, which cheapened muni/Treasury ratios to levels not seen since the Great Financial Crisis in 2008. However, by the end of July these ratios tightened significantly, although not to the levels seen in the beginning of the funds’ fiscal year.

In response to market volatility brought on by the pandemic and the subsequent shutdown of communities, the Federal Reserve (Fed) cut the target range for the federal funds rate in March to near zero, at 0.25%. In addition, the Fed has purchased trillions in Treasury and mortgage securities since the spring, sparking a flight to safe, cash-like investments.

In the second quarter, the U.S. economy contracted by the fastest quarterly rate on record, shrinking by 9.5%. On an annual basis, U.S. GDP declined by 32.9% as people stayed home and cut back their spending, triggering a drop in consumption, layoffs and business closures. Unemployment soared from a historically low rate of 3.5% in February to a record high of 14.7% in April to 10.2% in July — comparable to unemployment levels last seen in the Great Depression.

As economic indicators continue to point to weak growth, consumption and investment, Fed officials have signaled that they are inclined to keep the federal funds rate at close-to-zero levels until 2022.

Inside the funds

Municipal bonds, in general, continue to provide stability and diversification in portfolios as price fluctuations have been less pronounced than equities over longer periods. Fund managers took advantage of market volatility to add high conviction investment ideas at material discounts to those offered pre-crisis.

The fund managers’ long-term approach favors sectors such as housing, utilities and

American Funds Tax-Exempt Funds

education, which has resulted in greater exposure to revenue bonds. Managers have also found attractive opportunities in health care bonds despite uncertainty in the industry. In this sector, not-for-profit hospital credit is a focus.

Looking ahead

Concerns surrounding global economic growth amid a pandemic-induced recession continue. Unemployment in the United States remains high, and it is uncertain as to when economic activity will return to more normal levels. We continue to maintain a relatively cautious approach to credit and duration risk in fund portfolios. Any financial market optimism is tempered by concerns over the possibility of additional waves of COVID-19 infections and an ongoing economic slowdown.

At the time of publication, Congressional negotiations had stalled over additional federal aid to state and local governments, many of which are considering layoffs and cuts to essential services.

Longer term, fund managers will continue to monitor COVID-19’s impact across existing and prospective holdings while also balancing fundamental views and unprecedented Fed involvement in the markets when considering municipal bond valuations. The focus is on identifying resilient credits, especially those that reflect unreasonably bearish pandemic outcomes. Fund managers believe that volatility leads to opportunity for active managers.

Duration and yield curve management will remain important investment considerations moving forward. The Fed has indicated it will keep rates near zero for an extended period. Despite this, we expect to continue to uncover potentially compelling investments. We are particularly focused on revenue bond issuers as they are less likely to be directly affected by the long-term liability issues facing state and local governments and may provide a measure of stability for long-term investors.

Thank you for your support. We endeavor to be responsible stewards of your capital.

Sincerely,

Aaron Applebaum

President, American Funds Short-Term Tax-Exempt Bond Fund

Mark Marinella

President, Limited Term Tax-Exempt Bond Fund of America

Chad M. Rach

President, American High-Income Municipal Bond Fund

Jerome Solomon

President, American Funds Tax-Exempt Fund of New York

Karl J. Zeile

President, The Tax-Exempt Bond Fund of America and The Tax-Exempt Fund of California

September 14, 2020

For current information about the funds, visit capitalgroup.com.

2	American Funds Tax-Exempt Funds

Funds’ 30-day yields

Below is a summary of each fund’s 30-day yield and 12-month distribution rate for Class A shares as of August 31, 2020. Both measures reflect the 2.50%/3.75% maximum sales charge. Each fund’s 30-day yield is calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The SEC yield reflects the rate at which each fund is earning income on its current portfolio of securities while the distribution rate reflects the funds’ past dividends paid to shareholders. Accordingly, the funds’ SEC yields and distribution rates may differ.

	SEC			12-month
Class A shares	30-day yield			distribution rate

Reflecting 2.50% maximum sales charge
American Funds Short-Term Tax-Exempt Bond Fund		0.12	%		1.18	%
Limited Term Tax-Exempt Bond Fund of America		0.42			1.47

Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		1.12			2.30
American High-Income Municipal Bond Fund		2.32			3.22
The Tax-Exempt Fund of California		0.87			2.27
American Funds Tax-Exempt Fund of New York		0.99	*		2.30

*	The SEC 30-day yield for American Funds Tax-Exempt Fund of New York is 1.02% with the fund’s reimbursement.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Income may be subject to state or local income taxes and/or federal alternative minimum taxes. Also, certain other income (such as distributions from gains on the sale of certain bonds purchased at less than par value), as well as capital gain distributions, may be taxable. High-yield/lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade/higher rated bonds. The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York are more susceptible to factors adversely affecting issuers of each state’s tax-exempt securities than a more widely diversified municipal bond fund. Refer to the funds’ prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

The fund registered a total return of 3.07% for the fiscal year, surpassing the 3.01% increase posted by the Bloomberg Barclays Municipal Short 1–5 Years Index, a market value-weighted index that includes investment-grade (rated BBB/Baa and above) tax-exempt bonds with maturities of one to five years. The fund outpaced the 1.78% return of the Lipper Short Municipal Debt Funds Average, a peer group measure. For the fiscal year, the fund paid a dividend of 13 cents a share.

Housing bonds were among the largest contributors to the fund’s returns. The fund uses derivatives to manage its exposure to interest rates and the yield curve. Instruments such as U.S. Treasury futures might be used when cash bonds are unavailable or not attractively priced.

The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Bloomberg Barclays source: Bloomberg Index Services Ltd. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper source: Refinitiv Lipper. Lipper categories are dynamic, and averages may have few funds, especially over longer periods. To see the number of funds included in the Lipper category for each fund’s lifetime, please view the Quarterly Statistical Update, available at capitalgroup.com.

How a hypothetical $10,000 investment has grown

The results shown are before taxes on fund distributions and sale of fund shares.

Average annual total returns based on a hypothetical $1,000 investment

For periods ended July 31, 2020*

	1 year	5 years	10 years

Class A shares	0.50%	1.15%	1.13%

*	Assumes reinvestment of all distributions and payment of the maximum 2.50% sales charge.

4	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

The fund generated a total return of 3.88% for the fiscal year. This lagged the 4.02% return posted by the Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index, a market value-weighted index that includes investment-grade (rated BBB/Baa and above) tax-exempt bonds with maturities of one to 10 years. However, the fund outpaced the 3.08% return of the Lipper Short-Intermediate Municipal Debt Funds Average, a peer group measure. The fund paid a dividend of 26 cents a share for the period.

Housing and general obligation bonds aided the fund, although an underweight position in the latter compared to the benchmark proved a drag. The fund uses derivatives to manage its exposure to interest rates and the yield curve. Instruments such as U.S. Treasury futures might be used when cash bonds are unavailable or not attractively priced.

How a hypothetical $10,000 investment has grown

The results shown are before taxes on fund distributions and sale of fund shares.

Average annual total returns based on a hypothetical $1,000 investment

For periods ended July 31, 2020*

	1 year	5 years	10 years

Class A shares	1.27%	1.92%	2.37%

*	Assumes reinvestment of all distributions and payment of the maximum 2.50% sales charge.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower. Visit capitalgroup.com for more information.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

The fund generated a 4.40% total return for the fiscal year, which lagged the 5.36% return of the Bloomberg Barclays Municipal Bond Index, a market value-weighted index designed to represent the long-term investment grade (bonds rated BBB/Baa and above) tax-exempt bond market. The fund’s return outpaced the 4.14% total return of the Lipper General & Insured Municipal Debt Funds Average, a peer group measure. For the fiscal year, the fund paid a dividend of 33 cents a share.

Health care, housing and utility bonds helped boost fund results. The fund uses derivatives to manage its exposure to interest rates and the yield curve. Instruments such as U.S. Treasury futures might be used when cash bonds are unavailable or not attractively priced.

How a hypothetical $10,000 investment has grown

The results shown are before taxes on fund distributions and sale of fund shares.

Average annual total returns based on a hypothetical $1,000 investment

For periods ended July 31, 2020*

	1 year	5 years	10 years

Class A shares	0.47%	3.04%	3.89%

*	Assumes reinvestment of all distributions and payment of the maximum 3.75% sales charge.

6	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

The fund produced a total return of 2.68% for the fiscal year, lagging the 3.12% return of the Bloomberg Barclays High Yield Municipal Bond Index (a market value-weighted index composed of municipal bonds rated below BBB/Baa). By comparison, the Bloomberg Barclays Municipal Bond Index, a measure of the investment-grade municipal market, advanced 5.36%. The fund led the Lipper High Yield Municipal Debt Funds Average (a peer group measure), which returned 1.84%. For the period, the fund paid monthly dividends that totaled 54 cents a share.

The fund uses derivatives to manage its exposure to interest rates and the yield curve. Instruments such as U.S. Treasury futures might be used when cash bonds are unavailable or not attractively priced.

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Bloomberg Barclays source: Bloomberg Index Services Ltd. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper source: Refinitiv Lipper. Lipper categories are dynamic, and averages may have few funds, especially over longer periods. To see the number of funds included in the Lipper category for each fund’s lifetime, please view the Quarterly Statistical Update, available at capitalgroup.com.

How a hypothetical $10,000 investment has grown

The results shown are before taxes on fund distributions and sale of fund shares.

Average annual total returns based on a hypothetical $1,000 investment

For periods ended July 31, 2020*

	1 year	5 years	10 years

Class A shares	–1.19%	4.00%	5.29%

*	Assumes reinvestment of all distributions and payment of the maximum 3.75% sales charge.

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

The fund generated a total return of 4.14% for the 12 months ended July 31, which lagged the 5.75% return of the Bloomberg Barclays California Municipal Index, a market value-weighted index that includes only investment-grade (rated BBB/Baa and above) tax-exempt bonds of issuers within the state of California. The fund bested the 3.99% total return of the Lipper California Municipal Debt Funds Average, a peer group measure. The fund paid a yearly dividend of 43 cents a share.

A heavier weighting than the benchmark in special tax bonds bolstered the fund. The fund uses derivatives to manage its exposure to interest rates and the yield curve. Instruments such as U.S. Treasury futures might be used when cash bonds are unavailable or not attractively priced.

How a hypothetical $10,000 investment has grown

The results shown are before taxes on fund distributions and sale of fund shares.

Average annual total returns based on a hypothetical $1,000 investment

For periods ended July 31, 2020*

	1 year	5 years	10 years

Class A shares	0.26%	2.99%	4.26%

*	Assumes reinvestment of all distributions and payment of the maximum 3.75% sales charge.

8	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

The fund recorded a total return of 3.18% for the fiscal year, trailing the 4.30% increase posted by Bloomberg Barclays New York Municipal Index, a market value-weighted index that includes only investment-grade (rated BBB/Baa and above) tax-exempt bonds of issuers within the state of New York. The fund’s result slightly lagged the 3.28% return of the Lipper New York Municipal Debt Funds average, a peer group measure. The fund paid a yearly dividend of 26 cents a share.

The fund was hurt by an underweight position in general obligation and government bonds compared to its benchmark but was helped by an overweighting in health care issuances.

How a hypothetical $10,000 investment has grown

*	For the period November 1, 2010 (when the fund began operations), through July 31, 2011.

The results shown are before taxes on fund distributions and sale of fund shares.

Average annual total returns based on a hypothetical $1,000 investment

For periods ended July 31, 2020*

	1 year	5 years	Lifetime

Class A shares	–0.70%	2.57%	3.44%

*	Assumes reinvestment of all distributions and payment of the maximum 3.75% sales charge.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect expense reimbursements, without which results would have been lower. The investment adviser is currently reimbursing a portion of other expenses. This reimbursement will be in effect through at least October 1, 2021, unless modified or terminated by the fund’s board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit capitalgroup.com for more information.

American Funds Tax-Exempt Funds

Results at a glance

For periods ended July 31, 2020, with distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime^*

American Funds Short-Term Tax-Exempt Bond Fund (Class A shares)		3.07	%		1.67	%		1.39	%		1.54	%
Bloomberg Barclays Municipal Short 1–5 Years Index		3.01			1.99			1.79			1.98
Lipper Short Municipal Debt Funds Average		1.78			1.36			1.17			1.32

Limited Term Tax-Exempt Bond Fund of America (Class A shares)		3.88			2.44			2.62			3.85
Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index		4.02			2.85			2.80			4.11
Lipper Short-Intermediate Municipal Debt Funds Average		3.08			2.19			2.12			3.32

The Tax-Exempt Bond Fund of America (Class A shares)		4.40			3.83			4.29			6.32
Bloomberg Barclays Municipal Bond Index		5.36			4.13			4.26			—	^†
Lipper General & Insured Municipal Debt Funds Average		4.14			3.79			4.09			6.13

American High-Income Municipal Bond Fund (Class A shares)		2.68			4.80			5.69			5.48
Bloomberg Barclays Municipal Bond Index		5.36			4.13			4.26			5.33
Bloomberg Barclays High Yield Municipal Bond Index		3.12			6.45			6.26			—	^†
Lipper High Yield Municipal Debt Funds Average		1.84			4.42			5.15			5.00

The Tax-Exempt Fund of California (Class A shares)		4.14			3.78			4.66			5.44
Bloomberg Barclays California Municipal Index		5.75			4.15			4.68			—	^†
Lipper California Municipal Debt Funds Average		3.99			3.96			4.61			5.47

American Funds Tax-Exempt Fund of New York (Class A shares)		3.18			3.37			—			3.85
Bloomberg Barclays New York Municipal Index		4.30			3.76			—			3.92
Lipper New York Municipal Debt Funds Average		3.28			3.58			—			3.60

*	Since 8/7/09 (American Funds Short-Term Tax-Exempt Bond Fund), 10/6/93 (Limited Term Tax-Exempt Bond Fund of America), 10/3/79 (The Tax-Exempt Bond Fund of America), 9/26/94 (American High-Income Municipal Bond Fund), 10/28/86 (The Tax-Exempt Fund of California) and 11/1/10 (American Funds Tax-Exempt Fund of New York).
^†	This index did not exist at the fund’s inception.

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Bloomberg Barclays source: Bloomberg Index Services Ltd. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper source: Refinitiv Lipper. Lipper categories are dynamic and averages may have few funds, especially over longer periods. To see the number of funds included in the Lipper category for each fund’s lifetime, please view the Quarterly Statistical Update, available at capitalgroup.com.

10	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Summary investment portfolio July 31, 2020

Portfolio quality summary*	Percent of net assets

Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

Bonds, notes & other debt instruments 86.78%	Principal amount (000)		Value (000)
Alabama 1.09%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)	$	5,500	$	5,827
Other securities				9,404
				15,231

Arizona 1.76%
County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2017-B, 5.00% 2048 (put 2022)		5,000		5,443
Other securities				19,289
				24,732

California 3.06%
Fresno Unified School Dist., G.O. Bonds, 2010 Election, Series 2013-C, 5.50% 2046		5,000		5,779
Other securities				37,163
				42,942

Colorado 1.71%
Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-A, 5.00% 2025		4,475		5,310
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-C, Class I, 4.25% 2049		6,030		6,724
Other securities				11,951
				23,985

District of Columbia 2.14%
G.O. Bonds, Series 2015-A, 5.00% 2032		6,500		7,848
G.O. Rev. Ref. Bonds, Series 2018-B, 5.00% 2026		520		659
Income Tax Secured Rev. Bonds, Series 2011-A, 5.00% 2022		760		809
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2024		1,500		1,771
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2025		1,500		1,837
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2026		1,115		1,410
Income Tax Secured Rev. Ref. Bonds, Series 2020-B, 5.00% 2022		3,000		3,314
Income Tax Secured Rev. Ref. Bonds, Series 2020-B, 5.00% 2026		4,000		5,121
Other securities				7,269
				30,038

Florida 4.55%
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2019-A, AMT, 5.00% 2023		4,500		5,102
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2020-A, 5.00% 2026		4,935		6,263
Other securities				52,461
				63,826

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Georgia 1.86%
City of East Point, Housing Auth., Multi Family Housing Rev. Bonds (Hillcrest Senior Apartments Projects), Series 2018, 2.25% 2022 (put 2021)¹	$	6,470	$	6,560
G.O. Bonds, Series 2019-A, 5.00% 2023		5,000		5,703
Other securities				13,808
				26,071

Illinois 4.62%
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 1.16% 2050 (put 2025)²		5,625		5,635
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2021		5,520		5,736
Other securities				53,298
				64,669

Iowa 0.37%
Fin. Auth., State Revolving Fund Rev. Bonds, Series 2011, 5.00% 2026 (preref. 2021)		4,960		5,199

Michigan 2.55%
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014-A, 4.00% 2044		450		475
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047		855		916
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048		2,830		3,053
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048		2,295		2,521
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049		6,455		7,198
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 2050		2,000		2,235
Other securities				19,405
				35,803

Minnesota 2.37%
G.O. Bonds, Series 2014-A, 5.00% 2025		4,415		5,257
Other securities				27,891
				33,148

Montana 0.64%
Fin. Auth., Rev. Bonds (Billings Clinic Obligated Group), Series 2018-C, (SIFMA Municipal Swap Index + 0.55%) 0.71% 2037 (put 2023)²		4,980		4,975
Other securities				3,999
				8,974

Nevada 1.86%
Housing Division, Single Family Mortgage Rev. Bonds, Series 2019-C, 1.20% 2051 (put 2020)		6,725		6,728
Las Vegas Valley Water Dist., Limited Tax G.O. Rev. Ref. Bonds, Series 2012-A, 5.00% 2029		4,070		4,398
Las Vegas Valley Water Dist., Limited Tax G.O. Water Bonds, Series 2012-B, 5.00% 2025		1,000		1,085
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement and Rev. Ref. Bonds, Series 2016-A, 5.00% 2023		400		454
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2015-B, 5.00% 2023		2,500		2,898
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2027		1,315		1,704
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-D, 5.00% 2024		1,600		1,892
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-D, 5.00% 2026		1,475		1,859
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-D, 5.00% 2027		1,725		2,235
Other securities				2,796
				26,049

12	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)		Value (000)
New Jersey 2.29%
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048	$	5,155	$	5,822
Other securities				26,273
				32,095

New York 6.95%
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2022		1,220		1,309
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2026		1,070		1,334
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2025		1,000		1,210
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2026		1,400		1,745
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2030		1,215		1,658
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-C, 5.00% 2024		7,500		8,793
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-C, 5.00% 2028		1,750		2,301
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2005-B, AMBAC insured, 5.25% 2023		715		776
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2013-B, 5.00% 2022		650		684
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2020		2,000		2,014
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 0.61% 2044 (put 2022)²		4,000		3,784
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 0.797% 2032 (put 2021)²		4,000		3,959
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2016-D, 5.00% 2022		1,020		1,074
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2016-D, 5.00% 2027		580		654
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 2023		1,590		1,709
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2023		675		726
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021		5,250		5,257
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021)		3,000		3,001
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2018-L-2, 2.75% 2050 (put 2023)		3,625		3,803
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2020-A-3, 1.125% 2060 (put 2024)		2,000		2,019
Other securities				49,505
				97,315

North Carolina 2.89%
G.O. Public Improvement Bonds (Connect NC), Series 2019-B, 5.00% 2021		6,225		6,478
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2021		5,000		5,153
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 0.515% 2041 (put 2022)²		5,030		5,009
Other securities				23,890
				40,530

Oregon 1.79%
Housing and Community Services Dept., Housing Dev. Rev. Bonds (The Henry Apartments Project), Series 2018-J, 2.20% 2021 (put 2020)		7,075		7,122
Other securities				17,975
				25,097

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Pennsylvania 3.64%
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-117-A, AMT, 3.50% 2040	$	785	$	824
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-118-A, AMT, 3.50% 2040		2,845		2,948
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 2041		400		419
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 2046		505		533
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046		2,890		3,118
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-123-A, AMT, 4.00% 2039		990		1,049
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2019-128-A, AMT, 4.75% 2033		1,330		1,469
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2020-132-A, 3.50% 2051		1,000		1,097
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (Central Pennsylvania Dev.), Series 2018, 2.45% 2022 (put 2021)		5,000		5,088
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2012-A, 5.00% 2025 (preref. 2021)		1,165		1,239
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2012-A, 5.00% 2027 (preref. 2021)		2,380		2,532
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2026 (preref. 2021)		1,000		1,063
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2030 (preref. 2021)		480		510
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2042 (preref. 2022)		1,150		1,278
Turnpike Commission, Turnpike Rev. Bonds, Series 2014-B-1, (SIFMA Municipal Swap Index + 0.98%) 1.14% 2021²		1,100		1,103
Turnpike Commission, Turnpike Rev. Bonds, Series 2016, 5.00% 2021		2,155		2,226
Turnpike Commission, Turnpike Rev. Bonds, Series 2018-B, (SIFMA Municipal Swap Index + 0.50%) 0.66% 2021²		3,000		2,991
Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 2025		500		611
Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 2026		400		497
Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2017-A-2, 5.00% 2024		485		575
Other securities				19,854
				51,024

South Carolina 1.35%
City of Charleston, Waterworks and Sewer System Capital Improvement Bonds, Series 2006-B, 0.482% 2035 (put 2022)²		5,000		4,965
Other securities				13,929
				18,894

Texas 14.46%
G.O. Bonds, College Student Loan Bonds, Series 2013-B, AMT, 5.25% 2022		3,155		3,467
G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2011-B, 5.00% 2021		1,830		1,920
G.O. Bonds, Water Financial Assistance Rev. Ref. Bonds, Series 2019-C-1, 5.00% 2021		1,000		1,049
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021		6,035		6,053
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2018-C, (1-month USD-LIBOR x 0.70 + 0.36%) 0.476% 2034 (put 2021)²		5,650		5,634
Prosper Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 2.00% 2050 (put 2021)		6,480		6,759
Transportation Commission, G.O. Mobility Fund Rev. Ref. Bonds, Series 2014-B, 5.00% 2026		1,000		1,176
Other securities				176,548
				202,606

Utah 1.19%
G.O. Bonds, Series 2020, 5.00% 2026		7,535		9,629
G.O. Bonds, Series 2020-B, 5.00% 2025		5,750		7,098
				16,727

14	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)		Value (000)
Virginia 2.38%
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2033	$	3,735	$	4,139
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2034		1,950		2,161
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2020-A, 5.00% 2025		2,400		2,910
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2020-A, 5.00% 2026		2,675		3,349
College Building Auth., Educational Facs. Rev. Ref. Bonds (21st Century College and Equipment Programs), Series 2011-A, 4.00% 2032 (preref. 2021)		1,000		1,019
County of Fairfax, Public Improvement Bonds, Series 2020-A, 4.50% 2027		3,865		4,970
Other securities				14,820
				33,368

Wisconsin 2.80%
G.O. Bonds, Series 2013-A, 5.00% 2025 (preref. 2022)		5,000		5,423
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023)		5,000		5,656
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2018-B, 5.00% 2038 (put 2023)		2,700		2,956
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 0.71% 2054 (put 2023)²		2,330		2,326
Health and Educational Facs. Auth., Rev. Bonds (Agnesian HealthCare, Inc.), Series 2013-B, 5.00% 2024 (preref. 2023)		1,015		1,153
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-5, 5.00% 2033 (put 2024)		2,000		2,377
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2019-A, 5.00% 2021		670		709
Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 2026³		4,000		4,713
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2020-A, 5.00% 2026		600		730
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2020-A, 5.00% 2027		1,500		1,861
Other securities				11,317
				39,221

Other states & U.S. territories 18.46%
Other securities				258,350

Total bonds, notes & other debt instruments (cost: $1,186,703,000)				1,215,894

Short-term securities 14.16%
State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1985, 0.14% 2025²		5,000		5,000
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-A, 0.12% 2052²		4,000		4,000
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-B, 0.12% 2052²		2,700		2,700
State of California, City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-2, 0.14% 2035²		5,000		5,000
State of California, City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 0.14% 2049²		6,300		6,300
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 0.14% 2022²		8,000		8,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 0.14% 2030²		4,150		4,150
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-I, 0.14% 2035²		7,000		7,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-F, 0.14% 2035²		4,000		4,000

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Short-term securities (continued)	Principal amount (000)		Value (000)
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 1996-A, 0.14% 2030²	$	6,200	$	6,200
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 2000-B, 0.17% 2040²		1,900		1,900
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 2003-B, 0.16% 2033²		4,500		4,500
State of New York, Dormitory Auth., Rev. Bonds (Cornell University), Series 2019-B, 0.11% 2039²		1,900		1,900
State of New York, Dormitory Auth., State Personal Income Tax Rev. Anticipation Notes (General Purpose), Series 2020-B, 5.00% 3/31/2021		12,035		12,418
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-1, 5.00% 2022		1,025		1,077
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2022		2,450		2,504
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2016-A-4, 0.16% 2041²		2,000		2,000
State of New York, New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2003, Series 2003-C-5, 0.16% 2031²		7,515		7,515
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2019-F, 0.13% 2052²		6,100		6,100
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 0.14% 2048²		6,500		6,500
State of Texas, County of Jefferson, Port Arthur Navigation Dist., Pollution Control Rev. Ref. Bonds (Texaco Inc. Project), Series 1994, 0.14% 2024²		8,000		8,000
State of Texas, Port Arthur Navigation Dist. Industrial Dev. Corp., Rev. Bonds (Air Products Project), Series 2005, 0.12% 2040²		4,900		4,900
State of Texas, Tax and Rev. Anticipation Notes, Series 2019, 4.00% 8/27/2020		9,165		9,187
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020-A, 0.15% 8/18/2020		1,000		1,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020-A, 0.19% 9/11/2020		5,000		5,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020-A, 0.40% 8/10/2020		4,500		4,500
State of Virginia, College Building Auth., Educational Facs. Rev. Bonds (University of Richmond Project), Series 2006, 0.15% 2036²		1,000		1,000
State of Virginia, Small Business Fncg. Auth., Demand Rev. Ref. Bonds (Virginia State University Real Estate Foundation), Series 2008, Bank of America LOC, 0.18% 2030²		5,435		5,435
State of Wisconsin, Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2017-A-1, AMT, 0.45% 2023 (put 2020)⁴		7,065		7,065
Other securities				53,533

Total short-term securities (cost: $198,398,000)				198,384
Total investment securities 100.94% (cost: $1,385,101,000)				1,414,278
Other assets less liabilities (0.94)%				(13,124	)

Net assets 100.00%			$	1,401,154

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for 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.

¹	Step bond; coupon rate may change at a later date.
²	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 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 qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $10,816,000, which represented .77% of the net assets of the fund.
⁴	For short-term securities, the mandatory put date is considered to be the maturity date.

16	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Summary investment portfolio July 31, 2020

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 86.41%	Principal amount (000)			Value (000)
Arizona 1.04%
City of Phoenix, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2013, AMT, 2.10% 2035 (put 2020)		$	15,000	$	15,000
Other securities					42,508
					57,508

California 4.70%
Regents of the University of California, G.O. Rev. Bonds, Series 2013-AK, 5.00% 2048 (put 2023)			7,000		7,916
Other securities					252,474
					260,390

Colorado 2.46%
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 2026			15,000		18,591
Other securities					117,855
					136,446

Connecticut 1.54%
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)			25,355		25,888
Other securities					59,711
					85,599

District of Columbia 2.08%
G.O. Rev. Ref. Bonds, Series 2018-B, 5.00% 2026			970		1,229
Hospital Rev. Ref. Bonds (Children’s Hospital Obligated Group Issue), Series 2015, 5.00% 2027			1,500		1,802
Income Tax Secured Rev. Bonds, Series 2011-A, 5.00% 2029			1,765		1,871
Income Tax Secured Rev. Bonds, Series 2019-A, 5.00% 2030			4,185		5,781
Income Tax Secured Rev. Bonds, Series 2020-A, 5.00% 2032			6,500		8,966
Income Tax Secured Rev. Bonds, Series 2020-A, 5.00% 2034			2,530		3,447
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2023			1,400		1,586
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2028			1,500		2,008
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2029			1,000		1,374
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2030			1,115		1,566
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2033			2,785		3,826
Income Tax Secured Rev. Ref. Bonds, Series 2019-C, 5.00% 2027			6,175		8,138
Income Tax Secured Rev. Ref. Bonds, Series 2020-B, 5.00% 2026			6,250		8,001

18	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Income Tax Secured Rev. Ref. Bonds, Series 2020-B, 5.00% 2027		$	7,000	$	9,225
Income Tax Secured Rev. Ref. Bonds, Series 2020-B, 5.00% 2029			5,535		7,684
Other securities					49,007
					115,511

Florida 4.62%
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2019-A, AMT, 5.00% 2028			15,000		19,404
Other securities					236,424
					255,828

Georgia 2.19%
G.O. Bonds, Series 2019-A, 5.00% 2028			11,000		14,838
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2023)			15,050		16,479
Other securities					90,121
					121,438

Illinois 7.78%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2024			4,230		4,570
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2025			4,515		4,891
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2026			11,805		12,898
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 4.00% 2021			1,900		1,932
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A-1, 4.00% 2030			5,000		5,779
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2014, 5.00% 2021			375		391
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2026			1,100		1,305
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2026			1,000		1,248
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2028			10,590		13,193
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2027			2,000		2,571
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2033			2,500		3,135
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2022			200		207
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2026			540		582
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2028			1,060		1,135
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 5.00% 2026			1,500		1,840
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 5.00% 2027			2,000		2,512
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 5.00% 2033			1,000		1,306
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2026			1,080		1,309
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2027			1,000		1,203
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2024			1,920		2,124
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-B, (1-month USD-LIBOR x 0.70 + 1.35%) 1.469% 2036 (put 2021)¹			2,275		2,276
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2024			4,000		4,442
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2023			1,545		1,713
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2024			1,425		1,639
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2025			950		1,130
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2026			1,215		1,487
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2027			8,640		10,856
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2028			3,135		3,929
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 5.00% 2022			1,665		1,780
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2028			4,000		4,684
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2029			9,500		11,095
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.25% 2028 (preref. 2026)			1,020		1,315
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021			4,170		4,352
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2023			1,970		2,132
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2023			750		850
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2026			1,165		1,397
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2029			1,500		1,783
G.O. Bonds, Series 2013, 5.00% 2022			1,815		1,911
G.O. Bonds, Series 2014, 5.00% 2021			535		543
G.O. Bonds, Series 2017-A, 5.00% 2021			3,500		3,633
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2020			19,285		19,426

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Illinois (continued)
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2021		$	20,035	$	20,753
G.O. Bonds, Series 2020, 5.50% 2030			11,540		14,324
Other securities					249,563
					431,144

Maryland 1.39%
G.O. Bonds, State and Local Facs. Loan of 2020, Series 2020-A-1, 5.00% 2029			13,000		17,839
Other securities					59,243
					77,082

Michigan 2.78%
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2024			1,000		1,181
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2025			1,000		1,216
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2026			1,000		1,248
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047 (preref. 2022)			17,235		19,132
Fin. Auth., Hospital Rev. Ref. Bonds (Beaumont Health Credit Group), Series 2015-A, 5.00% 2025			3,000		3,504
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2027			5,095		6,251
Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2022			2,500		2,745
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2022			5,000		5,457
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2023			1,215		1,382
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2027			1,750		2,104
Fin. Auth., Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-2, (SIFMA Municipal Swap Index x 0.61 + 0.50%) 0.66% 2038 (put 2021)¹			5,615		5,616
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 5.00% 2020			1,750		1,764
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 5.00% 2021			1,650		1,715
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014-A, 4.00% 2044			645		681
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-A, 4.00% 2046			565		606
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047			12,640		13,546
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048			2,440		2,633
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048			3,815		4,190
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049			16,160		18,020
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2049			7,500		8,440
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-B, 3.75% 2050			3,645		4,062
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 2050			5,300		5,924
Other securities					42,528
					153,945

New Mexico 1.04%
City of Farmington, Pollution Control Rev. Ref. Bonds (Public Service Co. of San Juan Project), Series 2010-D, 1.10% 2040 (put 2023)			15,750		15,845
Other securities					41,976
					57,821

New York 8.28%
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2022			4,415		4,737
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2026			4,000		4,986
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2030			9,040		11,589
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.00% 2030			12,000		15,814

20	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2030		$	3,035	$	4,141
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2033			1,000		1,338
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2014-A, 5.00% 2022			2,110		2,272
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2014-A, 5.00% 2038			1,000		1,143
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2016-A, 5.00% 2028			1,740		2,173
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 2033			1,405		1,792
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-C, 5.00% 2024			12,500		14,654
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-C, 5.00% 2028			7,500		9,862
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-C, 5.00% 2029			2,995		3,910
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2035			3,600		4,624
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2020			5,500		5,549
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-B-2, 5.00% 2022			460		484
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2020			3,250		3,273
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2013-E, 5.00% 2023			350		376
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2024			5,050		5,533
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 0.61% 2044 (put 2022)¹			7,750		7,331
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2027			3,150		3,462
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 5.00% 2045 (put 2030)			17,920		20,642
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-B, 5.00% 2021			250		258
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2016-D, 5.00% 2021			125		129
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2016-A-2, 5.00% 2026			550		620
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 0.797% 2032 (put 2021)¹			1,400		1,386
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 2023			1,035		1,113
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 2028			1,185		1,367
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2025			4,250		4,741
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2026			9,000		10,143
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2027			2,400		2,749
New York City G.O. Bonds, Fiscal 1994, Series 1994-A-4, 5.00% 2021			2,420		2,536
New York City G.O. Bonds, Fiscal 2008, Series 2008-L-6, 5.00% 2030			2,000		2,647
New York City G.O. Bonds, Fiscal 2014, Series 2014-G, 5.00% 2023			1,550		1,770
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2028			1,000		1,185
New York City G.O. Bonds, Fiscal 2016, Series 2016-C, 5.00% 2029			1,000		1,219
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2028			4,300		5,425
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2028			3,700		4,740
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2027			1,200		1,557
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2022			1,140		1,256
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2028			1,400		1,856
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2032			2,110		2,794
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 2020			10,000		10,000
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2028			10,000		13,200
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2030			17,675		24,154
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2032			6,810		9,215
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2020, Series 2020-EE, 5.00% 2031			8,830		12,693
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 2032			16,000		21,889
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 2033			10,695		14,506
Other securities					173,899
					458,732

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
North Dakota 0.67%
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046		$	16,600		$	17,886
Other securities						19,275
						37,161

Ohio 3.44%
Air Quality Dev. Auth., Air Quality Rev. Ref. Bonds (American Electric Co. Project), Series 2005-A, AMT, 2.10% 2029 (put 2024)			15,000			15,686
Other securities						175,133
						190,819

South Carolina 1.15%
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 2050			15,350			17,560
Other securities						46,191
						63,751

Texas 12.57%
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2050			15,070			17,241
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2026			12,610			14,487
Wylie Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020-A, 5.00% 2030			13,170	��		18,344
Other securities						646,707
						696,779

Virginia 2.30%
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2033			14,055			15,575
G.O. Bonds, Series 2015-A, 5.00% 2026			11,795			14,468
Other securities						97,702
						127,745

Washington 2.70%
G.O. Bonds, Series 2012-D, 5.00% 2023			5,015			5,378
G.O. Bonds, Series 2017-D, 5.00% 2028			5,000			6,426
G.O. Bonds, Series 2018-C, 5.00% 2027			2,020			2,606
G.O. Bonds, Series 2019-A, 5.00% 2033			3,500			4,585
G.O. Bonds, Series 2019-C, 5.00% 2031			5,000			6,735
G.O. Bonds, Series 2020-A, 5.00% 2025			2,095			2,588
G.O. Bonds, Series 2020-D, 5.00% 2033			2,225			3,023
G.O. Bonds, Series 2021-A, 5.00% 2028			1,935			2,598
G.O. Bonds, Series 2021-A, 5.00% 2029			8,535			11,765
G.O. Rev. Ref. Bonds, Series 2016-R-C, 4.00% 2028			10,000			10,700
G.O. Rev. Ref. Bonds, Series 2017-R-A, 5.00% 2022			2,370			2,601
G.O. Rev. Ref. Bonds, Series 2020-R-A, 5.00% 2026			2,500			3,127
G.O. Rev. Ref. Bonds, Series 2020-R-B, 5.00% 2022			2,750			2,940
G.O. Rev. Ref. Bonds, Series 2020-R-B, 5.00% 2026			2,500			3,127
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 1.16% 2035 (put 2021)¹			15,100			15,055
Other securities						66,429
						149,683

Wisconsin 2.56%
Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 2026²			12,430			14,646
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2019-A, 4.25% 2049			17,440			19,608
Other securities						107,658
						141,912

22	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Other states & U.S. territories 21.12%
Other securities				$	1,170,507

Total bonds, notes & other debt instruments (cost: $4,605,077,000)					4,789,801

Short-term securities 14.90%
State of Arizona, Health Facs. Auth., Rev. Bonds (Banner Health), Series 2015-B, 0.12% 2046¹		$	20,970		20,970
State of California, Regents of the University of California, G.O. Rev. Bonds, Series 2013-AL-2, 0.14% 2048¹			48,500		48,500
State of California, Regents of the University of California, G.O. Rev. Bonds, Series 2013-AL-4, 0.10% 2048¹			7,275		7,275
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-A, 0.17% 2044¹			8,000		8,000
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 0.17% 2044¹			5,635		5,635
State of Iowa, Fin. Auth., Rev. Bonds (UnityPoint Health), Series 2018-E, 0.17% 2041¹			13,420		13,420
State of Iowa, Fin. Auth., Rev. Bonds (UnityPoint Health), Series 2018-F, 0.14% 2041¹			10,005		10,005
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 0.12% 2043¹			17,500		17,500
State of Maryland, Health and Higher Educational Facs. Auth., Rev. IAM Commercial Paper (John Hopkins Hospital Issue), Series 2020-A, 0.18% 8/18/2020			5,000		5,000
State of Maryland, Health and Higher Educational Facs. Auth., Rev. IAM Commercial Paper (John Hopkins Hospital Issue), Series 2020-A, 0.20% 9/3/2020			10,000		10,000
State of Maryland, County of Montgomery, G.O. Bonds, Series 2017-E, 0.16% 2037¹			14,100		14,100
State of Maryland, County of Montgomery, IAM Commercial Paper, Series 2009-B, 0.21% 8/26/2020			7,500		7,500
State of Massachusetts, Massachusetts Bay Transportation Auth., Sales Tax Bonds, Series 2018-A-1, 0.16% 2026¹			26,650		26,650
State of Michigan, Fin. Auth., State Aid Rev. Bonds, Series 2019-A, 2.00% 8/20/2020		��	3,000		3,002
State of Michigan, Fin. Auth., State Aid Rev. Bonds, Series 2020-A-2, 4.00% 2021			7,000		7,262
State of Michigan, Board of Trustees of Michigan State University, General Rev. Bonds, Series 2000-A, 0.23% 2030¹			16,755		16,755
State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2016, 0.15% 2047¹			20,280		20,280
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 2000-B, 0.17% 2040¹			15,500		15,500
State of New Hampshire, Health and Education Facs. Auth., Rev. Ref. Bonds (Dartmouth College Issue), Series 2007-B, 0.15% 2041¹			32,700		32,700
State of New Hampshire, National Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Emerald Renewable Diesel LLC Project), Series 2019, AMT, 2.00% 2049 (put 2020)^2,3			15,200		15,211
State of New York, Dormitory Auth., State Personal Income Tax Rev. Anticipation Notes (General Purpose), Series 2020-B, 5.00% 3/31/2021			46,335		47,815
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-1, 5.00% 2022			12,080		12,691
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2022			17,020		17,391
State of New York, New York City G.O. Bonds, Fiscal 2006, Series 2006-E-2, 0.16% 2034¹			3,625		3,625
State of New York, New York City G.O. Bonds, Fiscal 2006, Series 2006-E-4, 0.16% 2034¹			5,000		5,000
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-5, 0.16% 2035¹			22,545		22,545
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Fiscal 2012, Series 2012-A-2, 0.14% 2044¹			18,855		18,855
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2011, Series 2011-DD-2, 0.18% 2043¹			9,500		9,500
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2014-AA-2, 0.18% 2050¹			22,750		22,750
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2014-AA-6, 0.18% 2048¹			3,080		3,080
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-BB-1, 0.16% 2049¹			7,500		7,500
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2016, Series 2016-AA-1, 0.16% 2048¹			13,300		13,300

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Short-term securities (continued)	Principal amount (000)			Value (000)
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2010, Series 2010-F-5, 0.19% 2035¹		$	4,900	$	4,900
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2016-A-4, 0.16% 2041¹			9,650		9,650
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-4, 0.16% 2045¹			7,500		7,500
State of New York, New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2003, Series 2003-C-5, 0.16% 2031¹			1,000		1,000
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 0.14% 2048¹			50,875		50,875
State of Texas, County of Harris, IAM Commercial Paper, Series 2020-A-1, 0.20% 8/6/2020			1,275		1,275
State of Texas, County of Harris, IAM Commercial Paper, Series 2020-A-1, 0.20% 8/6/2020			550		550
State of Texas, County of Harris, IAM Commercial Paper, Series 2020-C, 0.15% 8/6/2020			3,850		3,850
State of Texas, County of Harris, IAM Commercial Paper, Series 2020-C, 0.20% 8/6/2020			1,600		1,600
State of Texas, County of Harris, IAM Commercial Paper, Series 2020-D, 0.15% 8/6/2020			3,950		3,950
State of Texas, County of Harris, IAM Commercial Paper, Series 2020-D, 0.20% 8/6/2020			1,570		1,570
State of Texas, County of Harris, IAM Commercial Paper, Series 2020-D-2, 0.17% 8/5/2020			13,110		13,110
State of Texas, Tax and Rev. Anticipation Notes, Series 2019, 4.00% 8/27/2020			14,555		14,591
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020-A, 0.15% 8/18/2020			10,000		10,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020-A, 0.19% 8/11/2020			10,000		10,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020-A, 0.40% 8/10/2020			5,500		5,500
State of Texas, Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2008-B, 0.15% 2025¹			15,000		15,000
State of Texas, Veterans Bonds, Series 2019, 0.28% 2050¹			14,485		14,485
Other securities					167,331

Total short-term securities (cost: $826,135,000)					826,054
Total investment securities 101.31% (cost: $5,431,212,000)					5,615,855
Other assets less liabilities (1.31)%					(72,413	)

Net assets 100.00%				$	5,543,442

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

¹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 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 qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $53,688,000, which represented .97% of the net assets of the fund.
³	For short-term securities, the mandatory put date is considered to be the maturity date.

24	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Summary investment portfolio July 31, 2020

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 91.61%	Principal amount (000)			Value (000)
Alabama 1.07%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)		$	38,750	$	41,053
Other securities					231,856
					272,909

Arizona 1.72%
Industrial Dev. Auth., Municipal Certificates, Series 2019-2, Class A, 3.625% 2033			45,554		48,095
Other securities					391,469
					439,564

California 5.73%
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 5.00% 2047			36,640		59,514
Other securities					1,404,460
					1,463,974

District of Columbia 1.46%
Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Ref. Bonds (Dulles Metrorail and Capital Improvement Projects), Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2053			34,470		38,516
Other securities					334,406
					372,922

Florida 6.15%
Central Florida Expressway Auth., Rev. Bonds, Series 2019-B, 5.00% 2044			32,000		40,630
County of Miami-Dade, Water and Sewer System Rev. Ref. Bonds, Series 2019-B, 4.00% 2049			38,000		44,806
Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2017-B, 4.00% 2042			41,550		47,613
Other securities					1,438,527
					1,571,576


Georgia 2.51%
City of Atlanta, Airport Passenger Fac. Charge and General Rev. Bonds, Series 2019-C, 5.00% 2039			30,530		39,109
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-B, 4.00% 2049 (put 2024)			35,885		40,781
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2019-A, 5.00% 2049			67,060		80,624
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2063			32,495		38,567
Other securities					441,738
					640,819

26	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Illinois 12.13%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2002, FGIC-National insured, 6.00% 2023		$	1,000	$	1,110
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2010, 5.00% 2021			6,030		6,184
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2026			11,040		11,860
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2018-A, BAM insured, 5.00% 2029			3,600		4,321
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2018-B, 5.00% 2033			3,500		3,948
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2024			3,070		3,286
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2027			13,430		14,595
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2025			2,135		2,411
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2026			1,010		1,159
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2027			1,275		1,455
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2029			7,000		7,879
City of Chicago, G.O. Bonds (City Colleges of Chicago Capital Improvement Project), Capital Appreciation Bonds, Series 1999, National insured, 0% 2031			7,000		5,148
City of Chicago, G.O. Bonds (Neighborhoods Alive 21 Program), Series 2002-B, 5.00% 2024			1,285		1,384
City of Chicago, G.O. Bonds, Series 2003-B, 5.00% 2024			2,060		2,219
City of Chicago, G.O. Bonds, Series 2015-A, 5.25% 2028			2,000		2,187
City of Chicago, G.O. Bonds, Series 2015-A, 5.50% 2033			3,000		3,275
City of Chicago, G.O. Bonds, Series 2019-A, 5.00% 2044			5,000		5,472
City of Chicago, G.O. Bonds, Series 2019-A, 5.50% 2035			2,000		2,300
City of Chicago, G.O. Project and Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-C, 0% 2031			110		76
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2003-B, 5.00% 2022			1,320		1,363
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2003-B, 5.00% 2026			1,795		1,958
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2005-D, 5.50% 2034			3,675		4,003
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.00% 2023			830		876
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.25% 2030			5,490		5,870
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 5.625% 2029			5,755		6,667
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 5.625% 2030			3,000		3,463
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 6.00% 2038			20,000		23,221
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2024			2,500		2,692
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2025			4,000		4,380
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2027			2,000		2,204
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2038			4,730		5,066
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2025			5,000		5,476
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2026			5,000		5,550
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2028			8,000		9,017
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2029			8,450		9,580
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2018-B, 5.00% 2053			35,025		42,346
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, 5.00% 2042			7,775		8,110
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2025			210		191
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2026			20		18
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2027			1,760		1,505
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2028			4,245		3,516
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2001, Assured Guaranty Municipal insured, 5.50% 2030			800		1,037
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2021			1,000		1,018
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2023			1,975		2,152
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2024			2,500		2,813
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2025			4,500		5,210
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2026			2,300		2,676
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2027			1,000		1,161
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2030			1,000		1,155
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2031			2,500		2,876
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2032			3,000		3,439
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2033			2,000		2,284
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2039			1,000		1,128
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2014, 5.00% 2023			100		109
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-A, 5.00% 2047			21,165		24,209

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Illinois (continued)
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2031		$	5,000	$	6,010
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2032			7,600		9,052
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2034			9,000		10,603
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2038			3,915		4,572
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2023			1,750		1,974
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2024			1,000		1,158
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2025			10,275		12,108
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2026			2,125		2,558
City of Chicago, Water Rev. Bonds, Series 2012, 4.00% 2020			625		630
City of Chicago, Water Rev. Bonds, Series 2012, 5.00% 2024			1,200		1,307
City of Chicago, Water Rev. Bonds, Series 2012, 5.00% 2026			965		1,047
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2022			530		578
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2030			4,750		5,405
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2031			5,135		5,825
City of Chicago, Water Rev. Ref. Bonds, Series 2012, 5.00% 2042			21,875		23,298
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2029			1,110		1,267
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2039			7,500		8,374
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2044			3,000		3,324
City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, Assured Guaranty Municipal insured, 5.00% 2031			2,000		2,414
Civic Center Bonds, Special State Obligation Bonds, Series 1991, AMBAC insured, 6.25% 2020			920		934
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2032			580		735
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2037			780		968
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2038			760		941
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2044			3,250		3,953
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2049			5,455		6,593
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2051			1,000		1,207
Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), Series 2017, 5.00% 2037			1,000		1,090
Fin. Auth., Health Facs. Rev. Bonds (UnityPoint Health), Series 2016-D, 4.00% 2046			2,000		2,174
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A-3, 5.00% 2030			3,325		4,029
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2012, 5.00% 2042 (preref. 2022)			1,000		1,086
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2015-B, 5.00% 2027			225		266
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2015-B, 5.00% 2027 (preref. 2025)			765		932
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2012-A, 5.00% 2034 (preref. 2022)			1,990		2,141
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2012-A, 5.00% 2034 (preref. 2022)			30		32
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 4.00% 2038			3,850		4,283
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2030			2,500		3,044
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2025			2,915		3,427
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2026			5,300		6,286
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2027			5,000		6,232
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2028			6,410		7,978
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2029			8,315		10,344
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2029			2,700		3,359
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2030			6,200		7,690
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2031			3,580		4,425
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2026			4,875		6,082
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2029			4,000		5,106
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2029			2,000		2,553
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2030			7,420		9,454
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2030			3,500		4,450
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2031			6,080		7,697
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2032			5,005		6,303
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2033			5,000		6,269
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2034			5,000		6,256

28	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2035		$	8,180	$	10,204
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2036			700		871
Fin. Auth., Rev. Bonds (DePaul University), Series 2011-A, 6.125% 2040 (preref. 2021)			10,000		10,392
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2030			1,000		1,194
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2032			1,000		1,183
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2033			1,150		1,355
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2034			1,310		1,541
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2036			1,000		1,169
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2041			1,000		1,158
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2027			925		1,130
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2028			1,480		1,800
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2029			3,000		3,636
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2030			5,100		6,145
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2031			3,000		3,600
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2032			2,500		2,986
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2033			9,000		10,697
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2034			3,000		3,554
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2035			6,710		7,930
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2036			7,000		8,248
Fin. Auth., Rev. Bonds (Franciscan Communities, Inc.), Series 2013-A, 5.125% 2043			1,025		1,044
Fin. Auth., Rev. Bonds (Friendship Village Schaumburg), Series 2017, 5.125% 2045			2,225		1,964
Fin. Auth., Rev. Bonds (Ingalls Health System), Series 2013, 5.00% 2043 (preref. 2022)			2,030		2,187
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2024			245		261
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2025			760		821
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2030			1,180		1,256
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2035			1,350		1,417
Fin. Auth., Rev. Bonds (Lutheran Life Communities Obligated Group), Series 2019-A, 4.00% 2022			390		394
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 4.00% 2036			2,420		2,631
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2026			3,000		3,575
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2046			39,370		44,669
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 4.00% 2036			3,000		3,530
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 4.00% 2037			3,000		3,518
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 4.00% 2038			4,000		4,676
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 4.00% 2039			6,000		6,993
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 4.00% 2040			3,000		3,484
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 4.00% 2041			3,750		4,340
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 4.00% 2037			11,520		12,711
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 4.00% 2038			6,140		6,761
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2026			2,000		2,425
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2032			3,290		3,885
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2033			1,425		1,676
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2034			3,240		3,803
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2035			3,335		3,903
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-A, 5.00% 2030			1,000		1,277
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-A, 5.00% 2042			7,000		8,600
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-B, 5.00% 2057 (put 2022)			8,600		9,535
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2012-A, 5.00% 2028			2,275		2,429
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2016, 3.25% 2039			4,000		4,133
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2016, 5.00% 2028			2,450		2,947
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2025			2,345		2,651
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2027			5,000		5,793
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2028			3,250		3,749
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2030			1,375		1,572
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2031			1,125		1,280
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-B, (1-month USD-LIBOR x 0.70 + 1.35%) 1.469% 2036 (put 2021)¹			1,775		1,776
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041			17,970		20,183
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041 (preref. 2027)			730		896
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041 (preref. 2027)			5		6
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2027			1,875		2,356
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2028			5,000		6,266
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2029			2,000		2,499

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Illinois (continued)
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2030		$	7,615	$	9,476
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2031			3,000		3,717
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2033			2,500		3,068
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2034			1,895		2,316
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2036			6,145		7,475
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2041			2,000		2,401
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 5.00% 2023			100		110
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 6.00% 2043			2,700		3,018
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2030			5,000		5,811
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2034			2,500		2,871
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2038			10,475		11,936
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-B, 5.00% 2034			2,595		2,980
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2032			3,500		4,461
Fin. Auth., Rev. Bonds (The Cable Foundation), Series 2016-A, 5.00% 2045			26,575		31,588
Fin. Auth., Rev. Bonds (University of Chicago Medical Center), Series 2016-A, 5.00% 2026			1,610		1,982
Fin. Auth., Rev. Bonds (University of Chicago Medical Center), Series 2016-B, 5.00% 2035			5,150		6,158
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2036			7,000		9,257
Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2014, 5.00% 2033			8,500		10,069
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 4.00% 2037			2,500		2,866
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2034			1,000		1,206
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2035			5,900		7,090
Fin. Auth., Rev. Ref. Bonds (Ascension Health Senior Credit Group), Series 2012-A, 5.00% 2042 (preref. 2021)			7,500		7,962
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2027			1,095		1,195
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2038			1,000		1,044
Fin. Auth., Rev. Ref. Bonds (Christian Homes, Inc.), Series 2016, 5.00% 2040			1,275		1,321
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2013, 5.00% 2024			600		670
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 4.00% 2040			7,500		8,172
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 5.00% 2030			1,000		1,194
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 5.00% 2035			1,000		1,173
Fin. Auth., Rev. Ref. Bonds (Edward-Elmhurst Healthcare), Series 2018-A, 5.00% 2044			1,500		1,769
Fin. Auth., Rev. Ref. Bonds (Field Museum of Natural History), Series 2019, 0.616% 2034 (put 2022)¹			31,825		31,450
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2025			1,500		1,618
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2026			1,535		1,655
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2042			9,385		10,092
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2012-A, 5.00% 2022			1,290		1,371
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2031			3,500		4,130
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2032			3,500		4,113
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2034			2,600		3,040
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2045			26,890		30,846
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 4.125% 2037			1,000		1,082
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2035			6,745		7,702
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2044			10,885		12,177
Fin. Auth., Rev. Ref. Bonds (Southern Illinois Healthcare Enterprises, Inc.), Series 2017-C, 5.00% 2026			650		791
Fin. Auth., Rev. Ref. Bonds (Southern Illinois Healthcare Enterprises, Inc.), Series 2017-C, 5.00% 2032			1,600		1,953
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025			6,975		6,989
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025 (preref. 2020)			3,525		3,530

30	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2026		$	2,660	$	2,665
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2026 (preref. 2020)			1,340		1,342
Fin. Auth., Student Housing and Academic Fac. Rev. Bonds (CHF-Chicago, LLC - University of Illinois at Chicago Project), Series 2017-A, 5.00% 2047			1,200		1,217
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2035			2,235		2,127
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2047			1,265		1,123
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043			40,015		41,100
Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, LLC - Illinois State University Project), Series 2011, 6.75% 2031 (preref. 2021)			1,000		1,042
Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, LLC - Illinois State University Project), Series 2011, 7.00% 2043 (preref. 2021)			12,500		13,039
G.O. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2022			590		591
G.O. Bonds, Series 2012, 5.00% 2035			1,000		1,031
G.O. Bonds, Series 2013, 5.50% 2024			2,500		2,733
G.O. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2022			1,055		1,104
G.O. Bonds, Series 2014, 5.00% 2021			1,415		1,436
G.O. Bonds, Series 2014, 5.00% 2024			2,795		3,069
G.O. Bonds, Series 2014, 5.00% 2024			2,000		2,180
G.O. Bonds, Series 2014, 5.00% 2026			2,000		2,185
G.O. Bonds, Series 2014, 5.00% 2039			6,275		6,647
G.O. Bonds, Series 2014, 5.00% 2039			5,100		5,425
G.O. Bonds, Series 2016, 5.00% 2028			4,840		5,465
G.O. Bonds, Series 2016, 5.00% 2033			7,200		7,996
G.O. Bonds, Series 2016, 5.00% 2034			1,925		2,131
G.O. Bonds, Series 2016, 5.00% 2037			7,500		8,220
G.O. Bonds, Series 2016, 5.00% 2038			14,000		15,314
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2030			7,700		8,579
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2041			2,000		2,158
G.O. Bonds, Series 2017-A, 5.00% 2023			5,875		6,395
G.O. Bonds, Series 2017-A, 5.00% 2036			11,500		12,804
G.O. Bonds, Series 2017-C, 5.00% 2029			22,440		25,622
G.O. Bonds, Series 2017-D, 5.00% 2022			20		21
G.O. Bonds, Series 2017-D, 5.00% 2023			10,320		11,193
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2020			4,150		4,180
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2021			26,580		27,532
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2024			8,000		8,849
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2026			35,355		40,233
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2028			13,470		15,459
G.O. Bonds, Series 2018-B, 5.00% 2025			5,000		5,593
G.O. Bonds, Series 2019-A, 5.00% 2024			4,500		4,990
G.O. Bonds, Series 2019-B, 4.00% 2038			2,000		2,070
G.O. Rev. Ref. Bonds, Series 2007, 5.25% 2021			2,415		2,447
G.O. Rev. Ref. Bonds, Series 2012, 4.00% 2025			1,360		1,403
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2020			5,290		5,290
G.O. Rev. Ref. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2025			5,795		6,102
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2027			8,250		9,460
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028			3,000		3,427
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2024			2,000		2,214
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2025			1,320		1,487
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2026			3,500		3,997
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2027			3,000		3,471
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2038			40,430		43,757
Other securities					1,637,791
					3,099,697

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Kansas 0.52%
University of Kansas Hospital Auth., Health Facs. and Improvement Rev. Bonds (University of Kansas Health System), Series 2017-A, 5.00% 2047		$	44,740	$	53,565
Other securities					78,402
					131,967

Massachusetts 1.22%
Special Obligation Dedicated Tax Rev. Ref. Bonds, Series 2005, FGIC National insured, 5.50% 2034			51,335		71,095
Other securities					240,812
					311,907

Michigan 4.04%
Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series 2018, 5.00% 2036			2,500		3,196
Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series 2018, 5.00% 2037			1,000		1,271
Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series 2018, 5.00% 2038			1,000		1,268
Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series 2018, 5.00% 2043			3,500		4,383
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2015, 5.00% 2030 (preref. 2022)			5,000		5,434
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2015, 5.50% 2026			750		915
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2016, 5.00% 2045			1,345		1,581
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017, 5.00% 2028			2,000		2,518
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017, 5.00% 2046			6,455		7,734
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 4.00% 2036			32,480		37,399
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 4.00% 2040			22,030		25,063
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2034			2,500		3,114
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2035			4,000		4,960
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2037			5,000		6,165
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047 (preref. 2022)			20,220		22,445
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-1, 5.00% 2048			6,560		8,064
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-2, 4.00% 2049			9,015		10,339
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-2, 5.00% 2044 (put 2025)			5,000		5,954
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-A, 5.00% 2041			2,485		3,136
Fin. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-MI-4, 4.00% 2038			23,250		27,357
Fin. Auth., Hospital Rev. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2039			3,400		3,617
Fin. Auth., Hospital Rev. Bonds (Trinity Health Credit Group), Series 2013-2, 4.00% 2036			1,200		1,423
Fin. Auth., Hospital Rev. Ref. Bonds (Beaumont Health Credit Group), Series 2016-A, 5.00% 2044			15,010		17,255
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 4.00% 2035			3,595		4,035
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2031			4,300		5,211
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2032			1,500		1,809
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2034			1,540		1,847
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2019-A, 5.00% 2048			2,500		3,102
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-1, (1-month USD-LIBOR x 0.68 + 0.40%) 0.513% 2030 (put 2021)¹			13,965		13,860
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2019-A, 4.00% 2044			8,450		9,677

32	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2019-A, 4.00% 2047		$	3,300	$	3,760
Fin. Auth., Hospital Rev. Ref. Bonds (MidMichigan Health Credit Group), Series 2014, 5.00% 2039			1,000		1,120
Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2024			9,145		10,005
Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2027			3,000		3,263
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2029			3,000		3,498
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2031			1,500		1,737
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2033			1,500		1,726
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2034			1,500		1,723
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2045			1,000		1,129
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Fin. Recovery Income Tax Local Project Bonds), Series 2014-F-1, 4.50% 2029			2,150		2,274
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-1, 5.00% 2044 (preref. 2022)			5,050		5,512
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2023			8,000		9,100
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2032			1,500		1,714
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2028			1,415		1,698
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2032			1,355		1,607
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2033			2,565		3,031
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2034			3,000		3,539
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2035			3,000		3,522
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Water Supply System Rev. Ref. Local Project Bonds), Series 2014-D-4, 5.00% 2034			1,425		1,616
City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 2044			42,750		55,218
City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 2048			33,000		42,378
Other securities					629,261
					1,032,563

New Hampshire 0.34%
National Fin. Auth., Municipal Certificates, Series 2020-1, Class A, 4.125% 2034			51,173		56,096
Other securities					29,791
					85,887

New Jersey 1.75%
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048			35,080		39,619
Other securities					408,683
					448,302

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
New York 9.75%
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2042		$	47,260	$	50,810
Dormitory Auth., Mental Health Facs. Improvement Rev. Bonds, Series 2010-A, 5.00% 2021			5,000		5,018
Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA insured, 4.00% 2043			750		854
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2031			1,000		1,157
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2033			7,500		8,610
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2040			500		567
Dormitory Auth., Rev. Bonds (Langone Hospitals Obligated Group), Series 2020-A, 4.00% 2053			3,250		3,724
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2018-A, 5.00% 2030			1,000		1,234
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2018-A, 5.00% 2031			2,350		2,886
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2020-A, 4.00% 2045			375		413
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2020-A, 4.00% 2050			1,250		1,372
Dormitory Auth., Rev. Bonds (New School), Series 2016-A, 5.00% 2032			2,250		2,643
Dormitory Auth., Rev. Bonds (New York University), Series 2017-A, 5.00% 2028			3,305		4,139
Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 2031			1,000		1,301
Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 2036			1,500		1,893
Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 2038			2,000		2,507
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2014, 5.00% 2036			650		732
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% 2031²			500		573
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 2038			1,070		1,228
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 2043			1,200		1,360
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 2049			2,625		2,947
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2016-E, BAM insured, 5.00% 2026			1,000		1,233
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-C, Group A, 5.00% 2024			5,510		6,453
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-A, 5.00% 2033			8,760		8,993
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-C, 5.00% 2041			1,890		1,937
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2030			2,500		2,877
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2015-A, 5.00% 2034			4,390		5,186
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2039			1,000		1,213
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2032			1,500		1,875
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2035			17,005		21,320
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.00% 2040			2,000		2,527
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2036			2,000		2,584
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2037			1,685		2,170
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2041			8,000		10,185
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2042			5,000		6,350
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2043			15,100		19,137
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2044			10,000		12,642

34	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2046		$	1,300	$	1,637
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2047			15,500		19,504
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2038			6,940		8,310
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2039			1,775		2,119
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2040			12,475		14,853
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2047			61,705		72,341
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2049			21,575		25,237
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2026			660		823
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2027			1,400		1,790
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2028			1,300		1,703
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2029			1,400		1,877
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2014-A, 5.00% 2038			3,690		4,218
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2017-B, 5.00% 2033			4,000		4,978
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 2034			10,000		12,715
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 2040			1,035		1,294
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 2045			1,480		1,831
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-C, 5.00% 2024			2,000		2,345
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2035			5,000		6,422
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2048			1,200		1,497
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 0.869% 2033 (put 2023)¹			52,600		52,491
Metropolitan Transportation Auth., Dedicated Tax Fund Green Bonds, Series 2016-B-1, 5.00% 2036			5,000		5,855
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, (SIFMA Municipal Swap Index + 1.00%) 1.16% 2020¹			11,100		11,056
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2021			5,000		5,197
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2011-D, 5.00% 2036 (preref. 2021)			6,000		6,375
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-A-3, (SIFMA Municipal Swap Index + 0.50%) 0.66% 2042 (put 2022)¹			7,500		7,227
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-B, 5.00% 2044			11,000		11,694
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 0.61% 2044 (put 2022)¹			7,500		7,094
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2035			1,625		1,753
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2036			2,830		3,052
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2040			1,000		1,077
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2045			24,145		26,004
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 5.00% 2045 (put 2030)			8,450		9,734
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 2035			6,000		6,521
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2016-A-1, 5.00% 2027			1,065		1,190
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2016-A-1, 5.25% 2056			2,500		2,736
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.00% 2032			1,500		1,668
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, 4.00% 2050			7,525		7,812
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, 5.00% 2052			4,930		5,587
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-C, Assured Guaranty Municipal insured, 4.00% 2045			4,550		5,044

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-A-1, 4.00% 2053	$	2,000	$	2,079
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-A-1, BAM insured, 4.00% 2053		13,320		14,714
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-C-1, 4.75% 2045		12,150		13,580
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-C-1, 5.00% 2050		12,925		14,837
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-C-1, 5.25% 2055		3,000		3,423
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 0.797% 2032 (put 2021)¹		2,000		1,980
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2005-D-1, (1-month USD-LIBOR x 0.67 + 0.65%) 0.764% 2035 (put 2021)¹		4,790		4,688
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2023		3,405		3,510
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2023 (preref. 2021)		1,595		1,695
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2024		8,000		8,427
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2029		7,000		7,320
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2032		3,105		3,236
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2030		10,000		10,442
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028 (preref. 2023)		3,000		3,476
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2015-C-1, 5.00% 2026		4,535		5,017
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2015-C-1, 5.00% 2027		2,145		2,378
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2015-F, 5.00% 2027		2,230		2,472
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2016-B, 4.00% 2036		1,010		1,047
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2016-B, 5.00% 2037		12,360		13,587
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2016-D, 5.00% 2027		1,510		1,702
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2016-D, 5.00% 2030		2,720		3,016
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2017-D, 4.00% 2046		3,975		4,125
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2017-D, 5.00% 2033		2,225		2,502
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2017-D, 5.00% 2035		4,885		5,478
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2027		1,500		1,244
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2029		1,500		1,113
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2032		5,000		3,324
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-A-2, 5.00% 2026		1,000		1,127
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-A-2, 5.00% 2030		1,000		1,117
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 2024		4,330		4,745
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2034		2,500		2,610

36	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2035	$	5,000	$	5,221
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2036		3,000		3,133
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2038		1,000		1,044
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2025		4,500		5,020
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2026		10,000		11,270
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2028		5,500		6,300
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2029		6,000		6,822
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2030		1,000		1,132
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2031		1,000		1,130
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2033		1,000		1,125
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2034		2,335		2,622
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2019-A-2, 5.00% 2045		25,000		28,120
New York City G.O. Bonds, Fiscal 2006, Series 2006-J-2, Assured Guaranty Municipal insured, 0.68% 2036¹		2,625		2,625
New York City G.O. Bonds, Fiscal 2008, Series 2008-J-9, 5.00% 2026		2,800		3,538
New York City G.O. Bonds, Fiscal 2013, Series 2013-F-1, 5.00% 2037		3,000		3,314
New York City G.O. Bonds, Fiscal 2013, Series 2013-H, 5.00% 2023		2,625		2,998
New York City G.O. Bonds, Fiscal 2013, Series 2013-J, 5.00% 2023		550		628
New York City G.O. Bonds, Fiscal 2014, Series 2014-G, 5.00% 2023		2,500		2,855
New York City G.O. Bonds, Fiscal 2014, Series 2014-J, 5.00% 2030		2,000		2,336
New York City G.O. Bonds, Fiscal 2015, Series 2015-A, 5.00% 2024		5,500		6,527
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2028		1,000		1,185
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2030		10,000		11,815
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2032		3,500		4,098
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2033		1,000		1,168
New York City G.O. Bonds, Fiscal 2015, Series 2015-D, 5.00% 2030		2,560		3,025
New York City G.O. Bonds, Fiscal 2016, Series 2016-A, 5.00% 2026		8,000		9,767
New York City G.O. Bonds, Fiscal 2016, Series 2016-C, 5.00% 2021		3,500		3,668
New York City G.O. Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2030		815		1,003
New York City G.O. Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2037		2,000		2,400
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2032		1,500		1,843
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2034		1,000		1,220
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2037		2,500		3,024
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2038		1,500		1,810
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2041		1,500		1,803
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2026		7,185		9,078
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2028		2,200		2,776
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2026		9,000		11,371
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2027		1,500		1,947
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2028		2,000		2,562
New York City G.O. Bonds, Fiscal 2018, Series 2018-B-1, 5.00% 2035		2,950		3,674
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2026		1,500		1,895
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2029		4,800		6,179
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2030		8,075		10,338
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2031		3,620		4,606
New York City G.O. Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 2032		2,575		3,283
New York City G.O. Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 2037		6,345		7,912
New York City G.O. Bonds, Fiscal 2018, Series 2018-F-1, 5.00% 2037		2,000		2,498
New York City G.O. Bonds, Fiscal 2019, Series 2019-D-1, 5.00% 2037		5,000		6,336
New York City G.O. Bonds, Fiscal 2019, Series 2019-E, 5.00% 2033		1,000		1,288
New York City G.O. Bonds, Fiscal 2019, Series 2019-E, 5.00% 2034		2,250		2,892
New York City G.O. Bonds, Fiscal 2020, Series 2020-A-1, 5.00% 2041		12,400		15,776

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
New York City G.O. Bonds, Fiscal 2020, Series 2020-A-1, 5.00% 2043	$	10,000	$	12,667
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 2039		2,000		2,362
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 2040		2,500		2,945
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2033		1,130		1,479
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2036		8,750		11,328
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2038		7,500		9,652
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2039		6,810		8,741
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2042		6,000		7,641
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2043		5,000		6,353
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2032		6,365		8,613
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2036		4,000		5,281
New York City G.O. Bonds, Fiscal 2020, Series 2020-D-1, 4.00% 2041		8,000		9,432
New York City G.O. Bonds, Fiscal 2020, Series 2020-D-1, 4.00% 2042		7,605		8,934
New York City G.O. Bonds, Fiscal 2020, Series 2020-D-1, 4.00% 2044		5,000		5,858
New York City G.O. Bonds, Fiscal 2020, Series 2020-D-1, 4.00% 2050		49,370		57,337
New York City G.O. Bonds, Fiscal 2020, Series 2020-D-1, 5.00% 2038		7,500		9,760
New York City G.O. Bonds, Fiscal 2020, Series 2020-D-1, 5.00% 2039		8,840		11,471
New York City G.O. Bonds, Fiscal 2020, Series 2020-D-1, 5.00% 2040		7,000		9,059
New York City G.O. Bonds, Fiscal 2020, Series 2020-D-1, 5.00% 2043		2,000		2,568
New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Series 2011-EE, 5.375% 2043		20,815		21,166
New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Series 2011-GG, 5.00% 2026		205		214
New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Series 2011-GG, 5.00% 2026 (preref. 2021)		1,810		1,886
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2013, Series 2013-BB, 5.00% 2047		5,000		5,466
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-DD, 5.00% 2047		4,000		4,899
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2033		4,560		5,816
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2037		3,000		3,759
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-BB-1, 5.00% 2046		12,670		15,602
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-CC-1, 5.00% 2048		5,000		6,149
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-DD-1, 5.00% 2048		1,500		1,868
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-EE, 5.00% 2040		5,000		6,309
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2019, Series 2019-DD-1, 5.00% 2049		9,000		11,314
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2020, Series 2020-DD-1, 4.00% 2050		17,800		21,322
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2020, Series 2020-DD-3, 4.00% 2042		13,750		16,701
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2020, Series 2020-EE, 4.00% 2042		20,000		24,292
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2020, Series 2020-GG-1, 5.00% 2050		12,000		15,759
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2012, Series 2012-S-1-A, 5.00% 2032		6,400		6,669
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2013, Series 2013-S-1, 5.00% 2033		1,825		1,982
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-1, 5.00% 2035		3,295		4,079
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-2, 5.00% 2034		4,000		5,103
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-3, 5.00% 2033		4,320		5,525
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-3, 5.00% 2037		10,000		12,673

38	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-3, 5.00% 2038	$	4,000	$	5,032
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-4-A, 5.00% 2034		4,000		5,103
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-4-A, 5.00% 2035		3,000		3,714
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-4-A, 5.00% 2037		19,250		24,395
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-1, 4.00% 2037		5,135		6,026
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-3, 5.00% 2035		5,000		6,351
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013, Series 2013-F-1, 5.00% 2028		1,500		1,670
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013, Series 2013-F-1, 5.00% 2036		1,000		1,102
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2015, Series 2015-C, 5.00% 2027		5,000		6,000
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2035		1,000		1,214
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-B-1, 4.00% 2037		2,800		3,198
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 2031		3,750		4,719
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-E-1, 5.00% 2043		12,500		15,125
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2034		5,000		6,222
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2035		5,000		6,200
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2039		1,750		2,147
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-A-2, 5.00% 2035		10,000		12,475
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-B-1, 4.00% 2042		1,350		1,544
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-B-1, 5.00% 2033		10,000		12,549
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-B-1, 5.00% 2045		2,500		3,049
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2023		4,300		4,914
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2035		6,000		7,676
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2037		3,000		3,811
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2038		9,660		12,239
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2042		1,500		1,880
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-B-1, 5.00% 2035		5,000		6,397
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-C-1, 5.00% 2034		5,000		6,540
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-A-2, 5.00% 2040		53,000		67,994
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-A-3, 4.00% 2042		1,510		1,773
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-A-3, 4.00% 2043		2,900		3,399
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 2043		10,000		11,794
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 2034		1,175		1,557

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 2036	$	1,200	$	1,474
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 2037		1,000		1,223
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 2038		1,000		1,216
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 2039		1,410		1,710
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 2040		3,000		3,627
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 2045		29,740		35,482
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2041		3,000		3,967
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-1, 5.00% 2031		5,000		5,915
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-A-1, 5.00% 2034		8,000		9,570
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-A-1, 5.00% 2036		4,000		4,761
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-A-1, 5.00% 2037		2,000		2,375
Power Auth., Rev. Bonds, Series 2020-A, 4.00% 2055		47,160		56,414
Other securities				756,932
				2,489,831

North Carolina 0.76%
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 0.515% 2041 (put 2022)¹		40,050		39,885
Other securities				154,766
				194,651

Ohio 2.69%
County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2020, 5.00% 2050		33,570		40,404
Other securities				647,168
				687,572

Texas 9.62%
North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 2043		35,970		43,640
Other securities				2,414,435
				2,458,075

Utah 0.39%
Transit Auth., Sales Tax Rev. and Rev. Ref. Bonds, Series 2007-A, National insured, 5.00% 2035		38,270		53,781
Other securities				45,054
				98,835

Virginia 2.05%
City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), Series 2015, 5.33% 2045²		41,100		45,838
Other securities				478,593
				524,431

Washington 2.32%
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 1.16% 2035 (put 2021)¹		48,750		48,606
Other securities				545,046
				593,652

40	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
Other states & U.S. territories 25.39%
Other securities			$	6,485,442

Total bonds, notes & other debt instruments (cost: $21,985,399,000)				23,404,576

Short-term securities 8.18%
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-A, 0.12% 2052¹	$	38,643		38,643
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-B, 0.12% 2052¹		32,075		32,075
State of California, G.O. Bonds, Series 2004-A-4, 0.13% 2034¹		54,805		54,805
State of California, G.O. Bonds, Series 2004-B-6, 0.08% 2034¹		31,910		31,910
State of California, City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-1, 0.14% 2035¹		20,550		20,550
State of California, City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-2, 0.14% 2035¹		8,180		8,180
State of California, City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-7, 0.14% 2035¹		17,000		17,000
State of California, City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 0.14% 2049¹		41,130		41,130
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-A, 0.17% 2044¹		2,840		2,840
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-B, Wells Fargo LOC, 0.15% 2044¹		17,470		17,470
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 0.17% 2044¹		29,150		29,150
State of Illinois, Fin. Auth., Rev. Bonds (Lutheran Life Communities Obligated Group), Series 2019-A, 4.00% 11/1/2020		315		316
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2011, 0.14% 2051¹		12,570		12,570
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2010-A, 0.14% 2035¹		53,210		53,210
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2007, 0.12% 2042¹		23,325		23,325
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008, 0.12% 2043¹		34,890		34,890
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 0.12% 2043¹		53,000		53,000
State of Maryland, County of Montgomery, G.O. Bonds, Series 2017-E, 0.16% 2037¹		46,820		46,820
State of Maryland, County of Montgomery, IAM Commercial Paper, Series 2009-B, 0.21%8/26/2020		5,000		5,000
State of Maryland, County of Montgomery, Rev. Bonds (Trinity Health Credit Group), Series 2013, 0.26% 2041 (put 2020)³		3,110		3,110
State of Michigan, Fin. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-1, 0.26% 2034 (put 2020)³		3,300		3,300
State of Michigan, Fin. Auth., State Aid Rev. Bonds, Series 2019-A, 2.00% 8/20/2020		7,500		7,506
State of Michigan, Fin. Auth., State Aid Rev. Bonds, Series 2020-A-2, 4.00% 2021		7,000		7,262
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 2007, 0.12% 2042¹		42,650		42,650
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 0.14% 2030¹		18,700		18,700
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-B, 0.14% 2030¹		5,270		5,270
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-C, 0.14% 2030¹		10,500		10,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-D, 0.14% 2030¹		3,470		3,470
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-E, 0.14% 2030¹		12,500		12,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-E, 0.17% 2030¹		10,150		10,150

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Short-term securities (continued)	Principal amount (000)		Value (000)
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-G, 0.14% 2035¹	$	8,850	$	8,850
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-I, 0.14% 2035¹		44,270		44,270
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 0.14% 2035¹		6,800		6,800
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-K, 0.14% 2035¹		36,150		36,150
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 0.14% 2035¹		55,465		55,465
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 0.14% 2035¹		4,425		4,425
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-E, 0.14% 2035¹		18,700		18,700
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-F, 0.14% 2035¹		11,790		11,790
State of New York, Dormitory Auth., IAM Commercial Paper, Series 2020, 0.20% 10/5/2020		6,700		6,700
State of New York, Dormitory Auth., Rev. Bonds (Cornell University), Series 2019-B, 0.11% 2039¹		4,400		4,400
State of New York, Dormitory Auth., State Personal Income Tax Rev. Anticipation Notes (General Purpose), Series 2020-B, 5.00% 3/31/2021		10,270		10,598
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-B-1, 5.00% 2022		2,000		2,086
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-1, 5.00% 2023		785		825
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2022		3,000		3,065
State of New York, New York City G.O. Bonds, Fiscal 2006, Series 2006-E-2, 0.16% 2034¹		21,575		21,575
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-C-4, Assured Guaranty Municipal insured, 0.63% 2027¹		18,175		18,175
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-J-5, 0.16% 2028¹		7,500		7,500
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-3, 0.16% 2036¹		10,735		10,735
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-5, 0.16% 2035¹		34,265		34,265
State of New York, New York City G.O. Bonds, Fiscal 2013, Series 2013-F-3, 0.16% 2042¹		75,240		75,240
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Fiscal 2000, Series 2000-C, 0.17% 2033¹		22,700		22,700
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Fiscal 2012, Series 2012-A-2, 0.14% 2044¹		19,545		19,545
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Fiscal 2012, Series 2012-B, 0.15% 2045¹		1,240		1,240
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2008, Series 2008-BB-2, 0.16% 2035¹		52,545		52,545
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2011, Series 2011-FF-1, 0.16% 2044¹		37,935		37,935
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2013, Series 2013-AA-2, 0.14% 2046¹		9,000		9,000
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2014-AA-6, 0.18% 2048¹		11,990		11,990
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-BB-1, 0.16% 2049¹		17,035		17,035
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2016, Series 2016-AA-1, 0.16% 2048¹		16,225		16,225
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2015, Series 2015-A-4, 0.16% 2043¹		16,840		16,840
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2016-A-4, 0.16% 2041¹		22,525		22,525
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-4, 0.18% 2045¹		10,605		10,605
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-4, 0.16% 2045¹		33,180		33,180
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-E-4, 0.18% 2045¹		4,050		4,050
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2019-F, 0.13% 2052¹		53,400		53,400

42	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
State of Texas, Gulf Coast Industrial Dev. Auth., Rev. Bonds (ExxonMobil Project), Series 2012, 0.14% 2041¹	$	75,500	$	75,500
State of Texas, Tax and Rev. Anticipation Notes, Series 2019, 4.00% 8/27/2020		61,830		61,981
State of Wyoming, County of Lincoln, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 0.14% 2044¹		40,800		40,800
Other securities				553,703

Total short-term securities (cost: $2,089,734,000)				2,089,715
Total investment securities 99.79% (cost: $24,075,133,000)				25,494,291
Other assets less liabilities 0.21%				54,453

Net assets 100.00%			$	25,548,744

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security that was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security that was valued under fair value procedures was $4,990,000, which represented .02% of the net assets of the fund.

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		⁴	Value at 7/31/2020 (000)		⁵	Unrealized depreciation at 7/31/2020 (000)
10 Year Ultra U.S. Treasury Note Futures	Short	151	September 2020	$	(15,100	)	$	(24,047	)		$	(379	)
10 Year U.S. Treasury Note Futures	Short	5,949	September 2020		(594,900	)		(833,325	)			(7,259	)
30 Year Ultra U.S. Treasury Bond Futures	Short	200	September 2020		(20,000	)		(45,537	)			(2,540	)
											$	(10,178	)

¹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 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 qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $401,523,000, which represented 1.57% of the net assets of the fund.
³	For short-term securities, the mandatory put date is considered to be the maturity date.
⁴	Notional amount is calculated based on the number of contracts and notional contract size.
⁵	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Summary investment portfolio July 31, 2020

Portfolio quality summary*

Percent of net assets

Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the lowest of those ratings, consistent with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

Bonds, notes & other debt instruments 92.51%	Principal amount (000)				Value (000)
Arizona 3.10%
Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence - East Tucson and Central Tucson Projects), Series 2019-A, 5.00% 2039¹		$	3,500	$	3,621
Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence - East Tucson and Central Tucson Projects), Series 2019-A, 5.00% 2049¹			7,250		7,432
Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence - East Tucson and Central Tucson Projects), Series 2019-A, 5.00% 2054¹			6,000		6,135
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-B, 5.125% 2047¹			2,230		2,325
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-B, 5.25% 2051¹			570		597
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-B, 5.50% 2038¹			1,200		1,301
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-B, 5.625% 2048¹			2,500		2,694
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-B, 5.75% 2053¹			3,750		4,056
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2019, 5.00% 2054¹			1,000		1,038
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.125% 2037¹			1,500		1,619
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.25% 2047¹			3,200		3,422
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.375% 2050¹			9,750		10,475
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 2037¹			675		731
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 2047¹			1,035		1,102
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 2051¹			3,450		3,665
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 4.00% 2027¹			2,600		2,699
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 2047¹			2,125		2,263
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 2051¹			1,550		1,647
Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects), Series 2019-A, 3.55% 2029¹			985		983
Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects), Series 2019-A, 5.00% 2039¹			1,575		1,686
Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects), Series 2019-A, 5.00% 2049¹			2,250		2,346
Industrial Dev. Auth., Education Rev. Bonds (Leman Academy of Excellence Projects), Series 2017-A, 5.00% 2037¹			1,350		1,382

44	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)				Value (000)
Industrial Dev. Auth., Education Rev. Bonds (Leman Academy of Excellence Projects), Series 2017-A, 5.25% 2047¹		$	4,830	$	4,941
Industrial Dev. Auth., Education Rev. Bonds (Leman Academy of Excellence Projects), Series 2017-A, 5.25% 2052¹			2,500		2,555
Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Cadence Campus Project), Series 2020-A, 4.00% 2040¹			1,850		1,808
Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Cadence Campus Project), Series 2020-A, 4.00% 2050¹			2,480		2,332
Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Horizon, Inspirada and St. Rose Campus Projects), Series 2018-A, 5.75% 2038¹			1,960		2,184
Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Horizon, Inspirada and St. Rose Campus Projects), Series 2018-A, 5.75% 2048¹			3,230		3,555
Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Lone Mountain Campus Projects), Series 2019-A, 3.75% 2029¹			565		559
Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Lone Mountain Campus Projects), Series 2019-A, 5.00% 2039¹			440		452
Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Lone Mountain Campus Projects), Series 2019-A, 5.00% 2049¹			700		710
Industrial Dev. Auth., Municipal Certificates, Series 2019-2, Class A, 3.625% 2033			11,636		12,285
Industrial Dev. Auth., Municipal Certificates, Series 2019-2, Class X, 1.001% 2033²			164,800		10,283
Industrial Dev. Auth., Student Housing Rev. Bonds (Provident Group - NCCU Properties LLC - North Carolina Central University Project), Series 2019-A, BAM insured, 5.00% 2049			1,500		1,779
Industrial Dev. Auth., Student Housing Rev. Bonds (Provident Group - NCCU Properties LLC - North Carolina Central University Project), Series 2019-A, BAM insured, 5.00% 2058			3,500		4,140
Other securities					146,416
					257,218

California 4.14%
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2016-A, 5.25% 2056¹			16,500		17,952
Other securities					324,713
					342,665

Colorado 5.54%
Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2013, 8.00% 2043			11,100		11,815
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2030 (preref. 2025)			3,000		3,675
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2032			1,500		1,837
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2036			2,360		2,891
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2045 (preref. 2025)			1,000		1,225
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2037 (preref. 2027)			2,300		2,999
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2047 (preref. 2027)			3,520		4,590
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042 (preref. 2022)			4,600		5,004
Health Facs. Auth., Hospital Rev. Bonds (Parkview Medical Center, Inc. Project), Series 2020-A, 4.00% 2050			1,150		1,273
Health Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2019-A-2, 4.00% 2049			5,000		5,562
Health Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2019-A-2, 5.00% 2044			2,500		3,049
Health Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2019-B-2, 5.00% 2049 (put 2026)			5,000		5,959
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2018, 5.00% 2048			2,480		2,710
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.00% 2042³			2,500		1,375
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.125% 2047³			5,500		3,025
Health Facs. Auth., Rev. Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-B, 5.00% 2027			1,055		1,111
Health Facs. Auth., Rev. Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-B, 5.00% 2039			2,045		2,153

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Colorado (continued)
Health Facs. Auth., Rev. Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-B, 5.00% 2048		$	3,890	$	4,096
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2026			260		256
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2027			590		578
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2028			245		238
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2029			600		580
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2038			1,150		990
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 5.00% 2038			1,500		1,523
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.00% 2027			455		511
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2031			2,395		2,741
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2032			850		973
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2037			2,300		2,632
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2047			1,500		1,716
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 2026			750		780
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 2031			3,345		3,421
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 2037			7,250		7,273
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2012-A, 5.00% 2033			4,750		4,951
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.75% 2036			1,000		1,088
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2029			1,520		1,672
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2035			2,500		2,697
Other securities					360,322
					459,291

Florida 5.09%
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 4.00% 2044			29,215		32,886
North Broward Hospital Dist., Rev. Bonds (Broward Health), Series 2017-B, 5.00% 2042			17,500		20,324
Other securities					368,421
					421,631

Georgia 2.17%
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2015-A, 5.00% 2060			6,740		7,556
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2015-A, 5.50% 2060			19,100		21,890
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2019-A, 5.00% 2039			3,000		3,669
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2019-A, 5.00% 2049			22,835		27,454
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2019-A, 5.00% 2059			15,700		18,658
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2063			10,175		12,076
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2019-B, 5.00% 2048			5,000		6,018
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2019-B, 5.00% 2059			8,300		9,864

46	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)				Value (000)
Municipal Electric Auth., Project One Bonds, Series 2019-A, 4.00% 2049		$	4,200	$	4,723
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2034			2,300		2,888
Other securities					65,062
					179,858

Illinois 15.47%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2016-A, 4.00% 2028			4,685		5,052
City of Chicago, Board of Education, Capital Improvement Tax Bonds (Dedicated Rev.), Series 2018, 5.00% 2034			1,535		1,712
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2015-C, 5.25% 2039			6,355		6,654
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2016-B, 6.50% 2046			7,910		9,282
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-A, 7.00% 2046¹			26,470		32,737
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026			2,500		2,912
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-D, 5.00% 2046			8,165		8,898
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Capital Appreciation Bonds, Series 1998-B-1, FGIC insured, 0% 2028			6,125		4,780
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Capital Appreciation Bonds, Series 2019-A, 0% 2025			2,000		1,668
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2005-A, AMBAC insured, 5.50% 2020			260		262
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2005-A, AMBAC insured, 5.50% 2024			2,425		2,680
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2010-F, 5.00% 2020			405		408
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2012-B, 4.00% 2035			5,000		5,055
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 6.75% 2030¹			3,500		4,351
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 7.00% 2042¹			28,185		34,929
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2021			2,000		2,059
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2024			2,000		2,179
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2025			4,000		4,416
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 2021			1,500		1,544
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-F, 5.00% 2024			2,000		2,179
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2034			4,000		4,404
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036			10,000		10,939
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046			13,780		14,887
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2035			3,105		3,442
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2023			5,500		5,895
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2028			2,250		2,685
City of Chicago, G.O. Bonds (City Colleges of Chicago Capital Improvement Project), Capital Appreciation Bonds, Series 1999, National insured, 0% 2031			7,000		5,148
City of Chicago, G.O. Bonds (City Colleges of Chicago Capital Improvement Project), Capital Appreciation Bonds, Series 1999, National insured, 0% 2034			2,090		1,331
City of Chicago, G.O. Bonds (Neighborhoods Alive 21 Program), Series 2002-B, 5.50% 2034			500		545
City of Chicago, G.O. Bonds, Series 2003-B, 5.00% 2024			1,000		1,077

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Illinois (continued)
City of Chicago, G.O. Bonds, Series 2012-A, 5.00% 2033		$	585	$	602
City of Chicago, G.O. Bonds, Series 2012-C, 5.00% 2023			435		449
City of Chicago, G.O. Bonds, Series 2014-A, 5.25% 2029			3,895		4,174
City of Chicago, G.O. Bonds, Series 2015-A, 5.25% 2028			3,230		3,532
City of Chicago, G.O. Bonds, Series 2015-A, 5.50% 2034			200		218
City of Chicago, G.O. Bonds, Series 2017-A, 5.75% 2033			465		538
City of Chicago, G.O. Bonds, Series 2019-A, 5.00% 2044			3,000		3,283
City of Chicago, G.O. Bonds, Series 2019-A, 5.50% 2035			7,200		8,280
City of Chicago, G.O. Bonds, Series 2019-A, 5.50% 2049			2,500		2,813
City of Chicago, G.O. Project and Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-C, 0% 2030			8,000		5,794
City of Chicago, G.O. Project and Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-C, 0% 2031			2,105		1,454
City of Chicago, G.O. Project and Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-C, 0% 2032			725		477
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2003-B, 5.00% 2022			1,000		1,033
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2005-D, 5.50% 2037			260		282
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.00% 2022			100		103
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.00% 2035			1,600		1,690
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.25% 2030			4,885		5,223
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 5.625% 2029			6,500		7,530
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 5.625% 2030			7,300		8,426
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 6.00% 2038			12,170		14,130
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-A, 5.375% 2029			1,000		1,096
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2024			2,020		2,175
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2027			3,105		3,421
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2035			1,670		1,798
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2038			5,500		5,891
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2027			9,200		10,295
City of Chicago, Sales Tax Rev. Ref. Bonds, Series 2002, 5.00% 2032 (preref. 2025)			145		175
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 2029			3,790		2,847
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 2031			6,440		4,445
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2024			2,070		1,855
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2025			1,410		1,224
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2031			3,900		2,692
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2011-A, 5.00% 2041			10,165		10,278
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042			7,100		7,237
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2016-A, 7.00% 2044			23,050		27,182
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2051			19,750		22,160
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, 5.00% 2042			6,000		6,258
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2024			1,000		1,125
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2017-A, 5.00% 2037			3,000		3,512
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2026			560		494
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2027			5,000		4,274
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2023			1,000		1,090
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2023			2,575		2,904
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2024			2,000		2,317
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2027			1,750		2,118

48	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)				Value (000)
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2022		$	250	$	273
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2033			6,200		6,991
City of Chicago, Water Rev. Ref. Bonds, Series 2001, 5.75% 2030			3,000		3,785
City of Chicago, Water Rev. Ref. Bonds, Series 2012, 5.00% 2042			4,370		4,654
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2029			1,605		1,832
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2044			500		554
Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), Series 2017, 5.00% 2037			2,030		2,212
Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), Series 2017, 5.00% 2047			3,180		3,398
Fin. Auth., Recovery Zone Fac. Rev. Ref. Bonds (Navistar International Corp. Project), Series 2020, 4.75% 2040 (put 2030)¹			24,340		24,963
Fin. Auth., Rev. Bonds (Benedictine University Project), Series 2013-A, 6.25% 2033			4,010		4,026
Fin. Auth., Rev. Bonds (Centegra Health System), Series 2014-A, 5.00% 2022			40		44
Fin. Auth., Rev. Bonds (Centegra Health System), Series 2014-A, 5.00% 2042			1,000		1,128
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2036			7,530		9,365
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2041			1,000		1,158
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2032			1,285		1,535
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2035			3,750		4,432
Fin. Auth., Rev. Bonds (Franciscan Communities, Inc.), Series 2013-A, 5.125% 2043			4,000		4,076
Fin. Auth., Rev. Bonds (Franciscan Communities, Inc.), Series 2013-A, 5.125% 2043 (preref. 2023)			430		487
Fin. Auth., Rev. Bonds (Friendship Village Schaumburg), Series 2017, 5.125% 2045			6,775		5,979
Fin. Auth., Rev. Bonds (Hospital Sisters Services, Inc. Obligated Group), Series 2012-C, 5.00% 2020			230		230
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2045			3,500		3,620
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2046			17,165		19,475
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2033			1,800		2,117
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2012-A, 5.00% 2028			1,500		1,602
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 4.125% 2037			1,220		1,334
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2025			1,135		1,298
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2026			1,000		1,164
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2026			1,000		1,151
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2028			2,240		2,584
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2029			3,090		3,555
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2030			1,500		1,714
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2031			2,270		2,583
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-B, (1-month USD-LIBOR x 0.70 + 1.35%) 1.469% 2036 (put 2021)²			800		800
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 3.75% 2034			250		280
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041			2,150		2,415
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041 (preref. 2027)			80		98
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041 (preref. 2027)			5		6
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2027			1,875		2,356
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2029			4,500		5,622
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2032			4,500		5,549
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2034			1,265		1,546
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2036			2,250		2,737
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2041			2,000		2,401
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 6.00% 2043			2,300		2,571
Fin. Auth., Rev. Bonds (Rosalind Franklin University Research Building Project), Series 2017-C, 5.00% 2046			900		979
Fin. Auth., Rev. Bonds (Rosalind Franklin University Research Building Project), Series 2017-C, 5.00% 2049			1,250		1,356
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2032			1,100		1,269
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2038			1,500		1,709
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2032			2,000		2,549
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2033			2,000		2,549
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2035			2,000		2,549
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2037			1,800		2,294
Fin. Auth., Rev. Bonds (The Cable Foundation), Series 2016-A, 5.00% 2045			6,880		8,178

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Illinois (continued)
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2034		$	1,000	$	1,206
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2026			1,065		1,155
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2030			1,900		2,043
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2033			3,000		3,176
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2038			11,080		11,570
Fin. Auth., Rev. Ref. Bonds (Christian Homes, Inc.), Series 2016, 5.00% 2031			1,875		1,987
Fin. Auth., Rev. Ref. Bonds (Christian Homes, Inc.), Series 2016, 5.00% 2036			2,400		2,506
Fin. Auth., Rev. Ref. Bonds (Christian Homes, Inc.), Series 2016, 5.00% 2040			2,275		2,357
Fin. Auth., Rev. Ref. Bonds (Illinois Institute of Technology), Series 2019, 5.00% 2034			1,100		1,273
Fin. Auth., Rev. Ref. Bonds (Illinois Institute of Technology), Series 2019, 5.00% 2036			1,000		1,150
Fin. Auth., Rev. Ref. Bonds (Illinois Institute of Technology), Series 2019, 5.00% 2038			1,000		1,143
Fin. Auth., Rev. Ref. Bonds (Illinois Institute of Technology), Series 2019, 5.00% 2040			1,500		1,705
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2035			5,450		6,351
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2045			2,000		2,294
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2018-A, 4.125% 2047			2,000		2,220
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 4.125% 2037			8,710		9,425
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2035			3,950		4,510
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2044			6,400		7,160
Fin. Auth., Rev. Ref. Bonds (Southern Illinois Healthcare Enterprises, Inc.), Series 2017-C, 5.00% 2026			250		304
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025			1,995		1,999
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025 (preref. 2020)			1,005		1,006
Fin. Auth., Student Housing and Academic Fac. Rev. Bonds (CHF-Chicago, LLC - University of Illinois at Chicago Project), Series 2017-A, 5.00% 2047			2,365		2,399
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2023			775		785
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2024			815		826
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2025			730		738
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2030			3,965		3,937
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2035			2,800		2,664
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2047			12,500		11,099
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 5.125% 2020			2,275		2,281
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 5.75% 2021			2,000		2,051
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.00% 2024			1,000		1,031
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043			19,125		19,643
Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, LLC - Illinois State University Project), Series 2011, 7.00% 2043 (preref. 2021)			4,265		4,449
G.O. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2022			50		50
G.O. Bonds, Series 2012-A, 5.00% 2028			1,000		1,035
G.O. Bonds, Series 2013, 5.00% 2021			875		898
G.O. Bonds, Series 2013, 5.00% 2023			740		798
G.O. Bonds, Series 2013, 5.50% 2033			3,715		3,996
G.O. Bonds, Series 2013, 5.50% 2038			1,000		1,068
G.O. Bonds, Series 2014, 5.00% 2022			885		922
G.O. Bonds, Series 2014, 5.00% 2024			3,000		3,270
G.O. Bonds, Series 2014, 5.00% 2026			2,025		2,203
G.O. Bonds, Series 2014, 5.00% 2027			2,000		2,248
G.O. Bonds, Series 2014, 5.00% 2039			13,550		14,354
G.O. Bonds, Series 2014, 5.00% 2039			4,100		4,361

50	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)				Value (000)
G.O. Bonds, Series 2016, 4.00% 2036		$	2,545	$	2,617
G.O. Bonds, Series 2016, 5.00% 2025			1,000		1,114
G.O. Bonds, Series 2016, 5.00% 2027			3,065		3,492
G.O. Bonds, Series 2016, 5.00% 2028			1,500		1,694
G.O. Bonds, Series 2016, 5.00% 2033			4,000		4,442
G.O. Bonds, Series 2016, 5.00% 2038			1,000		1,094
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2030			3,000		3,343
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2041			2,125		2,293
G.O. Bonds, Series 2017-A, 5.00% 2023			2,500		2,721
G.O. Bonds, Series 2017-A, 5.00% 2025			2,500		2,823
G.O. Bonds, Series 2017-A, 5.00% 2035			3,145		3,516
G.O. Bonds, Series 2017-A, 5.00% 2036			3,000		3,340
G.O. Bonds, Series 2017-C, 5.00% 2029			9,820		11,212
G.O. Bonds, Series 2017-D, 5.00% 2027			23,990		27,620
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2021			5,095		5,278
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2026			11,980		13,633
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2028			27,175		31,187
G.O. Bonds, Series 2018-A, 5.00% 2034			2,145		2,427
G.O. Bonds, Series 2020, 5.50% 2039			7,000		8,352
G.O. Bonds, Series 2020, 5.75% 2045			2,500		3,000
G.O. Rev. Ref. Bonds, Series 2012, 4.00% 2025			405		418
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2021			600		617
G.O. Rev. Ref. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2025			4,250		4,475
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2026			3,000		3,394
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028			5,150		5,883
G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2030			750		825
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2023			2,500		2,711
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2025			3,750		4,224
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2026			5,500		6,281
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2027			2,000		2,314
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2029			2,000		2,335
G.O. Rev. Ref. Bonds, Series 2018-B, 5.00% 2029			6,200		7,239
Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, Capital Appreciation Bonds, Series 1994, BAM insured, 0% 2028			3,185		2,646
Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2030			2,435		1,808
Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2030 (escrowed to maturity)			130		117
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2032			8,860		5,932
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2033			10,230		6,561
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2034			10,000		6,285
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2039			3,800		1,873
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2012-B, 0% 2050			4,620		1,252
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2012-B, 0% 2051			28,865		7,471
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2002-A, Assured Guaranty Municipal insured, 5.50% 2023			450		484
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2012-A, 5.00% 2042			1,500		1,534
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2015-A, 5.00% 2053			5,950		6,254
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1994, National insured, 0% 2029			4,000		3,091
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1996-A, National insured, 0% 2025			2,535		2,245
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2027			3,500		2,996

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Illinois (continued)
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2043		$	800	$	381
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2044			25,395		11,602
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2046			3,300		1,395
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-A, 0% 2056			37,160		7,600
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-A, Assured Guaranty Municipal insured, 0% 2056			13,250		3,803
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-B, 0% 2054			27,760		6,229
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-B, Assured Guaranty Municipal insured, 0% 2056			38,865		11,154
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-B, BAM insured, 0% 2054			16,785		5,170
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2028			500		520
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2052			1,470		1,498
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2015-B, 5.00% 2035			3,000		3,206
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2015-B, 5.00% 2040			4,000		4,227
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-A, 5.00% 2057			7,000		7,657
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, 4.00% 2050			7,500		7,487
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, 5.00% 2050			9,500		10,638
Other securities					263,206
					1,282,018

Indiana 1.30%
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-A, 5.00% 2051			1,500		1,719
Fin. Auth., Hospital Rev. Bonds (Goshen Health), Series 2019-A, 4.00% 2043			2,000		2,248
Fin. Auth., Hospital Rev. Ref. Bonds (The Methodist Hospitals, Inc.), Series 2014-A, 5.00% 2028			2,500		2,805
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2032			17,560		18,355
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2039			10,100		10,500
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-B, 3.00% 2030			2,500		2,626
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2035			3,000		3,249
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2044			7,225		7,747
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2048			3,250		3,478
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.25% 2051			3,410		3,669
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2016-A, 5.25% 2046			6,750		7,187
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 2033			2,410		2,633
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 2038			2,395		2,588
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 2043			4,000		4,276
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 2048			4,500		4,785
Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 5.75% 2028			255		269
Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 6.50% 2033			215		230

52	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)				Value (000)
Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 7.00% 2043		$	3,710	$	3,980
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2015, 5.00% 2036			3,730		4,295
Other securities					21,351
					107,990

Missouri 1.54%
County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (Friendship Village St. Louis Obligated Group), Series 2018, 5.25% 2053			18,710		19,664
Other securities					107,814
					127,478

New Hampshire 0.45%
National Fin. Auth., Municipal Certificates, Series 2020-1, Class A, 4.125% 2034			15,995		17,533
Other securities					19,327
					36,860

New Jersey 4.03%
Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.00% 2037			7,085		7,510
Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.125% 2043			750		795
Econ. Dev. Auth., Motor Vehicle Surcharges Rev. Ref. Bonds, Series 2017-A, BAM insured, 4.00% 2034			2,210		2,353
Econ. Dev. Auth., Motor Vehicle Surcharges Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2027			3,250		3,908
Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.375% 2043			7,725		8,531
Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.625% 2052			3,940		4,373
Econ. Dev. Auth., Rev. Bonds (Foundation Academy Charter School Project), Series 2018-A, 5.00% 2050			1,100		1,212
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2037			1,250		1,193
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2047			3,500		3,165
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2050			1,590		1,426
Econ. Dev. Auth., Rev. Ref. Bonds (Cranes Mill Project), Series 2018, 5.00% 2029			1,200		1,277
Econ. Dev. Auth., Rev. Ref. Bonds (Cranes Mill Project), Series 2018, 5.00% 2034			2,025		2,089
Econ. Dev. Auth., Rev. Ref. Bonds (Cranes Mill Project), Series 2018, 5.00% 2039			1,685		1,714
Econ. Dev. Auth., Rev. Ref. Bonds (Cranes Mill Project), Series 2018, 5.00% 2049			3,810		3,793
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), Series 2017, Assured Guaranty Municipal insured, 5.00% 2037			2,750		3,292
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2035			3,750		3,540
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2048			2,150		1,990
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2015-WW, 5.25% 2029			2,500		2,848
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2015-WW, 5.25% 2033			2,500		2,810
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2016-AAA, 5.50% 2031			2,000		2,370
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2034			1,500		1,728
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2035			1,275		1,465
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2018-EEE, 5.00% 2043			3,500		4,036
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2018-FFF, 5.00% 2026			3,235		3,799
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2019-LLL, 4.00% 2044			3,500		3,784
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2019-LLL, 5.00% 2037			2,000		2,375
Econ. Dev. Auth., School Facs. Construction Rev. Bonds, Series 2013-NN, 5.00% 2024			2,000		2,178
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, (SIFMA Municipal Swap Index + 1.60%) 1.76% 2028²			13,970		13,621
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-XX, 5.00% 2021			125		130
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-XX, 5.00% 2025			10,500		12,133

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New Jersey (continued)
Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 4.00% 2029¹	$	670	$	700
Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 5.00% 2039¹		825		866
Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 5.00% 2049¹		930		970
Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 5.00% 2054¹		725		751
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.125% 2023		1,500		1,537
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 2029		23,275		23,847
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 2033		3,500		3,590
Econ. Dev. Auth., Transit Transportation Project Bonds, Series 2020-A, 4.00% 2037		1,850		2,019
Econ. Dev. Auth., Transit Transportation Project Bonds, Series 2020-A, 4.00% 2038		6,600		7,190
Econ. Dev. Auth., Transit Transportation Project Bonds, Series 2020-A, 4.00% 2039		4,550		4,947
Econ. Dev. Auth., Transit Transportation Project Bonds, Series 2020-A, 5.00% 2044		3,000		3,490
Transportation Trust Fund Auth., Transportation Program Bonds, Series 2019-AA, 5.00% 2037		1,500		1,755
Transportation Trust Fund Auth., Transportation Program Bonds, Series 2019-BB, 5.00% 2044		4,575		5,263
Transportation Trust Fund Auth., Transportation Program Bonds, Series 2019-BB, 5.00% 2050		2,500		2,857
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, AMBAC insured, 0% 2026		630		544
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, AMBAC insured, 0% 2035		3,375		2,114
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, AMBAC insured, 0% 2036		9,730		5,838
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, Assured Guaranty Municipal insured, 0% 2034		17,245		11,611
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, National insured, 0% 2031		12,480		9,126
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2008-A, 0% 2035		4,000		2,468
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2009-A, 0% 2039		11,215		5,819
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2009-C, BAM insured, 0% 2032		1,825		1,318
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2010-A, BAM insured, 0% 2027		8,245		7,055
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2010-A, BAM insured, 0% 2028		9,800		7,921
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2010-B, 0% 2027		965		804
Transportation Trust Fund Auth., Transportation System Bonds, Series 2005-B, National insured, 5.50% 2021		5,975		6,352
Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A, 5.00% 2030		2,000		2,406
Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A, 5.00% 2032		2,240		2,663
Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A, 5.00% 2033		2,500		2,959
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 4.00% 2039		3,000		3,264
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-AA, 5.00% 2046		4,500		5,161
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-BB, 4.00% 2037		5,000		5,425
Other securities				86,046
				334,114

54	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)		Value (000)
New York 4.28%
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2042	$	27,830	$	29,921
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2020, Series 2020-DD-1, 4.00% 2050		8,750		10,482
Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2020, AMT, 5.25% 2031		11,870		12,395
Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2020, AMT, 5.375% 2036		5,900		6,171
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2020 (escrowed to maturity)		3,970		3,970
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2026		14,220		14,262
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2031		4,000		4,000
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2023		560		598
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 4.00% 2032		2,000		2,109
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 4.00% 2033		4,500		4,732
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2041		3,250		3,551
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2046		3,300		3,588
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050		16,950		18,552
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 4.00% 2036		7,000		7,146
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2026		1,110		1,216
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2028		650		724
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2030		3,500		3,869
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2031		10,725		11,799
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2032		9,000		9,863
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2034		5,000		5,473
Other securities				200,156
				354,577

Ohio 4.68%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2020-B-3, 0% 2057		344,335		49,870
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-A-2, 4.00% 2048		1,500		1,680
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-B-2, 5.00% 2055		51,280		56,601
County of Lucas, Hospital Rev. Bonds (Promedica Healthcare Obligated Group), Series 2018-A, 5.25% 2048		17,675		20,022
Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, Assured Guaranty Municipal insured, 5.00% 2053		20,455		22,916
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2012, 6.00% 2042		16,450		17,277
Other securities				219,460
				387,826

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Pennsylvania 5.54%
Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Co.), Series 2014, AMT, 5.50% 2044	$	4,500	$	4,630
Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (PPL Energy Supply, LLC Project), Series 2009-C, 5.00% 2037 (put 2020)		17,275		17,276
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2029		5,000		5,727
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2034		16,300		18,140
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2038		14,490		15,994
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2042		1,000		1,097
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (CarbonLite P, LLC Project), Series 2019, AMT, 5.25% 2026¹		2,500		2,496
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (CarbonLite P, LLC Project), Series 2019, AMT, 5.75% 2036¹		7,290		7,193
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2011, AMT, 2.15% 2041 (put 2024)		3,000		3,127
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Green Bonds (Covanta Project), Series 2019, AMT, 3.25% 2039¹		5,750		5,288
City of Philadelphia, Industrial Dev. Auth., Rev. Bonds (Mast III Charter School Project), Series 2019-A, 6.50% 2054		17,910		18,628
Other securities				359,678
				459,274

Puerto Rico 5.20%
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-A, 5.25% 2042		48,205		49,711
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2024		301		275
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2027		511		429
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2029		498		392
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2031		641		465
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2033		723		485
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2046		11,000		3,217
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2051		100,270		21,149
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1, 4.75% 2053		14,201		15,130
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1, 5.00% 2058		48,813		52,867
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 2040		11,158		11,647
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.536% 2053		1,022		1,074
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.784% 2058		25,200		26,924
Other securities				247,403
				431,168

Rhode Island 0.92%
Tobacco Settlement Fin. Corp., Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2007-A, 0% 2052		119,630		18,230
Other securities				57,852
				76,082

South Carolina 2.20%
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2011-C, 5.00% 2036		6,700		7,017
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2043		6,420		6,792
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2013-E, 5.00% 2048		2,055		2,262
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.00% 2049		1,000		1,114
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.50% 2054		2,950		3,333
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2046		100		113
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-A, 5.00% 2055		3,555		4,050
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-E, 5.25% 2055		10,280		11,981

56	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)		Value (000)
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-A, 5.00% 2032	$	965	$	1,152
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2035		250		300
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2041		14,850		17,582
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2056		45		53
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2013-B, 5.125% 2043		2,215		2,455
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2014-B, 5.00% 2038		3,000		3,372
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2014-C, 5.00% 2039		505		575
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 2034		6,275		7,453
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 2029		15		18
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-B, 2.75% 2051 (3.00% on 12/1/2022)⁴		15,255		15,215
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 2031		2,010		2,444
Other securities				95,344
				182,625

Texas 5.40%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-C, 4.00% 2049		15,220		17,993
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2016, 5.00% 2048		22,705		23,368
Other securities				406,416
				447,777

Utah 0.41%
Hideout Local Dist. No. 1, Special Assessment Bonds, Series 2017, 6.75% 2037¹		26,595		25,976
Other securities				7,571
				33,547

Virginia 2.74%
Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing Project), Series 2018-A, 5.00% 2055		18,305		19,628
City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), Series 2015, 5.33% 2045¹		27,900		31,116
Other securities				176,008
				226,752

Wisconsin 1.98%
Public Fin. Auth., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-B, AMT, 5.00% 2022		25		26
Public Fin. Auth., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-B, AMT, 5.00% 2042		450		467
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series 2019-A, 4.00% 2029¹		645		650
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series 2019-A, 5.00% 2039¹		1,380		1,432
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series 2019-A, 5.00% 2049¹		3,360		3,437
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series 2019-A, 5.00% 2054¹		1,605		1,637
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-A, 5.125% 2037¹		1,000		1,050
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-A, 5.375% 2047¹		6,375		6,670
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-B, 5.375% 2052¹		2,000		2,086
Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2019-A, 5.00% 2039¹		710		737
Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2019-A, 5.00% 2050¹		1,950		2,002
Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 5.00% 2039¹		820		847
Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 5.00% 2049¹		520		531

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Wisconsin (continued)
Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 5.00% 2054¹	$	1,365	$	1,390
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Celanese Project), Series 2016-A, AMT, 5.00% 2024¹		1,605		1,765
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Celanese Project), Series 2016-A, AMT, 5.00% 2025¹		1,000		1,143
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Co.), Series 2016, AMT, 4.00% 2035		9,200		8,799
Public Fin. Auth., Retirement Community Rev. Bonds (Evergreens Obligated Group), Series 2019-A, 5.00% 2044		1,750		1,855
Public Fin. Auth., Retirement Community Rev. Bonds (Evergreens Obligated Group), Series 2019-A, 5.00% 2049		1,500		1,582
Public Fin. Auth., Retirement Community Rev. Bonds (Lifespace Communities, Inc.), Series 2020-A, 4.00% 2037		600		667
Public Fin. Auth., Retirement Community Rev. Bonds (Lifespace Communities, Inc.), Series 2020-A, 5.00% 2041		2,000		2,368
Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 4.00% 2029¹		600		589
Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 5.00% 2039¹		775		788
Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 5.00% 2049¹		1,300		1,300
Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 5.00% 2054¹		1,360		1,349
Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 4.00% 2029¹		1,250		1,246
Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 2039¹		2,230		2,302
Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 2049¹		6,000		6,092
Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 2054¹		2,320		2,338
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.50% 2032		500		517
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.75% 2042		3,500		3,609
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2015, 5.875% 2045		6,250		6,774
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2020, 3.00% 2025¹		425		423
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2020, 5.00% 2030¹		500		553
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2020, 5.00% 2040¹		1,175		1,271
Public Fin. Auth., Rev. Bonds (Wilson Preparatory Academy), Series 2019-A, 4.125% 2029¹		515		523
Public Fin. Auth., Rev. Bonds (Wilson Preparatory Academy), Series 2019-A, 5.00% 2039¹		500		512
Public Fin. Auth., Rev. Bonds (Wilson Preparatory Academy), Series 2019-A, 5.00% 2049¹		1,100		1,113
Public Fin. Auth., Rev. Bonds (Wonderful Foundations Charter School Portfolio Project), Series 2020-A-1, 5.00% 2055¹		5,500		5,615
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.00% 2032¹		1,280		1,362
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 2037¹		650		692
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 2042¹		250		264
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 2047¹		900		945
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 2052¹		2,300		2,409
Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.50% 2034¹		1,000		1,066
Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.75% 2044¹		1,800		1,916
Public Fin. Auth., Senior Living Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 4.00% 2046		1,000		939
Public Fin. Auth., Senior Living Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 4.00% 2052		2,000		1,830
Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2054		1,700		1,992
Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series 2020-A, Assured Guaranty Municipal insured, 4.00% 2059		2,400		2,622
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series 2015, 5.00% 2035		1,000		1,046

58	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)		Value (000)
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series 2015, 5.25% 2047	$	2,000	$	2,078
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series 2015-A, 5.00% 2030		2,140		2,275
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Wilmington, LLC - University of North Carolina Project), Series 2018, Assured Guaranty Municipal insured, 5.00% 2053		9,130		10,700
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% 2034		4,045		4,342
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% 2039		2,045		2,157
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% 2044		1,350		1,409
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% 2049		3,625		3,763
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-B, 5.00% 2034		1,295		1,391
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-B, 5.00% 2039		1,595		1,682
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-B, 5.00% 2049		1,340		1,391
Other securities				37,366
				163,692

Other states & U.S. territories 16.33%
Other securities				1,352,319

Total bonds, notes & other debt instruments (cost: $7,401,287,000)				7,664,762

Short-term securities 6.89%
State of Colorado, Regents of the University of Colorado, University Enterprise Rev. and Rev. Ref. Bonds, Series 2020-A-2, 0.02% 2050²		6,100		6,100
State of Colorado, Regents of the University of Colorado, University Enterprise Rev. and Rev. Ref. Bonds, Series 2020-B-1, 0.17% 2050²		16,000		16,000
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2009-E-1, JPMorgan Chase LOC, 0.15% 2043²		6,270		6,270
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-A, 0.17% 2044²		5,900		5,900
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 0.17% 2044²		5,600		5,600
State of Massachusetts, Massachusetts Bay Transportation Auth., Sales Tax Bonds, Series 2018-A-1, 0.16% 2026²		27,290		27,290
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 2007, 0.12% 2042²		30,040		30,040
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-E, 0.14% 2030²		7,500		7,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 0.14% 2035²		7,010		7,010
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-F, 0.14% 2035²		2,400		2,400
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-G, 0.14% 2035²		8,900		8,900
State of New York, New York City G.O. Bonds, Fiscal 2006, Series 2006-E-4, 0.16% 2034²		4,425		4,425
State of New York, New York City G.O. Bonds, Fiscal 2006, Series 2006-I-7, 0.13% 2036²		8,055		8,055
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-3, 0.16% 2036²		2,100		2,100
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-5, 0.16% 2035²		5,000		5,000
State of New York, New York City G.O. Bonds, Fiscal 2013, Series 2013-F-3, 0.16% 2042²		15,500		15,500
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2011, Series 2011-DD-2, 0.18% 2043²		17,050		17,050
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2011, Series 2011-FF-1, 0.16% 2044²		7,850		7,850

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Short-term securities (continued)	Principal amount (000)		Value (000)
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2014-AA-2, 0.18% 2050²	$	27,975	$	27,975
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-BB-1, 0.16% 2049²		15,080		15,080
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2016, Series 2016-AA-1, 0.16% 2048²		26,125		26,125
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2016-A-4, 0.16% 2041²		5,075		5,075
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-3, 0.18% 2045²		1,875		1,875
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-4, 0.16% 2045²		15,650		15,650
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2013-B-3, 0.13% 2039²		18,385		18,385
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2014, AMT, 0.65% 2044 (put 2020)⁵		11,625		11,627
State of Texas, Public Service Auth., IAM Commercial Paper (Santee Cooper), Series 2020-D, 0.30% 9/2/2020		10,103		10,103
State of Texas, Tax and Rev. Anticipation Notes, Series 2019, 4.00% 8/27/2020		17,625		17,668
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020-A, 0.15% 8/18/2020		3,000		3,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020-A, 0.19% 8/11/2020		5,000		5,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020-A, 0.40% 8/10/2020		5,000		5,000
State of Texas, Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2008-B, 0.15% 2025²		18,195		18,195
State of Texas, Veterans Bonds, Series 2019, 0.28% 2050²		10,000		10,000
Other securities				197,105

Total short-term securities (cost: $570,960,000)				570,853
Total investment securities 99.40% (cost: $7,972,247,000)				8,235,615
Other assets less liabilities 0.60%				49,314

Net assets 100.00%			$	8,284,929

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities that were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities that were valued under fair value procedures was $9,616,000, which represented .12% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $2,726,000, an aggregate cost of $2,963,000, and which represented .03% of the net assets of the fund) were acquired from 8/1/2019 to 6/19/2020 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		⁶	Value at 7/31/2020 (000)			⁷	Unrealized depreciation at 7/31/2020 (000)
10 Year U.S. Treasury Note Futures	Short	1,850	September 2020	$	(185,000	)		$	(259,144	)		$	(2,378	)
30 Year Ultra U.S. Treasury Bond Futures	Short	13	September 2020		(1,300	)			(2,960	)			(214	)
												$	(2,592	)

60	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

¹	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 qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,182,094,000, which represented 14.27% of the net assets of the fund.
²	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
³	Scheduled interest and/or principal payment was not received.
⁴	Step bond; coupon rate may change at a later date.
⁵	For short-term securities, the mandatory put date is considered to be the maturity date.
⁶	Notional amount is calculated based on the number of contracts and notional contract size.
⁷	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Summary investment portfolio July 31, 2020

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 94.92%	Principal amount (000)			Value (000)
California 93.33%
State issuers 34.80%
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2033		$	1,515	$	1,788
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2034			760		895
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2035			1,300		1,525
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2036			1,000		1,170
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2038			1,140		1,327
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2017-B, 4.00% 2047			7,425		8,063
Educational Facs. Auth., Rev. Bonds (Stanford University), Series 2019-V-1, 5.00% 2049			1,000		1,730
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2018-A, 5.00% 2053			3,985		4,724
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2026			3,000		3,079
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2031			11,795		12,073
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2015, 5.00% 2032			2,500		2,864
Educational Facs. Auth., Rev. Ref. Bonds (Loyola Marymount University), Capital Appreciation Bonds, Series 2001-A, National insured, 0% 2033			2,000		1,560
Educational Facs. Auth., Rev. Ref. Bonds (Occidental College), Series 2013-A, 5.00% 2029 (preref. 2023)			3,265		3,753
Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2015, 5.00% 2030			1,000		1,175
Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2015, 5.00% 2032			2,500		2,909
G.O. Bonds, Series 2011, 5.25% 2028			2,000		2,107
G.O. Bonds, Series 2013-B, (SIFMA Municipal Swap Index + 0.38%) 0.54% 2027 (put 2022)¹			2,000		1,984
G.O. Bonds, Series 2013-E, (1-month USD-LIBOR + 0.43%) 0.59% 2029 (put 2023)¹			1,500		1,486
G.O. Bonds, Series 2015, 5.25% 2032			5,000		6,119
G.O. Bonds, Series 2019, 5.00% 2029			1,000		1,392
G.O. Bonds, Series 2020, 4.00% 2046			6,000		7,279
G.O. Bonds, Series 2020, 5.00% 2030			1,000		1,400
G.O. Bonds, Series 2020, 5.00% 2035			2,500		3,404
G.O. Bonds, Series 2020, 5.00% 2036			2,545		3,451
G.O. Rev. Ref. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.25% 2032			10,000		14,569
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2027			2,000		2,646
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2028			3,000		4,010
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2029			5,845		8,120
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2035			3,000		4,085
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 2027			2,730		2,520

62	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026		$	12,600	$	11,931
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2032			3,250		3,883
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2033			1,950		2,322
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2045			3,580		4,178
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022			2,550		2,774
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A-1, 5.00% 2047			2,450		2,504
Health Facs. Fncg. Auth., Insured Rev. Bonds (Marshal Medical Center), Series 2020-A, 4.00% 2040			4,500		5,298
Health Facs. Fncg. Auth., Insured Rev. Bonds (Marshal Medical Center), Series 2020-A, 5.00% 2050			1,000		1,269
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 2036			500		608
Health Facs. Fncg. Auth., Rev. Bonds (Children’s Hospital of Orange County), Series 2011-A, 5.25% 2041			2,000		2,102
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2042			2,500		2,981
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 4.00% 2044			12,940		14,619
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 5.00% 2047			1,500		2,436
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A, 5.00% 2043			1,000		1,124
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016-B, 5.00% 2055			2,000		2,339
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017-A, 5.00% 2042			1,475		1,790
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017-A, 5.00% 2056			2,000		2,397
Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% 2022			100		109
Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% 2031			400		473
Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% 2039			400		463
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 4.00% 2034			500		574
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 4.00% 2036			650		739
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-2, 4.00% 2036 (put 2024)			2,000		2,281
Health Facs. Fncg. Auth., Rev. Bonds (Rady Children’s Hospital - San Diego), Series 2011, 5.25% 2041			5,000		5,213
Health Facs. Fncg. Auth., Rev. Bonds (St. Joseph Health System), Series 2013-A, 5.00% 2024			405		458
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.25% 2031			2,000		2,099
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2035			1,500		1,869
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2036			2,000		2,484
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2037			1,000		1,239
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-A-1, 5.00% 2027			1,250		1,612
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-C, 5.00% 2031 (put 2022)			3,020		3,339
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2011-A, 5.25% 2041			2,000		2,048
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2015, 5.00% 2030			500		606
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2015, 5.00% 2031			1,300		1,571
Health Facs. Fncg. Auth., Rev. Ref. Bonds (El Camino Hospital), Series 2015-A, 5.00% 2030			3,000		3,516
Health Facs. Fncg. Auth., Rev. Ref. Bonds (El Camino Hospital), Series 2015-A, 5.00% 2040			8,700		9,907

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California (continued)
State issuers (continued)
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Memorial Health Services), Series 2012-A, 5.00% 2033		$	1,000	$	1,084
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 1.70% 2033 (put 2022)			1,000		1,027
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2034			9,000		11,307
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2008-A, 5.25% 2022			1,700		1,748
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2034			2,000		2,392
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2035			2,000		2,386
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 4.00% 2038			4,165		4,747
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 2035			1,000		1,213
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 2046			8,740		10,399
Housing Fin. Agcy., Municipal Certificates, Series 2019-A-2, 4.00% 2033			25,629		28,132
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 2036			6,915		8,159
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 2041			7,200		8,342
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2039			300		362
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2044			350		419
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2049			875		1,039
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Performing Arts Center of Los Angeles County), Series 2007, 5.00% 2027			1,000		1,003
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Performing Arts Center of Los Angeles County), Series 2007, 5.00% 2037			1,500		1,504
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2030			1,080		1,342
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2031			1,230		1,521
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2032			1,140		1,405
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2033			1,105		1,359
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 1.36% 2037 (put 2022)¹			8,500		8,541
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2019, 1.75% 2055 (put 2026)			8,000		8,135
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Academy of Sciences, San Francisco), Series 2018-C, (3-month USD-LIBOR x 0.70 + 0.38%) 0.496% 2047 (put 2021)¹			4,925		4,890
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2011-A-1, (3-month USD-LIBOR x 0.70 + 0.20%) 0.319% 2038 (put 2021)¹			5,000		4,991
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, (3-month USD-LIBOR x 0.70 + 0.33%) 0.449% 2047 (put 2022)¹			3,000		2,990
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 2026			2,000		2,264
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 2023			1,050		1,133
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 5.00% 2036			500		562
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 5.00% 2046			2,745		3,031
Municipal Fin. Auth., Insured Rev. Bonds (Inland Christian Home), Series 2020, 4.00% 2030			1,225		1,522
Municipal Fin. Auth., Insured Rev. Bonds (Inland Christian Home), Series 2020, 4.00% 2039			1,225		1,453
Municipal Fin. Auth., Insured Rev. Bonds (Inland Christian Home), Series 2020, 4.00% 2049			2,665		3,078
Municipal Fin. Auth., Insured Senior Living Rev. Ref. Bonds (Pilgrim Place in Claremont), Series 2016-A, 5.00% 2031			500		608
Municipal Fin. Auth., Jurupa Lease Rev. Ref. Bonds (Wineville Unified School Dist.), Series 2015-A, BAM insured, 5.00% 2042			4,500		5,196
Municipal Fin. Auth., Rev. Bonds (Biola University), Series 2013, 5.00% 2042			1,000		1,078
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.375% 2040²			2,335		2,477
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.50% 2045²			2,800		2,968
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 4.00% 2021²			600		605
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 2036²			3,500		3,693

64	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 2046²		$	750	$	778
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2027			300		360
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2028			150		183
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2029			225		274
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2030			225		272
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2031			200		241
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2032			225		269
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2033			225		268
Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-A, 5.25% 2049			1,750		1,924
Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-B, 5.875% 2049			490		533
Municipal Fin. Auth., Rev. Bonds (Clinicas Del Camino Real, Inc.), Series 2020, 3.00% 2022			965		994
Municipal Fin. Auth., Rev. Bonds (Clinicas Del Camino Real, Inc.), Series 2020, 4.00% 2023			1,195		1,283
Municipal Fin. Auth., Rev. Bonds (Clinicas Del Camino Real, Inc.), Series 2020, 4.00% 2025			1,295		1,454
Municipal Fin. Auth., Rev. Bonds (Clinicas Del Camino Real, Inc.), Series 2020, 4.00% 2033			1,170		1,346
Municipal Fin. Auth., Rev. Bonds (Clinicas Del Camino Real, Inc.), Series 2020, 4.00% 2035			500		569
Municipal Fin. Auth., Rev. Bonds (Clinicas Del Camino Real, Inc.), Series 2020, 4.00% 2040			2,750		3,061
Municipal Fin. Auth., Rev. Bonds (Clinicas Del Camino Real, Inc.), Series 2020, 4.00% 2050			4,000		4,370
Municipal Fin. Auth., Rev. Bonds (Community Medical Centers), Series 2017-A, 5.00% 2022			1,300		1,379
Municipal Fin. Auth., Rev. Bonds (Community Medical Centers), Series 2017-A, 5.00% 2027			715		875
Municipal Fin. Auth., Rev. Bonds (John Adams Academies Inc.), Series 2019-A, 5.00% 2039²			915		960
Municipal Fin. Auth., Rev. Bonds (John Adams Academies Inc.), Series 2019-A, 5.00% 2057²			1,890		1,948
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 4.00% 2047			3,900		4,209
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2025			1,585		1,854
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2031			2,695		3,262
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2034			1,320		1,576
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2035			1,000		1,189
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2043			3,340		3,888
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2047			9,115		10,560
Municipal Fin. Auth., Rev. Bonds (Mt. San Antonio Gardens Project), Series 2019, 4.00% 2020			260		261
Municipal Fin. Auth., Rev. Bonds (Pomona College), Series 2017, 4.00% 2048			1,550		1,813
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-A, 5.00% 2029			390		459
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-A, 5.00% 2030			250		297
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-A, 5.00% 2031			1,250		1,494
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-A, 5.00% 2032			1,175		1,406
Municipal Fin. Auth., Rev. Bonds (Social Bonds - HealthRIGHT 360), Series 2019-A, 5.00% 2039²			1,250		1,370
Municipal Fin. Auth., Rev. Bonds (Social Bonds - HealthRIGHT 360), Series 2019-A, 5.00% 2049²			575		617
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2029			1,000		1,224
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2030			1,500		1,823
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2031			650		784
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2032			1,000		1,196
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2033			1,000		1,191
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2035			1,000		1,184
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2036			1,150		1,358
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2043			4,380		5,095
Municipal Fin. Auth., Rev. Bonds (University of San Diego), Series 2019-A, 5.00% 2049			1,600		2,013
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2023			600		636
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2024			600		646
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2041			2,500		2,592
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2030			750		894
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2033			500		587
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2034			440		514
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2039			615		705
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2033			650		771

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California (continued)
State issuers (continued)
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2034		$	2,675	$	3,168
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2035			2,000		2,352
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2036			1,000		1,172
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2037			1,250		1,462
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2042			1,250		1,436
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2047			1,000		1,135
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2033			1,450		1,721
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2034			600		711
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2035			625		735
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2036			600		703
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2037			600		702
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2042			1,000		1,149
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2047			4,010		4,553
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2032			1,500		1,791
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2039			1,000		1,179
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2031			1,175		1,305
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2032			500		554
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2033			1,250		1,380
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2034			750		824
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2035			1,185		1,299
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2036			2,120		2,318
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2037			2,850		3,111
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2039			2,750		2,987
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2044			300		323
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 5.00% 2044			6,500		7,486
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 2032			3,000		3,603
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 2037			4,000		4,753
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 2045			4,000		4,697
Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2011-B, 5.00% 2031			1,750		1,848
Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2012-A, 5.00% 2031			1,475		1,621
Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2012-A, 5.00% 2032			1,000		1,099
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2009-A, 1.30% 2039 (put 2025)²			1,450		1,469
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2017-A, AMT, 2.00% 2044 (put 2020)			4,900		4,926

66	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project), Series 2018, 5.00% 2038		$	1,000	$	1,157
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project), Series 2018, 5.00% 2040			4,610		5,305
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project), Series 2018, 5.00% 2043			6,525		7,458
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2018, 5.00% 2043			2,000		2,287
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2018, 5.00% 2052			7,500		8,501
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing Project), Series 2019, 5.00% 2049			2,510		2,885
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing Project), Series 2019, 5.00% 2052			3,500		4,016
Pollution Control Fncg. Auth., Rev. Bonds (San Jose Water Co. Project), Series 2016, AMT, 4.75% 2046			11,475		13,237
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2013-A-1, 7.375% 2043 (preref. 2022)			3,420		3,878
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 4.00% 2027²			750		775
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 2032²			2,500		2,688
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 2037²			1,485		1,578
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 2044²			2,805		2,937
School Fin. Auth., Charter School Rev. Bonds (Downtown College Prep Obligated Group), Series 2016, 4.75% 2036²			1,365		1,426
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00% 2029²			3,345		3,746
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00% 2041²			3,000		3,196
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00% 2048²			2,795		2,960
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00% 2035²			500		540
School Fin. Auth., Charter School Rev. Bonds (Fenton Charter Public Schools Obligated Group), Series 2020-A, 5.00% 2040²			750		800
School Fin. Auth., Charter School Rev. Bonds (Fenton Charter Public Schools Obligated Group), Series 2020-A, 5.00% 2050²			750		792
School Fin. Auth., Charter School Rev. Bonds (Fenton Charter Public Schools Obligated Group), Series 2020-A, 5.00% 2058²			1,000		1,048
School Fin. Auth., Charter School Rev. Bonds (Larchmont Charter School Project), Series 2018-A, 5.00% 2055²			1,000		1,036
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2016-A, 5.00% 2036²			1,000		1,054
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2016-A, 5.00% 2046²			750		780
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2017-A, 5.00% 2034²			750		801
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00% 2030²			315		345
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00% 2047²			250		263
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2015-A, 6.375% 2046²			4,300		4,806
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% 2030²			1,890		2,046
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% 2037²			2,105		2,197
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 2043²			1,750		1,935
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 2049²			1,900		2,090

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California (continued)
State issuers (continued)
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 2054²		$	5,000	$	5,489
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 2037²			675		783
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2054²			2,150		2,517
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00% 2037²			1,455		1,645
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00% 2049²			5,400		6,030
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 5.00% 2034			750		963
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 5.00% 2037			735		933
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 5.00% 2031			1,300		1,693
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 5.00% 2032			500		647
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 5.00% 2033			1,000		1,287
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2030			2,585		3,197
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2038			1,000		1,194
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2043			2,000		2,351
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2048			1,500		1,744
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (La Mesa Springs Apartments), Series 2019-E, 1.78% 2021 (put 2020)			7,000		7,034
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Miramar Tower Apartments), Series 2019-M, 1.30% 2022 (put 2021)			1,500		1,510
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Robert Farrell Manor and Western Gardens Apartments), Series 2019-T-1, 1.25% 2021 (put 2021)			2,310		2,322
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2010-A, 4.50% 2029			2,905		2,912
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2031			2,000		2,404
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2032			2,115		2,532
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2035			3,000		3,559
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 4.00% 2042			1,240		1,410
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2032			1,000		1,256
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2033			1,150		1,437
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2035			1,465		1,818
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2020			15		15
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2021			335		348
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2022			270		289
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2026			75		85
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2045			1,700		1,854
Statewide Communities Dev. Auth., Rev. Bonds (Buck Institute for Research on Aging), Series 2014, Assured Guaranty Municipal insured, 5.00% 2049			5,250		5,996
Statewide Communities Dev. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2013-C, 5.625% 2036			2,000		2,184

68	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 5.00% 2029		$	405	$	491
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 5.00% 2047			1,815		2,061
Statewide Communities Dev. Auth., Rev. Bonds (Hebrew Home for Aged Disabled), Series 2016, 5.00% 2036			3,500		4,212
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2014, 5.00% 2044			8,500		9,487
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 4.00% 2048			500		563
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-L, 5.00% 2038 (put 2029)			5,000		6,778
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-M, 5.00% 2038 (put 2029)			4,000		5,423
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2012-A, 5.00% 2042			6,500		6,882
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A, 5.00% 2034²			100		105
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A, 5.00% 2039²			105		109
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A, 5.00% 2051²			1,590		1,617
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.625% 2033			1,350		1,428
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.875% 2043			935		985
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2014-A, 5.25% 2044			2,925		3,171
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2016-A, 5.25% 2056²			1,400		1,523
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2018-A, 5.50% 2058²			1,000		1,114
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 4.00% 2041			1,000		1,083
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 2029			625		761
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 2031			1,135		1,365
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 2032			1,500		1,795
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2042			1,750		1,835
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2047			2,000		2,093
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025			1,500		1,515
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2026			4,000		4,039
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00% 2032²			2,025		2,183
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00% 2041²			11,920		12,517
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2025			755		900
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2031			1,000		1,223
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2034			500		606
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2035			5,050		6,098
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2032			700		737
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2047			2,100		2,199

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California (continued)
State issuers (continued)
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2030		$	500	$	572
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2031			1,750		1,996
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, 4.00% 2026²			3,385		3,414
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, 5.00% 2036²			3,500		3,608
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, 5.00% 2046²			2,250		2,283
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 2027			640		823
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2041 (preref. 2021)			1,500		1,594
Statewide Communities Dev. Auth., Senior Living Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging - Fountainview at Gonda), Series 2014-A, 5.00% 2044			1,000		1,086
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (Custodial Receipts), Series 2017, 4.305% 2032			9,295		9,527
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2029			1,000		1,147
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2030			1,500		1,715
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2035			1,250		1,397
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments, Phase I), Series 2011, 5.375% 2038			1,260		1,289
Regents of the University of California, G.O. Rev. Bonds, Series 2013-AK, 5.00% 2048 (put 2023)			3,490		3,947
Regents of the University of California, G.O. Rev. Bonds, Series 2018-AZ, 5.00% 2048			10,230		12,903
Regents of the University of California, G.O. Rev. Bonds, Series 2020-BE, 4.00% 2050			5,000		5,997
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2034			750		924
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2035			3,750		4,609
Regents of the University of California, Limited Project Rev. Ref. Bonds, Series 2018-O, 5.00% 2048			1,900		2,389
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2038			1,000		1,116
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048			16,680		18,437
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049			15,685		17,487
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, AMT, 2.45% 2031			2,525		2,575
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045			5,820		6,161
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AW, 4.00% 2035			20,840		24,543
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2020-BB, 5.00% 2028			8,000		11,001
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2020-BB, 5.00% 2034			3,500		4,919
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2020-BB, 5.00% 2035			190		266
Other securities					111,530
					1,023,002

70	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
City, county & other issuers 58.53%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 1.06% 2045 (put 2023)¹		$	1,400	$	1,404
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 1.26% 2045 (put 2024)¹			5,675		5,712
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-H, (SIFMA Municipal Swap Index + 0.70%) 0.86% 2034 (put 2021)¹			2,825		2,826
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-D, (3-month USD-LIBOR x 0.70 + 0.55%) 0.757% 2045 (put 2021)¹			2,100		2,090
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-F-1, 5.00% 2056			3,510		4,155
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2019-S-8, 5.00% 2056			20,000		24,431
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-F-1, 5.00% 2054 (preref. 2024)			1,475		1,733
Brentwood Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 2048			9,940		11,526
County of Contra Costa, Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2018-A, (1-month USD-LIBOR x 0.70 + 0.25%) 0.369% 2034 (put 2021)¹			11,675		11,633
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2032			1,000		1,212
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2033			1,000		1,209
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2034			1,000		1,205
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2035			1,000		1,204
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 4.00% 2020			250		251
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 4.00% 2032			2,500		2,740
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 5.00% 2041			4,680		5,301
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 5.00% 2046			8,065		9,045
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2033			945		1,096
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2035			1,150		1,323
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2043			2,890		3,263
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2048			2,500		2,800
Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 3, G.O. Bonds, 2007 Election, Series 2019-D, Assured Guaranty Municipal insured, 4.00% 2040			8,715		9,978
Hayward Unified School Dist., G.O. Bonds, 2019 Election, Series 2019-A, BAM insured, 5.00% 2044			8,000		10,098
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 1, Special Tax Bonds, Series 2014, 5.00% 2044			2,705		2,970
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 1, Special Tax Bonds, Series 2014, 5.00% 2049			1,000		1,095
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series 2016, 4.00% 2028			825		908
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series 2016, 4.00% 2031			400		437
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series 2016, 4.00% 2033			1,615		1,756
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2035			550		641
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2037			650		754
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2038			1,000		1,157
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2043			2,670		3,062
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2048			5,250		5,986
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2051			1,250		1,470
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 4.00% 2020			1,000		1,003
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2024			825		937
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2025			710		804
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2028			1,050		1,182

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California (continued)
City, county & other issuers (continued)
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2029		$	2,600	$	3,054
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2030			1,700		1,974
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2031			1,500		1,733
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2024			2,250		2,668
City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2032			800		920
City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2042			1,000		1,124
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2036			1,840		2,213
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2037			1,285		1,542
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2026			330		419
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2027			375		491
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2028			525		705
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2029			500		688
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2030			350		476
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2031			635		854
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2032			680		905
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2034			1,155		1,524
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2044			1,000		1,269
Irvine Unified School Dist., Community Facs. Dist. No. 01-1, Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2031			2,000		2,351
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2023			1,000		1,126
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2024			2,000		2,326
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2029			200		248
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2030			370		457
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2031			420		516
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2032			450		550
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2032			175		214
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2033			245		297
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2034			250		303
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2035			250		301
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2036			350		419
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2037			270		322
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2042			1,000		1,177

72	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, BAM insured, 4.00% 2053		$	1,250	$	1,355
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, BAM insured, 5.00% 2042			1,000		1,177
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-D, BAM insured, 5.00% 2057			1,665		1,927
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, BAM insured, 5.00% 2039			820		972
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, BAM insured, 5.00% 2040			810		957
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, BAM insured, 5.00% 2045			1,500		1,753
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 4.00% 2037			570		655
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 4.00% 2038			550		629
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 4.00% 2039			635		724
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 4.00% 2044			2,400		2,795
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 4.00% 2049			3,000		3,495
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 4.00% 2054			12,170		14,024
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2032			365		469
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2034			435		552
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2035			250		316
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2036			270		339
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2020-A, BAM insured, 4.00% 2050			8,000		9,371
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2020-A, BAM insured, 4.00% 2054			3,000		3,502
City of Long Beach, Harbor Rev. Ref. Bonds, Series 2020-B, AMT, 4.00% 2022			7,825		8,272
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2010-B, 5.00% 2035			1,000		1,010
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-A, AMT, 5.00% 2027			1,250		1,482
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-A, AMT, 5.00% 2029			1,560		1,836
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 4.00% 2034			1,000		1,117
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2035			1,000		1,192
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2042			1,000		1,175
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2029			1,450		1,765
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2031			2,395		2,894
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2033			500		599
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2032			1,000		1,228
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2033			1,000		1,222
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2034			1,250		1,524
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2035			1,000		1,216

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California (continued)
City, county & other issuers (continued)
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2037		$	1,260	$	1,523
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2033			1,255		1,573
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2036			1,345		1,669
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2037			1,450		1,795
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2044			2,880		3,507
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-B, AMT, 5.00% 2032			3,825		4,820
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-C, AMT, 5.00% 2032			3,450		4,293
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00% 2030			3,570		4,670
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00% 2033			5,880		7,548
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00% 2043			3,000		3,740
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-A, AMT, 5.00% 2031			2,345		3,048
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-E, 5.00% 2039			2,000		2,533
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-E, AMT, 5.00% 2044			1,975		2,472
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2010-A, 5.00% 2029			780		788
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2017-B, 5.00% 2029			2,000		2,574
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-A, 5.00% 2049			5,000		6,405
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 2026			4,500		5,769
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-B, 5.00% 2050			1,000		1,321
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ, 4.00% 2040			6,935		8,408
North Orange County Community College Dist., G.O. Bonds, 2014 Election, Series 2019-B, 4.00% 2044			8,575		10,209
Oakland Unified School Dist., G.O. Bonds, 2006 Election, Series 2016-A, 5.00% 2026			6,250		7,649
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2013, 6.625% 2038 (preref. 2021)			1,200		1,276
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2015-A, 5.00% 2030			1,250		1,477
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2015-A, 5.00% 2031			1,500		1,766
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2015-A, 5.00% 2040			5,550		6,447
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 3.00% 2040			6,000		6,403
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2033			4,365		5,141
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2027			1,340		1,711
Oakland Unified School Dist., G.O. Rev. Ref. Bonds (Measure J), Series 2017-C, 5.00% 2031			2,015		2,479
Oakland Unified School Dist., G.O. Rev. Ref. Bonds (Measure J), Series 2017-C, 5.00% 2035			3,245		3,923
Oakland Unified School Dist., G.O. Rev. Ref. Bonds (Measure J), Series 2017-C, 5.00% 2036			2,000		2,407
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2024			2,225		2,609
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2027			2,000		2,438
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028			1,200		1,460
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2031			2,145		2,592
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2022			3,000		3,257
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2035			1,000		1,171

74	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2049		$	9,035	$	10,157
County of Sacramento, Sanitation Dist. Fncg. Auth., Rev. Ref. Bonds (Sacramento Regional County Sanitation Dist.), Series 2007-B, FGIC-National insured, (3-month USD-LIBOR + 0.53%) 0.764% 2035¹			13,500		11,774
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041			10,825		11,457
County of San Diego, Association of Governments Capital Grant Receipts, Rev. Green Bonds (Mid-Coast Corridor Transit Project), Series 2019-A, 5.00% 2025			9,000		10,602
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 4.00% 2037			1,000		1,180
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2044			8,965		11,273
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2049			2,000		2,500
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2013-B, AMT, 5.00% 2043			2,000		2,166
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-A, 5.00% 2035			1,000		1,228
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2047			1,000		1,179
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2029			1,980		2,450
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2035			2,495		3,011
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2036			750		902
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2037			750		900
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2042			1,500		1,781
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2026			760		929
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2027			750		937
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2029			1,255		1,630
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2030			1,785		2,303
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2033			2,280		2,886
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2049			3,375		4,111
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2035			1,000		1,320
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2010-F, 5.00% 2040			2,995		3,004
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2016-B, AMT, 5.00% 2046			4,000		4,628
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-A, AMT, 5.00% 2049			4,000		4,880
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-E, AMT, 4.00% 2050			2,000		2,244
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-E, AMT, 5.00% 2050			2,000		2,438
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-F, 5.00% 2050			1,990		2,485
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-H, AMT, 5.00% 2026			5,545		6,801
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2011-F, AMT, 5.00% 2028			2,630		2,711
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2028			1,000		1,068
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2030			1,000		1,067

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California (continued)
City, county & other issuers (continued)
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2016-A, 5.00% 2029		$	1,375	$	1,697
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2042			2,000		2,374
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2047			3,000		3,535
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2027			1,000		1,254
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 2036			4,230		5,302
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 2044			3,000		3,682
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.50% 2030			8,000		8,203
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2047			10,000		11,695
Stockton Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2031			7,800		9,421
City of Whittier, Health Fac. Rev. Bonds (PIH Health), Series 2014, 5.00% 2044			10,000		11,092
Other securities					1,166,027
					1,720,262

Guam 0.20%
Other securities					5,988

Puerto Rico 0.71%
Other securities					20,800

United States 0.68%
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class CA, 3.35% 2033			15,331		17,707
Other securities					2,268
					19,975

Total bonds, notes & other debt instruments (cost: $2,634,125,000)					2,790,027

Short-term securities 5.03%
Educational Facs. Auth., Rev. IAM Commercial Paper, Series 2020, 0.10% 8/3/2020			4,000		4,000
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-A, 0.14% 2035¹			9,100		9,100
G.O. Bonds, Series 2004-A-4, 0.13% 2034¹			1,500		1,500
City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-1, 0.14% 2035¹			3,000		3,000
City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-6, 0.14% 2035¹			2,425		2,425
City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2001-B-3, Subseries B-3, 0.12% 2034¹			7,600		7,600
City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 0.14% 2049¹			7,975		7,975
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-1, 0.15% 2037¹			17,470		17,470
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.15% 2037¹			9,400		9,400
Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 0.14% 2025¹			5,500		5,500
Municipal Fin. Auth., Rev. Bonds (Clinicas Del Camino Real, Inc.), Series 2020, 3.00% 3/1/2021			955		962
City of Riverside, Electric Rev. Ref. Bonds, Series 2011-A, 0.17% 2035¹			11,225		11,225
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2002, 0.14% 2024¹			6,900		6,900
Statewide Communities Dev. Auth., Rev. IAM Commercial Paper, Series 2008-C, 0.16% 8/18/2020			3,000		3,000

76	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
City of Stockton, Public Fncg. Auth., Wastewater Bond Anticipation Notes, Series 2019, 1.40% 2022		$	9,750	$	9,760
Regents of the University of California, G.O. Rev. Bonds, Series 2013-AL-2, 0.14% 2048¹			3,240		3,240
Regents of the University of California, G.O. Rev. Bonds, Series 2013-AL-4, 0.10% 2048¹			2,230		2,230
Regents of the University of California, IAM Commercial Paper, Series 2020-A, 0.20% 8/6/2020			3,300		3,300
Regents of the University of California, IAM Commercial Paper, Series 2020-A, 0.22% 9/3/2020			6,350		6,350
Dept. of Water Resources, Water Rev. IAM Commercial Paper, Series 2020-A-2, 0.18% 9/24/2020			7,000		7,000
Other securities					25,850

Total short-term securities (cost: $147,685,000)					147,787
Total investment securities 99.95% (cost: $2,781,810,000)					2,937,814
Other assets less liabilities 0.05%					1,497

Net assets 100.00%				$	2,939,311

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

¹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 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 qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $131,281,000, which represented 4.47% of the net assets of the fund.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Summary investment portfolio July 31, 2020

Portfolio quality summary*

Percent of net assets

Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

Bonds, notes & other debt instruments 96.44%	Principal amount (000)		Value (000)
New York 93.82%
State issuers 48.72%
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Capital Appreciation Bonds, Series 2016-B, 0% 2048	$	3,540	$	1,285
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Capital Appreciation Bonds, Series 2016-B, BAM insured, 0% 2039		2,300		1,311
Convention Center Dev. Corp., Rev. Ref. Bonds (Hotel Unit Fee Secured), Series 2015, 5.00% 2030		300		338
Convention Center Dev. Corp., Rev. Ref. Bonds (Hotel Unit Fee Secured), Series 2015, 5.00% 2035		840		933
Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA insured, 4.00% 2033		400		467
Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA insured, 4.00% 2034		350		408
Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA insured, 4.00% 2043		500		570
Dormitory Auth., Rev. Bonds (Catholic Health System Obligated Group), Series 2019-A, 4.00% 2037		1,000		1,097
Dormitory Auth., Rev. Bonds (Cornell University), Series 2020-A-2, 5.00% 2030		1,000		1,418
Dormitory Auth., Rev. Bonds (Cornell University), Series 2020-A-2, 5.00% 2031		725		1,024
Dormitory Auth., Rev. Bonds (Culinary Institute of America), Series 2013, 5.50% 2033		500		543
Dormitory Auth., Rev. Bonds (Fordham University), Series 2017, 4.00% 2034		885		1,031
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2031		500		578
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2035		1,000		1,143
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2040		250		283
Dormitory Auth., Rev. Bonds (Langone Hospitals Obligated Group), Series 2020-A, 4.00% 2053		1,625		1,862
Dormitory Auth., Rev. Bonds (Memorial Sloan-Kettering Cancer Center), Series 2017-1, 5.00% 2027		750		971
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2018-A, 5.00% 2030		785		969
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2018-A, 5.00% 2031		1,000		1,228
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2020-A, 4.00% 2036		400		452
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2020-A, 4.00% 2050		1,250		1,372
Dormitory Auth., Rev. Bonds (New School), Series 2015-A, 5.00% 2032		1,000		1,136
Dormitory Auth., Rev. Bonds (New School), Series 2016-A, 5.00% 2032		1,000		1,175
Dormitory Auth., Rev. Bonds (New School), Series 2016-A, 5.00% 2035		500		582
Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 2032		500		646
Dormitory Auth., Rev. Bonds (Northwell Health Obligated Group), Series 2019-B-3, 5.00% 2048 (put 2026)		1,000		1,191
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2014, 5.00% 2022		200		216
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2014, 5.00% 2034		1,000		1,131

78	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount (000)		Value (000)
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2016-A, 5.00% 2033	$	400	$	476
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% 2032¹		600		685
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% 2040¹		1,000		1,118
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2017, 5.00% 2031¹		1,000		1,190
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2017, 5.00% 2035¹		1,300		1,524
Dormitory Auth., Rev. Bonds (Skidmore College), Series 2011-A, 5.50% 2041		1,110		1,151
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2017-A, 5.00% 2030		750		930
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2017-A, 5.00% 2032		500		612
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 2049		1,000		1,123
Dormitory Auth., Rev. Bonds (Touro College and University System Obligated Group), Series 2017, 5.00% 2038		500		544
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2011-A, 5.00% 2024		25		26
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2011-A, 5.00% 2024 (preref. 2021)		475		502
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2013-E, Assured Guaranty Municipal insured, 5.00% 2022		1,000		1,098
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-E, 5.00% 2032		750		887
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2041		750		924
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2042		1,130		1,389
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.25% 2037		1,000		1,297
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2028		1,000		1,313
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2044		1,000		1,264
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2014-A, 5.00% 2038		1,000		1,143
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 2039		2,275		2,851
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2035		1,000		1,284
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2039		800		1,015
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2048		1,500		1,872
Environmental Facs. Corp., Rev. Green Bonds (Revolving Funds), Series 2016-B, 4.00% 2036		1,950		2,254
Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2014-R-2, AMT, 3.125% 2044 (put 2026)¹		500		502
Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2017, AMT, 2.875% 2044 (put 2029)¹		1,500		1,453
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2031		1,500		1,572
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2035		1,315		1,552
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2038		750		881
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 0.869% 2033 (put 2023)²		1,500		1,497
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2035		1,000		1,240
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2047		3,225		3,905
Long Island Power Auth., Electric System General Rev. Bonds, Series 2018, 5.00% 2036		500		632
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, (SIFMA Municipal Swap Index + 1.00%) 1.16% 2020²		2,000		1,992
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-1, 5.00% 2039		250		267
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.25% 2030		280		311
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2016-A-2, 5.00% 2026		560		631
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.00% 2027		700		802

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
State issuers (continued)
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.25% 2057	$	750	$	832
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, 5.00% 2052		1,075		1,218
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-C-1, 5.00% 2039		1,640		1,864
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-A-1, BAM insured, 4.00% 2053		1,000		1,105
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 0.797% 2032 (put 2021)²		600		594
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2029		1,500		1,112
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2034		1,000		1,044
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2026		565		637
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043		190		200
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034		180		188
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 194, AMT, 3.50% 2035		310		323
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046		1,095		1,171
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044		555		590
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045		205		217
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047		755		808
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 206, AMT, 4.00% 2037		520		560
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047		465		517
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 217, 4.00% 2049		995		1,105
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 46, 5.00% 2029		5		5
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 48, 2.625% 2041		755		776
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030		550		578
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 54, 4.00% 2047		1,285		1,389
Mortgage Agcy., Homeowner Mortgage Rev. Ref. Bonds, Series 45, 4.50% 2029		10		10
Port Auth., Consolidated Bonds, Series 166, 5.00% 2031		1,000		1,018
Port Auth., Consolidated Bonds, Series 205, 5.00% 2047		1,000		1,214
Port Auth., Consolidated Bonds, Series 212, 4.00% 2038		1,000		1,181
Port Auth., Consolidated Bonds, Series 217, 5.00% 2044		1,500		1,898
Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2034		500		531
Port Auth., Consolidated Rev. Ref. Bonds, Series 186, AMT, 5.00% 2044		500		568
Port Auth., Special Project Bonds (John F. Kennedy International Air Terminal LLC Project), Series 8, 5.00% 2020		350		352
Power Auth., Rev. Bonds, Series 2020-A, 4.00% 2055		2,500		2,991
Power Auth., Rev. Ref. Bonds, Series 2011-A, 5.00% 2038		1,500		1,588
Thruway Auth., General Rev. Bonds, Series 2020-N, 4.00% 2047		1,500		1,749
Thruway Auth., General Rev. Indebtedness Obligations, Series 2016-A, 5.25% 2056		250		290
Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 2039		1,000		1,170
Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 2045		3,160		3,642
Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2053		1,015		1,164
Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, BAM insured, 4.00% 2050		615		709
Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2020, AMT, 5.375% 2036		1,000		1,046
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2021		330		334
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2022		1,000		1,041
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2023		500		534
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2034		500		552
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2046		1,000		1,087

80	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount (000)		Value (000)
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050	$	500	$	547
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 4.00% 2036		500		510
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2036		1,045		1,144
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2018-A, 5.00% 2030		650		892
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2018-A, 5.00% 2046		1,000		1,228
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2019-A, 5.00% 2041		600		759
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2020-A, 5.00% 2054		1,250		1,597
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2027		750		871
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2026		1,500		1,870
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2032		1,000		1,221
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2036		1,500		1,913
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 4.00% 2037		500		606
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 4.00% 2042		1,000		1,189
Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2019-A, 4.00% 2043		1,785		2,095
Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2019-A, 5.00% 2039		1,500		1,947
Utility Debt Securitization Auth., Restructuring Bonds, Series 2016-A, 5.00% 2035		1,170		1,433
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2040		750		951
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2041		1,500		1,898
Other securities				7,216
				142,458

City, county & other issuers 45.10%
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2034		240		261
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2026		500		563
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2027		750		848
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2042		1,600		1,720
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Buffalo State College Foundation Housing Corp. Project), Series 2011-A, 5.375% 2041		1,400		1,448
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.00% 2023		1,600		1,762
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.00% 2024		475		538
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.00% 2040		1,050		1,163
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.25% 2035		725		822
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2021		525		531
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2022		545		560
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 5.50% 2043		1,500		1,591
Build NYC Resource Corp., Rev. Bonds (YMCA of Greater New York Project), Series 2015, 5.00% 2040		500		558
Build NYC Resource Corp., Rev. Ref. Bonds (Albert Einstein School of Medicine, Inc. Project), Series 2015, 5.50% 2045¹		300		326

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
City, county & other issuers (continued)
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 4.50% 2025¹	$	350	$	369
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 5.00% 2035¹		950		1,019
Village of Dobbs Ferry, Local Dev. Corp., Rev. Bonds (Mercy College Project), Series 2014, 5.00% 2039		1,625		1,794
County of Dutchess, Local Dev. Corp., Rev. Bonds (Health Quest Systems, Inc. Project), Series 2016-B, 4.00% 2041		750		799
County of Dutchess, Local Dev. Corp., Rev. Bonds (Health Quest Systems, Inc. Project), Series 2016-B, 5.00% 2046		1,500		1,685
County of Dutchess, Local Dev. Corp., Rev. Bonds (Nuvance Health Issue), Series 2019-B, 4.00% 2049		1,000		1,099
County of Dutchess, Local Dev. Corp., Rev. Bonds (Nuvance Health Issue), Series 2019-B, 5.00% 2032		905		1,130
County of Dutchess, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2014-A, 5.00% 2028		430		509
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2027		800		828
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2041		800		822
Town of Hempstead, Local Dev. Corp., Rev. Ref. Bonds (Molloy College Project), Series 2017, 5.00% 2033		480		554
Town of Hempstead, Local Dev. Corp., Rev. Ref. Bonds (Molloy College Project), Series 2017, 5.00% 2034		810		933
Town of Hempstead, Local Dev. Corp., Rev. Ref. Bonds (Molloy College Project), Series 2017, 5.00% 2037		630		720
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.25% 2047		955		978
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.25% 2047 (preref. 2021)		45		46
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.75% 2047		435		447
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.75% 2047 (preref. 2021)		565		582
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2033		2,700		3,319
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2035		1,000		1,221
County of Monroe, Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% 2025		325		386
County of Monroe, Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% 2033		430		497
County of Monroe, Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% 2034		380		438
County of Monroe, Industrial Dev. Corp., Rev. Bonds (St. Ann’s of Greater Rochester, Inc.), Series 2019, 5.00% 2050		1,500		1,353
County of Monroe, Industrial Dev. Corp., Rev. Bonds (University of Rochester Project), Series 2017-C, 4.00% 2036		1,275		1,473
County of Nassau, G.O. General Improvement Bonds, Series 2017-A, 5.00% 2030		1,000		1,229
County of Nassau, G.O. General Improvement Rev. Ref. Bonds, Series 2016-A, 5.00% 2030		1,795		2,155
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2033		1,000		1,167
New York City G.O. Bonds, Fiscal 2016, Series 2016-A, 5.00% 2026		1,000		1,221
New York City G.O. Bonds, Fiscal 2016, Series 2016-C, 5.00% 2031		1,000		1,207
New York City G.O. Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2034		1,000		1,210
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2027		1,500		1,946
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2032		1,720		2,182
New York City G.O. Bonds, Fiscal 2019, Series 2019-D-1, 5.00% 2037		750		950
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 2040		1,250		1,473
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048		1,670		1,736
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2015-H, 2.95% 2045 (put 2026)		750		821
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-A-1-A, 3.80% 2037		885		973
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021		400		401

82	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount (000)		Value (000)
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2018-L-2, 2.75% 2050 (put 2023)	$	500	$	524
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2019-E-2, 1.75% 2059 (put 2023)		1,000		1,014
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2020-A-3, 1.125% 2060 (put 2024)		750		757
New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Series 2011-EE, 5.375% 2043		590		600
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-EE, 5.00% 2045		500		574
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-HH, 5.00% 2039		500		596
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-CC-1, 4.00% 2046		1,000		1,127
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-DD, 5.00% 2047		1,055		1,292
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2033		750		957
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-BB-1, 5.00% 2046		1,250		1,539
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2019, Series 2019-FF-2, 5.00% 2040		1,000		1,305
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2020, Series 2020-GG-1, 4.00% 2050		2,000		2,396
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2036		750		948
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-2, 5.00% 2036		590		728
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-4-A, 5.00% 2037		750		950
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-1, 5.00% 2043		1,000		1,243
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-3, 5.00% 2036		1,000		1,266
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011, Series 2011-C, 5.25% 2025		700		708
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 2032		1,000		1,251
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-E-1, 5.00% 2043		1,000		1,210
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2039		750		920
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2042		1,000		1,219
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-A-3, 4.00% 2042		2,925		3,346
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2036		2,380		3,034
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-C-1, 5.00% 2034		750		981
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-A-3, 4.00% 2042		1,500		1,762
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 2040		1,500		1,783
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2027		600		681
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2028		500		566
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2029		700		791
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2019-A, AMT, 5.00% 2031		1,000		1,266
County of Onondaga, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2030		1,750		2,059

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
City, county & other issuers (continued)
Town of Southold, Local Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2045	$	1,500	$	1,565
City of Troy, Capital Resource Corp., Rev. Bonds (Rensselaer Polytechnic Institute Project), Series 2015, 5.00% 2027		800		939
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2023		600		667
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2038		1,500		1,850
County of Westchester, Local Dev. Corp., Rev. Bonds (Purchase Housing Corp. II Project), Series 2017, 5.00% 2037		1,000		1,080
County of Westchester, Local Dev. Corp., Rev. Bonds (Purchase Housing Corp. II Project), Series 2017, 5.00% 2047		1,000		1,064
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2034		1,150		1,273
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2046		1,250		1,332
County of Westchester, Local Dev. Corp., Rev. Ref. Bonds (Pace University), Series 2014-A, 5.50% 2042		450		492
Other securities				27,835
				131,853

Other U.S. territories 2.62%
Other securities				7,642

Total bonds, notes & other debt instruments (cost: $267,723,000)				281,953

Short-term securities 3.15%
Dormitory Auth., Rev. Bonds (Cornell University), Series 2019-B, 0.11% 2039²		4,100		4,100
Dormitory Auth., Rev. Bonds (University of Rochester), Series 2003-A, JPMorgan Chase LOC, 0.18% 2031²		900		900
City of Syracuse, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2008-A-2, JPMorgan Chase LOC, 0.13% 2037²		4,220		4,220

Total short-term securities (cost: $9,220,000)				9,220
Total investment securities 99.59% (cost: $276,943,000)				291,173
Other assets less liabilities 0.41%				1,204

Net assets 100.00%			$	292,377

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

¹	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 qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $11,174,000, which represented 3.82% of the net assets of the fund.
²	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

84	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

American Funds Tax-Exempt Funds

Financial statements

Statements of assets and liabilities
at July 31, 2020

	American Funds Short-Term Tax-Exempt Bond Fund		Limited Term Tax-Exempt Bond Fund of America
Assets:
Investment securities of unaffiliated issuers, at value	$	1,414,278	$	5,615,855
Cash		2,673		3,673
Cash collateral pledged for futures contracts		10		10
Receivables for:
Sales of investments		—		—
Sales of fund’s shares		6,552		22,023
Interest		11,543		43,786
Variation margin on futures contracts		—		—
		1,435,056		5,685,347

Liabilities:
Payables for:
Purchases of investments		32,377		135,521
Repurchases of fund’s shares		926		4,124
Dividends on fund’s shares		33		361
Investment advisory services		395		952
Services provided by related parties		136		814
Trustees’ deferred compensation		34		131
Variation margin on futures contracts		—		—
Other		1		2
		33,902		141,905
Net assets at July 31, 2020	$	1,401,154	$	5,543,442

Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,368,485	$	5,327,471
Total distributable earnings		32,669		215,971
Net assets at July 31, 2020	$	1,401,154	$	5,543,442

Investment securities of unaffiliated issuers, at cost	$	1,385,101	$	5,431,212

*	Amount less than one thousand.

See notes to financial statements.

86	American Funds Tax-Exempt Funds

(dollars in thousands)

The Tax-Exempt Bond Fund of America		American High-Income Municipal Bond Fund		The Tax-Exempt Fund of California		American Funds Tax-Exempt Fund of New York

$	25,494,291	$	8,235,615	$	2,937,814	$	291,173
	2,363		4,132		265		482
	11,609		3,008		10		—

	13,033		5,137		169		—
	77,680		17,259		3,541		466
	206,593		71,833		33,770		2,613
	6		1		—		—
	25,805,575		8,336,985		2,975,569		294,734

	218,578		35,411		29,391		1,415
	27,789		11,872		5,015		736
	2,148		1,377		539		90
	4,009		1,925		663		72
	3,204		1,216		525		42
	709		138		124		2
	384		116		—		—
	10		1		1		—	*
	256,831		52,056		36,258		2,357
$	25,548,744	$	8,284,929	$	2,939,311	$	292,377

$	24,125,132	$	7,998,893	$	2,775,102	$	277,995
	1,423,612		286,036		164,209		14,382
$	25,548,744	$	8,284,929	$	2,939,311	$	292,377

$	24,075,133	$	7,972,247	$	2,781,810	$	276,943

American Funds Tax-Exempt Funds

Statements of assets and liabilities
at July 31, 2020

		American Funds Short-Term Tax-Exempt Bond Fund		Limited Term Tax-Exempt Bond Fund of America
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class A:	Net assets	$	937,971	$	3,539,063
	Shares outstanding		90,466		218,020
	Net asset value per share	$	10.37	$	16.23
Class C:	Net assets			$	16,124
	Shares outstanding		Not applicable		993
	Net asset value per share			$	16.23
Class T:	Net assets	$	10	$	10
	Shares outstanding		1		1
	Net asset value per share	$	10.37	$	16.23
Class F-1:	Net assets	$	8,496	$	96,960
	Shares outstanding		819		5,973
	Net asset value per share	$	10.37	$	16.23
Class F-2:	Net assets	$	218,130	$	777,269
	Shares outstanding		21,039		47,883
	Net asset value per share	$	10.37	$	16.23
Class F-3:	Net assets	$	74,200	$	422,222
	Shares outstanding		7,157		26,011
	Net asset value per share	$	10.37	$	16.23
Class R-6:	Net assets	$	162,347	$	691,794
	Shares outstanding		15,658		42,617
	Net asset value per share	$	10.37	$	16.23

See notes to financial statements.

88	American Funds Tax-Exempt Funds

(dollars and shares in thousands, except per-share amounts)

The Tax-Exempt Bond Fund of America		American High-Income Municipal Bond Fund		The Tax-Exempt Fund of California		American Funds Tax-Exempt Fund of New York

$	12,623,225	$	4,870,492	$	1,940,724	$	219,678
	932,520		300,846		106,132		19,796
$	13.54	$	16.20	$	18.29	$	11.10
$	376,260	$	203,467	$	60,084	$	10,075
	27,796		12,568		3,286		908
$	13.54	$	16.20	$	18.29	$	11.10
$	10	$	10	$	10	$	10
	1		1		1		1
$	13.54	$	16.20	$	18.29	$	11.10
$	313,080	$	146,465	$	71,553	$	2,357
	23,128		9,047		3,913		212
$	13.54	$	16.20	$	18.29	$	11.10
$	3,813,920	$	1,185,507	$	546,727	$	27,369
	281,747		73,228		29,898		2,467
$	13.54	$	16.20	$	18.29	$	11.10
$	7,949,734	$	1,085,433	$	320,213	$	32,888
	587,273		67,046		17,511		2,964
$	13.54	$	16.20	$	18.29	$	11.10
$	472,515	$	793,555
	34,906		49,017		Not applicable		Not applicable
$	13.54	$	16.20

American Funds Tax-Exempt Funds

Statements of operations
for the year ended July 31, 2020

	American Funds Short-Term Tax-Exempt Bond Fund			Limited Term Tax-Exempt Bond Fund of America
Investment income:
Income:
Interest	$	22,699		$	100,977

*Fees and expenses:**
Investment advisory services		4,190			10,058
Distribution services		1,258			10,051
Transfer agent services		444			1,866
Administrative services		369			1,392
Reports to shareholders		27			106
Registration statement and prospectus		166			430
Trustees’ compensation		7			29
Auditing and legal		50			65
Custodian		3			11
Federal, state and local taxes		3			1
Other		13			29
Total fees and expenses before reimbursements		6,530			24,038
Miscellaneous fee reimbursements		23			—
Total fees and expenses after reimbursements		6,507			24,038
Net investment income		16,192			76,939

Net realized gain and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in unaffiliated issuers		2,704			24,535
Futures contracts		4,135			11,248
		6,839			35,783

Net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		15,849			76,353
Futures contracts		(9	)		1,795
		15,840			78,148
Net realized gain and unrealized appreciation (depreciation)		22,679			113,931
Net increase in net assets resulting from operations	$	38,871		$	190,870

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.

See notes to financial statements.

90	American Funds Tax-Exempt Funds

(dollars in thousands)

The Tax-Exempt Bond Fund of America			American High-Income Municipal Bond Fund			The Tax-Exempt Fund of California		American Funds Tax-Exempt Fund of New York

$	701,693		$	348,287		$	83,200	$	8,819

	45,861			22,212			7,617		854
	34,025			17,159			5,547		650
	7,932			3,831			895		96
	7,056			2,428			831		87
	551			211			54		7
	1,239			578			137		96
	148			48			19		1
	120			78			85		59
	55			20			6		1
	936			914			504		2
	43			175			27		12
	97,966			47,654			15,722		1,865
	—			—			—		121
	97,966			47,654			15,722		1,744
	603,727			300,633			67,478		7,075

	54,645			11,664			12,185		145
	(54,104	)		(10,426	)		3,981		(44	)
	541			1,238			16,166		101

	426,107			(121,031	)		26,478		1,241
	(991	)		(2,227	)		1,166		2
	425,116			(123,258	)		27,644		1,243
	425,657			(122,020	)		43,810		1,344
$	1,029,384		$	178,613		$	111,288	$	8,419

American Funds Tax-Exempt Funds

Statements of changes in net assets

	American Funds Short-Term Tax-Exempt Bond Fund						Limited Term Tax-Exempt Bond Fund of America						The Tax-Exempt Bond Fund of America
	Year ended July 31,						Year ended July 31,						Year ended July 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income	$	16,192		$	17,329		$	76,939		$	82,425		$	603,727		$	574,456
Net realized gain (loss)		6,839			62			35,783			13,065			541			11,303
Net unrealized appreciation (depreciation)		15,840			18,116			78,148			94,262			425,116			726,430
Net increase in net assets resulting from operations		38,871			35,507			190,870			189,752			1,029,384			1,312,189

Distributions paid or accrued to shareholders		(16,095	)		(17,259	)		(92,783	)		(82,197	)		(600,402	)		(570,280	)

Net capital share transactions		238,000			143,943			1,192,547			179,942			3,474,125			1,875,666

Total increase in net assets		260,776			162,191			1,290,634			287,497			3,903,107			2,617,575

Net assets:
Beginning of year		1,140,378			978,187			4,252,808			3,965,311			21,645,637			19,028,062
End of year	$	1,401,154		$	1,140,378		$	5,543,442		$	4,252,808		$	25,548,744		$	21,645,637

See notes to financial statements.

92	American Funds Tax-Exempt Funds

(dollars in thousands)

American High-Income Municipal Bond Fund						The Tax-Exempt Fund of California						American Funds Tax-Exempt Fund of New York
Year ended July 31,						Year ended July 31,						Year ended July 31,
2020			2019			2020			2019			2020			2019

$	300,633		$	257,928		$	67,478		$	67,429		$	7,075		$	6,510
	1,238			(4,530	)		16,166			4,454			101			73
	(123,258	)		249,037			27,644			82,681			1,243			9,697
	178,613			502,435			111,288			154,564			8,419			16,280

	(286,652	)		(253,695	)		(81,555	)		(66,970	)		(7,018	)		(6,466	)
	640,714			1,012,098			332,697			233,925			16,022			26,639
	532,675			1,260,838			362,430			321,519			17,423			36,453

	7,752,254			6,491,416			2,576,881			2,255,362			274,954			238,501
$	8,284,929		$	7,752,254		$	2,939,311		$	2,576,881		$	292,377		$	274,954

American Funds Tax-Exempt Funds

Notes to financial statements

1. Organization

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 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 the Investment Company Act of 1940 as open-end, diversified management investment companies.

Each fund’s investment objectives are as follows:

American Funds Short-Term Tax-Exempt Bond Fund — Seeks to provide current income exempt from regular federal income tax, consistent with 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 with the 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 the preservation 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 to provide a high level of current income exempt from regular federal and California state income taxes. Its secondary objective is 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 state and New York City income taxes. Its secondary objective is preservation of capital.

American Funds Short-Term Tax-Exempt Bond Fund has six share classes consisting of five retail share classes (Classes A and T, as well as three F share classes, F-1, F-2 and F-3) and one share class that is only available to the American Funds Portfolio Series (Class R-6). Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America and American High-Income Municipal Bond Fund each have seven share classes consisting of six retail share classes (Classes A, C and T, as well as three F share classes, F-1, F-2 and F-3) and one share class that is only available to the American Funds Portfolio Series (Class R-6). The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York each have six retail share classes (Classes A, C and T, as well as three F share classes, F-1, F-2 and F-3). Some share classes are only available to limited categories of investors. The funds’ share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Class A	Up to 2.50% for American Funds Short-Term Tax-Exempt Bond Fund and Limited Term Tax-Exempt Bond Fund of America; up to 3.75% for all other funds	None (except 1% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Class C¹	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years²
Class T³	Up to 2.50%	None	None
Classes F-1, F-2 and F-3	None	None	None
Class R-6	None	None	None

¹	Class C shares are not available for purchase in Limited Term Tax-Exempt Bond Fund of America.
²	Effective June 30, 2020, Class C converts to Class A after 8 years.
³	Class T shares are not available for purchase.

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 share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class of each fund.

94	American Funds Tax-Exempt Funds

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards 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. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes of each fund based on the relative value of their settled shares. Realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class of each fund.

Distributions paid or accrued to shareholders — Income dividends are declared daily after the determination of each fund’s net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on each fund’s ex-dividend date.

3. Valuation

Capital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by U.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 day the 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 and liabilities. 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 value such securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data. For certain distressed securities, valuations may include cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts.

When the funds’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), 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 valued based on their effective maturity or average life, which may be shorter than the stated maturity.

Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued.

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 trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments 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. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

American Funds Tax-Exempt Funds

Processes and structure — Each fund’s board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly 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 fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the boards of trustees. Each fund’s board and audit committee 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 valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program 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 the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The funds’ valuation levels as of July 31, 2020 are as follows (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

At July 31, 2020, all of the fund’s investment securities were classified as Level 2.

Limited Term Tax-Exempt Bond Fund of America

At July 31, 2020, all of the fund’s investment securities were classified as Level 2.

The Tax-Exempt Bond Fund of America

	Investment securities
	Level 1			Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Illinois	$	—		$	3,099,697	$	—	$	3,099,697
New York		—			2,489,831		—		2,489,831
Texas		—			2,458,075		—		2,458,075
Florida		—			1,566,586		4,990		1,571,576
California		—			1,463,974		—		1,463,974
Pennsylvania		—			1,273,295		—		1,273,295
Michigan		—			1,032,563		—		1,032,563
Ohio		—			687,572		—		687,572
Georgia		—			640,819		—		640,819
Washington		—			593,652		—		593,652
Other		—			8,093,522		—		8,093,522
Short-term securities		—			2,089,715		—		2,089,715
Total	$	—		$	25,489,301	$	4,990	$	25,494,291

	Other investments*
	Level 1			Level 2		Level 3		Total
Liabilities:
Unrealized depreciation on futures contracts	$	(10,178	)	$	—	$	—	$	(10,178	)

96	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Investment securities
	Level 1			Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Illinois	$	—		$	1,282,018	$	—	$	1,282,018
Colorado		—			459,291		—		459,291
Pennsylvania		—			459,274		—		459,274
Texas		—			447,777		—		447,777
Puerto Rico		—			431,168		—		431,168
Florida		—			416,575		5,056		421,631
Ohio		—			387,826		—		387,826
New York		—			354,577		—		354,577
California		—			342,665		—		342,665
New Jersey		—			334,114		—		334,114
Other		—			2,741,291		3,130		2,744,421
Short-term securities		—			569,423		1,430		570,853
Total	$	—		$	8,225,999	$	9,616	$	8,235,615

	Other investments*
	Level 1			Level 2		Level 3		Total
Liabilities:
Unrealized depreciation on futures contracts	$	(2,592	)	$	—	$	—	$	(2,592	)

*	Futures contracts are not included in the investment portfolio.

The Tax-Exempt Fund of California

At July 31, 2020, all of the fund’s investment securities were classified as Level 2.

American Funds Tax-Exempt Fund of New York

At July 31, 2020, all of the fund’s investment securities were classified as Level 2.

4. Risk factors

Investing 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 or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the funds’ investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in municipal securities — The yield and/or value of the funds’ investments in municipal securities may be adversely affected by events tied to the municipal securities markets, which can be very volatile and significantly impacted by unfavorable legislative or political developments and negative changes in the financial conditions of municipal securities issuers and the economy. To the extent the funds invest in obligations of a municipal issuer, the volatility, credit quality and performance of the funds may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer

American Funds Tax-Exempt Funds

within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the funds could also be declared taxable because of changes in tax laws or interpretations by taxing authorities or as a result of noncompliant conduct of a municipal issuer. Additionally, the relative amount of publicly available information about municipal securities is generally less than that for corporate securities.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the funds may be affected by 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. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the funds. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the funds failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the funds invest. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the funds could cause the values of these securities to decline.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in similar municipal bonds — Investing significantly in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries may make the funds more susceptible to certain economic, political or regulatory occurrences. As a result, the funds have greater risk of volatility, and greater risk of loss, from the investments.

Risks of investing in municipal bonds of issuers within the state of California — Because The Tax-Exempt Fund of California invests primarily in securities of issuers within the state of California, the fund is more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund that does not concentrate its investments in a single state. For example, in the past, California voters have passed 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.

Risks of investing in municipal bonds of issuers within the state of New York — Because American Funds Tax-Exempt Fund of New York invests primarily in securities of issuers within the state of New York, the fund is more susceptible to factors adversely affecting issuers of New York securities than a comparable municipal bond mutual fund that does not concentrate its investments in a single state. For example, such factors may include political policy changes, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial or economic difficulties, and changes in the credit ratings assigned to New York’s municipal issuers. New York’s economy and finances may be especially vulnerable to changes in the performance of the financial services sector, which historically has been volatile.

98	American Funds Tax-Exempt Funds

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

5. Certain investment techniques

Unfunded commitments — American High-Income Municipal Bond Fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of July 31, 2020, the maximum exposure of unfunded bond commitments for American High-Income Municipal Bond Fund was $20,355,000, which would represent .25% of the net assets of the fund should such commitments become due.

Futures contracts — Each fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, each fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to each fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

The following table presents the average month-end notional amount of futures contracts while held for each fund (dollars in thousands):

	Futures contracts
American Funds Short-Term Tax-Exempt Bond Fund	$	148,525	*
Limited Term Tax-Exempt Bond Fund of America		431,010	*
The Tax-Exempt Bond Fund of America		1,562,192
American High-Income Municipal Bond Fund		432,683
The Tax-Exempt Fund of California		91,509	*
American Funds Tax-Exempt Fund of New York		2,560	*

*	No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

The following tables identify the location of and fair value amounts on each fund’s statement of assets and liabilities and/or the effect on each fund’s statement of operations resulting from the funds’ use of futures contracts as of, or for the year ended, July 31, 2020 (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

Net realized gain

Net unrealized depreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

4,135

Net unrealized depreciation on futures contracts

)

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Net realized gain

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

11,248

Net unrealized appreciation on futures contracts

1,795

The Tax-Exempt Bond Fund of America

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

—

Unrealized depreciation*

10,178

Net realized loss

Net unrealized depreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized loss on futures contracts

(54,104

)

Net unrealized depreciation on futures contracts

(991

)

American High-Income Municipal Bond Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

—

Unrealized depreciation*

2,592

Net realized loss

Net unrealized depreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized loss on futures contracts

(10,426

)

Net unrealized depreciation on futures contracts

(2,227

)

The Tax-Exempt Fund of California

Net realized gain

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

3,981

Net unrealized appreciation on futures contracts

1,166

American Funds Tax-Exempt Fund of New York

Net realized loss

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized loss on futures contracts

(44

)

Net unrealized appreciation on futures contracts

*	Includes cumulative appreciation/depreciation on futures contracts as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.

100	American Funds Tax-Exempt Funds

Collateral — Each fund participates in a collateral program due to its use of futures contracts that calls for each fund to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each fund, if any, is held in a segregated account with each fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net tax-exempt income and net capital gains each year. Generally, income earned by each fund is exempt from federal income taxes; however, each fund may earn taxable income from certain investments. The funds are not subject to income taxes to the extent such taxable income and net capital gains are distributed. To the extent the funds recognize taxable income, the funds may pay tax on such income in lieu of making distributions; amounts paid are included within federal, state and local taxes on the funds’ statements of operations.

As of and during the period ended July 31, 2020, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is generally three years after the date of filing but can be extended in certain jurisdictions.

Distributions — Distributions paid to shareholders are based on each fund’s net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; net capital losses; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Additional tax basis disclosures for each fund as of July 31, 2020, were as follows (dollars in thousands):

	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 Tax-Exempt Fund of California			American Funds Tax-Exempt Fund of New York
Undistributed ordinary income	$	3,418		$	14,816		$	—		$	—		$	—		$	—
Undistributed tax-exempt income		161			382			3,438			2,441			720			143
Undistributed long-term capital gains		—			16,997			—			—			7,585			102
Capital loss carryforward*		—			—			(3,464	)		(1,025	)		—			—
Capital loss carryforward utilized		3,213			—			621			5,472			—			5
Gross unrealized appreciation on investments		29,833			186,412			1,480,480			395,786			161,795			15,174
Gross unrealized depreciation on investments		(676	)		(2,144	)		(51,325	)		(105,661	)		(5,227	)		(944	)
Net unrealized appreciation on investments		29,157			184,268			1,429,155			290,125			156,568			14,230
Cost of investments		1,385,121			5,431,587			24,054,958			7,942,898			2,781,246			276,943
Reclassification from (to) total distributable earnings to (from) capital paid in on shares of beneficial interest		274			1,870			1,085			(3,517	)		(1,509	)		117

*	Capital loss carryforwards will be used to offset any capital gains realized by the funds in future years. The funds will not make distributions from capital gains while a capital loss carryforward remains.

American Funds Tax-Exempt Funds

101

The tax character of distributions paid or accrued to shareholders was as follows (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

	Year ended July 31, 2020												Year ended July 31, 2019
Share class		Tax-exempt income			Ordinary income			Long-term capital gains			Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	10,432		$	—		$	—		$	10,432		$	11,676		$	—	$	—	$	11,676
Class T		—	^†		—			—			—	^†		—	^†		—		—		—	^†
Class F-1		76			—			—			76			90			—		—		90
Class F-2		2,767			—			—			2,767			2,521			—		—		2,521
Class F-3		820			—			—			820			825			—		—		825
Class R-6		2,000			—			—			2,000			2,147			—		—		2,147
Total	$	16,095		$	—		$	—		$	16,095		$	17,259		$	—	$	—	$	17,259

Limited Term Tax-Exempt Bond Fund of America

	Year ended July 31, 2020												Year ended July 31, 2019
Share class		Tax-exempt income			Ordinary income			Long-term capital gains			Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	51,681		$	6,786		$	4,004		$	62,471		$	58,861		$	—	$	—	$	58,861
Class C		155			36			21			212			241			—		—		241
Class T		—	^†		—	^†		—	^†		—	^†		—	^†		—		—		—	^†
Class F-1		1,070			135			80			1,285			1,133			—		—		1,133
Class F-2		10,761			1,194			704			12,659			9,544			—		—		9,544
Class F-3		6,719			721			425			7,865			5,689			—		—		5,689
Class R-6		7,229			668			394			8,291			6,729			—		—		6,729
Total	$	77,615		$	9,540		$	5,628		$	92,783		$	82,197		$	—	$	—	$	82,197

The Tax-Exempt Bond Fund of America

	Year ended July 31, 2020												Year ended July 31, 2019
Share class		Tax-exempt income			Ordinary income			Long-term capital gains			Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	285,421		$	—		$	—		$	285,421		$	285,802		$	—	$	—	$	285,802
Class C		7,039			—			—			7,039			8,239			—		—		8,239
Class T		—	^†		—			—			—	^†		—	^†		—		—		—	^†
Class F-1		7,958			—			—			7,958			9,154			—		—		9,154
Class F-2		83,501			—			—			83,501			70,312			—		—		70,312
Class F-3		197,407			—			—			197,407			178,363			—		—		178,363
Class R-6		19,076			—			—			19,076			18,410			—		—		18,410
Total	$	600,402		$	—		$	—		$	600,402		$	570,280		$	—	$	—	$	570,280

102	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Year ended July 31, 2020												Year ended July 31, 2019
Share class		Tax-exempt income			Ordinary income			Long-term capital gains			Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	161,489		$	—		$	4,226		$	165,715		$	151,825		$	—	$	—	$	151,825
Class C		6,235			—			207			6,442			6,528			—		—		6,528
Class T		—	^†		—			—	^†		—	^†		—	^†		—		—		—	^†
Class F-1		5,712			—			158			5,870			6,426			—		—		6,426
Class F-2		41,771			—			1,027			42,798			36,440			—		—		36,440
Class F-3		36,247			—			852			37,099			28,978			—		—		28,978
Class R-6		28,067			—			661			28,728			23,498			—		—		23,498
Total	$	279,521		$	—		$	7,131		$	286,652		$	253,695		$	—	$	—	$	253,695

The Tax-Exempt Fund of California

	Year ended July 31, 2020												Year ended July 31, 2019
Share class		Tax-exempt income			Ordinary income			Long-term capital gains			Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	45,105		$	1,734		$	7,730		$	54,569		$	47,435		$	—	$	—	$	47,435
Class C		1,131			63			282			1,476			1,394			—		—		1,394
Class T		—	^†		—	^†		—	^†		—	^†		—	^†		—		—		—	^†
Class F-1		1,671			68			301			2,040			1,952			—		—		1,952
Class F-2		12,097			415			1,851			14,363			10,366			—		—		10,366
Class F-3		7,654			266			1,187			9,107			5,823			—		—		5,823
Total	$	67,658		$	2,546		$	11,351		$	81,555		$	66,970		$	—	$	—	$	66,970

American Funds Tax-Exempt Fund of New York

	Year ended July 31, 2020												Year ended July 31, 2019
Share class		Tax-exempt income			Ordinary income			Long-term capital gains			Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	5,125		$	—		$	—		$	5,125		$	4,715		$	—	$	—	$	4,715
Class C		189			—			—			189			201			—		—		201
Class T		—	^†		—			—			—	^†		—	^†		—		—		—	^†
Class F-1		54			—			—			54			50			—		—		50
Class F-2		787			—			—			787			687			—		—		687
Class F-3		863			—			—			863			813			—		—		813
Total	$	7,018		$	—		$	—		$	7,018		$	6,466		$	—	$	—	$	6,466

^†	Amount less than one thousand.

American Funds Tax-Exempt Funds

103

7. Fees and transactions with related parties

CRMC, 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 each fund.

Investment advisory services — Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. On March 4, 2020, the boards of trustees of American Funds Short-Term Tax-Exempt Bond Fund, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and The Tax-Exempt Fund of California approved amended investment advisory and service agreements effective May 1, 2020, decreasing the annual rate to 0.261% on daily net assets in excess of $1.5 billion for American Funds Short-Term Tax-Exempt Bond Fund, 0.105% on daily net asset in excess of $28 billion for The Tax-Exempt Bond Fund of America, 0.135% on daily net assets in excess of $10 billion for American High-Income Municipal Bond Fund and 0.160% on daily net assets in excess of $3 billion for The Tax-Exempt Fund of California. The amended agreement for each fund, except American Funds Short-Term Tax-Exempt Bond Fund, also provides for monthly fees accrued daily based on a series of decreasing rates on each fund’s monthly gross income.

The range of rates, net asset levels, gross income levels and annualized rates of average net assets for each fund are as follows:

	Rates						Net asset level (in billions)				Rates						Monthly gross income				Annualized rates for the year ended
	Beginning			Ending					In excess		Beginning			Ending					In excess		July 31,
Fund	with			with			Up to		of		with			with			Up to		of		2020
American Funds Short-Term Tax-Exempt Bond Fund		.341	%		.261	%	$	1.5	$	1.5												.341	%
Limited Term Tax-Exempt Bond Fund of America		.300			.150			.06		1.0		3.00	%		2.50	%	$	3,333,333	$	3,333,333		.217
The Tax-Exempt Bond Fund of America		.300			.105			.06		28.0		3.00			2.00			3,333,333		8,333,333		.195
American High-Income Municipal Bond Fund		.300			.135			.06		10.0		3.00			2.50			3,333,333		3,333,333		.274
The Tax-Exempt Fund of California		.300			.160			.06		3.0		3.00			2.50			3,333,333		3,333,333		.275
American Funds Tax-Exempt Fund of New York		.204						all				3.00			2.50			3,333,333		3,333,333		.296

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class of each fund. The principal class-specific fees and expenses are described below:

Distribution services — Each fund has plans of distribution for all share classes, except Class F-2, F-3 and R-6 shares, if applicable. Under the plans, each fund’s board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments based on an annualized percentage of average daily net assets. In some cases, the boards of trustees have limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use the allotted percentage of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

	American Funds Short-Term Tax-Exempt Bond Fund				Limited Term Tax-Exempt Bond Fund of America						The Tax-Exempt Bond Fund of America
Share class	Currently approved limits	Plan limits			Currently approved limits			Plan limits			Currently approved limits			Plan limits
Class A	0.15%		0.15	%		0.30	%		0.30	%		0.25	%		0.25	%
Class C	Not applicable		Not applicable			1.00			1.00			1.00			1.00
Classes T and F-1	0.25		0.50			0.25			0.50			0.25			0.50

104	American Funds Tax-Exempt Funds

	American High-Income Municipal Bond Fund						The Tax-Exempt Fund of California						American Funds Tax-Exempt Fund of New York
Share class	Currently approved limits			Plan limits			Currently approved limits			Plan limits			Currently approved limits			Plan limits
Class A		0.30	%		0.30	%		0.25	%		0.25	%		0.25	%		0.30	%
Class C		1.00			1.00			1.00			1.00			1.00			1.00
Classes T and F-1		0.25			0.50			0.25			0.50			0.25			0.50

For Class A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold 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 that the overall annual expense limit is not exceeded. As of July 31, 2020, unreimbursed expenses subject to reimbursement for Class A shares of each fund were as follows (dollars in thousands):

Fund	Class A
American Funds Short-Term Tax-Exempt Bond Fund	$	1,444
Limited-Term Tax-Exempt Bond Fund of America		1,241
The Tax-Exempt Bond Fund of America		12,693
American High-Income Municipal Bond Fund		653
The Tax-Exempt Fund of California		2,069
American Funds Tax-Exempt Fund of New York		129

Transfer agent services — Each fund has a shareholder services agreement with AFS under which each fund compensates AFS for providing transfer agent services to each of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, each fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of its respective fund shareholders.

Administrative services — Each fund has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to each of the funds’ share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in depth information on each fund and market developments that impact each fund’s investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to each fund’s shareholders. The agreement provides each fund the ability to charge an administrative services fee at the annual rate of 0.05% of the daily net assets attributable to each share class of each fund. Currently the funds pay an administrative services fee at the annual rate of 0.03% of the daily net assets attributable to each share class of each fund for CRMC’s provision of administrative services.

For the year ended July 31, 2020, class-specific expenses under the agreements for each fund were as follows (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$1,241		$308			$248
Class T		—		—	*		—	*
Class F-1		17		9			2
Class F-2		Not applicable		125			60
Class F-3		Not applicable		2			17
Class R-6		Not applicable		—	*		42
Total class-specific expenses		$1,258		$444			$369

See end of tables for footnote.

Limited Term Tax-Exempt Bond Fund of America

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$9,707		$1,199			$971
Class C		172		7			5
Class T		—		—	*		—	*
Class F-1		172		77			20
Class F-2		Not applicable		576			177
Class F-3		Not applicable		7			105
Class R-6		Not applicable		—			114
Total class-specific expenses		$10,051		$1,866			$1,392

American Funds Tax-Exempt Funds

105

The Tax-Exempt Bond Fund of America

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$29,148		$3,859			$3,498
Class C		4,048		138			123
Class T		—		—	*		—	*
Class F-1		829		397			101
Class F-2		Not applicable		3,387			956
Class F-3		Not applicable		151			2,170
Class R-6		Not applicable		—			208
Total class-specific expenses		$34,025		$7,932			$7,056

American High-Income Municipal Bond Fund

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$14,394		$2,219			$1,439
Class C		2,338		109			70
Class T		—		—	*		—	*
Class F-1		427		209			52
Class F-2		Not applicable		1,263			348
Class F-3		Not applicable		31			293
Class R-6		Not applicable		—			226
Total class-specific expenses		$17,159		$3,831			$2,428

The Tax-Exempt Fund of California

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$4,685		$378			$562
Class C		682		14			21
Class T		—		—	*		—	*
Class F-1		180		81			22
Class F-2		Not applicable		421			140
Class F-3		Not applicable		1			86
Total class-specific expenses		$5,547		$895			$831

American Funds Tax-Exempt Fund of New York

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$532		$59			$64
Class C		114		3			3
Class T		—		—	*		—	*
Class F-1		4		2			1
Class F-2		Not applicable		32			9
Class F-3		Not applicable		—	*		10
Total class-specific expenses		$650		$96			$87

*	Amount less than one thousand.

Miscellaneous fee reimbursements — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses of American Funds Short-Term Tax-Exempt Bond Fund and American Funds Tax-Exempt Fund of New York. Miscellaneous expenses exclude investment advisory services and distribution services fees. For the year ended July 31, 2020, total fees and expenses reimbursed by CRMC were $23,000 and $121,000 for American Funds Short-Term Tax-Exempt Bond Fund and American Funds Tax-Exempt Fund of New York, respectively, which CRMC does not intend to recoup. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. Fees and expenses in each fund’s statement of operations are presented gross of any reimbursements from CRMC.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of each fund, are treated as if invested in shares of the funds or other American Funds. 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’ statements of operations reflects the current fees (either paid in cash or deferred) and a net increase in the value of the following deferred amounts (dollars in thousands):

Fund	Current fees		Increase in value of deferred amounts			Total trustees’ compensation
American Funds Short-Term Tax-Exempt Bond Fund	$	6	$	1		$	7
Limited Term Tax-Exempt Bond Fund of America		23		6			29
The Tax-Exempt Bond Fund of America		116		32			148
American High-Income Municipal Bond Fund		41		7			48
The Tax-Exempt Fund of California		14		5			19
American 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.

106	American Funds Tax-Exempt Funds

Security transactions with related funds — Each fund may purchase securities from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by each fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds as of July 31, 2020 (dollars in thousands):

Fund	Purchases		Sales		Net realized gain
American Funds Short-Term Tax-Exempt Bond Fund	$	6,262	$	11,042	$	133
Limited Term Tax-Exempt Bond Fund of America		25,059		38,540		661
The Tax-Exempt Bond Fund of America		146,700		107,342		9,682
American High-Income Municipal Bond Fund		8,689		114,948		5,281
The Tax-Exempt Fund of California		26,681		13,863		164

Interfund lending — Pursuant to an exemptive order issued by the SEC, the funds, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. None of the funds lent or borrowed cash during the year ended July 31, 2020.

8. Committed line of credit

American High-Income Municipal Bond Fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund’s statement of operations. The fund did not borrow on this line of credit at any time during the year ended July 31, 2020.

American Funds Tax-Exempt Funds

107

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended July 31, 2020

Class A	$	373,979		36,640	$	10,226		1,000	$	(228,884	)		(22,440	)	$	155,321			15,200
Class T		—		—		—		—		—			—			—			—
Class F-1		4,080		401		75		7		(2,707	)		(265	)		1,448			143
Class F-2		116,260		11,402		2,615		256		(86,597	)		(8,506	)		32,278			3,152
Class F-3		52,549		5,138		805		79		(32,828	)		(3,208	)		20,526			2,009
Class R-6		39,953		3,893		2,000		196		(13,526	)		(1,333	)		28,427			2,756
Total net increase (decrease)	$	586,821		57,474	$	15,721		1,538	$	(364,542	)		(35,752	)	$	238,000			23,260

Year ended July 31, 2019

Class A	$	446,679		44,559	$	11,322		1,124	$	(454,662	)		(45,326	)	$	3,339			357
Class T		—		—		—		—		—			—			—			—
Class F-1		1,942		194		89		9		(2,196	)		(219	)		(165	)		(16	)
Class F-2		183,142		18,317		2,421		240		(59,423	)		(5,910	)		126,140			12,647
Class F-3		48,796		4,855		787		78		(42,824	)		(4,276	)		6,759			657
Class R-6		23,958		2,386		2,147		214		(18,235	)		(1,816	)		7,870			784
Total net increase (decrease)	$	704,517		70,311	$	16,766		1,665	$	(577,340	)		(57,547	)	$	143,943			14,429

Limited Term Tax-Exempt Bond Fund of America

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended July 31, 2020

Class A	$	922,993		57,964	$	60,685		3,807	$	(568,450	)		(35,807	)	$	415,228			25,964
Class C		6,327		399		211		13		(8,321	)		(521	)		(1,783	)		(109	)
Class T		—		—		—		—		—			—			—			—
Class F-1		56,211		3,517		1,237		78		(22,421	)		(1,411	)		35,027			2,184
Class F-2		451,876		28,341		11,497		721		(199,074	)		(12,585	)		264,299			16,477
Class F-3		202,780		12,748		7,712		484		(103,320	)		(6,523	)		107,172			6,709
Class R-6		396,036		24,844		8,293		519		(31,725	)		(2,004	)		372,604			23,359
Total net increase (decrease)	$	2,036,223		127,813	$	89,635		5,622	$	(933,311	)		(58,851	)	$	1,192,547			74,584

Year ended July 31, 2019

Class A	$	817,031		52,517	$	56,604		3,625	$	(947,434	)		(61,011	)	$	(73,799	)		(4,869	)
Class C		5,804		374		237		15		(9,333	)		(599	)		(3,292	)		(210	)
Class T		—		—		—		—		—			—			—			—
Class F-1		12,716		814		1,084		69		(18,544	)		(1,193	)		(4,744	)		(310	)
Class F-2		337,537		21,741		8,588		550		(211,713	)		(13,615	)		134,412			8,676
Class F-3		224,267		14,414		4,980		318		(116,914	)		(7,517	)		112,333			7,215
Class R-6		52,433		3,374		6,729		431		(44,130	)		(2,837	)		15,032			968
Total net increase (decrease)	$	1,449,788		93,234	$	78,222		5,008	$	(1,348,068	)		(86,772	)	$	179,942			11,470

108	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended July 31, 2020

Class A	$	2,817,721		211,572	$	271,853		20,392	$	(1,548,830	)		(117,338	)	$	1,540,744			114,626
Class C		111,932		8,405		6,792		510		(156,387	)		(11,749	)		(37,663	)		(2,834	)
Class T		—		—		—		—		—			—			—			—
Class F-1		88,172		6,632		7,560		567		(125,359	)		(9,496	)		(29,627	)		(2,297	)
Class F-2		1,761,475		133,004		79,161		5,938		(872,987	)		(66,239	)		967,649			72,703
Class F-3		2,467,620		185,647		194,954		14,623		(1,414,411	)		(107,484	)		1,248,163			92,786
Class R-6		126,083		9,436		19,074		1,430		(360,298	)		(27,543	)		(215,141	)		(16,677	)
Total net increase (decrease)	$	7,373,003		554,696	$	579,394		43,460	$	(4,478,272	)		(339,849	)	$	3,474,125			258,307

Year ended July 31, 2019

Class A	$	1,913,815		148,284	$	270,339		20,936	$	(1,793,783	)		(140,013	)	$	390,371			29,207
Class C		69,698		5,391		7,921		614		(116,360	)		(9,053	)		(38,741	)		(3,048	)
Class T		—		—		—		—		—			—			—			—
Class F-1		66,051		5,127		8,750		678		(118,439	)		(9,234	)		(43,638	)		(3,429	)
Class F-2		1,319,680		102,510		66,204		5,123		(877,784	)		(68,563	)		508,100			39,070
Class F-3		2,078,370		161,360		175,472		13,579		(1,306,234	)		(101,826	)		947,608			73,113
Class R-6		108,442		8,367		18,410		1,425		(14,886	)		(1,168	)		111,966			8,624
Total net increase (decrease)	$	5,556,056		431,039	$	547,096		42,355	$	(4,227,486	)		(329,857	)	$	1,875,666			143,537

American High-Income Municipal Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended July 31, 2020

Class A	$	1,035,359		63,794	$	158,347		9,809	$	(898,727	)		(56,751	)	$	294,979			16,852
Class C		54,928		3,369		6,131		380		(92,269	)		(5,763	)		(31,210	)		(2,014	)
Class T		—		—		—		—		—			—			—			—
Class F-1		46,431		2,885		5,688		352		(82,518	)		(5,225	)		(30,399	)		(1,988	)
Class F-2		567,327		35,284		38,415		2,379		(514,100	)		(32,628	)		91,642			5,035
Class F-3		427,367		26,650		36,287		2,248		(264,769	)		(16,777	)		198,885			12,121
Class R-6		120,984		7,352		28,726		1,781		(32,893	)		(2,120	)		116,817			7,013
Total net increase (decrease)	$	2,252,396		139,334	$	273,594		16,949	$	(1,885,276	)		(119,264	)	$	640,714			37,019

Year ended July 31, 2019

Class A	$	966,900		61,009	$	144,057		9,079	$	(684,496	)		(43,449	)	$	426,461			26,639
Class C		50,981		3,214		6,195		390		(53,367	)		(3,374	)		3,809			230
Class T		—		—		—		—		—			—			—			—
Class F-1		48,091		3,037		6,254		395		(87,411	)		(5,545	)		(33,066	)		(2,113	)
Class F-2		563,308		35,694		32,471		2,046		(317,468	)		(20,134	)		278,311			17,606
Class F-3		331,973		20,911		25,362		1,597		(134,406	)		(8,510	)		222,929			13,998
Class R-6		102,098		6,412		23,498		1,480		(11,942	)		(764	)		113,654			7,128
Total net increase (decrease)	$	2,063,351		130,277	$	237,837		14,987	$	(1,289,090	)		(81,776	)	$	1,012,098			63,488

See end of tables for footnote.

American Funds Tax-Exempt Funds

109

The Tax-Exempt Fund of California

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended July 31, 2020

Class A	$	340,364		18,822	$	50,595		2,800	$	(253,642	)		(14,179	)	$	137,317			7,443
Class C		17,175		948		1,431		79		(28,233	)		(1,567	)		(9,627	)		(540	)
Class T		—		—		—		—		—			—			—			—
Class F-1		16,516		919		1,900		105		(19,228	)		(1,075	)		(812	)		(51	)
Class F-2		242,937		13,502		12,688		703		(126,109	)		(7,059	)		129,516			7,146
Class F-3		115,794		6,435		9,083		502		(48,574	)		(2,741	)		76,303			4,196
Total net increase (decrease)	$	732,786		40,626	$	75,697		4,189	$	(475,786	)		(26,621	)	$	332,697			18,194

Year ended July 31, 2019

Class A	$	354,297		20,195	$	43,242		2,463	$	(351,468	)		(20,231	)	$	46,071			2,427
Class C		11,571		657		1,339		76		(17,470	)		(1,000	)		(4,560	)		(267	)
Class T		—		—		—		—		—			—			—			—
Class F-1		10,762		614		1,815		104		(18,340	)		(1,050	)		(5,763	)		(332	)
Class F-2		241,537		13,875		9,002		512		(111,887	)		(6,404	)		138,652			7,983
Class F-3		105,180		5,967		5,174		294		(50,829	)		(2,924	)		59,525			3,337
Total net increase (decrease)	$	723,347		41,308	$	60,572		3,449	$	(549,994	)		(31,609	)	$	233,925			13,148

American Funds Tax-Exempt Fund of New York

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended July 31, 2020

Class A	$	42,411		3,853	$	4,143		377	$	(28,234	)		(2,593	)	$	18,320			1,637
Class C		2,562		232		173		16		(4,294	)		(391	)		(1,559	)		(143	)
Class T		—		—		—		—		—			—			—			—
Class F-1		2,867		258		42		4		(2,544	)		(229	)		365			33
Class F-2		11,748		1,072		761		69		(13,850	)		(1,282	)		(1,341	)		(141	)
Class F-3		8,370		762		863		78		(8,996	)		(828	)		237			12
Total net increase (decrease)	$	67,958		6,177	$	5,982		544	$	(57,918	)		(5,323	)	$	16,022			1,398

Year ended July 31, 2019

Class A	$	43,401		4,058	$	3,742		349	$	(36,741	)		(3,477	)	$	10,402			930
Class C		1,713		160		190		18		(2,452	)		(231	)		(549	)		(53	)
Class T		—		—		—		—		—			—			—			—
Class F-1		409		38		38		4		(561	)		(53	)		(114	)		(11	)
Class F-2		21,136		2,004		685		64		(10,147	)		(952	)		11,674			1,116
Class F-3		16,808		1,584		570		53		(12,152	)		(1,148	)		5,226			489
Total net increase (decrease)	$	83,467		7,844	$	5,225		488	$	(62,053	)		(5,861	)	$	26,639			2,471

*	Includes exchanges between share classes of the fund.

110	American Funds Tax-Exempt Funds

10. Investment transactions

Each fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the year ended July 31, 2020, as follows (dollars in thousands):

Fund	Purchases		Sales
American Funds Short-Term Tax-Exempt Bond Fund	$	902,816	$	726,216
Limited Term Tax-Exempt Bond Fund of America		3,108,914		2,365,830
The Tax-Exempt Bond Fund of America		8,051,763		5,506,022
American High-Income Municipal Bond Fund		3,230,131		2,638,816
The Tax-Exempt Fund of California		999,263		695,530
American Funds Tax-Exempt Fund of New York		99,828		75,235

11. Ownership concentration

At July 31, 2020, CRMC held aggregate ownership of 11% of the outstanding shares of American Funds Tax-Exempt Fund of New York. The ownership represents the seed money invested in the fund when it began operations on November 1, 2010. In addition, American Funds Tax-Exempt Preservation Portfolio held 12% of the outstanding shares of American Funds Short-Term Tax-Exempt Bond Fund. CRMC is the investment adviser to both of the funds.

American Funds Tax-Exempt Funds

111

Financial highlights

American Funds Short-Term Tax-Exempt Bond Fund

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements³			Ratio of net income to average net assets³
Class A:
7/31/2020	$	10.19	$	.13	$	.18		$	.31		$	(.13	)	$	10.37		3.07	%	$	938			.58	%		.58	%		1.27	%
7/31/2019		10.04		.16		.15			.31			(.16	)		10.19		3.09			767			.59			.59			1.56
7/31/2018		10.15		.13		(.11	)		.02			(.13	)		10.04		.24			752			.58			.58			1.33
7/31/2017		10.22		.12		(.07	)		.05			(.12	)		10.15		.46			739			.59			.59			1.15
7/31/2016		10.17		.10		.05			.15			(.10	)		10.22		1.51			688			.59			.59			1.02
Class T:
7/31/2020		10.19		.15		.18			.33			(.15	)		10.37		3.22	⁴		—	⁵		.43	⁴		.42	⁴		1.43	⁴
7/31/2019		10.04		.17		.15			.32			(.17	)		10.19		3.20	⁴		—	⁵		.47	⁴		.47	⁴		1.67	⁴
7/31/2018		10.15		.15		(.11	)		.04			(.15	)		10.04		.36	⁴		—	⁵		.47	⁴		.47	⁴		1.44	⁴
7/31/2017^6,7		10.11		.04		.04			.08			(.04	)		10.15		.82	^4,8		—	⁵		.15	^4,8		.15	^4,8		.42	^4,8
Class F-1:
7/31/2020		10.19		.11		.18			.29			(.11	)		10.37		2.87			9			.77			.76			1.08
7/31/2019		10.04		.13		.15			.28			(.13	)		10.19		2.85			7			.81			.81			1.34
7/31/2018		10.15		.11		(.11	)		—	⁹		(.11	)		10.04		.02			7			.80			.80			1.10
7/31/2017		10.22		.09		(.07	)		.02			(.09	)		10.15		.23			9			.82			.82			.92
7/31/2016		10.17		.08		.05			.13			(.08	)		10.22		1.29			13			.81			.81			.80
Class F-2:
7/31/2020		10.19		.14		.18			.32			(.14	)		10.37		3.19			218			.46			.45			1.40
7/31/2019		10.04		.17		.15			.32			(.17	)		10.19		3.17			182			.49			.49			1.67
7/31/2018		10.15		.14		(.11	)		.03			(.14	)		10.04		.28			52			.54			.54			1.37
7/31/2017		10.22		.12		(.07	)		.05			(.12	)		10.15		.49			47			.57			.57			1.17
7/31/2016		10.17		.11		.05			.16			(.11	)		10.22		1.55			80			.56			.56			1.06

112	American Funds Tax-Exempt Funds

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements³			Ratio of net income to average net assets³
Class F-3:
7/31/2020	$	10.19	$	.15	$	.18		$	.33	$	(.15	)	$	10.37		3.25	%	$	74		.40	%		.39	%		1.44	%
7/31/2019		10.04		.17		.15			.32		(.17	)		10.19		3.23			52		.44			.44			1.71
7/31/2018		10.15		.15		(.11	)		.04		(.15	)		10.04		.38			45		.44			.44			1.45
7/31/2017^6,10		10.07		.07		.08			.15		(.07	)		10.15		1.49	⁸		77		.47	¹¹		.47	¹¹		1.35	¹¹
Class R-6:
7/31/2020		10.19		.15		.18			.33		(.15	)		10.37		3.26			162		.39			.39			1.46
7/31/2019		10.04		.17		.15			.32		(.17	)		10.19		3.24			132		.43			.43			1.71
7/31/2018		10.15		.15		(.11	)		.04		(.15	)		10.04		.38			122		.44			.44			1.48
7/31/2017^6,12		10.09		.05		.06			.11		(.05	)		10.15		1.20	⁸		127		.17	⁸		.17	⁸		.51	⁸

	Year ended July 31,
	2020	2019	2018	2017	2016
Portfolio turnover rate for all share classes	65%	50%	34%	26%	21%

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 and/or the fund’s transfer agent. During one of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses. In addition, during one of the periods shown, the fund’s transfer agent waived a portion of the fund’s transfer agent services fees for Class F-3 shares.
⁴	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁵	Amount less than $1 million.
⁶	Based on operations for a period that is less than a full year.
⁷	Class T shares began investment operations on April 7, 2017.
⁸	Not annualized.
⁹	Amount less than $.01.
¹⁰	Class F-3 shares began investment operations on January 27, 2017.
¹¹	Annualized.
¹²	Class R-6 shares began investment operations on March 17, 2017.

See notes to financial statements.

American Funds Tax-Exempt Funds

113

Financial highlights (continued)

Limited Term Tax-Exempt Bond Fund of America

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
7/31/2020	$	15.93	$	.25	$	.36		$	.61		$	(.26	)	$	(.05	)	$	(.31	)	$	16.23		3.88	%	$	3,539			.60	%		1.58	%
7/31/2019		15.52		.31		.41			.72			(.31	)		—			(.31	)		15.93		4.71			3,060			.59			2.00
7/31/2018		15.77		.31		(.25	)		.06			(.31	)		—			(.31	)		15.52		.40			3,057			.59			2.00
7/31/2017		16.04		.32		(.27	)		.05			(.32	)		—			(.32	)		15.77		.34			3,038			.59			2.04
7/31/2016		15.92		.35		.12			.47			(.35	)		—			(.35	)		16.04		2.97			3,055			.59			2.17
Class C:
7/31/2020		15.93		.13		.36			.49			(.14	)		(.05	)		(.19	)		16.23		3.16			16			1.30			.89
7/31/2019		15.52		.20		.41			.61			(.20	)		—			(.20	)		15.93		3.94			18			1.33			1.27
7/31/2018		15.77		.20		(.25	)		(.05	)		(.20	)		—			(.20	)		15.52		(.34	)		20			1.34			1.26
7/31/2017		16.04		.20		(.27	)		(.07	)		(.20	)		—			(.20	)		15.77		(.40	)		25			1.33			1.30
7/31/2016		15.92		.23		.12			.35			(.23	)		—			(.23	)		16.04		2.20			30			1.33			1.43
Class T:
7/31/2020		15.93		.29		.36			.65			(.30	)		(.05	)		(.35	)		16.23		4.18	³		—	⁴		.30	³		1.89	³
7/31/2019		15.52		.35		.41			.76			(.35	)		—			(.35	)		15.93		4.99	³		—	⁴		.33	³		2.27	³
7/31/2018		15.77		.36		(.25	)		.11			(.36	)		—			(.36	)		15.52		.68	³		—	⁴		.33	³		2.26	³
7/31/2017^5,6		15.68		.12		.09			.21			(.12	)		—			(.12	)		15.77		1.32	^3,7		—	⁴		.10	^3,7		.74	^3,7
Class F-1:
7/31/2020		15.93		.24		.36			.60			(.25	)		(.05	)		(.30	)		16.23		3.85			97			.62			1.54
7/31/2019		15.52		.30		.41			.71			(.30	)		—			(.30	)		15.93		4.63			60			.67			1.93
7/31/2018		15.77		.30		(.25	)		.05			(.30	)		—			(.30	)		15.52		.33			64			.66			1.93
7/31/2017		16.04		.31		(.27	)		.04			(.31	)		—			(.31	)		15.77		.26			83			.67			1.96
7/31/2016		15.92		.33		.12			.45			(.33	)		—			(.33	)		16.04		2.88			90			.67			2.09

114	American Funds Tax-Exempt Funds

			Income (loss) from investment operations¹							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
7/31/2020	$	15.93	$	.28	$	.36		$	.64	$	(.29	)	$	(.05	)	$	(.34	)	$	16.23		4.12	%	$	777		.36	%		1.81	%
7/31/2019		15.52		.34		.41			.75		(.34	)		—			(.34	)		15.93		4.91			500		.39			2.20
7/31/2018		15.77		.34		(.25	)		.09		(.34	)		—			(.34	)		15.52		.58			353		.41			2.18
7/31/2017		16.04		.35		(.27	)		.08		(.35	)		—			(.35	)		15.77		.51			309		.42			2.22
7/31/2016		15.92		.38		.12			.50		(.38	)		—			(.38	)		16.04		3.15			291		.41			2.34
Class F-3:
7/31/2020		15.93		.30		.36			.66		(.31	)		(.05	)		(.36	)		16.23		4.23			422		.26			1.91
7/31/2019		15.52		.36		.41			.77		(.36	)		—			(.36	)		15.93		5.02			308		.30			2.29
7/31/2018		15.77		.36		(.25	)		.11		(.36	)		—			(.36	)		15.52		.70			187		.30			2.29
7/31/2017^5,8		15.59		.19		.18			.37		(.19	)		—			(.19	)		15.77		2.37	⁷		112		.30	⁹		2.36	⁹
Class R-6:
7/31/2020		15.93		.30		.36			.66		(.31	)		(.05	)		(.36	)		16.23		4.23			692		.26			1.88
7/31/2019		15.52		.36		.41			.77		(.36	)		—			(.36	)		15.93		5.02			307		.29			2.30
7/31/2018		15.77		.36		(.25	)		.11		(.36	)		—			(.36	)		15.52		.70			284		.30			2.29
7/31/2017		16.04		.37		(.27	)		.10		(.37	)		—			(.37	)		15.77		.63			296		.30			2.33
7/31/2016		15.92		.39		.12			.51		(.39	)		—			(.39	)		16.04		3.26			284		.30			2.45

		Year ended July 31,
	2020	2019	2018	2017	2016
Portfolio turnover rate for all share classes	56%	42%	28%	27%	16%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁴	Amount less than $1 million.
⁵	Based on operations for a period that is less than a full year.
⁶	Class T shares began investment operations on April 7, 2017.
⁷	Not annualized.
⁸	Class F-3 shares began investment operations on January 27, 2017.
⁹	Annualized.

See notes to financial statements.

American Funds Tax-Exempt Funds

115

Financial highlights (continued)

The Tax-Exempt Bond Fund of America

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
7/31/2020	$	13.29	$	.33	$	.25		$	.58		$	(.33	)	$	13.54		4.40	%	$	12,623			.52	%		2.46	%
7/31/2019		12.81		.37		.47			.84			(.36	)		13.29		6.71			10,868			.52			2.84
7/31/2018		12.98		.38		(.17	)		.21			(.38	)		12.81		1.60			10,102			.53			2.91
7/31/2017		13.40		.40		(.42	)		(.02	)		(.40	)		12.98		(.09	)		9,692			.53			3.12
7/31/2016		12.96		.41		.44			.85			(.41	)		13.40		6.69			9,510			.54			3.15
Class C:
7/31/2020		13.29		.23		.25			.48			(.23	)		13.54		3.64			376			1.26			1.73
7/31/2019		12.81		.27		.47			.74			(.26	)		13.29		5.88			407			1.31			2.06
7/31/2018		12.98		.27		(.17	)		.10			(.27	)		12.81		.80			432			1.32			2.12
7/31/2017		13.40		.30		(.42	)		(.12	)		(.30	)		12.98		(.88	)		474			1.32			2.33
7/31/2016		12.96		.31		.44			.75			(.31	)		13.40		5.85			517			1.33			2.35
Class T:
7/31/2020		13.29		.36		.25			.61			(.36	)		13.54		4.65	³		—	⁴		.27	³		2.70	³
7/31/2019		12.81		.40		.47			.87			(.39	)		13.29		6.93	³		—	⁴		.32	³		3.05	³
7/31/2018		12.98		.40		(.17	)		.23			(.40	)		12.81		1.83	³		—	⁴		.32	³		3.12	³
7/31/2017^5,6		12.85		.14		.13			.27			(.14	)		12.98		2.07	^3,7		—	⁴		.10	^3,7		1.06	^3,7
Class F-1:
7/31/2020		13.29		.32		.25			.57			(.32	)		13.54		4.31			313			.60			2.39
7/31/2019		12.81		.36		.47			.83			(.35	)		13.29		6.58			338			.64			2.72
7/31/2018		12.98		.36		(.17	)		.19			(.36	)		12.81		1.48			370			.65			2.80
7/31/2017		13.40		.39		(.43	)		(.04	)		(.38	)		12.98		(.22	)		461			.66			2.99
7/31/2016		12.96		.39		.44			.83			(.39	)		13.40		6.53			518			.67			3.04

116	American Funds Tax-Exempt Funds

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
7/31/2020	$	13.29	$	.35	$	.25		$	.60		$	(.35	)	$	13.54		4.59	%	$	3,814		.34	%		2.63	%
7/31/2019		12.81		.39		.47			.86			(.38	)		13.29		6.86			2,778		.38			2.98
7/31/2018		12.98		.39		(.17	)		.22			(.39	)		12.81		1.74			2,177		.39			3.05
7/31/2017		13.40		.42		(.42	)		—	⁸		(.42	)		12.98		.03			1,909		.41			3.24
7/31/2016		12.96		.43		.44			.87			(.43	)		13.40		6.84			2,879		.40			3.26
Class F-3:
7/31/2020		13.29		.36		.25			.61			(.36	)		13.54		4.70			7,950		.24			2.74
7/31/2019		12.81		.41		.47			.88			(.40	)		13.29		6.97			6,570		.27			3.09
7/31/2018		12.98		.41		(.17	)		.24			(.41	)		12.81		1.84			5,397		.28			3.11
7/31/2017^5,9		12.75		.22		.23			.45			(.22	)		12.98		3.54	⁷		1,555		.29	¹⁰		3.34	¹⁰
Class R-6:
7/31/2020		13.29		.36		.25			.61			(.36	)		13.54		4.70			473		.24			2.76
7/31/2019		12.81		.41		.47			.88			(.40	)		13.29		6.97			685		.27			3.09
7/31/2018		12.98		.41		(.17	)		.24			(.41	)		12.81		1.85			550		.28			3.15
7/31/2017		13.40		.44		(.43	)		.01			(.43	)		12.98		.15			380		.29			3.36
7/31/2016		12.96		.44		.44			.88			(.44	)		13.40		6.95			391		.29			3.39

	Year ended July 31,
	2020	2019	2018	2017	2016
Portfolio turnover rate for all share classes	24%	20%	17%	20%	13%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁴	Amount less than $1 million.
⁵	Based on operations for a period that is less than a full year.
⁶	Class T shares began investment operations on April 7, 2017.
⁷	Not annualized.
⁸	Amount less than $.01.
⁹	Class F-3 shares began investment operations on January 27, 2017.
¹⁰	Annualized.

See notes to financial statements.

American Funds Tax-Exempt Funds

117

Financial highlights (continued)

American High-Income Municipal Bond Fund

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
7/31/2020	$	16.33	$	.59	$	(.17	)	$	.42		$	(.54	)	$	(.01	)	$	(.55	)	$	16.20		2.68	%	$	4,871			.68	%		3.63	%
7/31/2019		15.78		.58		.54			1.12			(.57	)		—			(.57	)		16.33		7.28			4,637			.68			3.67
7/31/2018		15.73		.59		.04			.63			(.58	)		—			(.58	)		15.78		4.05			4,062			.69			3.72
7/31/2017		16.21		.60		(.49	)		.11			(.59	)		—			(.59	)		15.73		.76			3,645			.67			3.86
7/31/2016		15.40		.63		.79			1.42			(.61	)		—			(.61	)		16.21		9.45			3,519			.67			4.02
Class C:
7/31/2020		16.33		.48		(.17	)		.31			(.43	)		(.01	)		(.44	)		16.20		1.97			203			1.38			2.93
7/31/2019		15.78		.47		.54			1.01			(.46	)		—			(.46	)		16.33		6.49			238			1.41			2.94
7/31/2018		15.73		.47		.04			.51			(.46	)		—			(.46	)		15.78		3.29			227			1.43			2.97
7/31/2017		16.21		.48		(.49	)		(.01	)		(.47	)		—			(.47	)		15.73		—			229			1.43			3.10
7/31/2016		15.40		.52		.79			1.31			(.50	)		—			(.50	)		16.21		8.62			247			1.43			3.26
Class T:
7/31/2020		16.33		.64		(.17	)		.47			(.59	)		(.01	)		(.60	)		16.20		2.99	³		—	⁴		.38	³		3.92	³
7/31/2019		15.78		.62		.54			1.16			(.61	)		—			(.61	)		16.33		7.55	³		—	⁴		.42	³		3.93	³
7/31/2018		15.73		.63		.04			.67			(.62	)		—			(.62	)		15.78		4.34	³		—	⁴		.43	³		3.98	³
7/31/2017^5,6		15.50		.20		.23			.43			(.20	)		—			(.20	)		15.73		2.77	^3,7		—	⁴		.12	^3,7		1.28	^3,7
Class F-1:
7/31/2020		16.33		.59		(.17	)		.42			(.54	)		(.01	)		(.55	)		16.20		2.66			146			.70			3.60
7/31/2019		15.78		.57		.54			1.11			(.56	)		—			(.56	)		16.33		7.21			180			.74			3.61
7/31/2018		15.73		.58		.04			.62			(.57	)		—			(.57	)		15.78		3.99			208			.75			3.65
7/31/2017		16.21		.59		(.49	)		.10			(.58	)		—			(.58	)		15.73		.68			234			.75			3.77
7/31/2016		15.40		.62		.79			1.41			(.60	)		—			(.60	)		16.21		9.37			282			.74			3.95

118	American Funds Tax-Exempt Funds

			Income (loss) from investment operations¹							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
7/31/2020	$	16.33	$	.63	$	(.17	)	$	.46	$	(.58	)	$	(.01	)	$	(.59	)	$	16.20		2.93	%	$	1,186		.44	%		3.86	%
7/31/2019		15.78		.61		.54			1.15		(.60	)		—			(.60	)		16.33		7.49			1,114		.47			3.87
7/31/2018		15.73		.62		.04			.66		(.61	)		—			(.61	)		15.78		4.26			798		.49			3.91
7/31/2017		16.21		.63		(.49	)		.14		(.62	)		—			(.62	)		15.73		.93			605		.50			4.05
7/31/2016		15.40		.66		.79			1.45		(.64	)		—			(.64	)		16.21		9.65			775		.48			4.18
Class F-3:
7/31/2020		16.33		.65		(.17	)		.48		(.60	)		(.01	)		(.61	)		16.20		3.04			1,085		.33			3.97
7/31/2019		15.78		.63		.54			1.17		(.62	)		—			(.62	)		16.33		7.60			897		.37			3.97
7/31/2018		15.73		.64		.04			.68		(.63	)		—			(.63	)		15.78		4.37			646		.38			4.02
7/31/2017^5,8		15.30		.32		.43			.75		(.32	)		—			(.32	)		15.73		4.96	⁷		421		.37	⁹		4.04	⁹
Class R-6:
7/31/2020		16.33		.65		(.17	)		.48		(.60	)		(.01	)		(.61	)		16.20		3.04			794		.33			3.98
7/31/2019		15.78		.63		.54			1.17		(.62	)		—			(.62	)		16.33		7.61			686		.37			3.98
7/31/2018		15.73		.64		.04			.68		(.63	)		—			(.63	)		15.78		4.37			550		.38			4.02
7/31/2017		16.21		.64		(.49	)		.15		(.63	)		—			(.63	)		15.73		1.05			380		.38			4.16
7/31/2016		15.40		.68		.79			1.47		(.66	)		—			(.66	)		16.21		9.76			269		.38			4.31

	Year ended July 31,
	2020	2019	2018	2017	2016
Portfolio turnover rate for all share classes	35%	20%	24%	30%	21%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁴	Amount less than $1 million.
⁵	Based on operations for a period that is less than a full year.
⁶	Class T shares began investment operations on April 7, 2017.
⁷	Not annualized.
⁸	Class F-3 shares began investment operations on January 27, 2017.
⁹	Annualized.

See notes to financial statements.

American Funds Tax-Exempt Funds

119

Financial highlights (continued)

The Tax-Exempt Fund of California

			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period			Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
7/31/2020	$	18.08		$	.43	$	.30		$	.73		$	(.43	)	$	(.09	)	$	(.52	)	$	18.29		4.14	%	$	1,941			.61	%		2.40	%
7/31/2019		17.43			.50		.65			1.15			(.50	)		—			(.50	)		18.08		6.73			1,784			.59			2.88
7/31/2018		17.63			.51		(.20	)		.31			(.51	)		—			(.51	)		17.43		1.77			1,678			.61			2.90
7/31/2017		18.21			.54		(.59	)		(.05	)		(.53	)		—			(.53	)		17.63		(.22	)		1,641			.60			3.05
7/31/2016		17.62			.57		.58			1.15			(.56	)		—			(.56	)		18.21		6.65			1,678			.60			3.17
Class C:
7/31/2020		18.08			.30		.30			.60			(.30	)		(.09	)		(.39	)		18.29		3.36			60			1.36			1.65
7/31/2019		17.43			.36		.65			1.01			(.36	)		—			(.36	)		18.08		5.90			69			1.38			2.10
7/31/2018		17.63			.37		(.20	)		.17			(.37	)		—			(.37	)		17.43		.97			71			1.40			2.11
7/31/2017		18.21			.40		(.59	)		(.19	)		(.39	)		—			(.39	)		17.63		(1.00	)		83			1.39			2.26
7/31/2016		17.62			.43		.58			1.01			(.42	)		—			(.42	)		18.21		5.82			97			1.39			2.38
Class T:
7/31/2020		18.08			.48		.30			.78			(.48	)		(.09	)		(.57	)		18.29		4.38	³		—	⁴		.37	³		2.62	³
7/31/2019		17.43			.54		.65			1.19			(.54	)		—			(.54	)		18.08		6.95	³		—	⁴		.39	³		3.09	³
7/31/2018		17.63			.54		(.20	)		.34			(.54	)		—			(.54	)		17.43		1.98	³		—	⁴		.40	³		3.10	³
7/31/2017^5,6		17.42			.18		.21			.39			(.18	)		—			(.18	)		17.63		2.24	^3,7		—	⁴		.12	^3,7		1.02	^3,7
Class F-1:
7/31/2020		18.08			.42		.30			.72			(.42	)		(.09	)		(.51	)		18.29		4.05			71			.70			2.31
7/31/2019		17.43			.48		.65			1.13			(.48	)		—			(.48	)		18.08		6.59			72			.72			2.76
7/31/2018		17.63			.49		(.20	)		.29			(.49	)		—			(.49	)		17.43		1.64			75			.73			2.77
7/31/2017		18.21			.51		(.58	)		(.07	)		(.51	)		—			(.51	)		17.63		(.35	)		76			.73			2.93
7/31/2016		17.62			.55		.58			1.13			(.54	)		—			(.54	)		18.21		6.52			83			.73			3.04

120	American Funds Tax-Exempt Funds

			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period			Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
7/31/2020	$	18.08		$	.47	$	.30		$	.77		$	(.47	)	$	(.09	)	$	(.56	)	$	18.29		4.33	%	$	547		.42	%		2.58	%
7/31/2019		17.43			.53		.65			1.18			(.53	)		—			(.53	)		18.08		6.88			411		.45			3.02
7/31/2018		17.63			.53		(.20	)		.33			(.53	)		—			(.53	)		17.43		1.89			257		.48			3.03
7/31/2017		18.21			.56		(.59	)		(.03	)		(.55	)		—			(.55	)		17.63		(.09	)		200		.48			3.18
7/31/2016		17.62			.60		.58			1.18			(.59	)		—			(.59	)		18.21		6.79			213		.48			3.29
Class F-3:
7/31/2020		18.08			.48		.30			.78			(.48	)		(.09	)		(.57	)		18.29		4.42			320		.33			2.67
7/31/2019		17.43			.55		.64			1.19			(.54	)		—			(.54	)		18.08		6.98			241		.36			3.11
7/31/2018		17.63			.55		(.20	)		.35			(.55	)		—			(.55	)		17.43		2.01			174		.37			3.13
7/31/2017^5,8		17.27			.29		.36			.65			(.29	)		—			(.29	)		17.63		3.79	⁷		124		.38	⁹		3.25	⁹

	Year ended July 31,
	2020	2019	2018	2017	2016
Portfolio turnover rate for all share classes	26%	27%	14%	21%	11%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁴	Amount less than $1 million.
⁵	Based on operations for a period that is less than a full year.
⁶	Class T shares began investment operations on April 7, 2017.
⁷	Not annualized.
⁸	Class F-3 shares began investment operations on January 27, 2017.
⁹	Annualized.

See notes to financial statements.

American Funds Tax-Exempt Funds

121

Financial highlights (continued)

American Funds Tax-Exempt Fund of New York

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements³			Ratio of net income to average net assets³
Class A:
7/31/2020	$	11.02	$	.27	$	.07		$	.34		$	(.26	)	$	11.10		3.18	%	$	220			.67	%		.62	%		2.43	%
7/31/2019		10.61		.28		.41			.69			(.28	)		11.02		6.57			200			.67			.67			2.60
7/31/2018		10.80		.27		(.19	)		.08			(.27	)		10.61		.75	⁴		183			.72	⁴		.69	⁴		2.52	⁴
7/31/2017		11.12		.27		(.32	)		(.05	)		(.27	)		10.80		(.39	)⁴		169			.74	⁴		.69	⁴		2.55	⁴
7/31/2016		10.66		.28		.45			.73			(.27	)		11.12		6.95	⁴		161			.72	⁴		.69	⁴		2.54	⁴
Class C:
7/31/2020		11.02		.19		.07			.26			(.18	)		11.10		2.41			10			1.42			1.37			1.68
7/31/2019		10.61		.19		.41			.60			(.19	)		11.02		5.74			12			1.46			1.45			1.81
7/31/2018		10.80		.19		(.19	)		—	⁵		(.19	)		10.61		(.04	)		12			1.52			1.48			1.73
7/31/2017		11.12		.19		(.32	)		(.13	)		(.19	)		10.80		(1.17	)		12			1.52			1.48			1.76
7/31/2016		10.66		.20		.45			.65			(.19	)		11.12		6.11			14			1.51			1.48			1.75
Class T:
7/31/2020		11.02		.30		.07			.37			(.29	)		11.10		3.42	⁴		—	⁶		.42	⁴		.38	⁴		2.66	⁴
7/31/2019		10.61		.30		.41			.71			(.30	)		11.02		6.78	⁴		—	⁶		.47	⁴		.46	⁴		2.79	⁴
7/31/2018		10.80		.29		(.19	)		.10			(.29	)		10.61		.98	⁴		—	⁶		.52	⁴		.48	⁴		2.73	⁴
7/31/2017^7,8		10.68		.09		.13			.22			(.10	)		10.80		2.02	^4,9		—	⁶		.19	^4,9		.15	^4,9		.87	^4,9
Class F-1:
7/31/2020		11.02		.27		.07			.34			(.26	)		11.10		3.16	⁴		2			.68	⁴		.64	⁴		2.41	⁴
7/31/2019		10.61		.27		.41			.68			(.27	)		11.02		6.52	⁴		2			.72	⁴		.71	⁴		2.55	⁴
7/31/2018		10.80		.26		(.19	)		.07			(.26	)		10.61		.69	⁴		2			.79	⁴		.75	⁴		2.45	⁴
7/31/2017		11.12		.27		(.32	)		(.05	)		(.27	)		10.80		(.38	)⁴		3			.73	⁴		.68	⁴		2.56	⁴
7/31/2016		10.66		.29		.45			.74			(.28	)		11.12		7.02	⁴		2			.65	⁴		.62	⁴		2.61	⁴

122	American Funds Tax-Exempt Funds

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements³			Ratio of net income to average net assets³
Class F-2:
7/31/2020	$	11.02	$	.29	$	.07		$	.36		$	(.28	)	$	11.10		3.36	%	$	27		.49	%		.45	%		2.60	%
7/31/2019		10.61		.29		.41			.70			(.29	)		11.02		6.74			29		.51			.51			2.75
7/31/2018		10.80		.29		(.19	)		.10			(.29	)		10.61		.89			16		.59			.54			2.67
7/31/2017		11.12		.29		(.32	)		(.03	)		(.29	)		10.80		(.26	)		11		.58			.56			2.68
7/31/2016		10.66		.30		.45			.75			(.29	)		11.12		7.10			31		.58			.55			2.68
Class F-3:
7/31/2020		11.02		.31		.07			.38			(.30	)		11.10		3.46			33		.39			.35			2.71
7/31/2019		10.61		.30		.41			.71			(.30	)		11.02		6.83			32		.42			.42			2.84
7/31/2018		10.80		.30		(.19	)		.11			(.30	)		10.61		1.00			26		.48			.44			2.78
7/31/2017^7,10		10.58		.15		.22			.37			(.15	)		10.80		3.54	⁹		16		.58	¹¹		.45	¹¹		2.79	¹¹

	Year ended July 31,
	2020	2019	2018	2017	2016
Portfolio turnover rate for all share classes	27%	16%	21%	27%	14%

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 a portion of miscellaneous fees and expenses.
⁴	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁵	Amount less than $.01.
⁶	Amount less than $1 million.
⁷	Based on operations for a period that is less than a full year.
⁸	Class T shares began investment operations on April 7, 2017.
⁹	Not annualized.
¹⁰	Class F-3 shares began investment operations on January 27, 2017.
¹¹	Annualized.

See notes to financial statements.

American Funds Tax-Exempt Funds

123

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders 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 American Funds Tax-Exempt Fund of New York and to the Board of Trustees of The American Funds Tax-Exempt Series II and Shareholders of The Tax-Exempt Fund of California

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary investment portfolios, 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, The Tax-Exempt Fund of California (the sole fund constituting The American Funds Tax-Exempt Series II) and American Funds Tax-Exempt Fund of New York (hereafter collectively referred to as the “Funds”) as of July 31, 2020, the related statements of operations for the year ended July 31, 2020, the statements of changes in net assets for each of the two years in the period ended July 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2020 by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California
September 14, 2020

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

124	American Funds Tax-Exempt Funds

Expense example

unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (February 1, 2020, through July 31, 2020).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Class F-1, F-2 and F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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125

American Funds Short-Term Tax-Exempt Bond Fund

	Beginning account value 2/1/2020		Ending account value 7/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,019.53	$	2.91		.58	%
Class A – assumed 5% return		1,000.00		1,021.98		2.92		.58
Class T – actual return		1,000.00		1,020.28		2.16		.43
Class T – assumed 5% return		1,000.00		1,022.73		2.16		.43
Class F-1 – actual return		1,000.00		1,018.61		3.81		.76
Class F-1 – assumed 5% return		1,000.00		1,021.08		3.82		.76
Class F-2 – actual return		1,000.00		1,020.16		2.31		.46
Class F-2 – assumed 5% return		1,000.00		1,022.58		2.31		.46
Class F-3 – actual return		1,000.00		1,020.47		2.01		.40
Class F-3 – assumed 5% return		1,000.00		1,022.87		2.01		.40
Class R-6 – actual return		1,000.00		1,020.47		1.96		.39
Class R-6 – assumed 5% return		1,000.00		1,022.92		1.96		.39

Limited Term Tax-Exempt Bond Fund of America

	Beginning account value 2/1/2020		Ending account value 7/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,020.04	$	2.96		.59	%
Class A – assumed 5% return		1,000.00		1,021.93		2.97		.59
Class C – actual return		1,000.00		1,016.50		6.47		1.29
Class C – assumed 5% return		1,000.00		1,018.45		6.47		1.29
Class T – actual return		1,000.00		1,021.50		1.46		.29
Class T – assumed 5% return		1,000.00		1,023.42		1.46		.29
Class F-1 – actual return		1,000.00		1,019.93		3.06		.61
Class F-1 – assumed 5% return		1,000.00		1,021.83		3.07		.61
Class F-2 – actual return		1,000.00		1,021.27		1.76		.35
Class F-2 – assumed 5% return		1,000.00		1,023.12		1.76		.35
Class F-3 – actual return		1,000.00		1,021.76		1.31		.26
Class F-3 – assumed 5% return		1,000.00		1,023.57		1.31		.26
Class R-6 – actual return		1,000.00		1,021.76		1.31		.26
Class R-6 – assumed 5% return		1,000.00		1,023.57		1.31		.26

The Tax-Exempt Bond Fund of America

	Beginning account value 2/1/2020		Ending account value 7/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,012.74	$	2.55		.51	%
Class A – assumed 5% return		1,000.00		1,022.33		2.56		.51
Class C – actual return		1,000.00		1,008.97		6.29		1.26
Class C – assumed 5% return		1,000.00		1,018.60		6.32		1.26
Class T – actual return		1,000.00		1,013.96		1.30		.26
Class T – assumed 5% return		1,000.00		1,023.57		1.31		.26
Class F-1 – actual return		1,000.00		1,012.32		3.00		.60
Class F-1 – assumed 5% return		1,000.00		1,021.88		3.02		.60
Class F-2 – actual return		1,000.00		1,013.63		1.70		.34
Class F-2 – assumed 5% return		1,000.00		1,023.17		1.71		.34
Class F-3 – actual return		1,000.00		1,014.16		1.15		.23
Class F-3 – assumed 5% return		1,000.00		1,023.72		1.16		.23
Class R-6 – actual return		1,000.00		1,014.17		1.15		.23
Class R-6 – assumed 5% return		1,000.00		1,023.72		1.16		.23

126	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Beginning account value 2/1/2020		Ending account value 7/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	988.15	$	3.31		.67	%
Class A – assumed 5% return		1,000.00		1,021.53		3.37		.67
Class C – actual return		1,000.00		984.72		6.76		1.37
Class C – assumed 5% return		1,000.00		1,018.05		6.87		1.37
Class T – actual return		1,000.00		989.64		1.83		.37
Class T – assumed 5% return		1,000.00		1,023.02		1.86		.37
Class F-1 – actual return		1,000.00		988.02		3.46		.70
Class F-1 – assumed 5% return		1,000.00		1,021.38		3.52		.70
Class F-2 – actual return		1,000.00		989.33		2.13		.43
Class F-2 – assumed 5% return		1,000.00		1,022.73		2.16		.43
Class F-3 – actual return		1,000.00		989.84		1.58		.32
Class F-3 – assumed 5% return		1,000.00		1,023.27		1.61		.32
Class R-6 – actual return		1,000.00		989.87		1.58		.32
Class R-6 – assumed 5% return		1,000.00		1,023.27		1.61		.32

The Tax-Exempt Fund of California

	Beginning account value 2/1/2020		Ending account value 7/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,009.57	$	2.90		.58	%
Class A – assumed 5% return		1,000.00		1,021.98		2.92		.58
Class C – actual return		1,000.00		1,005.84		6.63		1.33
Class C – assumed 5% return		1,000.00		1,018.25		6.67		1.33
Class T – actual return		1,000.00		1,010.72		1.70		.34
Class T – assumed 5% return		1,000.00		1,023.17		1.71		.34
Class F-1 – actual return		1,000.00		1,009.11		3.35		.67
Class F-1 – assumed 5% return		1,000.00		1,021.53		3.37		.67
Class F-2 – actual return		1,000.00		1,010.47		2.00		.40
Class F-2 – assumed 5% return		1,000.00		1,022.87		2.01		.40
Class F-3 – actual return		1,000.00		1,010.92		1.55		.31
Class F-3 – assumed 5% return		1,000.00		1,023.32		1.56		.31

American Funds Tax-Exempt Fund of New York

	Beginning account value 2/1/2020		Ending account value 7/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,001.23	$	3.04		.61	%
Class A – assumed 5% return		1,000.00		1,021.83		3.07		.61
Class C – actual return		1,000.00		997.50		6.75		1.36
Class C – assumed 5% return		1,000.00		1,018.10		6.82		1.36
Class T – actual return		1,000.00		1,002.44		1.84		.37
Class T – assumed 5% return		1,000.00		1,023.02		1.86		.37
Class F-1 – actual return		1,000.00		1,001.12		3.13		.63
Class F-1 – assumed 5% return		1,000.00		1,021.73		3.17		.63
Class F-2 – actual return		1,000.00		1,002.06		2.19		.44
Class F-2 – assumed 5% return		1,000.00		1,022.68		2.21		.44
Class F-3 – actual return		1,000.00		1,002.60		1.64		.33
Class F-3 – assumed 5% return		1,000.00		1,023.22		1.66		.33

*	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 366 (to reflect the one-half year period).

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Tax information

unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The funds hereby designate the following amounts for the funds’ fiscal year ended July 31, 2020 (dollars in thousands):

Fund	Long-term capital gain distributions		Exempt interest dividends
American Funds Short-Term Tax-Exempt Bond Fund		—	$	16,095
Limited Term Tax-Exempt Bond Fund of America	$	5,628		77,615
The Tax-Exempt Bond Fund of America		—		600,402
American High-Income Municipal Bond Fund		7,131		100.00	%
The Tax-Exempt Fund of California		12,324	$	67,658
American Funds Tax-Exempt Fund of New York		—		7,018

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2021, to determine the calendar year amounts to be included on their 2020 tax returns. Shareholders should consult their tax advisors.

128	American Funds Tax-Exempt Funds

Approval of Investment Advisory and Service Agreement

The boards 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, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York (the “board”) have approved the continuation of each fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2021. The agreement for American Funds Short-Term Tax-Exempt Bond Fund was amended to add an additional advisory fee breakpoint if and when the fund’s net assets exceed $1.5 billion, the agreement for The Tax-Exempt Bond Fund of America was amended to add an additional advisory fee breakpoint if and when the fund’s net assets exceed $28 billion, the agreement for American High-Income Municipal Bond Fund was amended to add an additional advisory fee breakpoint if and when the fund’s net assets exceed $10 billion, and the agreement for The Tax-Exempt Fund of California was amended to add an additional advisory fee breakpoint if and when the fund’s net assets exceed $3 billion. The board approved the agreement following the recommendation of each fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that each fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interaction with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to each fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board considered the risks

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129

assumed by CRMC in providing services to each fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objective. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2019. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain of the reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing each fund indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that each fund’s advisory fees and expenses are competitive with those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in each fund’s advisory fee structure that reduce the level of fees charged by CRMC to each fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising each fund and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, as well as the risks assumed by the adviser, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by each fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with each fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by each fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of each fund, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by each fund.

130	American Funds Tax-Exempt Funds

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in each fund’s advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.

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Boards of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the fund²			Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
William H. Baribault, 1945		STEX	2010	Chairman of the Board and CEO, Oakwood Advisors (private investment and consulting); former CEO and President, Richard Nixon Foundation	89	General Finance Corporation
		LTEX	2010
		TEBF	2010
		AHIM	2010
		TEFCA	2010
		TEFNY	2010
James G. Ellis, 1947		STEX	2009	Professor of Marketing and former Dean, Marshall School of Business, University of Southern California	98	Mercury General Corporation
		LTEX	2006
		TEBF	2006
		AHIM	2006
		TEFCA	2006
		TEFNY	2010
Nariman Farvardin, 1956		STEX	2018	President, Stevens Institute of Technology	86	None
		LTEX	2018
		TEBF	2018
		AHIM	2018
		TEFCA	2018
		TEFNY	2018
Mary Davis Holt, 1950		STEX		Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	86	None
		2015–2016; 2017
		LTEX
		2015–2016; 2017
		TEBF
		2015–2016; 2017
		AHIM
		2015–2016; 2017
		TEFCA
		2015–2016; 2017
		TEFNY
		2015–2016; 2017
R. Clark Hooper, 1946		STEX	2005	Private investor	89	None
		LTEX	2005
		TEBF	2005
		AHIM	2005
		TEFCA	2005
		TEFNY	2010
Merit E. Janow, 1958		STEX	2010	Dean and Professor, Columbia University, School of International and Public Affairs	88	Mastercard Incorporated; Trimble Inc.
		LTEX	2010
		TEBF	2010
		AHIM	2010
		TEFCA	2010
		TEFNY	2010
Margaret Spellings, 1957 Chairman of the Boards (Independent and Non-Executive)		STEX	2009	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Foundation	90	None
		LTEX	2010
		TEBF	2010
		AHIM	2010
		TEFCA	2010
		TEFNY	2010

See page 135 for footnotes.

132	American Funds Tax-Exempt Funds

Independent trustees¹(continued)

Name and year of birth	Year first elected a trustee of the fund²			Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
Alexandra Trower, 1964		STEX	2019	Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	85	None
		LTEX	2019
		TEBF	2019
		AHIM	2018
		TEFCA	2019
		TEFNY	2018
Paul S. Williams, 1959		STEX	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	85	Compass Minerals, Inc. (producer of salt and specialty fertilizers)
		LTEX	2020
		TEBF	2020
		AHIM	2020
		TEFCA	2020
		TEFNY	2020

Interested trustees^4,5

Name, year of birth and position with fund	Year first elected a trustee or officer of the fund²			Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
Michael C. Gitlin, 1970		STEX	2015	Vice Chairman and Director, Capital Research and Management Company; Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.;⁶served as Head of Fixed Income at a large investment management firm prior to joining Capital Research and Management Company in 2015	85	None
		LTEX	2015
		TEBF	2015
		AHIM	2015
		TEFCA	2015
		TEFNY	2015


Karl J. Zeile, 1966 President: TEBF, TEFCA Senior Vice President: AHIM, TEFNY		STEX	2011	Partner — Capital Fixed Income Investors, Capital Research and Management Company	20	None
		LTEX	2004
		TEBF	2009
		AHIM	2008
		TEFCA	2009
		TEFNY	2010

The funds’ statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the funds is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

STEX	American Funds Short-Term Tax-Exempt Bond Fund
LTEX	Limited Term Tax-Exempt Bond Fund of America
TEBF	The Tax-Exempt Bond Fund of America

AHIM	American High-Income Municipal Bond Fund
TEFCA	The Tax-Exempt Fund of California
TEFNY	American Funds Tax-Exempt Fund of New York

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133

Other officers⁵

Name, year of birth and position with fund	Year first elected an officer of the fund²			Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Aaron Applebaum, 1979 President: STEX Senior Vice President: LTEX		STEX LTEX	2016 2016	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Mark Marinella, 1958 President: LTEX Senior Vice President: STEX, TEFCA		STEX LTEX TEFCA	2019 2019 2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Chad M. Rach, 1972 President: AHIM Senior Vice President: TEBF		AHIM TEBF	2015 2016	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Jerome Solomon, 1963 President: TEFNY Senior Vice President: AHIM		TEFNY AHIM	2011 2017	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Kristine M. Nishiyama, 1970 Executive Vice President		STEX LTEX TEBF AHIM TEFCA TEFNY	2003 2003 2003 2003 2003 2010	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, General Counsel and Director, Capital Bank and Trust Company⁶
Steven I. Koszalka, 1964 Secretary		STEX LTEX TEBF AHIM TEFCA TEFNY	2010 2010 2010 2010 2010 2010	Vice President — Fund Business Management Group, Capital Research and Management Company
Brian C. Janssen, 1972 Treasurer		STEX LTEX TEBF AHIM TEFCA TEFNY	2015 2015 2012 2015 2012 2012	Vice President — Investment Operations, Capital Research and Management Company
Jane Y. Chung, 1974 Assistant Secretary		STEX LTEX TEBF AHIM TEFCA TEFNY	2014 2014 2014 2014 2014 2014	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer		STEX LTEX TEBF AHIM TEFCA TEFNY	2019 2019 2019 2019 2019 2019	Assistant Vice President — Investment Operations, Capital Research and Management Company
Gregory F. Niland, 1971 Assistant Treasurer		STEX LTEX TEBF AHIM TEFCA TEFNY	2015 2015 2015 2015 2015 2015	Vice President — Investment Operations, Capital Research and Management Company

See page 135 for footnotes.

134	American Funds Tax-Exempt Funds

¹	The term independent trustee refers to a trustee who is not an “interested person” of the funds within the meaning of the Investment Company Act of 1940.
²	Includes service as a director/trustee or officer of the fund’s predecessor, The Tax-Exempt Bond Fund of America, Inc. or American High-Income Municipal Bond Fund, Inc., each a Maryland corporation, or Limited Term Tax-Exempt Bond Fund of America or The Tax-Exempt Fund of California, each a Massachusetts business trust. 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 and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
⁴	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their current or former affiliation with the funds’ investment adviser, Capital Research and Management Company, or affiliated entities (including the funds’ principal underwriter).
⁵	All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
⁶	Company affiliated with Capital Research and Management Company.

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American Funds Tax-Exempt Funds

137

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138	American Funds Tax-Exempt Funds

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American Funds Tax-Exempt Funds

139

Offices of the funds

STEX, LTEX, TEBF, AHIM, TEFCA
333 South Hope Street
Los Angeles, CA 90071-1406

TEFNY

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company
(Write to the address near you.)

P.O. Box 6007
Indianapolis, IN 46206-6007

P.O. Box 2280
Norfolk, VA 23501-2280

Counsel

Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Custodians of assets

STEX, LTEX, TEBF, AHIM, TEFCA
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

TEFNY

Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

140	American Funds Tax-Exempt Funds

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the funds’ prospectus and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. Each fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

Complete July 31, 2020, portfolios 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, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York’s investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).

Each fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders 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, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the funds. If used as sales material after September 30, 2020, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

Bloomberg^® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2020 S&P Dow Jones Indices LLC, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM— has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 28 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds’ superior outcomes

Equity funds have beaten their Lipper peer indexes in 92% of 10-year periods and 99% of 20-year periods.²Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³Fund management fees have been among the lowest in the industry.⁴

	¹	Investment industry experience as of December 31, 2019.
	²	Based on Class F-2 share results for rolling periods through December 31, 2019. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
	³	Based on Class F-2 share results as of December 31, 2019. Fifteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.2. Standard & Poor’s 500 Composite Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	On average, our management fees were in the lowest quintile 65% of the time, based on the 20-year period ended December 31, 2019, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Please see capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that James G. Ellis, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

ITEM 4 – Principal Accountant Fees and Services

		TEFNY

Registrant:

a) Audit Fees:
Audit	2019	7,000
	2020	52,000

b) Audit-Related Fees:
	2019	None
	2020	None

c) Tax Fees:
	2019	8,000
	2020	8,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.

d) All Other Fees:
	2019	None
	2020	None

	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a) Audit Fees:
	Not Applicable

b) Audit-Related Fees:
	2019	None
	2020	None
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.

c) Tax Fees:
	2019	None
	2020	15,000

	The tax fees consist of consulting services relating to the Registrant’s investments.


d) All Other Fees:
	2019	2,000
	2020	12,000
	The other fees consist of subscription services related to an accounting research tool.


	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $9,000 for fiscal year 2019 and $35,000 for fiscal year 2020. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

American Funds Tax-Exempt Fund of New York®

Investment portfolio

July 31, 2020

Bonds, notes & other debt instruments 96.44% New York 93.82% State issuers 48.72%	Principal amount (000)	Value (000)
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Capital Appreciation Bonds, Series 2016-B, 0% 2048	$3,540	$1,285
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Capital Appreciation Bonds, Series 2016-B, BAM insured, 0% 2039	2,300	1,311
Convention Center Dev. Corp., Rev. Ref. Bonds (Hotel Unit Fee Secured), Series 2015, 5.00% 2030	300	338
Convention Center Dev. Corp., Rev. Ref. Bonds (Hotel Unit Fee Secured), Series 2015, 5.00% 2035	840	933
Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA insured, 4.00% 2033	400	467
Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA insured, 4.00% 2034	350	408
Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA insured, 4.00% 2043	500	570
Dormitory Auth., Rev. Bonds (Catholic Health System Obligated Group), Series 2019-A, 4.00% 2037	1,000	1,097
Dormitory Auth., Rev. Bonds (Cornell University), Series 2020-A-2, 5.00% 2030	1,000	1,418
Dormitory Auth., Rev. Bonds (Cornell University), Series 2020-A-2, 5.00% 2031	725	1,024
Dormitory Auth., Rev. Bonds (Culinary Institute of America), Series 2013, 5.50% 2033	500	543
Dormitory Auth., Rev. Bonds (Fordham University), Series 2017, 4.00% 2034	885	1,031
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2031	500	578
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2035	1,000	1,143
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2040	250	283
Dormitory Auth., Rev. Bonds (Langone Hospitals Obligated Group), Series 2020-A, 4.00% 2053	1,625	1,862
Dormitory Auth., Rev. Bonds (Memorial Sloan-Kettering Cancer Center), Series 2017-1, 5.00% 2027	750	971
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2018-A, 5.00% 2030	785	969
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2018-A, 5.00% 2031	1,000	1,228
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2020-A, 4.00% 2036	400	452
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2020-A, 4.00% 2050	1,250	1,372
Dormitory Auth., Rev. Bonds (New School), Series 2015-A, 5.00% 2032	1,000	1,136
Dormitory Auth., Rev. Bonds (New School), Series 2016-A, 5.00% 2032	1,000	1,175
Dormitory Auth., Rev. Bonds (New School), Series 2016-A, 5.00% 2035	500	582
Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 2032	500	646
Dormitory Auth., Rev. Bonds (Northwell Health Obligated Group), Series 2019-B-3, 5.00% 2048 (put 2026)	1,000	1,191
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2014, 5.00% 2022	200	216
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2014, 5.00% 2034	1,000	1,131
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2016-A, 5.00% 2033	400	476
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% 20321	600	685
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% 20401	1,000	1,118
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2017, 5.00% 20311	1,000	1,190
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2017, 5.00% 20351	1,300	1,524
Dormitory Auth., Rev. Bonds (Skidmore College), Series 2011-A, 5.50% 2041	1,110	1,151
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2017-A, 5.00% 2030	750	930
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2017-A, 5.00% 2032	500	612
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 2049	1,000	1,123
Dormitory Auth., Rev. Bonds (Touro College and University System Obligated Group), Series 2017, 5.00% 2038	500	544
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2011-A, 5.00% 2024	25	26
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2011-A, 5.00% 2024 (preref. 2021)	475	502

American Funds Tax-Exempt Fund of New York — Page 1 of 9

Bonds, notes & other debt instruments (continued) New York (continued) State issuers (continued)	Principal amount (000)	Value (000)
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2013-E, Assured Guaranty Municipal insured, 5.00% 2022	$1,000	$1,098
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-E, 5.00% 2032	750	887
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2041	750	924
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2042	1,130	1,389
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.25% 2037	1,000	1,297
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2028	1,000	1,313
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2044	1,000	1,264
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2014-A, 5.00% 2038	1,000	1,143
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 2039	2,275	2,851
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2035	1,000	1,284
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2039	800	1,015
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2048	1,500	1,872
Energy Research and Dev. Auth., Pollution Control Rev. Bonds (Rochester Gas and Electric Corp. Project), Series 1997-A, AMT, 3.00% 2032 (put 2025)	1,000	1,106
Environmental Facs. Corp., Rev. Green Bonds (Revolving Funds), Series 2016-B, 4.00% 2036	1,950	2,254
Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2014-R-2, AMT, 3.125% 2044 (put 2026)1	500	502
Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2017, AMT, 2.875% 2044 (put 2029)1	1,500	1,453
Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2017-M, 3.65% 2042	750	811
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2019-D, 3.55% 2039	1,000	1,095
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-E, 0.95% 2025	1,000	1,002
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.15% 20341	500	531
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.375% 20401	350	371
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 3, 7.25% 20441	375	407
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2031	1,500	1,572
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2035	1,315	1,552
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2038	750	881
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 0.869% 2033 (put 2023)2	1,500	1,497
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2035	1,000	1,240
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2047	3,225	3,905
Long Island Power Auth., Electric System General Rev. Bonds, Series 2018, 5.00% 2036	500	632
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, (SIFMA Municipal Swap Index + 1.00%) 1.16% 20202	2,000	1,992
Metropolitan Transportation Auth., Hudson Rail Yards Trust Obligations, Series 2016-A, 5.00% 2051	500	524
Metropolitan Transportation Auth., Hudson Rail Yards Trust Obligations, Series 2016-A, 5.00% 2056	750	837
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-1, 5.00% 2039	250	267
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.25% 2030	280	311
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2016-A-2, 5.00% 2026	560	631
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.00% 2027	700	802
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.25% 2057	750	832
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, 5.00% 2052	1,075	1,218
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-C-1, 5.00% 2039	1,640	1,864
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-A-1, BAM insured, 4.00% 2053	1,000	1,105
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 0.797% 2032 (put 2021)2	600	594
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2029	1,500	1,112
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2034	1,000	1,044
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2026	565	637
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043	190	200

American Funds Tax-Exempt Fund of New York — Page 2 of 9

Bonds, notes & other debt instruments (continued) New York (continued) State issuers (continued)	Principal amount (000)	Value (000)
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034	$180	$188
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 194, AMT, 3.50% 2035	310	323
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046	1,095	1,171
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044	555	590
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045	205	217
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047	755	808
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 206, AMT, 4.00% 2037	520	560
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 208, 4.00% 2048	490	532
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047	465	517
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 217, 4.00% 2049	995	1,105
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 46, 5.00% 2029	5	5
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 48, 2.625% 2041	755	776
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030	550	578
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 54, 4.00% 2047	1,285	1,389
Mortgage Agcy., Homeowner Mortgage Rev. Ref. Bonds, Series 45, 4.50% 2029	10	10
Port Auth., Consolidated Bonds, Series 166, 5.00% 2031	1,000	1,018
Port Auth., Consolidated Bonds, Series 205, 5.00% 2047	1,000	1,214
Port Auth., Consolidated Bonds, Series 212, 4.00% 2038	1,000	1,181
Port Auth., Consolidated Bonds, Series 217, 5.00% 2044	1,500	1,898
Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2034	500	531
Port Auth., Consolidated Rev. Ref. Bonds, Series 186, AMT, 5.00% 2044	500	568
Port Auth., Special Project Bonds (John F. Kennedy International Air Terminal LLC Project), Series 8, 5.00% 2020	350	352
Power Auth., Rev. Bonds, Series 2020-A, 4.00% 2055	2,500	2,991
Power Auth., Rev. Ref. Bonds, Series 2011-A, 5.00% 2038	1,500	1,588
Thruway Auth., General Rev. Bonds, Series 2020-N, 4.00% 2047	1,500	1,749
Thruway Auth., General Rev. Indebtedness Obligations, Series 2016-A, 5.25% 2056	250	290
Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 2039	1,000	1,170
Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 2045	3,160	3,642
Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2053	1,015	1,164
Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, BAM insured, 4.00% 2050	615	709
Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2020, AMT, 5.375% 2036	1,000	1,046
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2021	330	334
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2022	1,000	1,041
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2023	500	534
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2034	500	552
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2046	1,000	1,087
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050	500	547
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 4.00% 2036	500	510
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2036	1,045	1,144
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2018-A, 5.00% 2030	650	892
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2018-A, 5.00% 2046	1,000	1,228

American Funds Tax-Exempt Fund of New York — Page 3 of 9

Bonds, notes & other debt instruments (continued) New York (continued) State issuers (continued)	Principal amount (000)	Value (000)
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2019-A, 5.00% 2041	$600	$759
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2020-A, 5.00% 2054	1,250	1,597
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2027	750	871
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2026	1,500	1,870
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2032	1,000	1,221
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2036	1,500	1,913
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 4.00% 2037	500	606
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 4.00% 2042	1,000	1,189
Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2019-A, 4.00% 2043	1,785	2,095
Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2019-A, 5.00% 2039	1,500	1,947
Utility Debt Securitization Auth., Restructuring Bonds, Series 2016-A, 5.00% 2035	1,170	1,433
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2040	750	951
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2041	1,500	1,898
		142,458
City, county & other issuers 45.10%
City of Albany, Capital Resource Corp., Rev. Bonds (Empire Commons Student Housing, Inc. Ref. Project), Series 2016-A, 5.00% 2032	400	450
City of Albany, Capital Resource Corp., Rev. Bonds (St. Peter’s Hospital of the City of Albany Project), Series 2011, 6.25% 2038 (preref. 2020)	1,000	1,017
Town of Amherst, Dev. Corp., Fac. Rev. Bonds (Daemen College Projects), Series 2018, 5.00% 2023	540	578
Town of Amherst, Dev. Corp., Student Housing Fac. Rev. Ref. Bonds (UBF Faculty-Student Housing Corp. - Greiner and Hadley Rev. Ref. Projects at SUNY Buffalo), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2030	500	617
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2034	240	261
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2026	500	563
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2027	750	848
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2042	1,600	1,720
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Buffalo State College Foundation Housing Corp. Project), Series 2011-A, 5.375% 2041	1,400	1,448
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.00% 2023	1,600	1,762
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.00% 2024	475	538
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.00% 2040	1,050	1,163
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.25% 2035	725	822
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2021	525	531
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2022	545	560
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 5.50% 2043	1,500	1,591
Build NYC Resource Corp., Rev. Bonds (YMCA of Greater New York Project), Series 2015, 5.00% 2040	500	558
Build NYC Resource Corp., Rev. Ref. Bonds (Albert Einstein School of Medicine, Inc. Project), Series 2015, 5.50% 20451	300	326

American Funds Tax-Exempt Fund of New York — Page 4 of 9

Bonds, notes & other debt instruments (continued) New York (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 4.50% 20251	$350	$369
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 5.00% 20351	950	1,019
Village of Dobbs Ferry, Local Dev. Corp., Rev. Bonds (Mercy College Project), Series 2014, 5.00% 2039	1,625	1,794
Village of Dobbs Ferry, Local Dev. Corp., Rev. Bonds (Mercy College Project), Series 2014, 5.00% 2044	500	549
County of Dutchess, Local Dev. Corp., Rev. Bonds (Health Quest Systems, Inc. Project), Series 2016-B, 4.00% 2041	750	799
County of Dutchess, Local Dev. Corp., Rev. Bonds (Health Quest Systems, Inc. Project), Series 2016-B, 5.00% 2046	1,500	1,685
County of Dutchess, Local Dev. Corp., Rev. Bonds (Nuvance Health Issue), Series 2019-B, 4.00% 2049	1,000	1,099
County of Dutchess, Local Dev. Corp., Rev. Bonds (Nuvance Health Issue), Series 2019-B, 5.00% 2032	905	1,130
County of Dutchess, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2014-A, 5.00% 2028	430	509
County of Erie, Industrial Dev. Agcy., School Fac. Rev. Bonds (City School Dist. of the City of Buffalo Project), Series 2011-A, 5.25% 2025	500	518
County of Erie, Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2013-A, 5.00% 2027	790	885
City of Glen Cove, Local Econ. Assistance Corp., Rev. Bonds (Garvies Point Public Improvement Project), Convertible Capital Appreciation Bonds, Series 2016-C, 0% 2055 (5.62% on 1/1/2024)3	500	462
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2027	800	828
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2041	800	822
Town of Hempstead, Local Dev. Corp., Rev. Ref. Bonds (Molloy College Project), Series 2017, 5.00% 2033	480	554
Town of Hempstead, Local Dev. Corp., Rev. Ref. Bonds (Molloy College Project), Series 2017, 5.00% 2034	810	933
Town of Hempstead, Local Dev. Corp., Rev. Ref. Bonds (Molloy College Project), Series 2017, 5.00% 2037	630	720
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.25% 2047	955	978
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.25% 2047 (preref. 2021)	45	46
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.75% 2047	435	447
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.75% 2047 (preref. 2021)	565	582
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2033	2,700	3,319
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2035	1,000	1,221
County of Jefferson, Civic Fac. Dev. Corp., Rev. Bonds (Samaritan Medical Center Project), Series 2017-A, 4.00% 2042	500	504
County of Jefferson, Civic Fac. Dev. Corp., Rev. Bonds (Samaritan Medical Center Project), Series 2017-A, 4.00% 2047	500	495
County of Jefferson, Civic Fac. Dev. Corp., Rev. Bonds (Samaritan Medical Center Project), Series 2017-A, 5.00% 2037	1,000	1,180
County of Monroe, Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% 2025	325	386
County of Monroe, Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% 2033	430	497
County of Monroe, Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% 2034	380	438
County of Monroe, Industrial Dev. Corp., Rev. Bonds (St. Ann’s of Greater Rochester, Inc.), Series 2019, 5.00% 2050	1,500	1,353
County of Monroe, Industrial Dev. Corp., Rev. Bonds (University of Rochester Project), Series 2017-C, 4.00% 2036	1,275	1,473
County of Nassau, G.O. General Improvement Bonds, Series 2017-A, 5.00% 2030	1,000	1,229
County of Nassau, G.O. General Improvement Rev. Ref. Bonds, Series 2016-A, 5.00% 2030	1,795	2,155
County of Nassau, Tobacco Settlement Corp., Tobacco Settlement Asset-Backed Bonds, Series 2006-A-3, 5.00% 2035	600	600
County of Nassau, Tobacco Settlement Corp., Tobacco Settlement Asset-Backed Bonds, Series 2006-A-3, 5.125% 2046	705	705
City of New Rochelle, Local Dev. Rev. Bonds (Iona College Project), Series 2015-A, 5.00% 2045	250	269

American Funds Tax-Exempt Fund of New York — Page 5 of 9

Bonds, notes & other debt instruments (continued) New York (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2033	$1,000	$1,167
New York City G.O. Bonds, Fiscal 2016, Series 2016-A, 5.00% 2026	1,000	1,221
New York City G.O. Bonds, Fiscal 2016, Series 2016-C, 5.00% 2031	1,000	1,207
New York City G.O. Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2034	1,000	1,210
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2027	1,500	1,946
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2032	1,720	2,182
New York City G.O. Bonds, Fiscal 2019, Series 2019-D-1, 5.00% 2037	750	950
New York City G.O. Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 2040	1,250	1,473
New York City Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2021	540	542
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048	1,670	1,736
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2015-H, 2.95% 2045 (put 2026)	750	821
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-A-1-A, 3.80% 2037	885	973
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021	400	401
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2018-L-2, 2.75% 2050 (put 2023)	500	524
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2019-E-2, 1.75% 2059 (put 2023)	1,000	1,014
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2020-A-3, 1.125% 2060 (put 2024)	750	757
New York City Industrial Dev. Agcy., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-A, AMT, 5.00% 2022	515	546
New York City Industrial Dev. Agcy., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-A, AMT, 5.00% 2028	250	264
New York City Industrial Dev. Agcy., PILOT Rev. Bonds (Yankee Stadium Project), Series 2006, 5.00% 2046	1,000	1,002
New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Series 2011-EE, 5.375% 2043	590	600
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-EE, 5.00% 2045	500	574
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-HH, 5.00% 2039	500	596
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-CC-1, 4.00% 2046	1,000	1,127
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-DD, 5.00% 2047	1,055	1,292
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2033	750	957
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-BB-1, 5.00% 2046	1,250	1,539
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2019, Series 2019-FF-2, 5.00% 2040	1,000	1,305
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2020, Series 2020-GG-1, 4.00% 2050	2,000	2,396
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2036	750	948
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-2, 5.00% 2036	590	728
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-4-A, 5.00% 2037	750	950
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-1, 5.00% 2043	1,000	1,243
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-3, 5.00% 2036	1,000	1,266
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011, Series 2011-C, 5.25% 2025	700	708
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 2032	1,000	1,251
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-E-1, 5.00% 2043	1,000	1,210

American Funds Tax-Exempt Fund of New York — Page 6 of 9

Bonds, notes & other debt instruments (continued) New York (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2039	$750	$920
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2042	1,000	1,219
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-A-3, 4.00% 2042	2,925	3,346
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2036	2,380	3,034
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-C-1, 5.00% 2034	750	981
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-A-3, 4.00% 2042	1,500	1,762
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 2040	1,500	1,783
Niagara Area Dev. Corp., Solid Waste Disposal Fac. Rev. Ref. Bonds (Covanta Project), Series 2018-A, AMT, 4.75% 20421	1,000	1,018
Niagara Area Dev. Corp., Solid Waste Disposal Fac. Rev. Ref. Bonds (Covanta Project), Series 2018-B, 3.50% 20241	650	661
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2027	600	681
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2028	500	566
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2029	700	791
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2019-A, AMT, 5.00% 2031	1,000	1,266
County of Oneida, Local Dev. Corp. Rev. Bonds (Mohawk Valley Health System Project), Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2038	1,000	1,162
County of Oneida, Local Dev. Corp. Rev. Bonds (Mohawk Valley Health System Project), Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2049	1,000	1,132
County of Onondaga, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2025	500	597
County of Onondaga, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2030	1,750	2,059
County of Onondaga, Trust for Culturual Resources, Rev. Bonds, Series 2019, 5.00% 2040	1,000	1,304
County of Rockland, G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2024	1,000	1,166
Town of Southold, Local Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2045	1,500	1,565
County of Suffolk, Econ. Dev. Corp., Rev. Bonds (Catholic Health Services of Long Island Obligated Group Project), Series 2011, 5.00% 2028	850	879
County of Suffolk, Econ. Dev. Corp., Rev. Bonds (Catholic Health Services of Long Island Obligated Group Project), Series 2011, 5.00% 2028 (preref. 2021)	150	156
County of Suffolk, Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 5.875% 2030	1,000	1,018
County of Suffolk, G.O. Rev. Ref. Bonds, Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2026	540	648
County of Suffolk, Public Improvement Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026	720	870
Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2012-B, 5.00% 2032	750	778
County of Tompkins, Dev. Corp., Continuing Care Retirement Community Rev. Bonds (Kendal at Ithaca, Inc.), Series 2014-A, 5.00% 2044	915	950
City of Troy, Capital Resource Corp., Rev. Bonds (Rensselaer Polytechnic Institute Project), Series 2015, 5.00% 2027	800	939
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2023	600	667
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2038	1,500	1,850
TSASC, Inc., Tobacco Settlement Bonds, Series 2017-A, 5.00% 2022	1,000	1,073
TSASC, Inc., Tobacco Settlement Bonds, Series 2017-A, 5.00% 2025	750	884
County of Westchester, Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030	130	132
County of Westchester, Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030 (preref. 2020)	870	882

American Funds Tax-Exempt Fund of New York — Page 7 of 9

Bonds, notes & other debt instruments (continued) New York (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
County of Westchester, Health Care Corp., Rev. Bonds, Series 2011-A, 5.00% 2021	$100	$104
County of Westchester, Local Dev. Corp., Rev. Bonds (Purchase Housing Corp. II Project), Series 2017, 5.00% 2037	1,000	1,080
County of Westchester, Local Dev. Corp., Rev. Bonds (Purchase Housing Corp. II Project), Series 2017, 5.00% 2047	1,000	1,064
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2034	1,150	1,273
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2046	1,250	1,332
County of Westchester, Local Dev. Corp., Rev. Ref. Bonds (Pace University), Series 2014-A, 5.50% 2042	450	492
City of Yonkers, Econ. Dev. Corp., Educational Rev. Bonds (Lamartine/Warburton LLC - Charter School of Educational Excellence Project), Series 2019-A, 5.00% 2049	640	670
City of Yonkers, G.O. Bonds, Series 2015-B, Assured Guaranty Municipal insured, 5.00% 2024	490	568
		131,853
		274,311
Guam 1.05%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.375% 2043	500	519
G.O. Bonds, Series 2019, AMT, 5.00% 2031	900	955
Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031	500	506
Limited Obligation Rev. Ref. Bonds (Section 30), Series 2016-A, 5.00% 2022	500	531
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.00% 2028	250	276
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2014-A, 5.00% 2029	250	283
		3,070
Puerto Rico 1.57%
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2003-AA-1, Assured Guaranty Municipal insured, 4.95% 2026	265	267
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D, Assured Guaranty Municipal insured, 5.00% 2032	660	664
Industrial, 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% 2021	200	207
Industrial, 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	750	787
Industrial, 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% 2020	250	250
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	250	257
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2046	1,500	439
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2051	5,500	1,160
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1, 5.00% 2058	500	541
		4,572
Total bonds, notes & other debt instruments (cost: $267,723,000)		281,953

American Funds Tax-Exempt Fund of New York — Page 8 of 9

Short-term securities 3.15%	Principal amount (000)	Value (000)
Dormitory Auth., Rev. Bonds (Cornell University), Series 2019-B, 0.11% 20392	$4,100	$4,100
Dormitory Auth., Rev. Bonds (University of Rochester), Series 2003-A, JPMorgan Chase LOC, 0.18% 20312	900	900
City of Syracuse, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2008-A-2, JPMorgan Chase LOC, 0.13% 20372	4,220	4,220
Total short-term securities (cost: $9,220,000)		9,220
Total investment securities 99.59% (cost: $276,943,000)		291,173
Other assets less liabilities 0.41%		1,204
Net assets 100.00%		$292,377

1	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 qualified institutional buyers. The total value of all such securities was $11,174,000, which represented 3.82% of the net assets of the fund.
2	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
3	Step bond; coupon rate may change at a later date.

Key to abbreviations and symbol
Agcy. = Agency	Fncg. = Financing
AMT = Alternative Minimum Tax	G.O. = General Obligation
Auth. = Authority	IAM = Interest at Maturity
Certs. of Part. = Certificates of Participation	LIBOR = London Interbank Offered Rate
Dept. = Department	LOC = Letter of Credit
Dev. = Development	Preref. = Prerefunded
Dist. = District	Redev. = Redevelopment
Econ. = Economic	Ref. = Refunding
Fac. = Facility	Rev. = Revenue
Facs. = Facilities	SIFMA = Securities Industry and Financial Markets Association
Fin. = Finance	USD/$ = U.S. dollars

Additional financial disclosures are included in the fund’s current shareholder report and should be read in conjunction with this report.

Investments 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 and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

American Funds Distributors, Inc., member FINRA.

MFGEFP4-041-0920O-S78026

American Funds Tax-Exempt Fund of New York — Page 9 of 9

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of American Funds Tax-Exempt Fund of New York

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the summary investment portfolio, of American Funds Tax-Exempt Fund of New York (the “Fund”) as of July 31, 2020, the related statement of operations for the year ended July 31, 2020, the statement of changes in net assets for each of the two years in the period ended July 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the investment portfolio (included in Item 6 of this Form N-CSR) as of July 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

September 14, 2020

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

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

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

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

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

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

ITEM 10 – Submission of Matters to a Vote of Security Holders

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

ITEM 11 – Controls and Procedures

(a)

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

(b)

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

ITEM 12 – Exhibits

(a)(1)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.

(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK

	By __/s/ Kristine M. Nishiyama________________
	Kristine M. Nishiyama, Executive Vice President and Principal Executive Officer

	Date: September 30, 2020

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

By _ /s/ Kristine M. Nishiyama_____________

Kristine M. Nishiyama, Executive Vice President and

Principal Executive Officer

Date: September 30, 2020

By ___/s/ Brian C. Janssen__________________

Brian C. Janssen, Treasurer and

Principal Financial Officer

Date: September 30, 2020

American Funds Tax-Exempt Fund of New York Class F-1 (NYAEX) N-CSRCertified annual shareholder report (management investment company)