Limited Term Tax Exempt Bond Fund Of America NCSRS Certified semi-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: 811-07888

Limited Term Tax-Exempt Bond Fund of America

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (213) 486-9200

Date of fiscal year end: July 31

Date of reporting period: January 31, 2017

Steven I. Koszalka

Limited Term Tax-Exempt Bond Fund of America

333 South Hope Street

Los Angeles, California 90071

(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^®

Semi-annual reports for the six months
ended January 31, 2017

American Funds Short-Term Tax-Exempt Bond Fund seeks to provide you with 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 you with 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 you with 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 you with a high level of current income exempt from regular federal income tax.

The Tax-Exempt Fund of California seeks to provide you with 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 you with 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 one of the nation’s largest mutual fund families, American Funds, from Capital Group. For more than 85 years, Capital 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. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.com.

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2016 (the most recent calendar quarter-end), and the total annual fund operating expense ratios as of the prospectus dated January 1, 2017.

	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		–2.53	%		0.18	%		1.05	%		0.59	%
Limited Term Tax-Exempt Bond Fund of America		–2.75			1.11			2.76			0.59

Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		–3.41			2.96			3.55			0.54
American High-Income Municipal Bond Fund		–2.27			5.11			3.86			0.67
The Tax-Exempt Fund of California		–3.86			3.41			3.75			0.60
American Funds Tax-Exempt Fund of New York		–3.75			2.41			3.10			0.72	^†


*	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 0.69% as of the prospectus dated January 1, 2017.

For other share class results, visit americanfunds.com.

The 10-year investment result for American Funds Short-Term Tax-Exempt Bond Fund includes the fund’s results as a money market fund through the date of its conversion (August 7, 2009) to a short-term tax-exempt bond fund, and therefore is not representative of the fund’s results had it operated as a short-term tax-exempt bond fund for the full term of that period. 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 reflect the reimbursement, without which the results would have been lower. This reimbursement will be in effect through at least January 1, 2018, 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 americanfunds.com for more information.

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

Fellow investors:

This report covers the results 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 for the six months ended January 31, 2017.

Volatility returned to the municipal bond market during the first half of the funds’ fiscal year as investors weighed the potential impact of the U.S. presidential election, strengthening economic conditions and rising interest rates. The market was further pressured by a record level of municipal bond issuance in 2016. Against this backdrop, all six funds registered declines, ranging from –0.92% for American Funds Short-Term Tax-Exempt Bond Fund to –3.77% for American High-Income Municipal Bond Fund. (See pages 4 through 10 for fund specific results and information.)

Economic and market overview

The first half of the fiscal year began as the prior ended, with a strong showing for municipal bond markets on the whole. In August, the unmanaged Bloomberg Barclays Municipal Bond Index, a broad measure of the tax-exempt investment-grade market (bonds rated BBB/Baa and above), recorded its 14th consecutive month of positive returns. By September, however, that trend reversed sharply and the tax-exempt market experienced a high level of volatility.

This abrupt shift in market sentiment was attributable to several factors, including upbeat economic news. Gross Domestic Product (GDP) rose an annualized rate of 3.5% in the third quarter of 2016, up from 1.4% in the second. Wages also improved, climbing nearly 3.0% year over year in December. In response to expectations for tax cuts and a pro-growth agenda from the new administration, bond yields spiked in November and December.

Inflation expectations also increased significantly. In December, U.S. consumer prices rose 2.1% on a year-over-year basis, the largest inflation bump since June 2014. In a widely anticipated move, the U.S. Federal Reserve raised the federal funds target rate to a range of 0.50%–0.75% in mid-December. Longer term interest rates also rose during the period, depressing U.S. Treasury bond prices. Tax-exempt bonds sold off along with the broader bond market.

Municipal bond issuance reached an all-time high in 2016, further pressuring the market. The year’s $445 billion in offerings — driven by refundings mid-year as issuers looked to take advantage of low borrowing costs — eclipsed the old record of $433 billion set in 2010. After experiencing inflows for the first 10 months of the year, muni fund flows turned negative in November and December, further contributing to the volatility.

In the closing weeks of the period however, fund flows turned positive

American Funds Tax-Exempt Funds

again, helping drive a modest muni market rebound.

In general, municipal bonds of lower credit quality suffered more pronounced declines than higher rated issues, and longer term bonds tended to trail those with shorter maturities. Given the accelerating growth of the U.S. economy and anticipation of the Fed’s rate hike in December, most of the funds covered in this report entered the period with a conservative approach, maintaining a relatively short duration position. This helped mitigate the worst of the declines during the heightened volatility that characterized the final months of the calendar year. That said, the funds tended to lag the broader market during the rebound that occurred during the closing weeks of the period.

Looking ahead

As we look to the months ahead, there remains a great deal of uncertainty. The United States economy appears to be gaining momentum, and bond and equity markets alike have appeared to price in the potential effect of any shifts in policy under President Trump. That said, it is important to recognize that the details of future policy and their potential impact remain unclear. The possibility of both higher inflation and interest rates presents further challenges for municipal bond investors. Fed officials have in fact signaled that more rate increases are likely in 2017.

At this time we do not expect municipal bond returns to match the strong levels of the last few years. Faced with higher uncertainty and probable market volatility, we expect to maintain relatively neutral duration and curve investment positions. That being said, we believe that in the current low-yield environment we may continue to uncover potentially compelling income opportunities through comprehensive credit research.

We appreciate the trust you have placed in us and look forward to reporting back to you at the close of the fiscal year.

Sincerely,

Neil L. Langberg

President, American Funds Short-Term
Tax-Exempt Bond Fund, Limited Term
Tax-Exempt Bond Fund of America,

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

Jerry H. Solomon

President, American Funds Tax-Exempt
Fund of New York

Karl J. Zeile

President, American High-Income
Municipal Bond Fund

March 17, 2017

For current information about the funds, visit americanfunds.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 February 28, 2017. 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. The equivalent taxable yield assumes a 43.4% tax rate.¹

Class A shares	SEC 30-day yield			Equivalent taxable yield			12-month distribution rate
Reflecting 2.50% maximum sales charge
American Funds Short-Term Tax-Exempt Bond Fund		1.06	%		1.87	%		1.06	%
Limited Term Tax-Exempt Bond Fund of America		1.31			2.31			2.00

Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		2.17			3.83			3.02
American High-Income Municipal Bond Fund		3.35			5.92			3.68
The Tax-Exempt Fund of California		2.01			4.10	²		2.96
American Funds Tax-Exempt Fund of New York		2.10	³		4.07	⁴		2.42


¹	Based on 2016 federal tax rates. For the year 2016, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
²	For investors in the 50.93% federal and California state tax bracket.
³	The SEC 30-day yield for American Funds Tax-Exempt Fund of New York is 2.10% with the fund’s reimbursement.
⁴	For investors in the 48.39% federal and New York state tax bracket.

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, for The Tax-Exempt Bond Fund of America), 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 –0.92% for the first half of the fiscal year, trailing the –0.68% return of the Lipper Short Municipal Debt Funds Average, a peer group measure. The fund also lagged the –0.88% decline of the Bloomberg Barclays Municipal Short 1–5 Years Index.

The fund paid monthly dividends totaling 6 cents a share for the six months. This amounts to a federally tax-exempt income return of 0.55% for investors who reinvested dividends. This is equivalent to a taxable income return of 0.97% for investors in the 43.4%¹maximum federal tax bracket. A portion of the fund’s return also may be exempt from some state and local taxes.

In an uncertain market environment, the fund’s managers sought to provide relative stability. With yields near multiyear lows, the fund maintained its focus on high-quality issues of shorter duration. Municipal bonds on the whole struggled during the period; among the fund’s biggest detractors were revenue bonds supporting single-family housing and hospital facilities.

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: Thomson Reuters Lipper.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 1.06% tax-exempt distribution rate³as of January 31, 2017.

If your taxable income is …						… then your federal			The fund’s tax-exempt distribution rate of 1.06% is
Single			Joint			tax rate is …			equivalent to a taxable rate of …
$	0 –	9,275	$	0 –	18,550		10.0	%		1.18	%
	9,276 –	37,650		18,551 –	75,300		15.0			1.25
	37,651 –	91,150		75,301 –	151,900		25.0			1.41
	91,151 –	190,150		151,901 –	231,450		28.0			1.47
	190,151 –	413,350		231,451 –	413,350		36.8	¹		1.68
	413,351 –	415,050		413,351 –	466,950		38.8	¹		1.73
	Over 415,050			Over 466,950			43.4	¹		1.87


¹	For the year 2016, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income.
²	Based on 2016 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2017. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

Fund results shown are for Class A shares at net asset value. If a sales charge (maximum 2.50%) had been deducted, 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. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

4	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

The fund recorded a decline of –1.75% for the six months ended January 31, a result that bested the –1.91% total return of the Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index. The fund’s result was in line with the –1.78% total return of the Lipper Short-Intermediate Municipal Debt Funds Average, a peer group measure.

The fund paid monthly dividends totaling 16 cents a share for the period. Those individuals who reinvested dividends received a federally tax-exempt income return of 1.00%. This is equivalent to a taxable income return of 1.77% for investors in the 43.4%¹maximum federal tax bracket.

The fund focuses primarily on investment-grade bonds (those rated BBB/Baa and above). The fund’s managers positioned the portfolio fairly conservatively, seeking to maintain a relatively short duration. This approach dampened returns to an extent as the broader municipal bond market experienced a solid rebound in the final weeks of the period.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.02% tax-exempt distribution rate³as of January 31, 2017.

If your taxable income is …						... then your federal			The fund’s tax-exempt distribution rate of 2.02% is
Single			Joint			tax rate is …			equivalent to a taxable rate of ...
$	0 –	9,275	$	0 –	18,550		10.0	%		2.24	%
	9,276 –	37,650		18,551 –	75,300		15.0			2.38
	37,651 –	91,150		75,301 –	151,900		25.0			2.69
	91,151 –	190,150		151,901 –	231,450		28.0			2.81
	190,151 –	413,350		231,451 –	413,350		36.8	¹		3.20
	413,351 –	415,050		413,351 –	466,950		38.8	¹		3.30
	Over 415,050			Over 466,950			43.4	¹		3.57


¹	For the year 2016, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income.
²	Based on 2016 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2017. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

The fund logged a total return of –3.37% during the six-month period, a result that was in line with the –3.34% decline of the Bloomberg Barclays Municipal Bond Index. However, the fund outpaced the –3.59% total return of the Lipper General & Insured Municipal Debt Funds Average, a peer group measure.

During the period, the fund paid monthly dividends totaling 20 cents a share, amounting to a federally tax-exempt income return of 1.51% for investors who reinvested dividends. This is equivalent to a taxable income return of 2.67% for investors in the 43.4%¹maximum federal tax bracket. The fund does not invest in bonds subject to the Alternative Minimum Tax (AMT).

The fund’s managers continued on a relatively conservative path during the first half of the fiscal year, focusing on minimizing risk in an uncertain environment. They continue to seek out opportunities for incremental yield through deep credit research while remaining mindful of improving economic conditions and the potential for rising interest rates. At the close of the period about 93% of the portfolio consisted of revenue bonds. The largest concentrations were in holdings backing health care and transportation initiatives.

Amid declines across most areas of the market, holdings of bonds supporting hospital facilities were particularly detrimental to fund returns.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 3.04% tax-exempt distribution rate³as of January 31, 2017.

If your taxable income is …						... then your federal			The fund’s tax-exempt distribution rate of 3.04% is
Single			Joint			tax rate is …			equivalent to a taxable rate of ...
$	0 –	9,275	$	0 –	18,550		10.0	%		3.38	%
	9,276 –	37,650		18,551 –	75,300		15.0			3.58
	37,651 –	91,150		75,301 –	151,900		25.0			4.05
	91,151 –	190,150		151,901 –	231,450		28.0			4.22
	190,151 –	413,350		231,451 –	413,350		36.8	¹		4.81
	413,351 –	415,050		413,351 –	466,950		38.8	¹		4.97
	Over 415,050			Over 466,950			43.4	¹		5.37


¹	For the year 2016, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income.
²	Based on 2016 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2017. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

Fund results shown are for Class A shares at net asset value. If a sales charge (maximum 3.75%) had been deducted, 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. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

6	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

The fund registered a total return of –3.77% for the first half of its fiscal year. This result exceeded both the –3.91% loss of the Bloomberg Barclays High Yield Municipal Bond Index, and the –4.25% total return of the Lipper High Yield Municipal Debt Funds Average, a measure of the fund’s peer group.

For the six months, the fund paid monthly dividends totaling 29 cents a share, amounting to a federally tax-exempt income return of 1.83% for investors who reinvested dividends. This is equivalent to a taxable income return of 3.23% for investors in the 43.4%¹maximum federal tax bracket. A portion of the fund’s return also may be exempt from some state and local taxes.

Rigorous credit research helped the fund mitigate the impact of some of the more extreme crosscurrents in the municipal bond market. Holdings of bonds backing hospitals, senior living facilities and airports posted some of the worst declines for the period.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 3.73% tax-exempt distribution rate³as of January 31, 2017.

If your taxable income is …						... then your federal			The fund’s tax-exempt distribution rate of 3.73% is
Single			Joint			tax rate is …			equivalent to a taxable rate of ...
$	0 –	9,275	$	0 –	18,550		10.0	%		4.14	%
	9,276 –	37,650		18,551 –	75,300		15.0			4.39
	37,651 –	91,150		75,301 –	151,900		25.0			4.97
	91,151 –	190,150		151,901 –	231,450		28.0			5.18
	190,151 –	413,350		231,451 –	413,350		36.8	¹		5.90
	413,351 –	415,050		413,351 –	466,950		38.8	¹		6.09
	Over 415,050			Over 466,950			43.4	¹		6.59


¹	For the year 2016, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income.
²	Based on 2016 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2017. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

The fund posted a total return of –3.66% for the six months. This result bested the –4.22% total return of the Lipper California Municipal Debt Funds Average, a peer group measure. However, the fund trailed the –3.54% return of the Bloomberg Barclays California Municipal Index.

For the period, the fund paid monthly dividends totaling 27 cents a share. Those investors who reinvested dividends received an income return of 1.48%. This is equivalent to a taxable income return of 3.02% for investors in the 50.93%¹ effective combined federal and California state tax bracket.

Holdings of tax assessment bonds and issues backing hospitals and school districts dampened fund returns.

Tax-exempt yields vs. taxable yields

Find your estimated 2016 taxable income below to determine your combined federal and California tax rate², then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.99% tax-exempt distribution rate³ at January 31, 2017.

If your taxable income is …						… then your combined federal and California			The fund’s tax-exempt distribution rate of 2.99% is
Single			Joint			state tax rate is …			equivalent to a taxable rate of ...
$	0 –	8,015	$	0 –	16,030		10.90	%		3.36	%
	8,016 –	9,275		16,031 –	18,550		11.80			3.39
	9,276 –	19,001		18,551 –	38,002		16.70			3.59
	19,002 –	29,989		38,003 –	59,978		18.40			3.66
	29,990 –	37,650		59,979 –	75,300		20.10			3.74
	37,651 –	41,629		75,301 –	83,258		29.50			4.24
	41,630 –	52,612		83,259 –	105,224		31.00			4.33
	52,613 –	91,150		105,225 –	151,900		31.98			4.40
	91,151 –	190,150		151,901 –	231,450		34.70			4.58
	190,151 –	268,750		231,451 –	413,350		42.68	¹		5.22
	268,751 –	322,499		–			43.31	¹		5.27
	322,500 –	413,350		–			43.94	¹		5.33
	–			413,351 –	466,950		44.49	¹		5.39
	413,351 –	415,050		–			45.72	¹		5.51
	–			466,951 –	537,500		48.66	¹		5.82
	–			537,501 –	644,998		49.23	¹		5.89
	415,051 –	537,498		644,999 –	1,000,000		49.80	¹		5.96
	537,499 –	1,000,000		1,000,001 –	1,074,996		50.36	¹		6.02
	Over –	1,000,000		Over 1,074,996			50.93	¹		6.09

For the year 2016, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 50.93% marginal tax rate on their investment income.

Based on 2016 federal and 2016 California state tax rates. (State rates from 1.0% to 13.3% are individually calculated for each bracket. The federal brackets are expanded to include additional state brackets.) The effective combined tax rates paid by California residents may be lower than those shown due to the availability of income tax deductions.

The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2017. Capital gains distributions, if any, are added back at the maximum offering price to determine the rate.

8	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

The fund recorded a total return of –3.55%, trailing the –3.22% decline of the Bloomberg Barclays New York Municipal Index. By way of comparison, the Lipper New York Municipal Debt Funds Average, a peer group measure, posted a –3.51% total return.

The fund paid monthly dividends totaling 14 cents a share for the six months. This represents an income return of 1.23% for those who reinvested dividends. For investors in the 48.39%^1,2combined effective federal and New York state tax bracket, this is equivalent to a taxable income return of 2.38%.

Revenue bonds supporting higher education and hospitals and general obligation bonds were among those holdings that detracted from the fund’s overall total return.

Tax-exempt yields vs. taxable yields

Find your estimated 2016 taxable income below to determine your combined federal and New York state tax rate,^2,3then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.43% tax-exempt distribution rate⁴ at January 31, 2017.

If your taxable income is …						… then your combined federal and New York			The fund’s tax-exempt distribution rate of 2.43% is
Single			Joint			state tax rate is …			equivalent to a taxable rate of ...
$	0 –	8,450	$	0 –	17,050		13.60	%		2.81	%
	8,451 –	9,275		17,051 –	18,550		14.05			2.83
	9,276 –	11,650		18,551 –	23,450		18.83			2.99
	11,651 –	13,850		23,451 –	27,750		19.46			3.02
	13,851 –	21,300		27,751 –	42,750		20.02			3.04
	21,301 –	37,650		42,751 –	75,300		20.48			3.06
	37,651 –	80,150		75,301 –	151,900		29.84			3.46
	80,151 –	91,150		–			29.99			3.47
	–			151,901 –	160,500		32.64			3.61
	91,151 –	190,150		160,501 –	231,450		32.79			3.62
	190,151 –	214,000		231,451 –	321,050		41.00	¹		4.12
	214,001 –	413,350		321,051 –	413,350		41.13	¹		4.13
	413,351 –	415,050		413,351 –	466,950		42.99	¹		4.26
	415,051 –	1,070,350		466,951 –	2,140,900		47.28	¹		4.61
	over –	1,070,350		over –	2,140,900		48.39	¹		4.71

¹	For the year 2016, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 48.39% marginal tax rate on their investment income.
²	Income generated by the fund’s investments is also generally exempt from New York City taxes, offering additional tax advantages to New York City residents.
³	Based on 2016 federal and 2016 New York state tax rates. (State rates from 4.00% to 8.82% are individually calculated for each bracket. The federal brackets are expanded to include additional state brackets.) The effective combined tax rates assume full deductibility of state taxes.
⁴	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2017. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

American Funds Tax-Exempt Funds

Results at a glance

For periods ended January 31, 2017, with distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime¹
American Funds Short-Term Tax-Exempt Bond Fund (Class A shares)		–0.11	%		0.66	%		—			1.22	%
Bloomberg Barclays Municipal Short 1–5 Years Index²		0.12			1.12			—			1.74
Lipper Short Municipal Debt Funds Average		–0.10			0.59			—			1.13

Limited Term Tax-Exempt Bond Fund of America (Class A shares)		–0.56			1.50			3.09	%		3.95
Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index³		–0.36			1.77			3.58			4.20
Lipper Short-Intermediate Municipal Debt Funds Average		–0.46			1.14			2.58			3.45

The Tax-Exempt Bond Fund of America (Class A shares)		–0.25			3.25			4.01			6.49
Bloomberg Barclays Municipal Bond Index		–0.28			2.94			4.34			—	⁴
Lipper General & Insured Municipal Debt Funds Average		–0.45			2.94			3.65			6.24

American High-Income Municipal Bond Fund (Class A shares)		1.04			5.38			4.31			5.50
Bloomberg Barclays Municipal Bond Index		–0.28			2.94			4.34			5.38
Bloomberg Barclays High Yield Municipal Bond Index		3.85			5.44			4.14			—	⁴
Lipper High Yield Municipal Debt Funds Average		0.66			4.65			3.42			4.99

The Tax-Exempt Fund of California (Class A shares)		–0.75			3.70			4.20			5.53
Bloomberg Barclays California Municipal Index		–0.45			3.48			4.54			—	⁴
Lipper California Municipal Debt Funds Average		–0.51			3.63			3.98			5.53

American Funds Tax-Exempt Fund of New York (Class A shares)		–0.24			2.75			—			3.80
Bloomberg Barclays New York Municipal Index		–0.26			2.93			—			3.62
Lipper New York Municipal Debt Funds Average		–0.02			2.68			—			3.33


¹	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).
²	Bloomberg Barclays Municipal Short 1–5 Years Index is a market value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to five years.
³	Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index is a market value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to 10 years.
⁴	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: Thomson Reuters Lipper.

10	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund	unaudited
Summary investment portfolio January 31, 2017

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.

Bonds, notes & other debt instruments 91.44%	Principal amount (000)			Value (000)
Alabama 2.28%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021)		$	9,500	$	10,185
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2018			3,315		3,519
Other securities					5,372
					19,076

California 10.54%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2006-C-1, 1.56% 2045 (put 2023)¹			6,600		6,551
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2007-E-3, 1.33% 2047 (put 2019)¹			3,000		2,995
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-G, 1.26% 2034 (put 2020)¹			2,000		2,001
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-C, 1.00% 2053 (put 2019)			5,000		4,933
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-C, 5.00% 2034 (put 2022)			2,200		2,514
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-B, 5.00% 2043 (put 2017)			1,145		1,177
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-D, 5.00% 2043 (put 2020)			1,500		1,676
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, 1.043% 2047 (put 2019)¹			3,500		3,483
Los Angeles County, Metropolitan Transportation Auth., Proposition A, Sales Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2018			3,000		3,174
Statewide Communities Dev. Auth., Rev. Bonds (Hebrew Home for Aged Disabled), Series 2016, 3.50% 2021			3,350		3,504
Other securities					56,183
					88,191

Connecticut 1.54%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044			825		866
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-E-1, 3.50% 2046			1,300		1,366
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, 4.00% 2044			1,345		1,396
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2012-F-2, AMT, 2.75% 2035			570		577
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044			3,240		3,372

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Connecticut (continued)
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045		$	1,925	$	2,006
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2016-A-1, 4.00% 2045			1,365		1,456
Other securities					1,861
					12,900

Florida 4.40%
Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2019			1,660		1,797
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 6.00% 2017			1,300		1,322
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2017			1,000		1,014
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2019			7,450		8,064
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Credit Group), Series 1999-B, 1.65% 2029 (put 2019)			1,500		1,500
Health and Educational Facs. Auth., Rev. Bonds (Ascension Senior Credit Group), Series 2013-B-1, 1.375% 2038 (put 2019)			2,225		2,203
Health Facs. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2001-A-2, 4.00% 2036 (put 2019)			1,500		1,579
City of Lakeland, Energy System Rev. Ref. Bonds, Series 2012, 1.41% 2017¹			3,800		3,801
Other securities					15,523
					36,803

Georgia 2.81%
Dev. Auth. Of Floyd County, Pollution Control Rev. Bonds (Georgia Power Company Plant Hammond Project), 2.35% 2022 (put 2020)			4,000		4,007
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series), Series 2014-A, 0.93% 2025 (put 2017)¹			5,250		5,246
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2014-B, 0.91% 2025 (put 2017)¹			3,500		3,497
Other securities					10,740
					23,490

Illinois 6.96%
Build Bonds (Sales Tax Rev. Bonds), Series June 2013, 5.00% 2020			3,500		3,848
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 4.00% 2021			3,000		3,233
Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 1998-B, 1.65% 2025 (put 2019)			10,390		10,429
Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 2001-B-1, 1.10% 2036 (put 2018)			1,250		1,250
Housing Dev. Auth., Multifamily Housing Rev. Notes (Marshall Field Garden Apartment Homes), 1.66% 2050 (put 2025)¹			3,400		3,366
Other securities					36,171
					58,297

Indiana 2.54%
Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2001, AMT, 1.75% 2031 (put 2015)			500		502
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2017			2,500		2,509
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2016-A, 5.00% 2019			1,100		1,211
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2016-A, 5.00% 2022			2,500		2,905
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2016-A, 5.00% 2023			2,000		2,345

12	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)			Value (000)
Health and Educational Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2005-A-5, 2.00% 2027 (put 2017)		$	2,615	$	2,626
Hobart Building Corp. (Lake County), First Mortgage Bonds, Series 2006, National insured, 6.50% 2029 (preref. 2020)			6,000		6,897
Other securities					2,276
					21,271

Kentucky 0.62%
State Property and Buildings Commission, Rev. Ref. Bonds (Project No. 112), Series 2016-B, 5.00% 2022			4,500		5,156

Maryland 1.03%
Montgomery County, G.O. Consolidated Public Improvement Bonds, Series 2011-A, 5.00% 2024 (preref. 2019)			900		982
Other securities					7,608
					8,590

Massachusetts 4.01%
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System), Series 2014-M-3, 1.18% 2038 (put 2018)¹			8,315		8,315
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System), Series 2014-M-5, 0.96% 2038 (put 2018)¹			1,075		1,075
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 5.00% 2024			3,000		3,361
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2021			3,000		3,272
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 167, 4.00% 2043			765		794
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044			820		855
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 172, 4.00% 2045			1,345		1,415
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 181, 4.00% 2044			965		1,025
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 2046			1,000		1,043
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 160, AMT, 3.75% 2034			400		411
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 162, 2.75% 2041			450		455
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 165, 2.65% 2041			1,445		1,463
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044			850		904
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 177, AMT, 4.00% 2039			3,220		3,402
Other securities					5,740
					33,530

Michigan 4.32%
State Hospital Fin. Auth., Project Rev. Ref. Bonds (Ascension Health Credit Group), Series 2010-F3, 1.40% 2047 (put 2018)			1,500		1,501
Other securities					34,703
					36,204

Minnesota 1.20%
Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program), Series 2011-G, 4.25% 2035			530		551
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040			730		756
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2013-A, AMT, 3.00% 2031			595		604
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038			1,115		1,187
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 2045			4,365		4,598
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-A, AMT, 4.00% 2041			870		921
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-E, AMT, 3.50% 2046			890		923
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2016-E, 4.00% 2047			250		267
Other securities					269
					10,076

Nebraska 1.60%
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019)			4,200		4,554
Other securities					8,809
					13,363

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Nevada 1.56%
Clark County, Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010, 1.875% 2031 (put 2020)		$	5,500	$	5,519
Other securities					7,576
					13,095

New Jersey 2.48%
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2014-PP, 5.00% 2019			4,000		4,196
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 4.00% 2017			3,500		3,562
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 5.00% 2018			2,000		2,105
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2020			750		813
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2021			2,000		2,187
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 5.00% 2018			2,250		2,368
Other securities					5,521
					20,752

New Mexico 0.83%
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison
Company Four Corners Project), 1.875% 2029 (put 2020)			2,000		2,012
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company Four Corners Project), Series 2005-B, 1.875% 2029 (put 2020)			2,250		2,245
Other securities					2,697
					6,954

New York 8.21%
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 4.00% 2019			750		803
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2020			2,000		2,250
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 1.24% 2039 (put 2020)¹			6,250		6,243
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043			1,530		1,568
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034			2,855		2,935
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046			2,985		3,196
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044			1,000		1,051
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045			650		685
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030			950		986
City of New York, G.O. Bonds, Fiscal 2014 Series A-6, 1.13% 2031¹			2,500		2,497
City of New York, G.O. Bonds, Series 2008-J-4, 1.21% 2025¹			6,000		6,000
City of New York, G.O. Bonds, Series 2012-I, 5.00% 2018			1,000		1,059
City of New York, G.O. Bonds, Series 2014-A, 5.00% 2020			1,500		1,681
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series B, 5.00% 2017			1,000		1,000
Thruway Auth., General Rev. Junior Indebtedness Obligations, Series 2013-A, 5.00% 2019			4,700		5,081
Other securities					31,728
					68,763

Ohio 1.66%
Solid Waste Disposal Rev. Bonds (Waste Management Inc. Project), Series 2002, AMT, 1.70% 2022 (put 2018)			2,500		2,508
Other securities					11,376
					13,884

14	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)			Value (000)
Oregon 1.20%
Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, 1.66% 2022 (put 2018)¹		$	3,000	$	3,000
Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, 1.51% 2020 (put 2017)¹			1,500		1,500
Other securities					5,581
					10,081

Pennsylvania 3.12%
Econ. Dev. Fncg. Auth., Unemployment Compensation Rev. Bonds, Series 2012-B, 5.00% 2021			4,000		4,152
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-117-A, AMT, 3.50% 2040			1,675		1,736
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-118-A, AMT, 3.50% 2040			1,775		1,839
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 2041			905		943
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 2046			985		1,030
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046			3,440		3,682
Turnpike Commission, Turnpike Rev. Bonds, Series 2016, 5.00% 2021			3,500		3,930
Other securities					8,769
					26,081

Rhode Island 1.09%
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-1, 4.00% 2033			3,010		3,157
Other securities					5,979
					9,136

South Carolina 0.73%
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-A, 4.00% 2020			2,945		3,207
Other securities					2,905
					6,112

Tennessee 1.52%
Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-2-C, 4.00% 2038			565		594
Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-1-C, 4.50% 2037			785		832
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2011-1-A, AMT, 4.50% 2031			1,345		1,415
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2012-1-A, AMT, 4.50% 2038			660		695
Housing Dev. Agcy., Residential Fin. Program Bonds, 4.00% 2046			455		484
Housing Dev. Agcy., Residential Fin. Program Bonds, Issue 2013-1-C, 3.00% 2038			1,235		1,266
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043			1,220		1,271
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-1-A, AMT, 4.00% 2039			1,605		1,686
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, AMT, 4.00% 2045			1,375		1,452
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045			1,040		1,095
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-B, 3.50% 2047			930		978
Other securities					1,000
					12,768

Texas 8.83%
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, AMT, 2.50% 2020 (put 2013)			2,000		2,030
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, 5.00% 2018			2,000		2,082
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2009-A, 5.25% 2024 (preref. 2019)			1,100		1,188
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2012-C, 2.00% 2027 (put 2018)			1,625		1,641
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-A, 2.25% 2033 (put 2019)			5,500		5,584
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-B, 1.040% 2033 (put 2018)¹			6,000		5,987

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Texas (continued)
Transportation Commission, G.O. Mobility Fund Bonds, Series 2014-B, 1.040% 2041 (put 2018)¹		$	6,500	$	6,496
Board of Regents of The University of Texas System, Rev. Fncg. System Bonds, Series 2016-J, 5.00% 2024			5,000		5,990
Other securities					42,953
					73,951

Virginia 0.79%
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series 2013-A, 5.00% 2020			3,000		3,335
Other securities					3,284
					6,619

Washington 3.26%
Econ. Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, 2.125% 2020²			5,000		5,021
Health Care Facs. Auth., Rev. Bonds (Providence Health & Services), Series 2012-B, 4.00% 2042 (put 2021)			250		273
Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2012-A, 5.00% 2018			500		532
Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2012-B, 5.00% 2042 (put 2021)			2,550		2,893
Other securities					18,559
					27,278

Wisconsin 2.52%
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-2, 4.00% 2043 (put 2019)			1,000		1,060
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-3, 5.00% 2043 (put 2020)			4,500		4,989
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2016-A, AMT, 3.50% 2046			3,855		3,994
Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2016-A-4, AMT, 2.00% 2033 (put 2021)			1,500		1,482
Other securities					9,539
					21,064

Other states & U.S. territories 9.79%
Other securities					81,850

Total bonds, notes & other debt instruments (cost: $767,110,000)					765,335

Short-term securities 8.35%
State of Maryland, Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2009-B, 0.74% 3/1/2017			10,000		10,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 0.58% 2035¹			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-E, 0.58% 2035¹			3,000		3,000
State of New York, City of New York, G.O. Bonds, Series 2006-H-1, 0.63% 2036¹			7,300		7,300
State of New York, City of New York, G.O. Bonds, Series 2006-L-5, 0.63% 2035¹			3,700		3,700
State of New York, City of New York, G.O. Bonds, Series 2008-J-5, 0.63% 2028¹			3,310		3,310
State of New York, City of New York, G.O. Bonds, Series 2008-L-4, 0.62% 2038¹			3,100		3,100
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-3, 0.63% 2045¹			2,000		2,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 0.63% 2045¹			10,700		10,700

16	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)			Value (000)
State of New York, New York City Transitional Fin. Auth., New York City Recovery Bonds, Fiscal 2003, Series 2002-1-C, 0.63% 2022¹		$	7,160	$	7,160
State of New York, New York City, Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Series 2003-F-2, 0.62% 2035¹			5,650		5,650
Other securities					7,006

Total short-term securities (cost: $69,926,000)					69,926
Total investment securities 99.79% (cost: $837,036,000)					835,261
Other assets less liabilities 0.21%					1,762

Net assets 100.00%				$	837,023

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	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
	²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $5,021,000, which represented .60% of the net assets of the fund.

Key to abbreviations

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

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America	unaudited
Summary investment portfolio January 31, 2017

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 93.48%	Principal amount (000)			Value (000)
Alabama 1.01%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021)		$	14,500	$	15,545
Other securities					22,027
					37,572

California 10.93%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2006-C-1, 1.56% 2045 (put 2023)¹			20,500		20,348
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2007-C-1, 1.56% 2047 (put 2023)¹			3,500		3,474
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2007-E-3, 1.33% 2047 (put 2019)¹			1,000		999
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-B-1, 1.76% 2045 (put 2024)¹			2,500		2,500
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-G, 1.26% 2034 (put 2020)¹			2,500		2,501
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-H, 1.36% 2034 (put 2021)¹			10,480		10,474
Econ. Recovery Bonds, Ref. Series 2009-A, 5.00% 2020 (preref. 2019)			9,000		9,833
Other securities					358,150
					408,279

Connecticut 1.36%
Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00% 2019			8,550		9,176
Other securities					41,534
					50,710

Florida 7.64%
Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2018			2,000		2,102
Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2019			5,000		5,412
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 5.50% 2017			10,035		10,191
Citizens Property Insurance Corp., High-Risk Account Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2020			3,500		3,830
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2019			3,600		3,897
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2020			4,500		4,993

18	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2021		$	1,000	$	1,132
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2022			10,200		11,742
Fin. Auth., Econ. Dev. Rev. Bonds (Republic Services, Inc. Project), Series 2010-B, 0.90% 2028 (put 2017)¹			10,500		10,500
Lee County, Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2029			13,000		13,073
Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021			11,600		13,082
Putnam County Dev. Auth., Pollution Control Rev. Ref. Bonds (Seminole Electric Cooperative, Inc. Project), Series 2007-B, AMBAC insured, 5.35% 2042 (put 2018)			10,370		10,874
Other securities					194,628
					285,456

Georgia 2.74%
Municipal Electric Auth., Project 1, Series 2008-D, 5.75% 2019 (preref. 2018)			11,840		12,627
Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2018			10,930		11,594
Other securities					78,267
					102,488

Hawaii 0.53%
Airports System Rev. Bonds, Series 2010-B, AMT, 5.00% 2018			9,900		10,409
Other securities					9,522
					19,931

Illinois 9.59%
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 5.00% 2019			2,785		2,975
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2012-B, AMT, 5.00% 2024			2,000		2,216
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2013-A, AMT, 5.00% 2022			3,055		3,415
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2025			6,170		6,816
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2021			10,000		11,053
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2018			2,000		2,064
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2019			2,000		2,123
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2013-B, AMT, 5.00% 2022			3,000		3,354
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 2026			4,000		4,687
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.25% 2029			1,500		1,762
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2008-A, Assured Guaranty Municipal insured, 5.00% 2019 (preref. 2018)			2,000		2,074
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2023			5,000		5,636
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-B, 5.00% 2023			1,500		1,732
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2016-B, 5.00% 2019			2,500		2,671
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2016-C, 5.00% 2028			3,145		3,602
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 2022			10,500		11,774

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)
Housing Dev. Auth., Multifamily Housing Rev. Notes (Marshall Field Garden Apartment Homes), 1.66% 2050 (put 2025)¹		$	10,500	$	10,394
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023			12,925		14,585
Other securities					265,239
					358,172

Michigan 4.85%
Housing Dev. Auth., Single-Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047			20,600		21,445
Wayne County, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2007, AMT, FGIC-National insured, 5.00% 2018			1,000		1,031
Wayne County, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2007, AMT, National insured, 5.00% 2017			1,000		1,031
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2008-A, AMT, Assured Guaranty insured, 5.25% 2018			595		620
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2010-A, AMT, 5.00% 2017			1,615		1,663
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2010-A, AMT, 5.00% 2018			3,590		3,794
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2019			1,000		1,082
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2020			10,000		11,027
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2021			8,240		9,211
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, Assured Guaranty Municipal insured, 4.00% 2020			4,000		4,265
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-B, 5.00% 2019			1,000		1,092
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-D, AMT, 5.00% 2019			3,560		3,851
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2025			1,500		1,717
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2026			1,000		1,136
Other securities					118,228
					181,193

Nebraska 0.99%
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019)			8,800		9,542
Other securities					27,352
					36,894

Nevada 2.17%
Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Ref. Bonds, Series 2011, 5.00% 2020			12,320		13,742
Clark County, Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010, 1.875% 2031 (put 2020)			15,150		15,203
Other securities					52,229
					81,174

New Jersey 2.71%
Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-D, 1.34% 2024 (put 2018)¹			11,500		11,509
Other securities					89,583
					101,092

20	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
New York 8.58%
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2020		$	5,500	$	6,237
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018			3,670		3,868
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2020			3,250		3,656
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 4.00% 2021			3,470		3,820
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2024			5,000		5,935
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2027			3,150		3,667
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 1.24% 2039 (put 2020)¹			12,250		12,235
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2018			1,105		1,182
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2020			7,000		7,874
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2021			1,000		1,147
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028			3,000		3,432
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044			9,700		10,190
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2032			1,500		1,754
City of New York, G.O. Bonds, Series 2008-J-4, 1.21% 2025¹			8,825		8,825
City of New York, G.O. Bonds, Series 2011-I-1, 5.00% 2017			5,000		5,105
City of New York, G.O. Bonds, Series 2012-I, 5.00% 2020			5,000		5,605
City of New York, G.O. Bonds, Series 2013-E, 5.25% 2022			5,000		5,882
City of New York, G.O. Bonds, Series 2014-A, 5.00% 2025			3,000		3,558
City of New York, G.O. Bonds, Series 2014-G, 5.00% 2023			1,500		1,766
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2028			1,000		1,166
City of New York, G.O. Bonds, Series 2016-E, 5.00% 2026			2,000		2,412
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-C, 5.00% 2025			2,420		2,906
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-C, 5.00% 2027			5,000		5,923
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series B, 5.00% 2017			1,910		1,910
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2003 Series A-1, 5.00% 2022			1,305		1,521
New York City Transitional Fin. Auth., Multi-Modal Rev. Ref. Bonds, Series 2011-B, 5.00% 2022			1,750		1,999
Thruway Auth., Local Highway and Bridge Service Contract Rev. Ref. Bonds, Series 2009, 5.00% 2017			10,000		10,071
Other securities					196,946
					320,592

Pennsylvania 5.12%
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-121, 3.50% 2046			12,000		12,536
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-117-A, AMT, 3.50% 2040			550		570
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-118-A, AMT, 3.50% 2040			7,245		7,507
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 2041			905		943
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 2046			7,410		7,749
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046			10,680		11,432
Other securities					150,348
					191,085

South Dakota 0.47%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 2046			10,200		10,738
Other securities					6,967
					17,705

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Texas 9.09%
Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Ref. Bonds (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033		$	13,040	$	13,844
Harris County Cultural Education Facs. Fin. Corp., Medical Facs. Rev. Ref. Bonds (Baylor College of Medicine), 1.34% 2045 (put 2020)¹			13,000		13,193
Harris County, Toll Road Rev. Bonds, Series 2012-B, 1.36% 2021 (put 2018)¹			13,500		13,493
City of Houston, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2019			10,000		10,780
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-A, 2.25% 2033 (put 2019)			11,500		11,676
Other securities					276,709
					339,695

Virginia 0.56%
Industrial Dev. Auth. of Wise County, Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2009-A, 2.15% 2040 (put 2020)			12,000		12,071
Other securities					8,946
					21,017

Washington 2.46%
Central Puget Sound Regional Transit Auth., Sales Tax Bonds, Series 2015-S-2A, 1.33% 2045 (put 2018)¹			10,500		10,506
Various Purpose G.O. Bonds, Series 2017-D, 5.00% 2028			10,000		12,067
Other securities					69,251
					91,824

Wisconsin 1.62%
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-3, 5.00% 2043 (put 2020)			10,310		11,430
Other securities					48,995
					60,425

Other states & U.S. territories 21.06%
Other securities					786,982

Total bonds, notes & other debt instruments (cost: $3,458,154,000)					3,492,286

Short-term securities 6.30%
State of California, County of Los Angeles, 2016-17 Tax and Rev. Anticipation Notes, 3.00% 6/30/2017			14,000		14,141
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2016-A, 2.00% 6/27/2017			25,000		25,131
State of Idaho, Tax Anticipation Notes, Series 2016, 2.00% 6/30/2017			20,000		20,101
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 0.58% 2030¹			5,000		5,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 0.58% 2030¹			10,000		10,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-E, 0.58% 2035¹			4,000		4,000
State of New York, Metropolitan Transportation Auth., Dedicated Tax Fund Bond Anticipation Notes, Series 2016-A-1-F, 2.00% 3/1/2017			7,500		7,507
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2016-A-1-E, 2.00% 3/1/2017			10,000		10,010
State of New York, City of New York, G.O. Bonds, Series 2006-H-1, 0.63% 2036¹			6,100		6,100
State of New York, City of New York, G.O. Bonds, Series 2006-L-5, 0.63% 2035¹			10,610		10,610
State of New York, City of New York, G.O. Bonds, Series 2008-J-5, 0.63% 2028¹			10,000		10,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-3, 0.63% 2045¹			14,850		14,850
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-4, 0.63% 2045¹			2,800		2,800
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 0.63% 2045¹			14,000		14,000

22	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
State of New York, New York City Transitional Fin. Auth., New York City Recovery Bonds, Fiscal 2003, Series 2002-1-C, 0.63% 2022¹		$	1,790	$	1,790
State of New York, New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2006, Series 2005-B, 0.62% 2032¹			8,530		8,530
State of New York, New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2013-AA-2, 0.63% 2050¹			3,200		3,200
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2016-A, 2.00% 6/30/2017			13,000		13,069
State of Texas, City of Houston, Public Improvement G.O. Bonds, Series 2017-H-2, 0.75% 2/7/2017			5,000		5,000
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, 1.00% 6/30/2017			5,000		5,004
Other securities					44,594

Total short-term securities (cost: $235,445,000)					235,437
Total investment securities 99.78% (cost: $3,693,599,000)					3,727,723
Other assets less liabilities 0.22%					8,183

Net assets 100.00%				$	3,735,906

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some of these securities (with an aggregate value of $34,311,000, which represented .92% of the net assets of the fund) were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

Key to abbreviations

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

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America	unaudited
Summary investment portfolio January 31, 2017

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 94.37%	Principal amount (000)			Value (000)
Alabama 1.85%
City of Birmingham, Water Works Board, Water Rev. Ref. Bonds, Series 2016-B, 5.00% 2043		$	26,200	$	29,074
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021)			50,000		53,605
Jefferson County, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2044			22,340		24,785
Public School and College Auth., Capital Improvement Bonds, Series 2007, 5.00% 2019 (preref. 2017)			30,220		31,275
Other securities					115,254
					253,993

Arizona 2.14%
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 1.479% 2037¹			27,200		23,250
Other securities					269,794
					293,044

California 10.21%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-B-1, 1.76% 2045 (put 2024)¹			30,850		30,847
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053			24,000		27,426
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041			19,850		23,140
Other securities					1,320,513
					1,401,926

Colorado 2.23%
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042			29,815		30,428
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041			23,765		26,323
Other securities					249,942
					306,693

Delaware 0.23%
Transportation Auth., Rev. Bonds (U.S. 301 Project), 5.00% 2055			25,455		27,675
Other securities					3,517
					31,192

24	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Florida 7.42%
Greater Orlando Aviation Auth. (City of Orlando), Airport Facs. Rev. Bonds, Series 2016-B, 5.00% 2046		$	21,020	$	23,513
Orlando-Orange County, Expressway Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2035			27,350		30,470
Other securities					964,402
					1,018,385

Georgia 2.66%
City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 1999-A, FGIC-National insured, 5.50% 2022			20,500		24,102
Other securities					341,272
					365,374

Illinois 11.58%
Chicago Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2014, 5.25% 2049			27,500		30,159
Chicago Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, 5.00% 2051			24,000		25,374
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2046			23,190		24,407
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2045			26,890		28,865
Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043			27,500		30,449
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 (preref. 2019)			18,820		21,859
Housing Dev. Auth., Multifamily Housing Rev. Notes (Marshall Field Garden Apartment Homes), 1.66% 2050 (put 2025)¹			26,175		25,912
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.625% 2048			17,340		22,529
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2008-B, 5.50% 2033 (preref. 2018)			18,210		18,969
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2027			1,305		1,485
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2028			1,000		1,133
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2029			3,000		3,384
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2030			7,100		7,967
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2032			1,000		1,114
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2033			2,200		2,443
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2038			34,430		37,902
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2038			2,500		2,749
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2039			3,000		3,301
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2036			2,000		2,218
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2037			1,500		1,659
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2040			9,500		10,491
State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 4.50% 2027			6,000		6,358
State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2025			10,000		10,968
State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2028			10,000		10,941
State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2031			4,000		4,312
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2035			3,055		3,415
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2036			2,000		2,229
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2037			1,900		2,111
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2041			20,430		22,645
Other securities					1,222,361
					1,589,709

Louisiana 1.93%
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2007, 6.75% 2032			24,560		25,331
Other securities					239,279
					264,610

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Michigan 3.65%
School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series 2005-A, Assured Guaranty Municipal insured, 5.25% 2032		$	20,000	$	23,055
Housing Dev. Auth., Single-Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047			28,595		29,768
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A, 6.00% 2048			55,520		51,284
Other securities					397,414
					501,521

New Jersey 2.00%
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041			34,150		30,736
Other securities					244,144
					274,880

New York 6.31%
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049			21,000		22,915
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2045			20,000		22,217
City of New York, G.O. Bonds, Series 2013-F-1, 5.00% 2037			3,000		3,340
City of New York, G.O. Bonds, Series 2013-H, 5.00% 2023			2,475		2,915
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-A-1, 5.00% 2037			2,500		2,857
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2032			1,500		1,754
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2034			1,000		1,159
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2037			2,500		2,868
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2038			1,500		1,725
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2041			1,500		1,721
City of New York, G.O. Bonds, Series 2007-D, 5.00% 2017			5,000		5,000
City of New York, G.O. Bonds, Series 2008-J-4, 1.21% 2025¹			2,350		2,350
City of New York, G.O. Bonds, Series 2013-J, 5.00% 2023			500		589
City of New York, G.O. Bonds, Series 2014-A, 5.00% 2024			5,500		6,543
City of New York, G.O. Bonds, Series 2014-G, 5.00% 2023			2,500		2,944
City of New York, G.O. Bonds, Series 2014-J, 5.00% 2030			2,000		2,318
City of New York, G.O. Bonds, Series 2015-A, 5.00% 2026			8,000		9,532
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2028			1,500		1,749
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2030			10,000		11,527
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2032			3,500		4,003
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2033			1,000		1,139
City of New York, G.O. Bonds, Series 2015-D, 5.00% 2030			2,560		2,951
City of New York, G.O. Bonds, Series 2016-E, 5.00% 2026			2,000		2,412
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011 Series D, 5.00% 2024			1,000		1,139
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2012 Series E-1, 5.00% 2037			2,000		2,248
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2012 Series F-1, 5.00% 2039			1,000		1,123
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013 Series F-1, 5.00% 2028			1,500		1,735
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013 Series F-1, 5.00% 2036			1,000		1,126
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017 Series 2016-A-1, 5.00% 2040			14,170		16,149
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017 Series 2016-A-1, 5.00% 2035			1,000		1,148
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2014-D-1, 5.00% 2036			500		562
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-C, 5.00% 2027			7,250		8,588
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2014-A-1, 5.00% 2037			2,500		2,826
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2034			8,000		9,141

26	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2036		$	4,000	$	4,542
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2037			3,000		3,402
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-1, 5.00% 2031			5,000		5,745
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-1, 5.00% 2041			1,200		1,349
New York City Transitional Fin. Auth., Multi-Modal Rev. Ref. Bonds, Series 2011-B, 5.00% 2020			1,500		1,662
Other securities					687,040
					866,053

Ohio 3.07%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2047			83,455		76,769
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 6.50% 2047			28,495		28,072
Housing Fin. Agcy., Residential Mortgage Rev. Ref. Bonds (Mortgage-backed Securities Program), Series 2016-D, 4.00% 2047			26,405		28,251
Other securities					288,297
					421,389

Pennsylvania 3.00%
Montgomery County, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2016, 5.00% 2036			22,000		23,509
Other securities					388,905
					412,414

Texas 9.66%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Bonds, Series 2013-B, 5.00% 2053			32,800		36,194
Harris County Cultural Education Facs. Fin. Corp., Medical Facs. Rev. Ref. Bonds (Baylor College of Medicine), 1.34% 2045 (put 2020)¹			22,000		22,327
North Texas Tollway Auth., System Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-D, Assured Guaranty insured, 0% 2032			5,360		2,980
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.50% 2018			1,000		1,040
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.625% 2033 (preref 2018)			6,890		7,183
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2021			465		483
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2021 (preref. 2018)			3,295		3,446
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2023			1,545		1,606
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2023 (preref. 2018)			11,025		11,532
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2025			615		641
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2025 (preref. 2018)			4,385		4,587
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2012-B, 5.25% 2052			8,435		9,264
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2014-C, 1.33% 2038 (put 2020)¹			7,500		7,521
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2015-B, 5.00% 2040			7,200		7,967
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-A, 5.625% 2033			1,860		1,925
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-A, 5.625% 2033 (preref. 2018)			6,350		6,620
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2033 (preref. 2018)			3,000		3,131

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Texas (continued)
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 (preref. 2018)		$	8,500	$	8,871
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028			2,995		3,251
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028 (preref. 2019)			13,005		14,197
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.10% 2028			940		1,023
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.10% 2028 (preref. 2019)			4,060		4,440
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.25% 2039			935		1,011
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.25% 2039 (preref. 2019)			4,065		4,457
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2034			1,500		1,723
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2038			5,000		5,717
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-A, 1.46% 2050 (put 2019)¹			3,600		3,604
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-B, 5.00% 2038			8,000		8,584
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2012-C, 1.95% 2038 (put 2019)			8,600		8,651
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2014-A, 5.00% 2022			1,000		1,140
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2032			7,500		8,404
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2034			4,500		5,003
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2035			4,000		4,432
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2038			1,500		1,652
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2030			1,800		2,059
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2031			1,000		1,137
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2032			500		566
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2033			455		513
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2034			1,000		1,122
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2035			1,200		1,342
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2036			1,000		1,115
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2039			7,000		7,775
Other securities					1,095,291
					1,325,527

Washington 2.94%
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, 1.66% 2035 (put 2021)¹			59,750		59,475
Health Care Facs. Auth., Rev. Ref. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037			22,000		22,446
Other securities					320,994
					402,915

Wisconsin 1.91%
General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 (preref. 2019)			52,960		58,611
Other securities					203,924
					262,535

28	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Other states & U.S. territories 21.58%
Other securities				$	2,960,400

Total bonds, notes & other debt instruments (cost: $12,683,199,000)					12,952,560

Short-term securities 5.58%
State of California, County of Los Angeles, 2016-17 Tax and Rev. Anticipation Notes, 3.00% 6/30/2017		$	60,000		60,605
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2016-A, 2.00% 6/27/2017			75,000		75,393
State of Idaho, Tax Anticipation Notes, Series 2016, 2.00% 6/30/2017			40,000		40,202
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 0.58% 2030¹			3,000		3,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-E, 0.60% 2030¹			9,000		9,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 0.58% 2030¹			8,000		8,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-G, 0.59% 2035¹			1,525		1,525
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 0.58% 2035¹			18,400		18,400
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-E, 0.58% 2035¹			9,000		9,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2014-B, 0.60% 2035¹			15,250		15,250
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 1996-A, 0.62% 2030¹			9,700		9,700
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 2003-B, 0.60% 2033¹			12,895		12,895
State of New York, Metropolitan Transportation Auth., Dedicated Tax Fund Bond Anticipation Notes, Series 2016-A-1-F, 2.00% 3/1/2017			10,000		10,010
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2016-A-1-E, 2.00% 3/1/2017			33,000		33,034
State of New York, City of New York, G.O. Bonds, Series 2006-H-1, 0.63% 2036¹			23,485		23,485
State of New York, City of New York, G.O. Bonds, Series 2006-L-5, 0.63% 2035¹			35,000		35,000
State of New York, City of New York, G.O. Bonds, Series 2008-J-5, 0.63% 2028¹			19,195		19,195
State of New York, City of New York, G.O. Bonds, Series 2008-L-4, 0.62% 2038¹			20,590		20,590
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-3, 0.63% 2045¹			15,740		15,740
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-4, 0.63% 2045¹			13,050		13,050
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 0.63% 2045¹			43,250		43,250
State of New York, New York City Transitional Fin. Auth., New York City Recovery Bonds, Fiscal 2003, Series 2002-1-C, 0.63% 2022¹			6,985		6,985
State of New York, New York City, Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Series 2003-F-2, 0.62% 2035¹			23,600		23,600
State of New York, New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2006, Series 2005-B, 0.62% 2032¹			29,850		29,850
State of New York, New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2013-AA-2, 0.63% 2050¹			8,000		8,000
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2016-A, 2.00% 6/30/2017			35,390		35,577
Other securities					185,289

Total short-term securities (cost: $765,630,000)					765,625
Total investment securities 99.95% (cost: $13,448,829,000)					13,718,185
Other assets less liabilities 0.05%					7,161
Net assets 100.00%				$	13,725,346

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some of these securities (with an aggregate value of $266,758,000, which represented 1.94% of the net assets of the fund) were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

Key to abbreviations

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

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

30	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund	unaudited
Summary investment portfolio January 31, 2017

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.

Bonds, notes & other debt instruments 94.73%	Principal amount (000)				Value (000)
California 8.83%
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041		$	13,040	$	15,201
Other securities					421,641
					436,842

Colorado 4.25%
City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), Series 2007-A, AMT, 5.25% 2032			16,000		16,241
City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), Series 2007-A, AMT, 5.75% 2032			5,505		5,602
Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2013, 8.00% 2043			11,100		12,578
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042			11,555		11,793
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041			14,800		16,393
Other securities					147,513
					210,120

District of Columbia 0.74%
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Bonds, Series 2006-A, 0% 2046			145,000		16,584
Other securities					20,256
					36,840

Florida 6.01%
Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2013-A, 6.00% 2033			11,930		13,176
Lee County, Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2029			13,425		13,501
Palm Beach County, Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2016, 5.00% 2032			11,675		12,573
City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2016-A, 5.00% 2055			11,200		11,754
Other securities					246,555
					297,559

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Illinois 11.70%
Chicago Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, 5.00% 2051		$	15,000	$	15,859
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2041			13,000		13,778
Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043			11,510		12,744
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 (preref. 2019)			12,825		14,896
G.O. Bonds, Series 2012-A, 5.00% 2028			2,000		2,034
G.O. Bonds, Series 2013, 5.50% 2026			2,000		2,113
G.O. Bonds, Series 2013, 5.50% 2033			3,000		3,131
G.O. Bonds, Series 2014, 5.00% 2026			2,025		2,092
G.O. Bonds, Series 2014, 5.00% 2026			2,000		2,080
G.O. Bonds, Series 2014, 5.00% 2027			2,000		2,067
G.O. Bonds, Series 2014, 5.00% 2039			4,625		4,613
G.O. Bonds, Series 2016, 4.00% 2032			7,000		6,146
G.O. Bonds, Series 2016, 5.00% 2028			1,500		1,541
G.O. Bonds, Series 2016, 5.00% 2038			1,000		995
G.O. Bonds, Series 2016, 5.50% 2027			2,000		2,102
G.O. Bonds, Series of July 2013, 5.50% 2038			1,000		1,035
G.O. Bonds, Series of March 2012, 5.00% 2037			1,980		1,970
G.O. Bonds, Series of May 2014, 5.00% 2039			2,600		2,593
G.O. Ref. Bonds, 5.00% 2030			3,000		3,045
G.O. Rev. Ref. Bonds, Series 2012, 4.00% 2025			405		394
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2026			7,250		7,545
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028			5,000		5,153
G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2030			2,000		2,003
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.625% 2048			11,020		14,318
Other securities					455,038
					579,285

Massachusetts 2.60%
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2046			12,261		12,568
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2016-A, 4.68% 2021¹			11,440		11,388
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.75% 2036			11,175		12,695
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 3.50% 2033			21,000		18,761
Other securities					73,481
					128,893

Michigan 4.27%
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A, 6.00% 2034			4,050		3,925
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A, 6.00% 2048			60,385		55,778
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.875% 2042			5,440		5,473
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-D, AMT, 5.00% 2028			12,000		12,991
Other securities					133,169
					211,336

New Jersey 3.85%
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, 2.26% 2028²			13,500		12,471
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.125% 2023			3,500		3,706
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 2029			16,300		17,194
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT, 5.625% 2030			2,500		2,721
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 2033			3,500		3,761
Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012, AMT, 5.75% 2027			4,500		4,825

32	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)			Value (000)
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2014-A, 5.00% 2039		$	12,650	$	13,546
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041			22,860		20,575
Other securities					111,577
					190,376

New York 4.33%
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049			13,360		14,578
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050			21,950		23,227
Other securities					176,747
					214,552

Ohio 5.04%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2030			2,350		2,148
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2047			108,715		100,007
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 6.50% 2047			18,215		17,945
Other securities					129,361
					249,461

Oklahoma 0.87%
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2001-B, AMT, 5.50% 2035			15,875		16,839
Other securities					26,282
					43,121

Pennsylvania 5.19%
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2012-A, 5.625% 2042			12,320		13,160
Other securities					243,641
					256,801

Puerto Rico 3.45%
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042			26,410		20,080
Electric Power Auth., Power Rev. Ref. Bonds, Series UU, Assured Guaranty Municipal insured, 1.189% 2029²			19,260		14,653
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2036			11,085		11,914
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			12,025		12,208
Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2007-A, National insured, 0% 2043			54,000		11,837
Other securities					100,154
					170,846

Rhode Island 1.09%
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Care New England Issue), Series 2016-B, 5.00% 2031			11,410		11,645
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 68-C, AMT, 3.50% 2039			13,250		13,801
Other securities					28,440
					53,886

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Texas 7.52%
Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Ref. Bonds (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033		$	24,675	$	26,197
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.50% 2030			9,300		10,224
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.625% 2038		.	3,000		3,313
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-B-1, AMT, 5.00% 2030			3,000		3,150
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-C, AMT, 5.00% 2020			7,235		7,552
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 4.75% 2024			5,500		5,834
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 5.00% 2029			6,745		7,095
Mission Econ. Dev. Corp., Rev. Bonds (Natgasoline Project), Series 2016-B, AMT, 5.75% 2031¹			14,165		14,659
Tarrant County, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated Group), 5.00% 2045			12,125		11,784
Turnpike Auth, Central Texas Turnpike System, Rev. Bonds, Series 2002-A, AMBAC insured, 0% 2028			25,800		17,159
Other securities					265,307
					372,274

Wisconsin 2.13%
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2016-A, AMT, 3.50% 2046			18,330		18,991
Other securities					86,272
					105,263

Other states & U.S. territories 22.86%
Other securities					1,131,818

Total bonds, notes & other debt instruments (cost: $4,636,125,000)					4,689,273

Short-term securities 4.67%
State of California, County of Los Angeles, 2016-17 Tax and Rev. Anticipation Notes, 3.00% 6/30/2017			14,000		14,141
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2016-A, 2.00% 6/27/2017			50,000		50,262
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 0.58% 2030²			3,000		3,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-E, 0.60% 2030²			3,375		3,375
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-E, 0.58% 2035²			5,000		5,000
State of New York, Metropolitan Transportation Auth., Dedicated Tax Fund Bond Anticipation Notes, Series 2016-A-1-F, 2.00% 3/1/2017			7,500		7,508
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2016-A-1-E, 2.00% 3/1/2017			7,000		7,007
State of New York, City of New York, G.O. Bonds, Series 2006-H-1, 0.63% 2036²			5,000		5,000
State of New York, City of New York, G.O. Bonds, Series 2006-L-5, 0.63% 2035²			15,000		15,000
State of New York, City of New York, G.O. Bonds, Series 2008-J-5, 0.63% 2028²			7,000		7,000

34	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)				Value (000)
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 0.63% 2045²		$	11,600	$	11,600
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2016-A, 2.00% 6/30/2017			15,000		15,079
Other securities					87,084

Total short-term securities (cost: $231,070,000)					231,056
Total investment securities 99.40% (cost: $4,867,195,000)					4,920,329
Other assets less liabilities 0.60%					29,661

Net assets 100.00%				$	4,949,990

“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 $382,810,000, which represented 7.73% of the net assets of the fund.
²	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

Key to abbreviations

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

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California	unaudited
Summary investment portfolio January 31, 2017

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.

Bonds, notes & other debt instruments 95.51%	Principal amount (000)			Value (000)
California 93.41%
State issuers 37.11%
Trustees of The California State University, Systemwide Rev. Bonds, Series 2016-A, 4.00% 2034		$	2,000	$	2,078
Trustees of The California State University, Systemwide Rev. Bonds, Series 2016-A, 4.00% 2035			10,000		10,344
Trustees of The California State University, Systemwide Rev. Bonds, Series 2016-A, 4.00% 2037			6,645		6,831
Trustees of The California State University, Systemwide Rev. Bonds, Series 2016-B-2, 4.00% 2049 (put 2021)			5,000		5,471
Trustees of The California State University, Systemwide Rev. Ref. Bonds, Series 2012-A, 5.00% 2027			3,000		3,445
Educational Facs. Auth., Rev. Ref. Bonds (California Lutheran University), Series 2008, 5.75% 2038			6,000		6,357
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2031			8,615		9,508
G.O. Bonds, Series 2012-A, 1.11% 2033 (put 2018)¹			6,500		6,490
G.O. Bonds, Series 2013-E, 1.37% 2029¹			1,500		1,505
Various Purpose G.O. Bonds, 5.00% 2017			6,000		6,000
Various Purpose G.O. Bonds, 5.00% 2033			4,000		4,591
Various Purpose G.O. Bonds, 5.25% 2028			5,000		5,749
Various Purpose G.O. Bonds, 5.25% 2028			2,000		2,295
Various Purpose G.O. Bonds, 5.25% 2032			5,000		5,896
Various Purpose G.O. Bonds, 6.00% 2038			7,000		7,684
Various Purpose G.O. Bonds, 6.00% 2039			2,000		2,236
Various Purpose G.O. Bonds, 6.50% 2033			5,000		5,558
Various Purpose G.O. Bonds, Series 2008, 5.00% 2017			2,675		2,685
Various Purpose G.O. Bonds, Series 2016, 4.00% 2017			10,000		10,191
Various Purpose G.O. Rev. Ref. Bonds, 4.00% 2017			1,000		1,003
Various Purpose G.O. Rev. Ref. Bonds, Series 2016-C, 5.00% 2033			2,000		2,311
Veterans G.O. Ref. Bonds, Series 2016-CN, 3.50% 2045			9,980		10,509
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026			11,000		8,155
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2007-A-1, 5.125% 2047			5,000		4,685
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2015-A, 5.00% 2032			3,250		3,650
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2015-A, 5.00% 2033			5,265		5,896
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2015-A, 5.00% 2040			5,000		5,534
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-A-1, 5.75% 2047			27,225		26,937
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.25% 2031			2,000		2,287

36	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)				Value (000)
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics), Series 2010-B, 5.25% 2031		$	8,000	$	8,894
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2008-A, 5.25% 2022			2,000		2,121
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2033			1,000		1,134
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2034			2,000		2,254
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2035			2,000		2,248
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 4.00% 2038			9,165		9,268
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 2035			1,000		1,136
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, 5.25% 2024 (preref. 2018)			1,630		1,751
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, 5.25% 2024 (preref. 2018)			370		397
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2008-A, 5.00% 2033 (preref. 2018)			5,305		5,676
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2008-A, 5.00% 2033 (preref. 2018)			2,110		2,258
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2008-A, 5.25% 2025 (preref. 2018)			365		392
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016-B-2, 4.00% 2032			1,830		1,934
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016-B-2, 5.00% 2041			6,965		7,914
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, 1.043% 2047 (put 2019)¹			10,000		9,952
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 2041 (preref. 2021)²			8,550		10,763
Municipal Fin. Auth., Rev. Bonds (NorthBay Healthcare Group), Series 2017-A, 5.25% 2041			5,825		6,281
Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One, Series 2010-A, 5.00% 2025			6,000		6,554
Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (Poseidon Resources (Channelside) LP Desalination Project), Series 2012 Plant Bonds, AMT, 5.00% 2045²			7,000		7,143
Public Works Board, Lease Rev. Bonds (Regents of the University of California, Various University of California Projects), Series 2009-E, 5.00% 2024 (preref. 2019)			2,500		2,708
Public Works Board, Lease Rev. Bonds (Regents of the University of California, Various University of California Projects), Series 2009-E, 5.00% 2034 (preref. 2019)			1,500		1,625
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services Project), Series 2007-A, 5.125% 2037²			9,500		9,526
Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.375% 2037 (preref. 2017)			6,500		6,743
Statewide Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2016-A, 4.00% 2046			10,395		10,183
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2012-A, 5.00% 2042			6,500		7,075
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 5.25% 2024			1,000		1,125
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 6.00% 2042			4,500		5,130
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-D, 5.50% 2031 (preref. 2017)			6,090		6,210
Regents of the University of California, Limited Project Rev. Bonds, Series 2015-I, 5.00% 2017			5,050		5,113
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2033			2,110		2,465
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2034			2,500		2,907
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2035			9,390		10,877
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2037			5,585		5,702
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2038			2,360		2,408
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 5.00% 2033			3,000		3,452

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)
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 5.00% 2034		$	2,000	$	2,291
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, 1.274% 2037¹			5,000		4,262
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, 1.344% 2043¹			8,000		6,506
Other securities					383,052
					743,311

City & county issuers 56.30%
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2025			1,700		1,962
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2026			6,375		7,309
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2034			2,000		2,198
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2036			1,000		1,091
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2037			3,790		4,120
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2035			2,500		2,522
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2037			2,000		2,009
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2036			1,500		1,675
Baldwin Park Unified School Dist. (Los Angeles County), G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2031			6,420		6,730
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Casa de las Campanas, Inc.), Series 2010, 6.00% 2037			6,000		6,711
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-F-1, 5.00% 2056			6,000		6,674
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2006-C-1, 1.56% 2045 (put 2023)¹			2,000		1,985
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-B-1, 1.76% 2045 (put 2024)¹			7,500		7,499
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-F-1, 5.00% 2039 (preref. 2018)			2,000		2,095
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.125% 2039 (preref. 2019)			2,000		2,172
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.625% 2044 (preref. 2019)			1,670		1,831
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-B, 1.50% 2047 (put 2018)			3,950		3,966
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-F-1, 5.00% 2054			5,000		5,498
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-G, 1.26% 2034 (put 2020)¹			2,750		2,751
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-H, 1.36% 2034 (put 2021)¹			4,000		3,998
Certs. of Part., Palomar Pomerado Health, 6.00% 2030			1,500		1,621
Certs. of Part., Palomar Pomerado Health, 6.00% 2041			3,710		4,039
Certs. of Part., Palomar Pomerado Health, 6.75% 2039 (preref. 2019)			3,500		4,026
Chabot-Las Positas Community College Dist. (Alameda and Contra Costa Counties), G.O. Rev. Ref. Bonds, Series 2016, 4.00% 2034			9,940		10,412
Coachella Valley Unified School Dist., G.O. Bonds (Riverside and Imperial Counties), 2005 Election, Series 2016-E, Assured Guaranty Municipal insured, 4.00% 2045			6,555		6,627
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053			7,500		8,570
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2014-A, 6.00% 2049			5,800		6,647
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2029			1,450		1,671
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2031			1,020		1,163
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2033			500		564

38	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)				Value (000)
Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 4.00% 2034		$	1,000	$	1,020
Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2035			2,000		2,231
Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2042			1,000		1,103
Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Bonds, Series 2010-B, 5.00% 2035			1,000		1,099
Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Ref. Bonds, Series 2008-A, AMT, 5.50% 2022 (preref. 2018)			5,000		5,286
Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Ref. Bonds, Series 2009-A, 5.25% 2029			2,000		2,171
Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Ref. Bonds, Series 2010-A, 5.00% 2029			2,000		2,207
Dept. of Airports, Los Angeles International Airport Rev. Bonds, Series 2015-A, AMT, 5.00% 2027			1,250		1,460
Dept. of Airports, Los Angeles International Airport Rev. Bonds, Series 2015-A, AMT, 5.00% 2029			1,560		1,793
Oakland Unified School Dist., (County of Alameda), G.O. Bonds, Series 2015-A, 5.00% 2040			5,550		6,262
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2034			970		1,083
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-B, 4.00% 2030			1,000		1,037
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-B, 4.00% 2031			1,000		1,031
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 2036			3,000		3,122
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 2039			3,250		3,359
Palomar Pomerado Health, G.O. Bonds, Election of 2004, Series 2009-A, Assured Guaranty insured, 0% 2028			2,000		1,300
Palomar Pomerado Health, G.O. Bonds, Election of 2004, Series 2009-A, Assured Guaranty insured, 0% 2029			9,350		5,793
Palomar Pomerado Health, G.O. Bonds, Election of 2004, Series 2009-A, Assured Guaranty insured, 0% 2031			3,000		1,695
Pasadena Unified School Dist. (Los Angeles County), 2008 Election G.O. Bonds, Series 2016, 4.00% 2032			5,000		5,288
Pasadena Unified School Dist. (Los Angeles County), 2008 Election G.O. Bonds, Series 2016, 4.00% 2034			5,040		5,259
Pasadena Unified School Dist. (Los Angeles County), 2008 Election G.O. Bonds, Series 2016, 4.00% 2035			15,940		16,579
Pasadena Unified School Dist. (Los Angeles County), 2008 Election G.O. Bonds, Series 2016, 4.00% 2036			2,250		2,329
Sacramento County Sanitation Dist. Fncg. Auth., Rev. Ref. Bonds (Sacramento Regional County Sanitation Dist.), Series 2007-B, FGIC-National insured, 1.154% 2035¹			13,500		11,591
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041			10,825		12,619
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E, 6.00% 2039			3,000		3,302
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Issue 34-E, AMT, 5.75% 2019			3,500		3,696
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2009-A, 4.90% 2029			5,000		5,440
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2010-F, 5.00% 2040			3,000		3,270
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2011-F, AMT, 5.00% 2028			2,630		2,885
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2028			1,000		1,123
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2030			1,000		1,106
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2016-A, 5.00% 2029			1,375		1,629
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		4,394
Public Utilities Commission of the City and County of San Francisco, Wastewater Rev. Green Bonds, Series 2016-A, 4.00% 2037			6,575		6,869

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 issuers (continued)
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.50% 2030		$	8,000	$	8,961
Stockton Unified School Dist. (San Joaquin County), G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2031			7,800		8,943
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046			7,800		7,512
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, BAM insured, 4.00% 2032			7,500		7,826
City of Whittier, Health Fac. Rev. Bonds (PIH Health), Series 2014, 5.00% 2044			9,000		9,433
Other securities					834,607
					1,127,849

Puerto Rico 1.50%
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2036			6,590		7,083
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033			7,150		7,259
Other securities					15,612
					29,954

Other U.S. territories 0.60%
Other securities					12,075

Total bonds, notes & other debt instruments (cost: $1,874,787,000)					1,913,189

Short-term securities 3.52%
Various Purpose G.O. Commercial Paper, Series 2011-A-5, 0.71% 2/9/2017			5,300		5,300
Various Purpose G.O. Commercial Paper, Series 2011-A-5, 0.76% 3/7/2017			3,000		3,000
Various Purpose G.O. Commercial Paper, Series 2017-A-1, 0.74% 3/7/2017			4,200		4,200
Various Purpose G.O. Commercial Paper, Series 2017-A-2, 0.73% 3/9/2017			3,000		3,000
County of Los Angeles, 2016-17 Tax and Rev. Anticipation Notes, 3.00% 6/30/2017			21,000		21,212
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.57% 2037¹			15,400		15,400
Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-C, JPMorgan Chase LOC, 0.59% 2026¹			10,000		10,000
Other securities					8,500

Total short-term securities (cost: $70,595,000)					70,612
Total investment securities 99.03% (cost: $1,945,382,000)					1,983,801
Other assets less liabilities 0.97%					19,343

Net assets 100.00%				$	2,003,144

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

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,“ was $53,217,000, which represented 2.66% of the net assets of the fund.

40	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Key to abbreviations

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

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York	unaudited
Summary Investment portfolio January 31, 2017

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 93.48%	Principal amount (000)			Value (000)
New York 90.03%
State issuers 47.98%
Dobbs Ferry Local Dev. Corp., Rev. Bonds, Series 2014, 5.00% 2039		$	1,625	$	1,795
Dobbs Ferry Local Dev. Corp., Rev. Bonds, Series 2014, 5.00% 2044			500		551
Dormitory Auth., Columbia University Rev. Green Bonds, Series 2016-A-1, 5.00% 2026			500		619
Dormitory Auth., Cornell University, Rev. Bonds, Series 2016-A, 5.00% 2033			1,000		1,167
Dormitory Auth., Fordham University, Rev. Bonds, Series 2011-A, 5.50% 2036			1,000		1,141
Dormitory Auth., Icahn School of Medicine at Mount Sinai, Rev. Bonds, Series 2015-A, 5.00% 2031			500		557
Dormitory Auth., Icahn School of Medicine at Mount Sinai, Rev. Bonds, Series 2015-A, 5.00% 2035			1,000		1,091
Dormitory Auth., Icahn School of Medicine at Mount Sinai, Rev. Bonds, Series 2015-A, 5.00% 2040			250		270
Dormitory Auth., Mount Sinai School of Medicine of New York University, Rev. Ref. Bonds, Series 2010-A, 5.00% 2021			1,000		1,106
Dormitory Auth., New School Rev. Bonds, Series 2010, 5.25% 2021 (preref. 2020)			500		564
Dormitory Auth., New School Rev. Bonds, Series 2010, 5.50% 2040 (preref. 2020)			500		569
Dormitory Auth., New School Rev. Bonds, Series 2015-A, 5.00% 2032			1,000		1,126
Dormitory Auth., North Shore-Long Island Jewish Obligated Group, Rev. Ref. Bonds, Series 2011-A, 5.00% 2032			1,500		1,644
Dormitory Auth., NYU Hospitals Center Rev. Bonds, 5.00% 2022			200		228
Dormitory Auth., NYU Hospitals Center Rev. Bonds, 5.00% 2034			1,000		1,113
Dormitory Auth., NYU Hospitals Center Rev. Bonds, Series 2011-A, 6.00% 2040 (preref. 2020)			1,000		1,154
Dormitory Auth., NYU Hospitals Center Rev. Bonds, Series 2016-A, 5.00% 2033			400		448
Dormitory Auth., Pratt Institute, Rev. Bonds, Series 2016, 5.00% 2039			650		729
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2011-A, 5.00% 2024			500		565
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2013-E, Assured Guaranty Municipal insured, 5.00% 2022			1,000		1,167
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2016-A, 5.00% 2022			1,000		1,159
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2016-A, 5.00% 2033			1,000		1,142
Dormitory Auth., Skidmore College Rev. Bonds, Series 2011-A, 5.50% 2041			1,420		1,600
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-E, 5.00% 2017			845		846
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-E, 5.00% 2032			750		862
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2039			365		417
Dormitory Auth., The New School Rev. Bonds, Series 2016-A, 5.00% 2035			500		561

42	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount			Value
		(000)		(000)
Environmental Facs. Corp., Rev. Green Bonds (Revolving Funds), Series 2016-B, 4.00% 2036		$	2,000	$	2,110
Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2012, AMT, 0.85% 2030 (put 2016)¹			750		750
Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2012, AMT, 0.85% 2030 (put 2017)¹			750		750
Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2013-A, 2.75% 2017			1,000		1,006
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2007 Series A, 5.00% 2047			825		834
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.25% 2047			1,000		1,107
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.75% 2047			1,000		1,133
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.15% 2034²			1,250		1,334
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.375% 2040²			350		377
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 3, 7.25% 2044²			375		443
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2031			1,500		1,673
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049			1,500		1,637
Liberty Dev. Corp., Rev. Bonds (Goldman Sachs Headquarters Issue), Series 2005, 5.25% 2035			1,000		1,197
Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2004-C, AMBAC insured, 5.50% 2017			1,000		1,037
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, 1.66% 2020¹			2,000		2,022
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2008-A-2A, 1.04% 2026 (put 2017)¹			485		485
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2031			1,000		1,129
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-1, 5.00% 2039			250		281
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 1.24% 2039 (put 2020)¹			500		499
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 2035			1,750		1,972
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.25% 2030			280		329
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2016-C-1, 4.00% 2041			1,000		1,019
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043			415		425
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034			580		596
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 194, AMT, 3.50% 2035			680		703
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046			1,970		2,109
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044			900		946
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045			325		343
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030			1,060		1,100
Mortgage Agcy., Mortgage Rev. Bonds, Series 46, 5.00% 2029			80		83
Mortgage Agcy., Mortgage Rev. Ref. Bonds, Series 45, 4.50% 2029			220		227
Mortgage Agcy., Mortgage Rev. Ref. Bonds, Series 48, 2.625% 2041			530		538
Port Auth., Consolidated Bonds, Series 147, AMT, FGIC-National insured, 5.00% 2021			500		504
Port Auth., Consolidated Bonds, Series 166, 5.00% 2031			1,000		1,113
Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2025			1,000		1,107
Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2034			500		545
Port Auth., Consolidated Rev. Ref. Bonds, Series 186, AMT, 5.00% 2044			500		551
Power Auth. of the State of New York, Rev. Ref. Bonds, Series 2011-A, 5.00% 2038			1,500		1,683
Thruway Auth., General Rev. Bonds, Series 2014-J, 5.00% 2027			1,000		1,162
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2026			500		522
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2031			2,250		2,335

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments (continued)	Principal amount			Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
New York (continued)
State issuers (continued)
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2034		$	500	$	542
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2041			500		529
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050			1,500		1,587
TSASC, Inc., Tobacco Settlement Bonds, Series 2017-A, 5.00% 2022			1,000		1,131
TSASC, Inc., Tobacco Settlement Bonds, Series 2017-A, 5.00% 2025			750		865
Urban Dev. Corp., Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2027			1,500		1,769
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2032			1,000		1,161
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2035			300		344
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (State Facs. and Equipment), Series 2009-B-1, 5.25% 2038			1,000		1,080
Utility Debt Securitization Auth., Restructuring Bonds, Series 2016-B, 5.00% 2030			1,000		1,191
Utility Debt Securitization Auth., Restructuring Bonds, Series 2016-B, 5.00% 2035			1,000		1,165
Other securities					19,960
					95,231

City & county issuers 42.05%
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		1,177
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		1,549
Dutchess County, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2010, 5.75% 2030			500		549
Dutchess County, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2010, 5.75% 2040			1,000		1,093
Dutchess County, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2014-A, 5.00% 2028			430		480
Erie County, Industrial Dev. Agcy., School Fac. Rev. Bonds (City School Dist. of the City of Buffalo Project), Series 2011-A, 5.25% 2025			500		572
Erie County, Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2012-A, 5.00% 2021			500		564
Erie County, Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2013-A, 5.00% 2027			790		916
Various Purpose G.O. Bonds, Series 2014-A, 5.00% 2028			1,250		1,427
Various Purpose G.O. Bonds, Series 2016-A, 5.00% 2027			850		1,004
Various Purpose G.O. Bonds, Series 2016-B, 5.00% 2025			1,000		1,189
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2027			1,300		1,439
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2041			800		880
Long Island Power Auth., Electric System General Rev. Bonds, Series 2011-A, 5.00% 2038			500		534
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-A, 5.00% 2044			740		812
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, 1.19% 2033 (put 2018)¹			1,000		1,000
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2035			1,215		1,354
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2038			750		832
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, 1.42% 2033 (put 2018)¹			300		301
Nassau County, Tobacco Settlement Corp., Tobacco Settlement Asset-Backed Current Interest Bonds, Series 2006-A-3, 5.125% 2046			2,000		1,888
Nassau County, G.O. General Improvement Bonds, Ref. Series 2016-A, 5.00% 2030			1,795		2,077
Nassau County, G.O. General Improvement Bonds, Series 2016-B, 5.00% 2023			750		882
Nassau County, G.O. General Improvement Bonds, Series 2016-C, 5.00% 2042			700		777
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-A-1, 5.00% 2034			2,000		2,309
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-A-1, 5.00% 2037			750		857
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2041			500		574
City of New York, G.O. Bonds, Series 2008-J-4, 1.21% 2025¹			1,500		1,500
City of New York, G.O. Bonds, Series 2008-L-1, 5.00% 2023			1,000		1,045

44	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount			Value
		(000)		(000)
City of New York, G.O. Bonds, Series 2015-A, 5.00% 2026		$	1,000	$	1,192
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2028			500		583
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2033			1,000		1,139
City of New York, G.O. Bonds, Series 2016-C, 5.00% 2031			1,500		1,743
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011 Series C, 5.25% 2025			1,000		1,136
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017 Series 2016-A-1, 5.00% 2035			1,000		1,148
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-C, 5.00% 2027			750		888
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2010 Series D, 5.00% 2023			1,000		1,115
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2037			500		567
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-C, 5.00% 2026			1,000		1,202
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-1, 5.00% 2041			345		388
New York City, Housing Dev. Corp. Multi-Family Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048			1,670		1,643
New York City, Housing Dev. Corp. Multi-Family Rev. Bonds (8 Spruce Street), Series 2014-F, 4.50% 2048			500		510
New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2011-EE, 5.375% 2043			1,000		1,129
New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2014-EE, 5.00% 2045			500		562
New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2015-HH, 5.00% 2039			500		568
Trust for Cultural Resources of the City of New York, Rev. Bonds (Juilliard School), Series 2009-B, 1.35% 2036 (put 2017)			1,500		1,504
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2027			600		665
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2028			500		551
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2029			700		769
Onondaga County, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2030			1,750		1,924
County of Rockland G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2024			1,000		1,151
Southold Local Dev. Corporation, Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2045			1,500		1,557
Suffolk County, Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 5.875% 2030			1,000		1,093
TSASC, Inc., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2006-1, 5.00% 2034			1,380		1,380
TSASC, Inc., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2006-1, 5.125% 2042			4,845		4,846
Westchester County, Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030			130		144
Westchester County, Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030 (preref. 2020)			870		1,014
Westchester County, Health Care Corp., Rev. Bonds, Series 2011-A, 5.00% 2021			100		113
Westchester County, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2034			1,150		1,233
Westchester County, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2046			1,000		1,054
Other securities					19,354
					83,446

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments (continued)	Principal amount			Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Guam 1.48%
Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2031		$	1,200	$	1,245
Other securities					1,699
					2,944

Puerto Rico 1.97%
Other securities					3,919

Total bonds, notes & other debt instruments (cost: $181,687,000)					185,540

Short-term securities 4.65%
Dormitory Auth. Rev., Higher Education Commercial Paper, Series 2002-C, 0.76% 4/3/2017	3,000		3,000
City of New York, G.O. Bonds, Series 2006-H-1, 0.63% 2036¹	1,050		1,050
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 0.63% 2045¹	550		550
New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2006, Series 2005-B, 0.62% 2032¹	1,120		1,120
New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2013-AA-2, 0.63% 2050¹	3,500		3,500

Total short-term securities (cost: $9,220,000)			9,220
Total investment securities 98.13% (cost: $190,907,000)			194,760
Other assets less liabilities 1.87%			3,713

Net assets 100.00%		$	198,473

46	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

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

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $3,904,000, which represented 1.97% of the net assets of the fund.

Key to abbreviations

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

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

TECP = Tax-Exempt

Commercial Paper

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial statements

Statements of assets and liabilities
at January 31, 2017

	American Funds Short-Term Tax-Exempt Bond Fund			Limited Term Tax-Exempt Bond Fund of America

Assets:
Investment securities, at value	$	835,261		$	3,727,723
Cash		925			12,794
Receivables for:
Sales of investments		7,897			936
Sales of fund’s shares		5,860			9,665
Interest		5,464			32,965
Other		90			486
		855,497			3,784,569

Liabilities:
Payables for:
Purchases of investments		13,931			37,497
Repurchases of fund’s shares		4,092			8,872
Dividends on fund’s shares		73			564
Investment advisory services		261			741
Services provided by related parties		86			856
Trustees’ deferred compensation		31			132
Other		—	*		1
		18,474			48,663
Net assets at January 31, 2017	$	837,023		$	3,735,906

Net assets consist of:
Capital paid in on shares of beneficial interest	$	840,811		$	3,701,637
Undistributed net investment income		35			641
Accumulated net realized loss		(2,048	)		(496	)
Net unrealized (depreciation) appreciation		(1,775	)		34,124
Net assets at January 31, 2017	$	837,023		$	3,735,906

Investment securities, at cost	$	837,036		$	3,693,599

*	Amount less than one thousand.

See Notes to Financial Statements

48	American Funds Tax-Exempt Funds

unaudited

(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

$	13,718,185		$	4,920,329		$	1,983,801		$	194,760
	4,633			7,718			1,405			1,916

	33,055			12,008			7,636			399
	39,476			14,722			5,807			502
	136,761			51,280			26,022			1,871
	1,959			767			286			26
	13,934,069			5,006,824			2,024,957			199,474

	169,834			41,002			16,677			750
	29,958			11,973			3,283			84
	2,873			1,476			740			107
	2,610			1,247			511			57
	2,887			1,031			471			14
	558			104			130			1
	3			1			1			(12	)
	208,723			56,834			21,813			1,001
$	13,725,346		$	4,949,990		$	2,003,144		$	198,473

$	13,513,712		$	4,986,469		$	1,996,613		$	195,084
	12,117			12,840			2,517			248
	(27,759	)		(102,453	)		(34,405	)		(712	)
	227,276			53,134			38,419			3,853
$	13,725,346		$	4,949,990		$	2,003,144		$	198,473

$	13,448,829		$	4,867,195		$	1,945,382		$	190,907

American Funds Tax-Exempt Funds

Statements of assets and liabilities
at January 31, 2017

		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	$	741,801	$	2,989,294
	Shares outstanding		73,637		191,675
	Net asset value per share	$	10.07	$	15.60
Class B:	Net assets			$	43
	Shares outstanding				3
	Net asset value per share			$	15.60
Class C:	Net assets			$	28,873
	Shares outstanding				1,851
	Net asset value per share			$	15.60
Class F-1:	Net assets	$	12,314	$	85,906
	Shares outstanding		1,222		5,508
	Net asset value per share	$	10.07	$	15.60
Class F-2:	Net assets	$	82,898	$	342,025
	Shares outstanding		8,229		21,931
	Net asset value per share	$	10.07	$	15.60
Class F-3:	Net assets	$	10	$	10
	Shares outstanding		1		1
	Net asset value per share	$	10.07	$	15.60
Class R-6:	Net assets			$	289,755
	Shares outstanding				18,579
	Net asset value per share			$	15.60

See Notes to Financial Statements

50	American Funds Tax-Exempt Funds

unaudited

(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

$	9,278,479	$	3,380,834	$	1,585,720	$	156,518
	727,470		220,769		91,774		14,785
$	12.75	$	15.31	$	17.28	$	10.59
$	1,164	$	491	$	84	$	21
	91		32		5		2
$	12.75	$	15.31	$	17.28	$	10.59
$	490,595	$	228,967	$	88,987	$	13,208
	38,465		14,952		5,150		1,247
$	12.75	$	15.31	$	17.28	$	10.59
$	478,463	$	219,466	$	74,890	$	2,115
	37,513		14,331		4,334		200
$	12.75	$	15.31	$	17.28	$	10.59
$	3,043,186	$	810,662	$	253,453	$	26,601
	238,598		52,936		14,668		2,513
$	12.75	$	15.31	$	17.28	$	10.59
$	10	$	10	$	10	$	10
	1		1		1		1
$	12.75	$	15.31	$	17.28	$	10.59
$	433,449	$	309,560
	33,984		20,214
$	12.75	$	15.31

American Funds Tax-Exempt Funds

Statements of operations
for the six months ended January 31, 2017

	American Funds Short-Term Tax-Exempt Bond Fund			Limited Term Tax-Exempt Bond Fund of America

Investment income:
Income:
Interest	$	6,882		$	49,875

*Fees and expenses:**
Investment advisory services		1,495			4,419
Distribution services		559			4,895
Transfer agent services		170			741
Administrative services		60			343
Reports to shareholders		7			33
Registration statement and prospectus		96			275
Trustees’ compensation		4			17
Auditing and legal		—	^†		1
Custodian		1			5
State and local taxes		—			3
Other		1			3
Total fees and expenses		2,393			10,735
Net investment income		4,489			39,140

Net realized (loss) gain and unrealized depreciation:
Net realized (loss) gain on investments		(509	)		(115	)
Net unrealized depreciation on investments		(10,788	)		(109,365	)
Net realized (loss) gain and unrealized depreciation		(11,297	)		(109,480	)
Net decrease in net assets resulting from operations	$	(6,808	)	$	(70,340	)

*	Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.
^†	Amount less than one thousand.

See Notes to Financial Statements

52	American Funds Tax-Exempt Funds

unaudited

(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

$	252,944		$	115,410		$	37,774		$	3,388

	15,567			7,449			3,094			349
	15,227			6,743			2,665			274
	3,760			1,557			366			48
	1,587			574			186			20
	121			45			19			2
	690			410			79			72
	70			19			12			1
	12			1			1			—	^†
	16			6			3			—	^†
	365			926			8			5
	9			4			2			(13	)
	37,424			17,734			6,435			758
	215,520			97,676			31,339			2,630

	(7,593	)		10,963			(149	)		(710	)
	(685,455	)		(307,942	)		(111,259	)		(9,713	)
	(693,048	)		(296,979	)		(111,408	)		(10,423	)
$	(477,528	)	$	(199,303	)	$	(80,069	)	$	(7,793	)

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
	Six months ended January 31			Year ended July 31			Six months ended January 31			Year ended July 31			Six months ended January 31			Year ended July 31
	2017*			2016			2017*			2016			2017*			2016
Operations:
Net investment income	$	4,489		$	7,680		$	39,140		$	74,201		$	215,520		$	365,265
Net realized (loss) gain		(509	)		(762	)		(115	)		269			(7,593	)		559
Net unrealized (depreciation) appreciation		(10,788	)		4,308			(109,365	)		27,733			(685,455	)		383,061
Net (decrease) increase in net assets resulting from operations		(6,808	)		11,226			(70,340	)		102,203			(477,528	)		748,885

Dividends paid or accrued to shareholders from net investment income		(4,500	)		(7,612	)		(39,110	)		(74,286	)		(213,816	)		(364,050	)

Net capital share transactions		67,218			51,287			95,566			538,776			599,135			2,957,629

Total increase (decrease) in net assets		55,910			54,901			(13,884	)		566,693			(92,209	)		3,342,464

Net assets:
Beginning of year		781,113			726,212			3,749,790			3,183,097			13,817,555			10,475,091
End of year	$	837,023		$	781,113		$	3,735,906		$	3,749,790		$	13,725,346		$	13,817,555

Undistributed net investment income	$	35		$	46		$	641		$	611		$	12,117		$	10,413

*	Unaudited.

See Notes to Financial Statements

54	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
Six months ended January 31 2017*			Year ended July 31 2016			Six months ended January 31 2017*			Year ended July 31 2016			Six months ended January 31 2017*			Year ended July 31 2016

$	97,676		$	168,148		$	31,339		$	57,271		$	2,630		$	4,494
	10,963			9,631			(149	)		(415	)		(710	)		271
	(307,942	)		208,275			(111,259	)		61,026			(9,713	)		7,254

	(199,303	)		386,054			(80,069	)		117,882			(7,793	)		12,019

	(94,576	)		(162,941	)		(30,867	)		(56,704	)		(2,576	)		(4,403	)
	151,354			1,267,761			43,212			347,830			(57	)		45,587
	(142,525	)		1,490,874			(67,724	)		409,008			(10,426	)		53,203

	5,092,515			3,601,641			2,070,868			1,661,860			208,899			155,696
$	4,949,990		$	5,092,515		$	2,003,144		$	2,070,868		$	198,473		$	208,899
$	12,840		$	9,740		$	2,517		$	2,045		$	248		$	194

American Funds Tax-Exempt Funds

Notes to financial statements

unaudited

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 four share classes (Class A, as well as three F share classes, F-1, F-2 and F-3). 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, B and C, 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, B and C, 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 one year of purchase without an initial sales charge)	None
Class B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Class B converts to Class A after eight years
Class C^†	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Classes F-1, F-2 and F-3	None	None	None
Class R-6	None	None	None

*	Class B shares are not available for purchase in Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York.
^†	Class C shares are not available for purchase in Limited Term Tax-Exempt Bond Fund of America.

On January 27, 2017, each fund made an additional retail plan share class (Class F-3) available for sale pursuant to an amendment to its registration statement filed with the U.S. Securities and Exchange Commission. Refer to the fund’s prospectus for more details.

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

56	American Funds Tax-Exempt Funds

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.

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 and unrealized gains and losses 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.

Dividends and distributions to shareholders — Dividends to shareholders are declared daily after the determination of each fund’s net investment income and are paid to shareholders monthly. Distributions to shareholders 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.

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;

American Funds Tax-Exempt Funds

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.

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 with supplemental information to support the changes. 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. At January 31, 2017, all of the investment securities held by each fund 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 or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

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 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 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.

58	American Funds Tax-Exempt Funds

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. 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 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 will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. 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 mitigate various credit and default risks.

Thinly traded securities — There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features 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 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 potential for fluctuations in the funds’ share price may increase.

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.

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 employed by the investment adviser in this process may not produce the desired results. This could cause the funds to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. 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 income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Generally, income earned by each fund is exempt from federal income taxes; however, each fund may earn taxable income from certain investments.

American Funds Tax-Exempt Funds

As of and during the period ended January 31, 2017, none of the funds had a liability for any unrecognized tax benefits. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statement of operations. During the period, none of the funds incurred any interest or penalties.

The funds are not subject to examination by U.S. federal tax authorities for tax years before 2012 or by state tax authorities for tax years before 2011.

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 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.

As indicated in the following tables, all of the funds had capital loss carryforwards available at July 31, 2016. These will be used to offset any capital gains realized by these funds in future years through the expiration dates, if applicable. None of the funds will make distributions from capital gains while a capital loss carryforward remains.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after July 31, 2011, (August 31, 2011, for The Tax-Exempt Bond Fund of America and The Tax-Exempt Fund of California) may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

The components of distributable earnings on a tax basis are reported as of each fund’s most recent year-end. As of July 31, 2016, the components of distributable earnings on a tax basis for each fund 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 tax-exempt income	$	103		$	577		$	3,596		$	2,754		$	757		$	138
Capital loss carryforward:
No expiration		(1,539	)		(380	)		(10,160	)		(1,323	)		(463	)		(3	)
Expiring 2017		—			—			(2,271	)		(14,384	)		(3,446	)		—
Expiring 2018		—			—			(15,752	)		(69,970	)		(30,345	)		—
Expiring 2019		—			—			—			(24,408	)		—			—
	$	(1,539	)	$	(380	)	$	(28,183	)	$	(110,085	)	$	(34,254	)	$	(3	)

As of January 31, 2017, the tax basis unrealized appreciation (depreciation) and cost of investment securities 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
Gross unrealized appreciation on investment securities	$	2,833		$	63,586		$	481,227		$	188,663		$	81,757		$	6,944
Gross unrealized depreciation on investment securities		(4,583	)		(29,231	)		(202,747	)		(125,486	)		(40,886	)		(2,859	)
Net unrealized (depreciation) appreciation on investment securities		(1,750	)		34,355			278,480			63,177			40,871			4,085
Cost of investment securities		837,011			3,693,368			13,439,705			4,857,152			1,942,930			190,675


60	American Funds Tax-Exempt Funds

Tax-exempt income distributions paid or accrued to shareholders of each fund were as follows (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

	Six months ended			Year ended
Share class	January 31, 2017			July 31, 2016
Class A	$	3,970		$	6,775
Class F-1		57			90
Class F-2		473			747
Class F-3*		—	^†
Total	$	4,500		$	7,612

Limited Term Tax-Exempt Bond Fund of America

	Six months ended			Year ended
Share class	January 31, 2017			July 31, 2016
Class A	$	30,939		$	60,916
Class B		1			7
Class C		188			422
Class F-1		863			1,795
Class F-2		3,687			5,409
Class F-3*		—	^†
Class R-6		3,432			5,737
Total	$	39,110		$	74,286

The Tax-Exempt Bond Fund of America

	Six months ended			Year ended
Share class	January 31, 2017			July 31, 2016
Class A	$	146,237		$	252,498
Class B		25			127
Class C		5,848			9,193
Class F-1		7,401			37,801
Class F-2		47,446			53,592
Class F-3*		—	^†
Class R-6		6,859			10,839
Total	$	213,816		$	364,050

American High-Income Municipal Bond Fund

	Six months ended			Year ended
Share class	January 31, 2017			July 31, 2016
Class A	$	64,964		$	118,431
Class B		13			76
Class C		3,599			6,480
Class F-1		4,590			9,162
Class F-2		15,635			19,563
Class F-3*		—	^†
Class R-6		5,775			9,229
Total	$	94,576		$	162,941

The Tax-Exempt Fund of California

	Six months ended			Year ended
Share class	January 31, 2017			July 31, 2016
Class A	$	24,981		$	47,262
Class B		2			21
Class C		1,059			1,955
Class F-1		1,145			2,131
Class F-2		3,680			5,335
Class F-3*		—	^†
Total	$	30,867		$	56,704

See page 62 for footnotes.

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Six months ended			Year ended
Share class	January 31, 2017			July 31, 2016
Class A	$	2,021		$	3,489
Class B		—	^†		1
Class C		120			207
Class F-1		27			43
Class F-2		408			663
Class F-3*		—	^†
Total	$	2,576		$	4,403


*	Class F-3 shares were offered beginning January 27, 2017.
^†	Amount less than one thousand.

6. 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 average net asset levels increase. The 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 six months ended
Fund	Beginning with			Ending with			Up to		In excess of		Beginning with			Ending with			Up to		In excess of		January 31, 2017
American Funds Short-Term Tax-Exempt Bond Fund		.390	%		.290	%	$	.20	$	1.2												.364	%
Limited Term Tax-Exempt Bond Fund of America		.300			.150			.06		1.0		3.00	%		2.50	%	$	3,333,333	$	3,333,333		.230
The Tax-Exempt Bond Fund of America		.300			.120			.06		10.0		3.00			2.00			3,333,333		8,333,333		.222
American High-Income Municipal Bond Fund		.300			.150			.06		3.0		3.00			2.50			3,333,333		3,333,333		.292
The Tax-Exempt Fund of California		.300			.180			.06		1.0		3.00			2.50			3,333,333		3,333,333		.298
American Funds Tax-Exempt Fund of New York		.300			.180			.06		1.0		3.00			2.50			3,333,333		3,333,333		.333

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

62	American Funds Tax-Exempt Funds

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 B	Not applicable		Not applicable			1.00			1.00			1.00			1.00
Class C	Not applicable		Not applicable			1.00			1.00			1.00			1.00
Class F-1	0.25		0.50			0.25			0.50			0.25			0.50

	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 B		1.00			1.00			1.00			1.00			1.00			1.00
Class C		1.00			1.00			1.00			1.00			1.00			1.00
Class 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 January 31, 2017, 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	$	1,214
Limited-Term Tax-Exempt Bond Fund of America		744
The Tax-Exempt Bond Fund of America		9,471
American High-Income Municipal Bond Fund		—
The Tax-Exempt Fund of California		1,581
American Funds Tax-Exempt Fund of New York		25

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’ Class A, C, F and R shares, if applicable. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to each fund’s shareholders. Under the agreements, Class A shares of each fund pay an annual fee of 0.01% and Class C, F and R shares of each fund, if applicable, pay an annual fee of 0.05% of their respective average daily net assets.

For the six months ended January 31, 2017, class-specific expenses under the agreements for each fund were as follows (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

Distribution

Transfer agent

Administrative

Share class

services

Class A

$542

$116

$36

Class F-1

Class F-2

Not applicable

Class F-3*

Not applicable

—

^†

Total class-specific expenses

$559

$170

$60

Limited Term Tax-Exempt Bond Fund of America

	Distribution			Transfer agent			Administrative
Share class	services			services			services
Class A		$4,635			$496			$155
Class B		—	^†		—	^†		Not applicable
Class C		149			5			7
Class F-1		111			54			22
Class F-2		Not applicable			184			84
Class F-3*		Not applicable			—			—	^†
Class R-6		Not applicable			2			75
Total class-specific expenses		$4,895			$741			$343

See page 64 for footnotes.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Distribution		Transfer agent			Administrative
Share class	services		services			services
Class A		$11,995		$1,600			$480
Class B		10		—	^†		Not applicable
Class C		2,591		88			130
Class F-1		631		301			126
Class F-2		Not applicable		1,768			747
Class F-3*		Not applicable		—			—	^†
Class R-6		Not applicable		3			104
Total class-specific expenses		$15,227		$3,760			$1,587

American High-Income Municipal Bond Fund

	Distribution		Transfer agent			Administrative
Share class	services		services			services
Class A		$5,202		$862			$176
Class B		4		—	^†		Not applicable
Class C		1,220		61			61
Class F-1		317		159			64
Class F-2		Not applicable		472			201
Class F-3*		Not applicable		—			—	^†
Class R-6		Not applicable		3			72
Total class-specific expenses		$6,743		$1,557			$574

The Tax-Exempt Fund of California

	Distribution		Transfer agent			Administrative
Share class	services		services			services
Class A		$2,085		$182			$83
Class B		1		—	^†		Not applicable
Class C		480		11			24
Class F-1		99		46			20
Class F-2		Not applicable		127			59
Class F-3*		Not applicable		—			—
Total class-specific expenses		$2,665		$366			$186

American Funds Tax-Exempt Fund of New York

Distribution

Transfer agent

Administrative

Share class

services

Class A

$202

$27

Class B

—

^†

—

^†

Not applicable

Class C

Class F-1

Class F-2

Not applicable

Class F-3*

Not applicable

—

^†

Total class-specific expenses

$274

$48

$20

*	Class F-3 shares were offered beginning January 27, 2017.
^†	Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of 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’ statement 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):

			Increase in value of			Total trustees’
Fund	Current fees		deferred amounts			compensation
American Funds Short-Term Tax-Exempt Bond Fund	$	3	$	1		$	4
Limited Term Tax-Exempt Bond Fund of America		12		5			17
The Tax-Exempt Bond Fund of America		44		26			70
American High-Income Municipal Bond Fund		15		4			19
The Tax-Exempt Fund of California		7		5			12
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.

Security transactions with related funds — Each fund may purchase 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. During the six months ended January 31, 2017, such purchase transactions occurred between American Funds Short-Term Tax-Exempt Bond Fund and related funds in the amount of $12,543,000. There were no sale transactions between American Funds Short-Term Tax-Exempt Bond Fund and related funds during the period.

64	American Funds Tax-Exempt Funds

7. 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

	Sales¹					Reinvestments of dividends					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares			Amount			Shares			Amount			Shares

Six months ended January 31, 2017
Class A	$	240,612		23,842		$	3,751		371		$	(180,381	)		(17,886	)	$	63,982			6,327
Class F-1		3,148		312			56		5			(3,841	)		(381	)		(637	)		(64	)
Class F-2		47,764		4,728			390		39			(44,291	)		(4,387	)		3,863			380
Class F-3²		10		1			—		—			—			—			10			1
Total net increase (decrease)	$	291,534		28,883		$	4,197		415		$	(228,513	)		(22,654	)	$	67,218			6,644

Year ended July 31, 2016
Class A	$	265,488		26,090		$	6,336		622		$	(240,607	)		(23,645	)	$	31,217			3,067
Class F-1		7,767		763			90		9			(4,002	)		(394	)		3,855			378
Class F-2		62,784		6,169			603		59			(47,172	)		(4,638	)		16,215			1,590
Total net increase (decrease)	$	336,039		33,022		$	7,029		690		$	(291,781	)		(28,677	)	$	51,287			5,035

Limited Term Tax-Exempt Bond Fund of America

	Sales¹					Reinvestments of dividends					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares			Amount			Shares			Amount			Shares

Six months ended January 31, 2017
Class A	$	519,094		32,980		$	29,188		1,854		$	(526,237	)		(33,573	)	$	22,045			1,261
Class B		3		—	³		1		—	³		(233	)		(14	)		(229	)		(14	)
Class C		7,280		464			182		11			(8,220	)		(523	)		(758	)		(48	)
Class F-1		16,367		1,042			832		53			(18,525	)		(1,182	)		(1,326	)		(87	)
Class F-2		194,524		12,341			3,252		207			(136,782	)		(8,728	)		60,994			3,820
Class F-3²		10		1			—		—			—			—			10			1
Class R-6		44,774		2,823			3,431		218			(33,375	)		(2,140	)		14,830			901
Total net increase (decrease)	$	782,052		49,651		$	36,886		2,343		$	(723,372	)		(46,160	)	$	95,566			5,834

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

Year ended July 31, 2016
Class A	$	770,995		48,281		$	56,942		3,566		$	(466,226	)		(29,211	)	$	361,711			22,636
Class B		144		9			7		—	³		(597	)		(37	)		(446	)		(28	)
Class C		11,072		693			408		26			(11,244	)		(705	)		236			14
Class F-1		24,656		1,544			1,728		108			(20,991	)		(1,315	)		5,393			337
Class F-2		143,068		8,950			4,556		286			(66,832	)		(4,185	)		80,792			5,051
Class R-6		101,074		6,329			5,737		359			(15,721	)		(986	)		91,090			5,702
Total net increase (decrease)	$	1,051,009		65,806		$	69,378		4,345		$	(581,611	)		(36,439	)	$	538,776			33,712

See page 67 for footnotes.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Sales¹					Issued in connection with the mergers				Reinvestments of dividends				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended January 31, 2017
Class A	$	1,053,950		80,626						$	135,485		10,430	$	(946,936	)		(73,509	)	$	242,499			17,547
Class B		4		—	³						24		2		(1,975	)		(151	)		(1,947	)		(149	)
Class C		70,821		5,397							5,559		428		(77,079	)		(5,952	)		(699	)		(127	)
Class F-1		75,376		5,818							7,123		548		(96,589	)		(7,487	)		(14,090	)		(1,121	)
Class F-2		758,379		58,499							45,186		3,479		(493,467	)		(38,326	)		310,098			23,652
Class F-3²		10		1							—		—		—			—			10			1
Class R-6		69,352		5,317							6,859		528		(12,947	)		(1,014	)		63,264			4,831
Total net increase (decrease)	$	2,027,892		155,658						$	200,236		15,415	$	(1,628,993	)		(126,439	)	$	599,135			44,634

Year ended July 31, 2016
Class A	$	1,871,164		141,849		$	608,701		45,527	$	232,021		17,617	$	(850,880	)		(64,706	)	$	1,861,006			140,287
Class B		188		14			336		25		122		9		(4,787	)		(363	)		(4,141	)		(315	)
Class C		159,538		12,081			63,427		4,744		8,714		661		(76,537	)		(5,817	)		155,142			11,669
Class F-1		444,340		34,050			37,279		2,788		37,270		2,843		(1,510,010	)		(114,741	)		(991,121	)		(75,060	)
Class F-2		2,030,700		154,105			76,119		5,693		50,029		3,784		(329,704	)		(24,984	)		1,827,144			138,598
Class R-6		108,885		8,267							10,841		823		(10,127	)		(773	)		109,599			8,317
Total net increase (decrease)	$	4,614,815		350,366		$	785,862		58,777	$	338,997		25,737	$	(2,782,045	)		(211,384	)	$	2,957,629			223,496

	Issued in connection				Issued in connection
	with the merger of				with the merger of				Total issued
	the Tax-Exempt Fund				the Tax-Exempt Fund				in connection
	of Maryland				of Virginia				with the mergers
Merger details	Amount		Shares		Amount		Shares		Amount		Shares

Class A	$	236,260		17,671	$	372,441		27,856	$	608,701		45,527
Class B		105		8		231		17		336		25
Class C		28,452		2,128		34,975		2,616		63,427		4,744
Class F-1		15,686		1,173		21,593		1,615		37,279		2,788
Class F-2		28,222		2,111		47,897		3,582		76,119		5,693
Total issued	$	308,725		23,091	$	477,137		35,686	$	785,862		58,777

American High-Income Municipal Bond Fund

	Sales¹				Reinvestments of dividends				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended January 31, 2017
Class A	$	436,450		27,756	$	59,939		3,825	$	(432,480	)		(27,854	)	$	63,909			3,727
Class B		31		2		13		1		(776	)		(49	)		(732	)		(46	)
Class C		32,222		2,037		3,369		215		(38,791	)		(2,491	)		(3,200	)		(239	)
Class F-1		43,891		2,786		4,470		285		(95,569	)		(6,113	)		(47,208	)		(3,042	)
Class F-2		255,954		16,369		13,986		893		(187,893	)		(12,114	)		82,047			5,148
Class F-3²		10		1		—		—		—			—			10			1
Class R-6		50,753		3,243		5,775		369		—			—			56,528			3,612
Total net increase (decrease)	$	819,311		52,194	$	87,552		5,588	$	(755,509	)		(48,621	)	$	151,354			9,161

Year ended July 31, 2016
Class A	$	916,799		58,141	$	109,175		6,926	$	(367,188	)		(23,358	)	$	658,786			41,709
Class B		256		16		72		4		(2,546	)		(162	)		(2,218	)		(142	)
Class C		89,022		5,638		6,037		383		(41,568	)		(2,642	)		53,491			3,379
Class F-1		121,444		7,680		8,917		566		(68,553	)		(4,339	)		61,808			3,907
Class F-2		559,242		35,343		17,128		1,084		(149,558	)		(9,505	)		426,812			26,922
Class R-6		62,899		3,986		9,230		585		(3,047	)		(198	)		69,082			4,373
Total net increase (decrease)	$	1,749,662		110,804	$	150,559		9,548	$	(632,460	)		(40,204	)	$	1,267,761			80,148

66	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Sales¹					Reinvestments of dividends					Repurchases¹						Net (decrease) increase
Share class	Amount		Shares			Amount		Shares			Amount			Shares			Amount			Shares

Six months ended January 31, 2017
Class A	$	159,121		8,959		$	22,178		1,258		$	(184,133	)		(10,545	)	$	(2,834	)		(328	)
Class B		1		—	³		2		—	³		(172	)		(9	)		(169	)		(9	)
Class C		15,485		866			1,003		57			(19,442	)		(1,105	)		(2,954	)		(182	)
Class F-1		13,318		749			1,075		61			(17,968	)		(1,020	)		(3,575	)		(210	)
Class F-2		111,424		6,342			3,154		179			(61,844	)		(3,553	)		52,734			2,968
Class F-3²		10		1			—		—			—			—			10			1
Total net increase (decrease)	$	299,359		16,917		$	27,412		1,555		$	(283,559	)		(16,232	)	$	43,212			2,240

Year ended July 31, 2016
Class A	$	364,822		20,350		$	41,439		2,313		$	(165,245	)		(9,243	)	$	241,016			13,420
Class B		36		2			20		1			(1,162	)		(65	)		(1,106	)		(62	)
Class C		33,775		1,879			1,844		103			(18,810	)		(1,052	)		16,809			930
Class F-1		26,848		1,496			1,985		111			(10,978	)		(613	)		17,855			994
Class F-2		86,120		4,793			4,508		252			(17,372	)		(969	)		73,256			4,076
Total net increase (decrease)	$	511,601		28,520		$	49,796		2,780		$	(213,567	)		(11,942	)	$	347,830			19,358

American Funds Tax-Exempt Fund of New York

	Sales¹					Reinvestments of dividends						Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares

Six months ended January 31, 2017
Class A	$	27,451		2,538		$	1,515			141		$	(25,965	)		(2,418	)	$	3,001			261
Class B		11		—	³		—	³		—	³		(5	)		—	³		6			—	³
Class C		1,838		169			113			10			(2,019	)		(190	)		(68	)		(11	)
Class F-1		637		58			20			2			(573	)		(53	)		84			7
Class F-2		4,896		452			341			32			(8,327	)		(788	)		(3,090	)		(304	)
Class F-3²		10		1			—			—			—			—			10			1
Total net increase (decrease)	$	34,843		3,218		$	1,989			185		$	(36,889	)		(3,449	)	$	(57	)		(46	)

Year ended July 31, 2016
Class A	$	42,821		3,939		$	2,365			217		$	(13,606	)		(1,255	)	$	31,580			2,901
Class B		3		1			—	³		—	³		(33	)		(3	)		(30	)		(2	)
Class C		6,364		587			195			18			(2,798	)		(257	)		3,761			348
Class F-1		676		63			25			2			(257	)		(24	)		444			41
Class F-2		13,967		1,282			540			50			(4,675	)		(428	)		9,832			904
Total net increase (decrease)	$	63,831		5,872		$	3,125			287		$	(21,369	)		(1,967	)	$	45,587			4,192

¹	Includes exchanges between share classes of the fund.
²	Class F-3 shares were offered beginning January 27, 2017.
³	Amount less than one thousand.

8. Investment transactions

Each fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the six months ended January 31, 2017, as follows (dollars in thousands):

Fund	Purchases		Sales
American Funds Short-Term Tax-Exempt Bond Fund	$	171,558	$	115,471
Limited Term Tax-Exempt Bond Fund of America		648,898		464,777
The Tax-Exempt Bond Fund of America		1,915,971		1,214,720
American High-Income Municipal Bond Fund		1,036,009		796,072
The Tax-Exempt Fund of California		247,351		217,926
American Funds Tax-Exempt Fund of New York		26,155		25,138

American Funds Tax-Exempt Funds

9. Ownership concentration

At January 31, 2017, CRMC held aggregate ownership of 21% 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.

68	American Funds Tax-Exempt Funds

Financial highlights

American Funds Short-Term Tax-Exempt Bond Fund

			(Loss) income 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 operation			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:
1/31/2017^3,4	$	10.22	$	.06		$	(.15	)	$	(.09	)	$	(.06	)	$	—		$	(.06	)	$	10.07		(.92	)%⁵	$	742			.58	%⁶		1.09	%⁶
7/31/2016		10.17		.10			.05			.15			(.10	)		—			(.10	)		10.22		1.51			688			.59			1.02
7/31/2015		10.25		.11			(.08	)		.03			(.11	)		—			(.11	)		10.17		.26			653			.58			1.04
7/31/2014		10.21		.11			.04			.15			(.11	)		—			(.11	)		10.25		1.43			737			.58			1.04
7/31/2013		10.32		.13			(.11	)		.02			(.13	)		—	⁷		(.13	)		10.21		.16			701			.59			1.21
7/31/2012		10.23		.13			.09			.22			(.13	)		—			(.13	)		10.32		2.17			606			.59			1.27
Class F-1:
1/31/2017^3,4		10.22		.04			(.15	)		(.11	)		(.04	)		—			(.04	)		10.07		(1.04	)⁵		12			.81	⁶		.86	⁶
7/31/2016		10.17		.08			.05			.13			(.08	)		—			(.08	)		10.22		1.29			13			.81			.80
7/31/2015		10.25		.08			(.08	)		—			(.08	)		—			(.08	)		10.17		.05			9			.80			.83
7/31/2014		10.21		.08			.04			.12			(.08	)		—			(.08	)		10.25		1.19			14			.82			.80
7/31/2013		10.32		.10			(.11	)		(.01	)		(.10	)		—	⁷		(.10	)		10.21		(.08	)		30			.84			.96
7/31/2012		10.23		.11			.09			.20			(.11	)		—			(.11	)		10.32		1.98			18			.78			1.09
Class F-2:
1/31/2017^3,4		10.22		.06			(.15	)		(.09	)		(.06	)		—			(.06	)		10.07		(.91	)⁵		83			.55	⁶		1.13	⁶
7/31/2016		10.17		.11			.05			.16			(.11	)		—			(.11	)		10.22		1.55			80			.56			1.06
7/31/2015		10.25		.11			(.08	)		.03			(.11	)		—			(.11	)		10.17		.29			64			.55			1.08
7/31/2014		10.21		.11			.04			.15			(.11	)		—			(.11	)		10.25		1.47			46			.54			1.07
7/31/2013		10.32		.13			(.11	)		.02			(.13	)		—	⁷		(.13	)		10.21		.19			37			.56			1.23
7/31/2012		10.23		.14			.09			.23			(.14	)		—			(.14	)		10.32		2.24			15			.52			1.33
Class F-3:
1/31/2017^3,4,8		10.07		—	⁷		—	⁷		—	⁷		—	⁷		—			—	⁷		10.07		.02	⁵		—	⁹		—	^5,10		.02	⁵

	Six months ended
	January 31,		Year ended July 31
	2017^3,4,5		2016		2015		2014		2013		2012
Portfolio turnover rate for all share classes		16%		21%		38%		20%		22%		14%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	Amount less than $.01.
⁸	Class F-3 shares were offered beginning January 27, 2017.
⁹	Amount less than $1 million.
¹⁰	Amount less than .01%.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

Limited Term Tax-Exempt Bond Fund of America

			(Loss) income 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:
1/31/2017^3,4	$	16.04	$	.16	$	(.44	)	$	(.28	)	$	(.16	)	$	—		$	(.16	)	$	15.60		(1.75	)%⁵	$	2,989			.59	%⁶		2.00	%⁶
7/31/2016		15.92		.35		.12			.47			(.35	)		—			(.35	)		16.04		2.97			3,055			.59			2.17
7/31/2015		16.10		.38		(.18	)		.20			(.38	)		—			(.38	)		15.92		1.23			2,670			.57			2.36
7/31/2014		15.94		.40		.16			.56			(.40	)		—			(.40	)		16.10		3.56			2,615			.60			2.51
7/31/2013		16.36		.40		(.42	)		(.02	)		(.40	)		—	⁷		(.40	)		15.94		(.13	)		2,625			.60			2.45
7/31/2012		15.85		.44		.51			.95			(.44	)		—			(.44	)		16.36		6.06			2,549			.60			2.72
Class B:
1/31/2017^3,4		16.04		.10		(.44	)		(.34	)		(.10	)		—			(.10	)		15.60		(2.09	)⁵		—	⁸		1.28	⁶		1.29	⁶
7/31/2016		15.92		.24		.12			.36			(.24	)		—			(.24	)		16.04		2.25			—	⁸		1.29			1.50
7/31/2015		16.10		.26		(.18	)		.08			(.26	)		—			(.26	)		15.92		.52			1			1.28			1.66
7/31/2014		15.94		.29		.16			.45			(.29	)		—			(.29	)		16.10		2.85			2			1.29			1.83
7/31/2013		16.36		.29		(.42	)		(.13	)		(.29	)		—	⁷		(.29	)		15.94		(.82	)		3			1.29			1.78
7/31/2012		15.85		.33		.51			.84			(.33	)		—			(.33	)		16.36		5.33			6			1.30			2.04
Class C:
1/31/2017^3,4		16.04		.10		(.44	)		(.34	)		(.10	)		—			(.10	)		15.60		(2.12	)⁵		29			1.33	⁶		1.27	⁶
7/31/2016		15.92		.23		.12			.35			(.23	)		—			(.23	)		16.04		2.20			30			1.33			1.43
7/31/2015		16.10		.26		(.18	)		.08			(.26	)		—			(.26	)		15.92		.47			30			1.33			1.60
7/31/2014		15.94		.28		.16			.44			(.28	)		—			(.28	)		16.10		2.80			38			1.34			1.78
7/31/2013		16.36		.28		(.42	)		(.14	)		(.28	)		—	⁷		(.28	)		15.94		(.87	)		49			1.34			1.72
7/31/2012		15.85		.32		.51			.83			(.32	)		—			(.32	)		16.36		5.27			75			1.34			1.99
Class F-1:
1/31/2017^3,4		16.04		.15		(.44	)		(.29	)		(.15	)		—			(.15	)		15.60		(1.79	)⁵		86			.67	⁶		1.93	⁶
7/31/2016		15.92		.33		.12			.45			(.33	)		—			(.33	)		16.04		2.88			90			.67			2.09
7/31/2015		16.10		.36		(.18	)		.18			(.36	)		—			(.36	)		15.92		1.13			84			.67			2.27
7/31/2014		15.94		.39		.16			.55			(.39	)		—			(.39	)		16.10		3.49			105			.67			2.45
7/31/2013		16.36		.39		(.42	)		(.03	)		(.39	)		—	⁷		(.39	)		15.94		(.22	)		122			.69			2.37
7/31/2012		15.85		.43		.51			.94			(.43	)		—			(.43	)		16.36		6.00			132			.65			2.67

70	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

			(Loss) income 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:
1/31/2017^3,4	$	16.04	$	.17		$	(.44	)	$	(.27	)	$	(.17	)	$	—		$	(.17	)	$	15.60		(1.67	)%⁵	$	342			.41	%⁶		2.19	%⁶
7/31/2016		15.92		.38			.12			.50			(.38	)		—			(.38	)		16.04		3.15			291			.41			2.34
7/31/2015		16.10		.40			(.18	)		.22			(.40	)		—			(.40	)		15.92		1.39			208			.41			2.52
7/31/2014		15.94		.43			.16			.59			(.43	)		—			(.43	)		16.10		3.75			183			.42			2.69
7/31/2013		16.36		.43			(.42	)		.01			(.43	)		—	⁷		(.43	)		15.94		.05			148			.42			2.64
7/31/2012		15.85		.47			.51			.98			(.47	)		—			(.47	)		16.36		6.28			162			.38			2.94
Class F-3:
1/31/2017^3,4,9		15.59		—	⁷		.01			.01			—	⁷		—			—	⁷		15.60		.09	⁵		—	⁸		—	^5,10		.03	⁵
Class R-6:
1/31/2017^3,4		16.04		.18			(.44	)		(.26	)		(.18	)		—			(.18	)		15.60		(1.61	)⁵		290			.30	⁶		2.30	⁶
7/31/2016		15.92		.39			.12			.51			(.39	)		—			(.39	)		16.04		3.26			284			.30			2.45
7/31/2015		16.10		.42			(.18	)		.24			(.42	)		—			(.42	)		15.92		1.50			190			.31			2.62
7/31/2014		15.94		.45			.16			.61			(.45	)		—			(.45	)		16.10		3.86			133			.31			2.80
7/31/2013		16.36		.45			(.42	)		.03			(.45	)		—	⁷		(.45	)		15.94		.16			132			.31			2.72
7/31/2012^3,11		16.32		.10			.05			.15			(.11	)		—			(.11	)		16.36		.90	⁵		43			.07	⁵		.64	⁵

	Six months ended
	January 31,		Year ended July 31
	2017^3,4,5		2016			2015			2014			2013			2012
Portfolio turnover rate for all share classes		13%		16	%		19	%		9	%		13	%		9	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	Amount less than $.01.
⁸	Amount less than $1 million.
⁹	Class F-3 shares were offered beginning January 27, 2017.
¹⁰	Amount less than .01%.
¹¹	Class R-6 shares were offered beginning May 11, 2012.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

The Tax-Exempt Bond Fund of America

			(Loss) income from investment operations¹
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)			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:
1/31/2017^3,4	$	13.40	$	.20	$	(.65	)	$	(.45	)	$	(.20	)	$	12.75		(3.37	)%⁵	$	9,279		.53	%⁶		3.07	%⁶
7/31/2016		12.96		.41		.44			.85			(.41	)		13.40		6.69			9,510		.54			3.15
7/31/2015		12.92		.42		.04			.46			(.42	)		12.96		3.62			7,385		.54			3.28
7/31/2014		12.44		.45		.48			.93			(.45	)		12.92		7.60			6,772		.56			3.57
7/31/2013^3,7		13.08		.40		(.64	)		(.24	)		(.40	)		12.44		(1.93	)⁵		6,984		.55	⁶		3.35	⁶
8/31/2012		12.26		.47		.82			1.29			(.47	)		13.08		10.71			7,445		.55			3.73
Class B:
1/31/2017^3,4		13.40		.15		(.65	)		(.50	)		(.15	)		12.75		(3.71	)⁵		1		1.25	⁶		2.34	⁶
7/31/2016		12.96		.31		.44			.75			(.31	)		13.40		5.90			3		1.28			2.43
7/31/2015		12.92		.33		.04			.37			(.33	)		12.96		2.85			7		1.28			2.55
7/31/2014		12.44		.35		.48			.83			(.35	)		12.92		6.81			13		1.30			2.84
7/31/2013^3,7		13.08		.31		(.64	)		(.33	)		(.31	)		12.44		(2.59	⁾⁵		20		1.30	⁶		2.61	⁶
8/31/2012		12.26		.38		.82			1.20			(.38	)		13.08		9.90			30		1.29			3.01
Class C:
1/31/2017^3,4		13.40		.15		(.65	)		(.50	)		(.15	)		12.75		(3.76	⁾⁵		491		1.32	⁶		2.28	⁶
7/31/2016		12.96		.31		.44			.75			(.31	)		13.40		5.85			517		1.33			2.35
7/31/2015		12.92		.32		.04			.36			(.32	)		12.96		2.80			349		1.33			2.50
7/31/2014		12.44		.35		.48			.83			(.35	)		12.92		6.75			325		1.35			2.79
7/31/2013^3,7		13.08		.31		(.64	)		(.33	)		(.31	)		12.44		(2.64	⁾⁵		375		1.34	⁶		2.56	⁶
8/31/2012		12.26		.37		.82			1.19			(.37	)		13.08		9.85			420		1.34			2.94
Class F-1:
1/31/2017^3,4		13.40		.19		(.65	)		(.46	)		(.19	)		12.75		(3.43	⁾⁵		478		.66	⁶		2.95	⁶
7/31/2016		12.96		.39		.44			.83			(.39	)		13.40		6.53			518		.67			3.04
7/31/2015		12.92		.41		.04			.45			(.41	)		12.96		3.49			1,474		.67			3.16
7/31/2014		12.44		.43		.48			.91			(.43	)		12.92		7.46			1,389		.68			3.46
7/31/2013^3,7		13.08		.39		(.64	)		(.25	)		(.39	)		12.44		(2.05	⁾⁵		1,659		.68	⁶		3.21	⁶
8/31/2012		12.26		.46		.82			1.28			(.46	)		13.08		10.59			1,526		.66			3.62

72	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

			(Loss) income from investment operations¹
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)			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:
1/31/2017^3,4	$	13.40	$	.21		$	(.65	)	$	(.44	)	$	(.21	)	$	12.75		(3.31	)%⁵	$	3,043			.41	%⁶		3.20	%⁶
7/31/2016		12.96		.43			.44			.87			(.43	)		13.40		6.84			2,879			.40			3.26
7/31/2015		12.92		.44			.04			.48			(.44	)		12.96		3.76			990			.41			3.42
7/31/2014		12.44		.46			.48			.94			(.46	)		12.92		7.74			662			.42			3.70
7/31/2013^3,7		13.08		.42			(.64	)		(.22	)		(.42	)		12.44		(1.81	)⁵		327			.42	⁶		3.49	⁶
8/31/2012		12.26		.49			.82			1.31			(.49	)		13.08		10.88			239			.40			3.87
Class F-3:
1/31/2017^3,4,8		12.75		—	⁹		—	⁹		—	⁹		—	⁹		12.75		.04	⁵		—	^5,10		—	^5,11		.04	⁵
Class R-6:
1/31/2017^3,4		13.40		.22			(.65	)		(.43	)		(.22	)		12.75		(3.25	)⁵		433			.29	⁶		3.32	⁶
7/31/2016		12.96		.44			.44			.88			(.44	)		13.40		6.95			391			.29			3.39
7/31/2015		12.92		.46			.04			.50			(.46	)		12.96		3.86			270			.30			3.52
7/31/2014		12.44		.48			.48			.96			(.48	)		12.92		7.86			165			.31			3.81
7/31/2013^3,7		13.08		.43			(.64	)		(.21	)		(.43	)		12.44		(1.71	)⁵		115			.31	⁶		3.58	⁶
8/31/2012^3,12		12.94		.14			.15			.29			(.15	)		13.08		2.25	⁵		42			.09	⁵		1.15	⁵

	Six months ended			Year ended									For the period			Year ended
	January 31			July 31									9/1/2012 to			August 31
	2017^3,4,5			2016			2015			2014			7/31/2013^3,5,7			2012
Portfolio turnover rate for all share classes		9	%		13	%		14	%		10	%		16	%		14	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	In 2013, the fund changed its fiscal year-end from August to July.
⁸	Class F-3 shares were offered beginning January 27, 2017.
⁹	Amount less than $.01.
¹⁰	Amount less than $1 million.
¹¹	Amount less than .01%.
¹²	Class R-6 shares were offered beginning May 11, 2012.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

American High-Income Municipal Bond Fund

			(Loss) income from investment operations¹
					Net (losses)
	Net asset				gains on						Dividends			Net asset								Ratio of			Ratio of
	value,		Net		securities (both			Total from			(from net			value,					Net assets,			expenses			net income
	beginning		investment		realized and			investment			investment			end		Total			end of period			to average			to average
Period ended	of period		income		unrealized)			operations			income)			of period		return²			(in millions)			net assets			net assets
Class A:
1/31/2017^3,4	$	16.21	$	.30	$	(.91	)	$	(.61	)	$	(.29	)	$	15.31		(3.77	)%⁵	$	3,381			.70	%⁶		3.82	%⁶
7/31/2016		15.40		.63		.79			1.42			(.61	)		16.21		9.45			3,519			.67			4.02
7/31/2015		15.22		.64		.17			.81			(.63	)		15.40		5.34			2,700			.68			4.13
7/31/2014		14.48		.68		.73			1.41			(.67	)		15.22		9.99			2,357			.68			4.59
7/31/2013		15.13		.63		(.65	)		(.02	)		(.63	)		14.48		(.25	)		2,246			.69			4.14
7/31/2012		13.78		.66		1.35			2.01			(.66	)		15.13		14.98			2,286			.68			4.64
Class B:
1/31/2017^3,4		16.21		.25		(.91	)		(.66	)		(.24	)		15.31		(4.10	)⁵		—	⁷		1.39	⁶		3.10	⁶
7/31/2016		15.40		.52		.79			1.31			(.50	)		16.21		8.67			1			1.38			3.36
7/31/2015		15.22		.53		.17			.70			(.52	)		15.40		4.60			4			1.39			3.43
7/31/2014		14.48		.57		.73			1.30			(.56	)		15.22		9.17			6			1.44			3.87
7/31/2013		15.13		.52		(.65	)		(.13	)		(.52	)		14.48		(.97	)		10			1.42			3.42
7/31/2012		13.78		.56		1.35			1.91			(.56	)		15.13		14.14			16			1.42			3.96
Class C:
1/31/2017^3,4		16.21		.24		(.91	)		(.67	)		(.23	)		15.31		(4.13	)⁵		229			1.45	⁶		3.07	⁶
7/31/2016		15.40		.52		.79			1.31			(.50	)		16.21		8.62			247			1.43			3.26
7/31/2015		15.22		.52		.17			.69			(.51	)		15.40		4.55			182			1.44			3.37
7/31/2014		14.48		.56		.73			1.29			(.55	)		15.22		9.12			161			1.48			3.80
7/31/2013		15.13		.52		(.65	)		(.13	)		(.52	)		14.48		(1.02	)		161			1.46			3.37
7/31/2012		13.78		.55		1.35			1.90			(.55	)		15.13		14.09			170			1.46			3.86
Class F-1:
1/31/2017^3,4		16.21		.30		(.91	)		(.61	)		(.29	)		15.31		(3.80	)⁵		219			.77	⁶		3.74	⁶
7/31/2016		15.40		.62		.79			1.41			(.60	)		16.21		9.37			282			.74			3.95
7/31/2015		15.22		.62		.17			.79			(.61	)		15.40		5.27			207			.75			4.06
7/31/2014		14.48		.66		.73			1.39			(.65	)		15.22		9.87			178			.79			4.49
7/31/2013		15.13		.62		(.65	)		(.03	)		(.62	)		14.48		(.35	)		172			.79			4.04
7/31/2012		13.78		.65		1.35			2.00			(.65	)		15.13		14.89			191			.76			4.56

74	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

			(Loss) income from investment operations¹
					Net (losses)
	Net asset				gains on						Dividends			Net asset								Ratio of			Ratio of
	value,		Net		securities (both			Total from			(from net			value,					Net assets,			expenses			net income
	beginning		investment		realized and			investment			investment			end		Total			end of period			to average			to average
Period ended	of period		income		unrealized)			operations			income)			of period		return²			(in millions)			net assets			net assets
Class F-2:
1/31/2017^3,4	$	16.21	$	.32	$	(.91	)	$	(.59	)	$	(.31	)	$	15.31		(3.68	)%⁵	$	811			.51	%⁶		4.01	%⁶
7/31/2016		15.40		.66		.79			1.45			(.64	)		16.21		9.65			775			.48			4.18
7/31/2015		15.22		.66		.17			.83			(.65	)		15.40		5.53			321			.49			4.32
7/31/2014		14.48		.70		.73			1.43			(.69	)		15.22		10.15			223			.53			4.71
7/31/2013		15.13		.66		(.65	)		.01			(.66	)		14.48		(.09	)		126			.52			4.31
7/31/2012		13.78		.69		1.35			2.04			(.69	)		15.13		15.20			87			.49			4.81
Class F-3:
1/31/2017^3,4,8		15.30		.01		.01			.02			(.01	)		15.31		.12	⁵		—	⁷		—	⁵		.05	⁵
Class R-6:
1/31/2017^3,4		16.21		.33		(.91	)		(.58	)		(.32	)		15.31		(3.62	)⁵		310			.40	⁶		4.13	⁶
7/31/2016		15.40		.68		.79			1.47			(.66	)		16.21		9.76			269			.38			4.31
7/31/2015		15.22		.68		.17			.85			(.67	)		15.40		5.64			188			.39			4.42
7/31/2014		14.48		.72		.73			1.45			(.71	)		15.22		10.27			108			.42			4.82
7/31/2013		15.13		.68		(.65	)		.03			(.68	)		14.48		.02			58			.40			4.44
7/31/2012^3,9		14.86		.14		.28			.42			(.15	)		15.13		2.85	⁵		13			.08	⁵		1.00	⁵

	Six months ended
	January 31,		Year ended July 31
	2017^3,4,5		2016		2015		2014		2013		2012
Portfolio turnover rate for all share classes		17%		21%		23%		24%		25%		20%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	Amount less than $1 million.
⁸	Class F-3 shares were offered beginning January 27, 2017.
⁹	Class R-6 shares were offered beginning May 11, 2012.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

The Tax-Exempt Fund of California

			(Loss) income from investment operations¹
					Net (losses)
	Net asset				gains on						Dividends			Net asset								Ratio of				Ratio of
	value,		Net		securities (both			Total from			(from net			value,					Net assets,			expenses				net income
	beginning		investment		realized and			investment			investment			end		Total			end of period			to average				to average
Period ended	of period		income		unrealized)			operations			income)			of period		return²			(in millions)			net assets				net assets
Class A:
1/31/2017^3,4	$	18.21	$	.27	$	(.93	)	$	(.66	)	$	(.27	)	$	17.28		(3.66	)%⁵	$	1,586			.59	%⁶			3.04	%⁶
7/31/2016		17.62		.57		.58			1.15			(.56	)		18.21		6.65			1,678			.60				3.17
7/31/2015		17.52		.60		.09			.69			(.59	)		17.62		3.98			1,386			.62				3.38
7/31/2014		16.72		.63		.80			1.43			(.63	)		17.52		8.72			1,265			.63				3.72
7/31/2013^3,7		17.54		.59		(.82	)		(.23	)		(.59	)		16.72		(1.45	)⁵		1,250			.63	⁶			3.64	⁶
8/31/2012		16.32		.66		1.22			1.88			(.66	)		17.54		11.70			1,334			.63				3.89
Class B:
1/31/2017^3,4		18.21		.21		(.94	)		(.73	)		(.20	)		17.28		(4.00	)⁵		—	⁸		1.31	⁶			2.31	⁶
7/31/2016		17.62		.44		.58			1.02			(.43	)		18.21		5.88			—	⁸		1.34				2.51
7/31/2015		17.52		.47		.09			.56			(.46	)		17.62		3.22			1			1.35				2.65
7/31/2014		16.72		.51		.79			1.30			(.50	)		17.52		7.93			2			1.38		��		3.00
7/31/2013^3,7		17.54		.47		(.82	)		(.35	)		(.47	)		16.72		(2.12	)⁵		3			1.37	⁶			2.90	⁶
8/31/2012		16.32		.53		1.22			1.75			(.53	)		17.54		10.89			5			1.37				3.17
Class C:
1/31/2017^3,4		18.21		.20		(.93	)		(.73	)		(.20	)		17.28		(4.04	)⁵		89			1.38	⁶			2.25	⁶
7/31/2016		17.62		.43		.58			1.01			(.42	)		18.21		5.82			97			1.39				2.38
7/31/2015		17.52		.46		.09			.55			(.45	)		17.62		3.16			78			1.40				2.59
7/31/2014		16.72		.50		.80			1.30			(.50	)		17.52		7.87			76			1.42				2.94
7/31/2013^3,7		17.54		.46		(.82	)		(.36	)		(.46	)		16.72		(2.16	)⁵		87			1.42	⁶			2.85	⁶
8/31/2012		16.32		.52		1.22			1.74			(.52	)		17.54		10.83			101			1.42				3.10
Class F-1:
1/31/2017^3,4		18.21		.26		(.93	)		(.67	)		(.26	)		17.28		(3.72	)⁵		75			.72	⁶			2.91	⁶
7/31/2016		17.62		.55		.58			1.13			(.54	)		18.21		6.52			83			.73				3.04
7/31/2015		17.52		.58		.09			.67			(.57	)		17.62		3.85			63			.74				3.26
7/31/2014		16.72		.61		.80			1.41			(.61	)		17.52		8.59			65			.76				3.60
7/31/2013^3,7		17.54		.56		(.82	)		(.26	)		(.56	)		16.72		(1.58	)⁵		74			.77	⁶			3.50	⁶
8/31/2012		16.32		.64		1.22			1.86			(.64	)		17.54		11.59			82			.73				3.79

76	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

			(Loss) income from investment operations¹
					Net (losses)
	Net asset				gains on						Dividends			Net asset								Ratio of			Ratio of
	value,		Net		securities (both			Total from			(from net			value,					Net assets,			expenses			net income
	beginning		investment		realized and			investment			investment			end		Total			end of period			to average			to average
Period ended	of period		income		unrealized)			operations			income)			of period		return²			(in millions)			net assets			net assets
Class F-2:
1/31/2017^3,4	$	18.21	$	.28	$	(.93	)	$	(.65	)	$	(.28	)	$	17.28		(3.59	)%⁵	$	253			.47	%⁶		3.17	%⁶
7/31/2016		17.62		.60		.58			1.18			(.59	)		18.21		6.79			213			.48			3.29
7/31/2015		17.52		.62		.09			.71			(.61	)		17.62		4.10			134			.49			3.51
7/31/2014		16.72		.65		.80			1.45			(.65	)		17.52		8.85			110			.51			3.84
7/31/2013^3,7		17.54		.60		(.82	)		(.22	)		(.60	)		16.72		(1.35	)⁵		91			.51	⁶		3.77	⁶
8/31/2012		16.32		.68		1.22			1.90			(.68	)		17.54		11.87			74			.48			4.02
Class F-3:
1/31/2017^3,4,9		17.27		.01		.01			.02			(.01	)		17.28		.10	⁵		—	⁸		—	^5,10		.04	⁵

Six months ended

Year ended

For the period

Year ended

January 31

July 31

9/1/2012 to

August 31

2017^3,4,5

2016

2015

2014

7/31/2013^3,5,7

2012

Portfolio turnover rate for all share classes

11%

17%

12%

15%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	In 2013, the fund changed its fiscal year-end from August to July.
⁸	Amount less than $1 million.
⁹	Class F-3 shares were offered beginning January 27, 2017.
¹⁰	Amount less than .01%.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

American Funds Tax-Exempt Fund of New York

			(Loss) income from investment operations¹
					Net (losses)																	Ratio of			Ratio of
	Net asset				gains on						Dividends			Net asset								expenses to			expenses to			Ratio of
	value,		Net		securities (both			Total from			(from net			value,					Net assets,			average net			average net			net income
	beginning		investment		realized and			investment			investment			end		Total			end of year			assets before			assets after			to average
Period ended	of year		income		unrealized)			operations			income)			of year		return^2,3			(in millions)			reimbursements			reimbursements³			net assets³
Class A:
1/31/2017^4,5	$	11.12	$	.14	$	(.53	)	$	(.39	)	$	(.14	)	$	10.59		(3.55	)%^6,7	$	156			.69	%^7,8		.69	%^7,8		2.55	%^7,8
7/31/2016		10.66		.28		.45			.73			(.27	)		11.12		6.95	⁷		161			.72	⁷		.69	⁷		2.54	⁷
7/31/2015		10.58		.32		.07			.39			(.31	)		10.66		3.65	⁷		124			.72	⁷		.67	⁷		2.91	⁷
7/31/2014		10.21		.31		.37			.68			(.31	)		10.58		6.83	⁷		102			.73	⁷		.63	⁷		3.07	⁷
7/31/2013		10.85		.31		(.64	)		(.33	)		(.31	)		10.21		(3.16	)⁷		100			.66	⁷		.59	⁷		2.88	⁷
7/31/2012		9.98		.32		.87			1.19			(.32	)		10.85		12.11	⁷		106			.76	⁷		.63	⁷		3.06	⁷
Class B:
1/31/2017^4,5		11.12		.14		(.53	)		(.39	)		(.14	)		10.59		(3.48	)^6,7		—	⁹		.56	^7,8		.56	^7,8		2.68	^7,8
7/31/2016		10.66		.25		.45			.70			(.24	)		11.12		6.64	⁷		—	⁹		1.06	⁷		1.03	⁷		2.24	⁷
7/31/2015		10.58		.23		.07			.30			(.22	)		10.66		2.87	⁷		—	⁹		1.49	⁷		1.43	⁷		2.15	⁷
7/31/2014		10.21		.23		.37			.60			(.23	)		10.58		5.98	⁷		—	⁹		1.51	⁷		1.44	⁷		2.29	⁷
7/31/2013		10.85		.22		(.64	)		(.42	)		(.22	)		10.21		(4.00	)⁷		—	⁹		1.53	⁷		1.46	⁷		1.99	⁷
7/31/2012		9.98		.23		.87			1.10			(.23	)		10.85		11.18	⁷		—	⁹		1.59	⁷		1.45	⁷		2.24	⁷
Class C:
1/31/2017^4,5		11.12		.09		(.53	)		(.44	)		(.09	)		10.59		(3.94	)⁶		13			1.48	⁸		1.48	⁸		1.76	⁸
7/31/2016		10.66		.20		.45			.65			(.19	)		11.12		6.11			14			1.51			1.48			1.75
7/31/2015		10.58		.23		.07			.30			(.22	)		10.66		2.79			10			1.56			1.50			2.07
7/31/2014		10.21		.22		.37			.59			(.22	)		10.58		5.89			8			1.60			1.51			2.19
7/31/2013		10.85		.21		(.64	)		(.43	)		(.21	)		10.21		(4.04	)		8			1.58			1.50			1.96
7/31/2012		9.98		.23		.87			1.10			(.23	)		10.85		11.12			7			1.62			1.50			2.17
Class F-1:
1/31/2017^4,5		11.12		.14		(.53	)		(.39	)		(.14	)		10.59		(3.55	)^6,7		2			.67	^7,8		.67	^7,8		2.57	^7,8
7/31/2016		10.66		.29		.45			.74			(.28	)		11.12		7.02	⁷		2			.65	⁷		.62	⁷		2.61	⁷
7/31/2015		10.58		.31		.07			.38			(.30	)		10.66		3.58	⁷		2			.80	⁷		.74	⁷		2.83	⁷
7/31/2014		10.21		.31		.37			.68			(.31	)		10.58		6.77	⁷		1			.77	⁷		.68	⁷		3.03	⁷
7/31/2013		10.85		.29		(.64	)		(.35	)		(.29	)		10.21		(3.36	)⁷		1			.86	⁷		.79	⁷		2.67	⁷
7/31/2012		9.98		.31		.87			1.18			(.31	)		10.85		11.95	⁷		2			.86	⁷		.74	⁷		2.94	⁷

78	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

			(Loss) income from investment operations¹
						Net (losses)																	Ratio of			Ratio of
	Net asset					gains on						Dividends			Net asset								expenses to			expenses to			Ratio of
	value,		Net			securities (both			Total from			(from net			value,					Net assets,			average net			average net			net income
	beginning		investment			realized and			investment			investment			end		Total			end of year			assets before			assets after			to average
Period ended	of year		income			unrealized)			operations			income)			of year		return^2,3			(in millions)			reimbursements			reimbursements³			net assets³
Class F-2:
1/31/2017^4,5	$	11.12	$	.14		$	(.53	)	$	(.39	)	$	(.14	)	$	10.59		(3.49	)%⁶	$	27			.56	%⁸		.56	%⁸		2.68	%⁸
7/31/2016		10.66		.30			.45			.75			(.29	)		11.12		7.10			31			.58			.55			2.68
7/31/2015		10.58		.33			.07			.40			(.32	)		10.66		3.77			20			.61			.56			3.02
7/31/2014		10.21		.32			.37			.69			(.32	)		10.58		6.89			16			.66			.57			3.13
7/31/2013		10.85		.31			(.64	)		(.33	)		(.31	)		10.21		(3.14	)		14			.64			.57			2.90
7/31/2012		9.98		.33			.87			1.20			(.33	)		10.85		12.21			13			.63			.53			3.13
Class F-3:
1/31/2017^4,5,10		10.58		—	¹¹		.01			.01			—	¹¹		10.59		.13	⁶		—	⁹		—	^6,12		—	^6,12		.03	⁶

	Six months ended
	January 31,			Year ended July 31
	2017^4,5,6			2016			2015			2014			2013			2012
Portfolio turnover rate for all share classes		13	%		14	%		42	%		25	%		23	%		15	%

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 some of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses.
⁴	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁵	Unaudited.
⁶	Not annualized.
⁷	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.
⁸	Annualized.
⁹	Amount less than $1 million.
¹⁰	Class F-3 shares were offered beginning January 27, 2017.
¹¹	Amount less than $.01.
¹²	Amount less than .01%.

See Notes to Financial Statements

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 (August 1, 2016, through January 31, 2017).

Actual expenses:

The first line of each share class in the table 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 table 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:

Classes 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 table 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 table 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.

80	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2016		1/31/2017		during period*		expense ratio
Class A – actual return	$	1,000.00	$	990.79	$	2.91		.58	%
Class A – assumed 5% return		1,000.00		1,022.28		2.96		.58
Class F-1 – actual return		1,000.00		989.64		4.06		.81
Class F-1 – assumed 5% return		1,000.00		1,021.12		4.13		.81
Class F-2 – actual return		1,000.00		990.95		2.76		.55
Class F-2 – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class F-3 – actual return^†		1,000.00		1,000.15		.04		.40
Class F-3 – assumed 5% return^†		1,000.00		1,023.19		2.04		.40

Limited Term Tax-Exempt Bond Fund of America

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2016		1/31/2017		during period*		expense ratio
Class A – actual return	$	1,000.00	$	982.46	$	2.95		.59	%
Class A – assumed 5% return		1,000.00		1,022.23		3.01		.59
Class B – actual return		1,000.00		979.07		6.39		1.28
Class B – assumed 5% return		1,000.00		1,018.75		6.51		1.28
Class C – actual return		1,000.00		978.81		6.63		1.33
Class C – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class F-1 – actual return		1,000.00		982.07		3.35		.67
Class F-1 – assumed 5% return		1,000.00		1,021.83		3.41		.67
Class F-2 – actual return		1,000.00		983.35		2.05		.41
Class F-2 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class F-3 – actual return^†		1,000.00		1,000.91		.03		.26
Class F-3 – assumed 5% return^†		1,000.00		1,023.89		1.33		.26
Class R-6 – actual return		1,000.00		983.91		1.50		.30
Class R-6 – assumed 5% return		1,000.00		1,023.69		1.53		.30

The Tax-Exempt Bond Fund of America

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2016		1/31/2017		during period*		expense ratio
Class A – actual return	$	1,000.00	$	966.28	$	2.63		.53	%
Class A – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class B – actual return		1,000.00		962.87		6.18		1.25
Class B – assumed 5% return		1,000.00		1,018.90		6.36		1.25
Class C – actual return		1,000.00		962.42		6.53		1.32
Class C – assumed 5% return		1,000.00		1,018.55		6.72		1.32
Class F-1 – actual return		1,000.00		965.67		3.27		.66
Class F-1 – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class F-2 – actual return		1,000.00		966.90		2.03		.41
Class F-2 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class F-3 – actual return^†		1,000.00		1,000.38		.03		.26
Class F-3 – assumed 5% return^†		1,000.00		1,023.89		1.33		.26
Class R-6 – actual return		1,000.00		967.47		1.44		.29
Class R-6 – assumed 5% return		1,000.00		1,023.74		1.48		.29

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2016		1/31/2017		during period*		expense ratio
Class A – actual return	$	1,000.00	$	962.31	$	3.46		.70	%
Class A – assumed 5% return		1,000.00		1,021.68		3.57		.70
Class B – actual return		1,000.00		958.97		6.86		1.39
Class B – assumed 5% return		1,000.00		1,018.20		7.07		1.39
Class C – actual return		1,000.00		958.70		7.16		1.45
Class C – assumed 5% return		1,000.00		1,017.90		7.37		1.45
Class F-1 – actual return		1,000.00		961.96		3.81		.77
Class F-1 – assumed 5% return		1,000.00		1,021.32		3.92		.77
Class F-2 – actual return		1,000.00		963.21		2.52		.51
Class F-2 – assumed 5% return		1,000.00		1,022.63		2.60		.51
Class F-3 – actual return^†		1,000.00		1,001.15		.04		.33
Class F-3 – assumed 5% return^†		1,000.00		1,023.54		1.68		.33
Class R-6 – actual return		1,000.00		963.78		1.98		.40
Class R-6 – assumed 5% return		1,000.00		1,023.19		2.04		.40

The Tax-Exempt Fund of California

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2016		1/31/2017		during period*		expense ratio
Class A – actual return	$	1,000.00	$	963.43	$	2.92		.59	%
Class A – assumed 5% return		1,000.00		1,022.23		3.01		.59
Class B – actual return		1,000.00		959.99		6.47		1.31
Class B – assumed 5% return		1,000.00		1,018.60		6.67		1.31
Class C – actual return		1,000.00		959.59		6.82		1.38
Class C – assumed 5% return		1,000.00		1,018.25		7.02		1.38
Class F-1 – actual return		1,000.00		962.79		3.56		.72
Class F-1 – assumed 5% return		1,000.00		1,021.58		3.67		.72
Class F-2 – actual return		1,000.00		964.05		2.33		.47
Class F-2 – assumed 5% return		1,000.00		1,022.84		2.40		.47
Class F-3 – actual return^†		1,000.00		1,000.96		.04		.34
Class F-3 – assumed 5% return^†		1,000.00		1,023.49		1.73		.34

82	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2016		1/31/2017		during period*		expense ratio
Class A – actual return	$	1,000.00	$	964.45	$	3.42		.69	%
Class A – assumed 5% return		1,000.00		1,021.73		3.52		.69
Class B – actual return		1,000.00		965.20		2.77		.56
Class B – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class C – actual return		1,000.00		960.61		7.31		1.48
Class C – assumed 5% return		1,000.00		1,017.74		7.53		1.48
Class F-1 – actual return		1,000.00		964.54		3.32		.67
Class F-1 – assumed 5% return		1,000.00		1,021.83		3.41		.67
Class F-2 – actual return		1,000.00		965.12		2.77		.56
Class F-2 – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class F-3 – actual return^†		1,000.00		1,001.26		.05		.43
Class F-3 – assumed 5% return^†		1,000.00		1,023.04		2.19		.43


*	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 365 (to reflect the one-half year period).
^†	The period for the ”annualized expense ratio” and ”actual return” line is based on the number of days since the initial sale of the share class on January 27, 2017. The ”assumed 5% return” line is based on 184 days.

American Funds Tax-Exempt Funds

Offices of the funds and of the investment adviser

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

6455 Irvine Center Drive
Irvine, CA 92618-4518

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

300 South Grand Avenue, 22nd Floor
Los Angeles, CA 90071-3132

Custodians of assets

Bank of New York Mellon
One Wall Street
New York, NY 10286

JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

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

84	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 American Funds website at americanfunds.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds 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 the American Funds website.

Complete January 31, 2017, 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 N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. 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 prospectuses, which give details about charges, expenses, investment objectives and operating policies of the funds. If used as sales material after March 31, 2017, 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.

American Funds from Capital Group

The Capital Advantage^SM

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

	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 27 years of investment experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

	The Capital System^SM
	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 long-term track record
	Equity funds have beaten their Lipper peer indexes in 93% of 10-year periods and 98% of 20-year periods. Fixed income funds have beaten their Lipper indexes in 80% of 10-year periods and 80% of 20-year periods.²Fund management fees have been among the lowest in the industry.³

	¹	Portfolio manager experience as of December 31, 2016.
	²	Based on Class F-2 share results for rolling periods through December 31, 2016. 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. 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 Class A share results 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 americanfunds.com for more information on specific expense adjustments and the actual dates of first sale.
	³	On average, our management fees were in the lowest quintile 73% of the time, based on the 20-year period ended December 31, 2016, versus comparable Lipper categories, excluding funds of funds.

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

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

Limited Term Tax-Exempt Bond Fund of America^®

Investment portfolio

January 31, 2017

unaudited

Bonds, notes & other debt instruments 93.48% Alabama 1.01%	Principal amount (000)	Value (000)
21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2020	$4,000	$4,420
21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2021	3,305	3,713
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021)	14,500	15,545
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2022	5,385	6,216
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023	2,500	2,859
The Medical Clinic Board of the City of Montgomery, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), 5.00% 2021	2,065	2,280
The Medical Clinic Board of the City of Montgomery, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), 5.00% 2023	1,125	1,267
Special Care Facs. Fncg. Auth. of the City of Pell City, Rev. Ref. Bonds (Noland Health Services, Inc.), Series 2012-A, 5.00% 2020	1,140	1,272
		37,572
Alaska 0.15%
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 2046	3,295	3,453
International Airport System, Rev. Ref. Bonds, Series 2016-D, AMT, 5.00% 2017	2,010	2,062
		5,515
Arizona 1.30%
Agricultural Improvement and Power Dist., Electric System Rev. Ref. Bonds (Salt River Project), Series 2016-A, 5.00% 2028	2,400	2,912
Health Facs. Auth., Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2013-A-1, 2.51% 2048 (put 2020)¹	4,000	4,064
City of Glendale, Water and Sewer Rev. Ref. Obligations, Series 2012, 5.00% 2020	1,550	1,736
City of Glendale, Water and Sewer Rev. Ref. Obligations, Series 2012, 5.00% 2021	1,000	1,144
Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University), Series 2007, 5.25% 2018	1,135	1,191
Health Facs. Auth., Rev. Bonds (Scottsdale Lincoln Hospitals Project), Series 2014-A, 5.00% 2024	1,000	1,172
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2008-D, 5.50% 2038 (preref. 2018)	2,000	2,084
Maricopa County, Community College Dist., G.O. Bonds (Project of 2004), Series 2009-C, 5.00% 2018	3,500	3,704
McAllister Academic Village LLC, Rev. Ref. Bonds (Arizona State University Hassayampa Academic Village Project), Series 2016, 5.00% 2026	600	695
McAllister Academic Village LLC, Rev. Ref. Bonds (Arizona State University Hassayampa Academic Village Project), Series 2016, 5.00% 2027	1,000	1,152
City of Phoenix, Civic Improvement Corp., Airport Rev. Bonds, Series 2010-A, 5.00% 2019	1,000	1,085
City of Phoenix, Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.25% 2017	2,000	2,036
City of Phoenix, Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.25% 2018	1,000	1,057
City of Phoenix, Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2008, 5.50% 2018	1,000	1,064
City of Phoenix, Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 2018	1,325	1,401
City of Phoenix, Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 2019	2,000	2,181
City of Phoenix, Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 2028	1,600	1,907
City of Phoenix, Civic Improvement Corp., Water System Rev. Bonds, Series 2009-A, 5.00% 2018	2,300	2,433
Industrial Dev. Authorities of the City of Phoenix and the County of Maricopa, Single Family Mortgage Rev. Bonds, Series 2007-A-2, AMT, 5.80% 2040	40	41
Pima County, Sewer System Rev. Obligations, Series 2012-A, 5.00% 2022	800	933
School Facs. Board, Certs. of Part., Series 2008, 5.50% 2017	3,000	3,081
School Facs. Board, Certs. of Part., Series 2015-A, 5.00% 2021	1,500	1,703
School Facs. Board, State School Trust Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2017	2,000	2,034

Limited Term Tax-Exempt Bond Fund of America — Page 1 of 37

unaudited

Bonds, notes & other debt instruments Arizona (continued)	Principal amount (000)	Value (000)
State Lottery Rev. Bonds, Series 2010-A, Assured Guaranty Municipal insured, 5.00% 2019	$3,770	$4,089
Board of Regents, Ref. Certs. of Part. (University of Arizona Projects), Series 2012-C, 5.00% 2020	3,180	3,527
		48,426
Arkansas 0.03%
Dev. Fin. Auth., Health Care Rev. Bonds (Baptist Memorial Health Care), Series 2015-B-3, 2.21% 2044 (put 2022)¹	1,000	992
California 10.93%
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2021	1,750	1,994
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2025	1,300	1,500
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare), Series 2012-A, 4.00% 2021	1,035	1,135
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare), Series 2012-A, 5.00% 2019	980	1,069
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2006-C-1, 1.56% 2045 (put 2023)¹	20,500	20,348
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2007-C-1, 1.56% 2047 (put 2023)¹	3,500	3,474
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2007-E-3, 1.33% 2047 (put 2019)¹	1,000	999
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-B-1, 1.76% 2045 (put 2024)¹	2,500	2,500
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-G, 1.26% 2034 (put 2020)¹	2,500	2,501
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-H, 1.36% 2034 (put 2021)¹	10,480	10,474
Successor Agcy. to the Brea Redev. Agcy. (Redev. Project AB), 2013 Tax Allocation Ref. Bonds, 5.00% 2021	725	824
Capistrano Unified School Dist., School Facs. Improvement Dist. No. 1 (Orange County), G.O. Bonds, Election 1999, Series 2001-B, Assured Guaranty Municipal insured, 0% 2025	8,000	6,082
Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2021	1,000	1,046
Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series A, AMBAC insured, 5.00% 2019	1,570	1,645
Chino Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2024	500	587
Chino Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2026	500	585
Chino Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2028	1,000	1,152
Chula Vista Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2021	975	1,089
Econ. Recovery Bonds, Ref. Series 2009-A, 5.00% 2019 (escrowed to maturity)	3,000	3,273
Econ. Recovery Bonds, Ref. Series 2009-A, 5.00% 2020 (preref. 2019)	9,000	9,833
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), 5.00% 2022	640	731
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2020	1,640	1,812
Educational Facs. Auth., Rev. Ref. Bonds (University of Redlands), Series 2015-A, 5.00% 2025	1,270	1,486
El Centro Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2028	1,000	1,154
Elk Grove Fin. Auth., Special Tax Rev. Bonds, Series 2015, 3.00% 2017	750	758
Elk Grove Fin. Auth., Special Tax Rev. Bonds, Series 2015, 3.00% 2018	450	462
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2022	525	593
G.O. Bonds, Series 2012-A, 1.11% 2033 (put 2018)¹	5,000	4,992
G.O. Bonds, Series 2016-B, 1.13% 2031 (put 2021)¹	3,250	3,239
Various Purpose G.O. Ref. Bonds, 5.00% 2021	2,500	2,876

Limited Term Tax-Exempt Bond Fund of America — Page 2 of 37

unaudited

Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
Various Purpose G.O. Ref. Bonds, 5.00% 2023	$6,500	$7,488
Veterans G.O. Ref. Bonds, Series 2015-CM, AMT, 2.45% 2031	1,345	1,347
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026	1,000	741
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2025	5,000	3,866
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2013-A, 5.00% 2020	6,100	6,775
Successor Agcy. to the Community Redev. Agcy. of the City of Hawthorne, Tax Allocation Rev. Ref. Bonds, Assured Guaranty Municipal insured, 5.00% 2027	1,070	1,251
Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (NCROC - Paradise Valley Estates Project), Series 2013, 5.00% 2023	550	641
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-C, 1.00% 2053 (put 2019)	5,000	4,933
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2008-C, 5.50% 2017	500	515
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2008-C, 6.00% 2018	600	648
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-C, 5.00% 2034 (put 2022)	5,500	6,286
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-D, 5.00% 2043 (put 2020)	1,200	1,341
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, 1.86% 2037 (put 2022)¹	3,500	3,501
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, 1.043% 2047 (put 2019)¹	2,500	2,488
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2015-B-1, 0.94% 2047 (put 2018)¹	3,500	3,501
Infrastructure and Econ. Dev. Bank Rev. Bonds (The Colburn School), Series 2015-A, 1.63% 2037 (put 2020)¹	3,000	2,999
Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013-A, 5.00% 2021	750	838
Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013-A, 5.00% 2022	1,000	1,133
Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2013-A, 5.00% 2023	590	687
Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2014-A, 5.00% 2023	1,205	1,404
Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2026	3,895	4,337
Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2019	1,805	1,948
Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2020	890	978
Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2022	1,090	1,230
City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2019	3,500	3,866
City of Los Angeles, Community Facs. Dist. No. 4, Special Tax Ref. Bond (Playa Vista - Phase 1), Series 2014, 5.00% 2025	1,250	1,421
City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2019	1,500	1,633
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2026	1,375	1,619
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2027	1,250	1,459
City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2002-A, FGIC-National insured, 6.00% 2021 (escrowed to maturity)	3,000	3,569
City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2009-A, 5.00% 2018	2,500	2,634
Los Angeles County, Metropolitan Transportation Auth., Proposition C, Sales Tax Rev. Ref. Bonds, Series 2009-B, 5.00% 2017	2,500	2,545
Los Angeles Unified School Dist. (County of Los Angeles), Election of 2004 G.O. Bonds, Series 2009-I, 5.00% 2020	3,500	3,808
Los Angeles Unified School Dist. (County of Los Angeles), G.O. Ref. Bonds, Series 2011-A-1, 5.00% 2018	7,010	7,409
Municipal Improvement Corp. of Los Angeles, Lease Rev. Ref. Bonds, Series 2012-C, 5.00% 2020	2,000	2,211
Municipal Improvement Corp. of Los Angeles, Lease Rev. Ref. Bonds, Series 2012-C, 5.00% 2022	3,250	3,732
Menifee Union School Dist. Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 5.00% 2029	400	462
Menifee Union School Dist. Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 5.00% 2030	625	717

Limited Term Tax-Exempt Bond Fund of America — Page 3 of 37

unaudited

Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds (SIFMA Index Model), Series 2012-B1, 1.01% 2027 (put 2018)¹	$1,000	$999
Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 5.50% 2018	535	550
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 4.00% 2026	1,000	1,037
Municipal Fin. Auth., Rev. Ref. Bonds (NorthBay Healthcare Group), Series 2016-A, 2.00% 2017	1,000	1,002
Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2020	1,000	1,100
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 2.00% 2017	635	638
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 3.00% 2018	2,180	2,227
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 3.00% 2019	1,120	1,151
Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2010-A, 5.00% 2019	1,000	1,088
Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2010-A, 5.00% 2020	2,000	2,172
Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2010-A, 5.00% 2021	1,000	1,081
Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project), Series 2013, 5.00% 2019	2,000	2,174
Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project), Series 2013, 5.00% 2020	2,500	2,777
Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project), Series 2013, 5.00% 2021	2,000	2,256
Port of Oakland, Rev. Ref. Bonds, Series 2007-C, National insured, 5.00% 2017	1,000	1,030
Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2020	2,020	2,229
Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2021	7,750	8,713
Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2022	4,000	4,555
Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2023	2,750	3,127
City of Orange, Community Facs. Dist. No. 91-2, Special Tax Ref. Bonds (Serrano Heights Public Improvements), Series 2013, 4.00% 2022	1,000	1,102
City of Orange, Community Facs. Dist. No. 91-2, Special Tax Ref. Bonds (Serrano Heights Public Improvements), Series 2013, 5.00% 2023	750	857
Palomar Pomerado Health, G.O. Bonds, Election of 2004, Series 2007-A, National insured, 0% 2026	3,485	2,512
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2002-C, AMT, 5.25% 2023 (put 2017)²	8,250	8,470
Pollution Control Fncg. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-A, AMT, 0.90% 2023 (put 2017)^1,2	8,000	8,000
Pollution Control Fncg. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-A, AMT, 0.90% 2023 (put 2017)^1,2	6,000	6,000
Public Works Board, Lease Rev. Bonds (Judicial Council of California, Various Judicial Council Projects), Series 2011-D, 5.00% 2019	2,000	2,201
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2011-A, 5.00% 2019	2,000	2,191
Successor Agcy. to the Rancho Mirage Redev. Agcy., Tax Allocation Housing Ref. Bonds, Series 2013-A, 5.00% 2022	1,495	1,713
Redding Joint Powers Fncg. Auth., Electric System Rev. Bonds, Series 2015-A, 5.00% 2028	500	582
Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of 2012, AMT, 5.00% 2020	545	596
Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of 2012, AMT, 5.00% 2021	1,700	1,899
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2027	835	935
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2028	405	451
Community Facs. of Riverside Unified School Dist., Special Tax Bonds, BAM insured, 5.00% 2029	2,250	2,583
Community Facs. of Riverside Unified School Dist., Special Tax Bonds, BAM insured, 5.00% 2031	1,035	1,173

Limited Term Tax-Exempt Bond Fund of America — Page 4 of 37

unaudited

Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
Riverside County, Public Fncg. Auth., Tax Allocation Rev. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2025	$1,000	$1,195
Riverside County, Public Fncg. Auth., Tax Allocation Rev. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2026	1,000	1,185
Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2018	760	793
City of Sacramento, North Natomas Drainage Community Facs. Dist. No. 97-1, Special Tax Bonds, Series 2015, 5.00% 2027	1,500	1,707
Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.75% 2018	5,170	5,518
Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.80% 2019	3,000	3,332
Sacramento Area Flood Control Agcy., Consolidated Capital Assessment Dist. No. 2, Rev. Bonds, Series 2016-A, 5.00% 2029	3,500	4,150
County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.00% 2017	6,000	6,119
Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.00% 2017	3,500	3,544
Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Ref. Bonds, Series 2009-B, 5.00% 2017	2,500	2,531
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2016-C, 5.00% 2027	1,470	1,722
Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay South Public Improvements), Series 2013-A, 5.00% 2022	1,000	1,128
City of San Jose, Airport Rev. Bonds, Series 2007-A, AMT, AMBAC insured, 5.50% 2020	7,820	7,850
City of San Jose, Airport Rev. Bonds, Series 2007-A, AMT, AMBAC insured, 5.50% 2022	2,500	2,510
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.00% 2018	3,750	3,897
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.00% 2019	3,000	3,208
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.25% 2020	3,070	3,389
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.25% 2022	3,650	4,087
Successor Agcy. to the San Marcos Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, 5.00% 2028	2,505	2,919
Santa Cruz County, Redev. Successor Agcy., Tax Allocation Ref. Bonds, Series 2014, BAM insured, 5.00% 2020	985	1,103
Santa Cruz County, Redev. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-A, BAM insured, 5.00% 2026	470	560
Santa Cruz County, Redev. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-A, BAM insured, 5.00% 2027	1,000	1,183
City of Santa Fe Springs, Community Dev. Commission (Los Angeles County), Consolidated Redev. Project, Tax Allocation Bonds (Current Interest and Capital Appreciation Bonds), Series 2006-A, National insured, 0% 2023	4,455	3,681
Sonoma-Marin Area Rail Transit Dist., Measure Q Sales Tax Rev. Bonds, Series 2011-A, 5.00% 2022	2,795	3,246
Southern California Public Power Auth., Transmission Project Rev. Ref. Bonds (Southern Transmission Project), Series 2009-A, 5.00% 2019	2,500	2,729
Statewide Communities Dev. Auth., Rev Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2025	2,585	2,965
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2002-C, 5.00% 2029 (put 2017)	5,700	5,759
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2009-A, 5.00% 2019	2,000	2,162
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 5.00% 2019	1,100	1,203
Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West), Series 2010, 5.375% 2020	2,240	2,455
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), 5.00% 2026	700	831
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), 5.00% 2027	700	824
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2008, 5.00% 2018 (escrowed to maturity)	2,500	2,630
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase I), Series 2011, 5.00% 2020	750	814
Statewide Water System Rev. Ref. Bonds (Water Resource Center Project), Series 2015-AU., 1.25% 2035 (put 2017)¹	5,500	5,500
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2006-D, 2.625% 2033 (put 2023)	4,250	4,278
Statewide Communities Dev. Auth., Rev. Bonds (Hebrew Home for Aged Disabled), Series 2016, 3.50% 2021	8,400	8,785

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Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
Stockton Public Fncg. Auth., Wastewater Rev. Ref. Bonds (1998 Wastewater Project and 2003 Wastewater Project), Series 2014, Build America Mutual insured, 5.00% 2019	$950	$1,037
Stockton Unified School Dist., G.O. Bonds, 5.00% 2026	2,610	3,100
Stockton Unified School Dist., G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2026	850	992
Sweetwater Union High School Dist., Capital Appreciation Bonds, Series 2004-C, Assured Guaranty Municipal insured, 0% 2023	3,965	3,375
Temecula Valley Unified School Dist., Fncg. Auth. Rev. Bonds, BAM insured, 5.00% 2023	300	352
Temecula Valley Unified School Dist., Fncg. Auth. Rev. Bonds, BAM insured, 5.00% 2024	535	634
Temecula Valley Unified School Dist., Fncg. Auth. Rev. Bonds, BAM insured, 5.00% 2025	300	355
Temecula Valley Unified School Dist., Fncg. Auth. Rev. Bonds, BAM insured, 5.00% 2028	1,000	1,155
Temecula Valley Unified School Dist., Fncg. Auth. Rev. Bonds, BAM insured, 5.00% 2029	500	574
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 4.75% 2025	4,945	4,994
Successor Agcy. to the Tracy Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2025	950	1,132
Successor Agcy. to the Tracy Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2026	375	443
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2005-F-3, 5.00% 2021 (preref. 2018)	1,500	1,577
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2011-N, 5.00% 2019	2,500	2,716
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2011-N, 5.00% 2020	2,500	2,795
Dept. of Water Resources, Water System Rev. Ref. Bonds (Central Valley Project), Series AM, 5.00% 2019	2,000	2,211
		408,279
Colorado 1.81%
City and County of Denver, Airport System Rev. Bonds, Series 2013-A, AMT, 5.00% 2021	1,000	1,133
City and County of Denver, Airport System Rev. Bonds, Series 2013-A, AMT, 5.00% 2022	1,300	1,491
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2010-A, 5.00% 2021	3,000	3,385
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2021	3,445	3,911
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.25% 2018	2,500	2,669
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.75% 2020	2,700	3,089
City and County of Denver, For and on behalf of it’s Dept. of Aviation (Denver International Airport), Rev. Bonds, Series 2016-B, 1.40% 2031 (put 2019)¹	5,000	5,007
Denver Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2021	3,800	4,323
Denver Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2022	4,000	4,617
Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2026	2,500	2,853
Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2029	6,500	7,273
Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2030	2,000	2,225
Health Facs. Auth. Rev. Bonds (Catholic Health Initiatives), Series 2014-B-3, 1.875% 2039 (put 2019)	1,000	1,002
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 4.00% 2020	300	318
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2021	1,200	1,330
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2022	1,500	1,679
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2024	1,500	1,700
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2025	3,000	3,411
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-C, 5.00% 2036 (put 2023)	3,000	3,475
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2021	1,765	1,961
Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2023	1,400	1,591
Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2024	1,080	1,233
Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2025	3,835	4,381
Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 5.75% 2018	165	172

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Bonds, notes & other debt instruments Colorado (continued)	Principal amount (000)	Value (000)
Regional Transportation Dist., Certs. of Part., Series 2010-A, 5.00% 2018	$1,640	$1,724
Regents of the University of Colorado, University Enterprise Rev. Bonds, Series 2009-A, 5.00% 2018	1,750	1,844
		67,797
Connecticut 1.36%
Various Purpose G.O. Bonds, Series 2015-C, 1.53% 2021¹	7,500	7,506
Various Purpose G.O. Bonds, Series 2015-D, 1.38% 2018¹	2,000	2,008
Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2016-M, 5.00% 2024	1,645	1,908
Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2016-M, 5.00% 2025	1,450	1,685
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044	1,120	1,175
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-B-2, AMT, 3.50% 2039	670	699
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-E-1, 3.50% 2046	7,080	7,438
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-F-2, AMT, 3.50% 2039	3,750	3,928
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2012-F-2, AMT, 2.75% 2035	570	577
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044	5,730	5,964
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045	1,925	2,006
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2016-A-1, 4.00% 2045	3,790	4,042
Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00% 2018	2,500	2,598
Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00% 2019	8,550	9,176
		50,710
Delaware 0.01%
Housing Auth., Single Family Mortgage Rev. Ref. Bonds, Series 2009-A-1, 5.45% 2040	420	434
District of Columbia 0.85%
Convention Center Auth., Dedicated Tax Rev. Ref. Bonds, Series 2007-A, AMBAC insured, 5.00% 2018	5,000	5,017
G.O. Ref. Bonds, Series 2007-B, AMBAC insured, 5.00% 2017	3,000	3,043
G.O. Ref. Bonds, Series B, XLCA-Assured Guaranty Municipal insured, 5.25% 2020	2,000	2,253
University Rev. Bonds (Georgetown University Issue), Series 2001-B, 4.70% 2031 (put 2018) (preref. 2018)	8,500	8,867
Hospital Rev. Ref. Bonds (Children’s Hospital Obligated Group Issue), 5.00% 2027	1,500	1,759
Dist. of Columbia, Income Tax Secured Rev. Ref. Bonds, Series 2009-B, 5.00% 2017	2,000	2,070
Metropolitan Area Transit Auth., Gross Rev. Transit Bonds, Series 2016-A, 5.00% 2018	3,000	3,167
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2008-A, AMT, 5.50% 2017	1,000	1,030
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2020	3,000	3,343
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2015-B, AMT, 5.00% 2027	1,000	1,154
		31,703
Florida 7.64%
Brevard County Educational Facs. Auth., Demand Rev. Bonds (Florida Institute of Technology Project), Series 2014, 5.00% 2023	1,100	1,252
Broward County, Airport System Rev. Ref. Bonds, Series 2012-P-1, AMT, 5.00% 2024	5,000	5,589
Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2018	2,000	2,102
Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2019	5,000	5,412
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 5.50% 2017	10,035	10,191
Citizens Property Insurance Corp., High-Risk Account Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2020	3,500	3,830
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2019	3,600	3,897
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2020	4,500	4,993
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2021	1,000	1,132
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2022	10,200	11,742
City of Lakeland, Hospital Rev. Ref. Bonds (Lakeland Regional Health Systems), Series 2016, 5.00% 2026	1,360	1,573

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Bonds, notes & other debt instruments Florida (continued)	Principal amount (000)	Value (000)
City of Lakeland, Hospital Rev. Ref. Bonds (Lakeland Regional Health Systems), Series 2016, 5.00% 2027	$3,195	$3,657
Collier County, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2023	400	460
Collier County, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2024	500	577
Collier County, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2025	330	383
Collier County, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2026	350	402
Collier County, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2027	240	273
Collier County, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2028	445	503
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 2020²	1,000	1,076
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 2021²	2,000	2,178
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 2022²	2,000	2,196
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 2023²	1,000	1,106
Escambia County, Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project), Series 2010-A, 5.00% 2017	2,510	2,560
Escambia County, Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project), Series 2010-A, 5.125% 2020	1,270	1,404
Fin. Auth., Econ. Dev. Rev. Bonds (Republic Services, Inc. Project), Series 2010-B, 0.90% 2028 (put 2017)¹	10,500	10,500
South Florida Water Management Dist., Certs. of Part., 5.00% 2026	2,000	2,349
Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2008-A, AMT, Assured Guaranty Municipal insured, 5.25% 2018	1,200	1,276
Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021	3,700	4,183
Health and Educational Facs. Auth., Rev. Bonds (Ascension Senior Credit Group), Series 2013-B-1, 1.375% 2038 (put 2019)	5,510	5,456
Health Facs. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2001-A-2, 4.00% 2036 (put 2019)	6,200	6,527
Hillsborough County, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Tampa Electric Co. Project), Series 2007-A, 5.65% 2018	4,000	4,213
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 1, 4.00% 2047	1,235	1,315
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2009-A-1, 5.00% 2028	890	925
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2015-A, 3.50% 2046	555	578
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 4.45% 2017	285	285
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2009-2, 5.50% 2041	155	161
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2016-2, 4.00% 2047	1,000	1,068
City of Jacksonville, Better Jacksonville Sales Tax Rev. Ref. Bonds, Series 2011, 5.00% 2017	4,000	4,111
City of Jacksonville, Better Jacksonville Sales Tax Rev. Ref. Bonds, Series 2011, 5.00% 2019	5,000	5,466
City of Lakeland, Energy System Rev. Ref. Bonds, 5.00% 2024	1,000	1,194
City of Lakeland, Energy System Rev. Ref. Bonds, 5.00% 2025	1,000	1,203
City of Lakeland, Retirement Community First Mortgage Rev. Ref. Bonds (Carpenter’s Home Estates, Inc. Project), Series 2008, 5.875% 2019	495	513
Lee County, Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2029	13,000	13,073
Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2017	4,990	5,095
Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2019	2,500	2,663
City of Miami Beach, Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2019	1,650	1,783

Limited Term Tax-Exempt Bond Fund of America — Page 8 of 37

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Bonds, notes & other debt instruments Florida (continued)	Principal amount (000)	Value (000)
City of Miami Beach, Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2021	$1,000	$1,115
Miami-Dade County, Educational Facs. Auth., Rev. Ref. Bonds (University of Miami Issue), Series 2007-B, AMBAC insured, 5.25% 2018	3,760	3,935
Miami-Dade County, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2020	1,225	1,361
Miami-Dade County, Aviation Rev. Bonds, Series 2010-A, 5.00% 2021	2,250	2,509
Miami-Dade County, Aviation Rev. Ref. Bonds, AMT, 5.00% 2023	945	1,083
Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2020	2,000	2,223
Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021	11,600	13,082
Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2027	1,325	1,480
Miami-Dade County, Expressway Auth. Toll System Rev. Ref. Bonds, Series 2014-B, 5.00% 2022	1,750	2,011
Miami-Dade County, G.O. Bonds (Building Better Communities Program), Series 2008-B, 5.00% 2017	2,500	2,544
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, Series 2003-E, AMT, National insured, 5.375% 2017	2,000	2,057
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, Series 2009-A, 5.75% 2022	1,500	1,669
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, Series 2009-B, 5.50% 2018	3,580	3,832
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, Series 2009-B, 5.75% 2021	2,000	2,226
Miami-Dade County, Transit System Sales Surtax Rev. Bonds, Series 2012, 5.00% 2019	1,250	1,358
Miami-Dade County, Transit System Sales Surtax Rev. Bonds, Series 2012, 5.00% 2020	550	613
Miami-Dade County, Transit System Sales Surtax Rev. Bonds, Series 2012, 5.00% 2021	1,500	1,703
Miami-Dade County, Water and Sewer System Rev. Ref. Bonds, Series 2008-C, 5.25% 2017	3,000	3,087
School Board of Miami-Dade County, Certs. of Part., Series 2006-C, AMBAC insured, 5.00% 2017	1,140	1,170
School Board of Miami-Dade County, Certs. of Part., Series 2008-A, AMBAC insured, 5.00% 2017	5,000	5,100
Miami-Dade County, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2021	1,500	1,699
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2017	2,500	2,567
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2018	4,650	4,939
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, Assured Guaranty insured, 5.25% 2023 (preref. 2018)	1,350	1,444
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2009, 5.25% 2020 (preref. 2019)	2,430	2,684
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2016-A, 5.00% 2024	2,300	2,707
Municipal Power Agcy., Rev. Bonds (St. Lucie Project), Series 2009-A, 5.00% 2017	3,455	3,547
Municipal Power Agcy., Stanton Project Rev. Ref. Bonds, Series 2008, 5.125% 2017	5,000	5,139
Orange County, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), 5.00% 2031	2,450	2,658
Orlando-Orange County, Expressway Auth., Rev. Ref. Bonds, Series 2012, 5.00% 2019	1,250	1,357
Orlando-Orange County, Expressway Auth., Rev. Ref. Bonds, Series 2012, 5.00% 2020	1,500	1,669
Orlando-Orange County, Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2020	1,000	1,113
Orlando-Orange County, Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2022	1,250	1,440
Orlando-Orange County, Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2023	1,500	1,745
Palm Beach County, Health Facs. Auth., Rev. Bonds (Lifespaces Communities, Inc.), Series 2015-C, 5.00% 2022	1,690	1,915
Solid Waste Auth. of Palm Beach County, Improvement Rev. Ref. Bonds, Series 2011, 5.00% 2019	5,000	5,474
Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund), Series 2011-B, AMT, 5.00% 2017	1,500	1,521
Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund), Series 2011-B, AMT, 5.00% 2021	2,500	2,828
Putnam County Dev. Auth., Pollution Control Rev. Ref. Bonds (Seminole Electric Cooperative, Inc. Project), Series 2007-B, AMBAC insured, 5.35% 2042 (put 2018)	10,370	10,874
South Broward Hospital Dist., Hospital Rev. Ref. Bonds (South Broward Hospital Dist. Obligated Group), Series 2016, 4.00% 2026	4,000	4,407
State Board of Education, Public Education Capital Outlay Bonds, Series 2007-D, 5.00% 2020	3,500	3,726
Sumter County, Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects), Series 2014-A, 5.00% 2021	500	560

Limited Term Tax-Exempt Bond Fund of America — Page 9 of 37

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Bonds, notes & other debt instruments Florida (continued)	Principal amount (000)	Value (000)
Sumter County, Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects), Series 2014-A, 5.00% 2026	$500	$559
Sumter County, Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects), Series 2014-A, 5.00% 2027	330	366
City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2016-A, 5.00% 2021	530	591
City of Tampa, Health System Rev. Ref. Bonds (Baycare Health System Issue), Series 2010, 5.00% 2017	1,500	1,547
City of Tampa, Health System Rev. Ref. Bonds (Baycare Health System Issue), Series 2010, 5.00% 2018	5,000	5,326
City of Tampa, Rev. Ref. and Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), Series 2012-A, 5.00% 2018	885	935
Tampa Bay Water, Utility System Rev. Ref. Bonds, Series 2011-A, 5.00% 2017	5	5
Tampa Bay Water, Utility System Rev. Ref. Bonds, Series 2011-A, 5.00% 2017 (escrowed to maturity)	1,170	1,202
Tampa Bay Water, Utility System Rev. Ref. Bonds, Series 2011-A, 5.00% 2017 (escrowed to maturity)	1,075	1,104
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2008-A, 5.00% 2017	3,435	3,497
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Ref. Bonds, Series 2012-B, 5.00% 2023	3,000	3,473
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2016-A, 5.00% 2018	2,000	2,114
Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 5.00% 2020	2,000	2,141
		285,456
Georgia 2.74%
Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00% 2022 (escrowed to maturity)	1,210	1,416
Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00% 2023 (escrowed to maturity)	1,825	2,171
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Eastside Project), Series 2016, 5.00% 2018	320	331
City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 2013-B, 5.00% 2020	2,000	2,248
Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series 2008-E, 7.00% 2023	2,000	2,098
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Poject), Series 2016-B, 5.00% 2023	1,270	1,450
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Poject), Series 2016-B, 5.00% 2024	2,460	2,821
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Poject), Series 2016-B, 5.00% 2025	2,620	3,029
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Poject), Series 2016-D, 5.00% 2023	2,310	2,638
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Poject), Series 2016-D, 5.00% 2025	2,895	3,347
DeKalb County, Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), Series 2010, 5.25% 2020	7,170	7,554
DeKalb County, Water and Sewerage Rev. Bonds (Second Resolution), Series 2011-A, 5.00% 2022	1,000	1,145
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045	955	997
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2016-A-1, 3.50% 2046	1,635	1,713
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2017	1,500	1,507
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2020	5,000	5,387
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series), Series 2005-A, FGIC-National insured, 5.00% 2020	4,000	4,482
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2014-B, 0.91% 2025 (put 2017)¹	9,000	8,993
Municipal Electric Auth., Project 1, Series 2008-D, 5.75% 2019	4,160	4,428
Municipal Electric Auth., Project 1, Series 2008-D, 5.75% 2019 (preref. 2018)	11,840	12,627
Municipal Electric Auth., Project One Bonds, Series 2011-A, 5.00% 2021	6,540	7,383
Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2017	5,000	5,132
Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2018	10,930	11,594
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), 5.00% 2018	210	217
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2014, 5.00% 2022	1,050	1,165

Limited Term Tax-Exempt Bond Fund of America — Page 10 of 37

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Bonds, notes & other debt instruments Georgia (continued)	Principal amount (000)	Value (000)
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2014, 5.00% 2024	$2,500	$2,815
State Road and Tollway Auth., Federal Highway Grant Anticipation Rev. Bonds, Series 2009-A, 5.00% 2019	3,500	3,800
		102,488
Guam 0.18%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 5.00% 2018	750	782
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 5.00% 2021	3,320	3,619
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.25% 2034	500	570
Power Auth., Rev. Ref. Bonds, Series 2012-A, Assured Guaranty Municipal insured, 5.00% 2021	500	558
Waterworks Auth., Water and Wastewater System Rev. Bonds, 5.00% 2026	965	1,083
		6,612
Hawaii 0.53%
Airports System Rev. Bonds, Series 2010-B, AMT, 5.00% 2018	9,900	10,409
City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-A, 5.00% 2029	1,670	1,984
G.O. Bonds, Series 2011-DZ, 5.00% 2020	1,125	1,273
G.O. Bonds, Series 2011-DZ, 5.00% 2020 (escrowed to maturity)	760	860
G.O. Ref. Bonds of 2011, Series EA, 5.00% 2019	1,000	1,104
City and County of Honolulu, G.O. Bonds, Series 2012-B, 5.00% 2021	1,250	1,438
City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2015-B, 5.00% 2026	1,000	1,197
Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series 2010-B, 5.00% 2018	500	526
Dept. of Transportation, Airports Division Lease Rev. Certs. of Part., Series 2013, AMT, 5.00% 2023	1,000	1,140
		19,931
Idaho 0.30%
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2009-A, 5.00% 2017	4,500	4,581
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2009-A, 5.00% 2020	3,000	3,238
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2015-A, 5.00% 2025	1,500	1,770
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2015-A, 5.00% 2026	1,515	1,792
		11,381
Illinois 9.59%
Build Bonds (Sales Tax Rev. Bonds), Series June 2013, 5.00% 2020	1,000	1,099
Build Bonds (Sales Tax Rev. Ref. Bonds), Second Series May 2002, FGIC-National insured, 5.75% 2019	2,390	2,623
Build Bonds (Sales Tax Rev. Ref. Bonds), Series June 2010, 5.00% 2020	1,000	1,099
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2027	2,500	2,932
Chicago Transit Auth., Capital Grant Receipts Rev. Bonds (Federal Transit Administration Section 5307 Guideway Modernization Formula Funds), Assured Guaranty insured, 5.00% 2022	1,400	1,537
Chicago Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2011, 5.00% 2021	2,000	2,208
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2023	1,000	1,127
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2024	7,000	7,920
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2027	500	564
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 5.00% 2019	2,785	2,975
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2012-B, AMT, 5.00% 2024	2,000	2,216
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2013-A, AMT, 5.00% 2022	3,055	3,415
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2012-A,AMT, 5.00% 2025	6,170	6,816

Limited Term Tax-Exempt Bond Fund of America — Page 11 of 37

unaudited

Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2021	$10,000	$11,053
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2018	2,000	2,064
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2019	2,000	2,123
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2013-B, AMT, 5.00% 2022	3,000	3,354
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 2026	4,000	4,687
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.25% 2029	1,500	1,762
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2008-A, Assured Guaranty Municipal insured, 5.00% 2019 (preref. 2018)	2,000	2,074
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2023	5,000	5,636
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-B, 5.00% 2023	1,500	1,732
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2016-B, 5.00% 2019	2,500	2,671
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2016-C, 5.00% 2028	3,145	3,602
City of Chicago, Wastewater Transmission Rev. Project Bonds, Series 2012, 5.00% 2021	850	930
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2022	460	509
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2014, 5.00% 2022	1,100	1,217
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2014, 5.00% 2023	1,435	1,602
City of Chicago, Water Rev. Bonds, Series 1999, Assured Guaranty Municipal insured, 5.00% 2029	1,000	1,123
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 2022	10,500	11,774
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2026	1,235	1,407
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2027	1,250	1,403
City of Chicago, Water Rev. Ref. Bonds, Series 2012, 5.00% 2025	775	852
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2023	900	1,016
Metropolitan Water Reclamation Dist. of Greater Chicago, G.O. Unlimited Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2025	2,000	2,366
Metropolitan Water Reclamation Dist. of Greater Chicago, G.O. Unlimited Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2026	2,500	2,969
County of Cook, G.O. Ref. Bonds, Series 2011-A, 5.00% 2019	2,500	2,700
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2019	1,000	1,080
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2022	1,000	1,118
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2026	4,000	4,609
Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds, Series 2001-A, FGIC-National insured, 5.50% 2020	2,000	2,263
Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 1997, FGIC-National insured, 6.00% 2020	4,000	4,459
Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 1999, Assured Guaranty Municipal insured, 5.75% 2017	5,000	5,081
Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 1999, Assured Guaranty Municipal insured, 5.75% 2023	1,000	1,180
Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 2003-A, FGIC-National insured, 5.50% 2018	7,720	8,199
Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 2001-B-1, 1.10% 2036 (put 2018)	1,250	1,250
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-D, 5.50% 2018	1,000	1,050
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2010-D, 5.00% 2019	1,000	1,077
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2014, 5.00% 2021	375	427
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2009-A, 5.25% 2019	1,400	1,509
Fin. Auth., Rev. Bonds (Ascension Health Alliance Credit Group), Series 2012-E, 5.00% 2042 (put 2017)	1,000	1,010
Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2017	2,180	2,241
Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2018	2,230	2,366
Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2019	2,185	2,379
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2025	5,000	5,558

Limited Term Tax-Exempt Bond Fund of America — Page 12 of 37

unaudited

Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2025	$1,000	$1,114
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2026	1,000	1,199
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2028	5,000	5,867
Fin. Auth., Rev. Bonds (Lifespace Communities), Series 2015-A, 5.00% 2020	290	314
Fin. Auth., Rev. Bonds (Lifespace Communitys), Series 2015-A, 5.00% 2022	200	222
Fin. Auth., Rev. Bonds (Lifespace Communitys), Series 2015-A, 5.00% 2026	540	602
Fin. Auth., Rev. Bonds (Lifespace Communitys), Series 2015-A, 5.00% 2028	1,060	1,165
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2025	5,530	6,340
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2027	5,000	5,650
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2026	1,080	1,256
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2027	1,000	1,155
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 1.25% 2018	500	498
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2024	1,750	2,005
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-B, 1.89% 2036 (put 2021)¹	2,275	2,278
Fin. Auth., Rev. Bonds (Rehab Institute of Chicago), Series 2013-A, 5.00% 2022	1,665	1,885
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 5.00% 2017	1,000	1,016
Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.50% 2019 (preref. 2018)	2,500	2,653
Fin. Auth., Rev. Bonds (University of Chicago), Series 2009-B, 5.00% 2017 (escrowed to maturity)	175	178
Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2008-A-3, 5.00% 2030 (put 2019)	6,000	6,469
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 5.00% 2026	250	297
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 5.00% 2027	500	586
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2023	1,970	2,230
Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Hospital), Series 2009-A, 5.00% 2018	3,000	3,173
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2023	750	866
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2026	1,165	1,341
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2029	1,500	1,695
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2010-A, 5.50% 2017 (escrowed to maturity)	1,500	1,518
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-A, 5.00% 2017	2,500	2,555
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-A, 5.00% 2018	7,500	7,947
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2029	5,000	5,557
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 4.00% 2024	4,000	4,077
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2026	1,065	1,146
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2027	1,750	1,883
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.25% 2028	1,020	1,134
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 (preref. 2019)	990	1,150
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 (preref. 2019)	10	12
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), 5.125% 2020	5,175	5,428
G.O. Bonds, Illinois FIRST, Series of August 2001, National insured, 5.50% 2017	1,575	1,607
G.O. Bonds, Series 2014, 5.00% 2024	5,000	5,237
G.O. Bonds, Series 2016, 5.00% 2025	5,000	5,218
G.O. Bonds, Series of March 2013, 5.00% 2022	1,250	1,317
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2026	7,500	7,805
Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-B, AMT, 3.50% 2046	1,930	2,004
Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-C, 3.50% 2046	7,500	7,819
Housing Dev. Auth., Multifamily Housing Rev. Notes (Marshall Field Garden Apartment Homes), 1.66% 2050 (put 2025)¹	10,500	10,394
Housing Dev. Auth., Rev. Bonds, Series 2016-A, 4.00% 2046	2,865	3,052
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2022	1,500	1,632
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2023	1,545	1,680
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2024	1,425	1,540
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2025	850	916
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2023	2,700	3,060

Limited Term Tax-Exempt Bond Fund of America — Page 13 of 37

unaudited

Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2020	$1,000	$1,074
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2026	2,230	2,350
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2028	1,000	1,045
Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027	3,000	3,461
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.125% 2019	6,500	7,026
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2020	6,525	7,253
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.375% 2021	1,000	1,139
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023	12,925	14,585
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2012-B-1, 5.00% 2023	1,520	1,589
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2012-B-1, 5.00% 2025	2,005	2,071
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.125% 2043	2,500	3,182
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.625% 2048	2,000	2,598
City of Springfield, Electric Rev. Bonds, Series 2008, 5.00% 2017	3,000	3,010
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-A, 5.00% 2021	1,250	1,428
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-D, 5.00% 2024	4,375	5,105
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2027	950	1,110
Unemployment Insurance Fund Building Receipts Rev. Bonds (Illinois Dept. of Employment Security), Series 2012-B, 5.00% 2017	2,000	2,013
Board of Trustees of the University of Illinois, Rev. Ref. Certs. of Part., Series 2016-A, 3.00% 2018	1,000	1,023
Board of Trustees of The University of Illinois, University of Illinois Auxiliary Facs. System Rev. Bonds, Series 2011-A, 5.00% 2019	770	828
Village of Volo, Lake County, Special Service Areas Number Three and Number Six, Special Tax Rev. Ref Bonds (Symphony Meadows/Lancaster Falls Projects), Assured Guaranty Municipal insured, 3.00% 2017	200	200
Village of Volo, Lake County, Special Service Areas Number Three and Number Six, Special Tax Rev. Ref Bonds (Symphony Meadows/Lancaster Falls Projects), Assured Guaranty Municipal insured, 3.00% 2018	200	203
Village of Volo, Lake County, Special Service Areas Number Three and Number Six, Special Tax Rev. Ref Bonds (Symphony Meadows/Lancaster Falls Projects), Assured Guaranty Municipal insured, 3.00% 2020	625	639
United City of Yorkville, Special Tax Rev. Ref. Bonds (Special Service Area Numbers 2005-108 and 2005-109), Assured Guaranty Municipal insured, 2.375% 2022	554	544
United City of Yorkville, Special Tax Rev. Ref. Bonds (Special Service Area Numbers 2005-108 and 2005-109), Assured Guaranty Municipal insured, 2.625% 2023	1,109	1,087
United City of Yorkville, Special Tax Rev. Ref. Bonds (Special Service Area Numbers 2005-108 and 2005-109), Assured Guaranty Municipal insured, 3.00% 2018	830	842
United City of Yorkville, Special Tax Rev. Ref. Bonds (Special Service Area Numbers 2005-108 and 2005-109), Assured Guaranty Municipal insured, 3.00% 2021	994	1,012
		358,172
Indiana 2.00%
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-B, 5.00% 2022	700	809
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-B, 5.00% 2023	500	582
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-B, 5.00% 2024	1,000	1,175
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-B, 5.00% 2025	600	708
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-B, 5.00% 2026	350	410
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-B, 5.00% 2027	220	255
Fin. Auth., Hospital Rev. Ref. Bonds (Beacon Health Obligated Group), Series 2013-A, 5.00% 2021	1,000	1,138
Fin. Auth., Hospital Rev. Ref. Bonds (Community Health Network Project), Series 2012-A, 5.00% 2020	1,460	1,610
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2020	5,000	5,535
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2014-A, 5.00% 2023	1,025	1,210
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2016-A, 5.00% 2022	4,440	5,159
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2016-A, 5.00% 2023	4,850	5,687

Limited Term Tax-Exempt Bond Fund of America — Page 14 of 37

unaudited

Bonds, notes & other debt instruments Indiana (continued)	Principal amount (000)	Value (000)
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2016-A, 5.00% 2024	$2,895	$3,424
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2016-A, 5.00% 2025	2,000	2,376
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System Obligated Group), Series 2009-A, 5.00% 2017	1,640	1,657
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System Obligated Group), Series 2012-A, 5.00% 2021	2,000	2,260
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System Obligated Group), Series 2012-A, 5.00% 2022	2,000	2,299
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), 5.00% 2026	500	573
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), 5.00% 2027	500	566
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), 5.00% 2028	500	561
Fin. Auth., State Revolving Fund Program Bonds, Series 2007-B, 5.00% 2018	3,545	3,692
Fin. Auth., State Revolving Fund Program Rev. Ref. Bonds, Series 2005-A, 5.25% 2018 (escrowed to maturity)	3,000	3,129
Fin. Auth., Wastewater Utility Rev. Bonds (CWA Auth. Project), Series 2011-B, 5.00% 2019	1,000	1,090
Gary/Chicago International Airport Auth., Airport Dev. Zone Rev. Bonds, AMT, 5.50% 2025	3,630	3,786
Health and Educational Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2005-A-1, 2.80% 2027 (put 2019)	1,700	1,747
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-A-2, AMT, 3.50% 2038	2,410	2,504
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-A-2, AMT, 4.00% 2039	1,850	1,966
Trustees of Indiana University, Consolidated Rev. Bonds, Series 2009-A, 5.00% 2018	1,000	1,054
Trustees of Indiana University, Consolidated Rev. Bonds, Series 2009-A, 5.00% 2019	1,000	1,088
Indianapolis, Local Public Improvement, Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2014-D, AMT, 5.00% 2022	2,000	2,264
Indianapolis, Local Public Improvement, Bond Bank Rev. Ref. Bonds, Series 2009-B, 5.00% 2017	3,000	3,000
Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-C, National insured, 5.85% 2019	2,000	2,159
Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 2003, AMBAC insured, 5.70% 2017	2,000	2,034
Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2016-C, 5.00% 2025	1,000	1,176
Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2016-C, 5.00% 2026	2,400	2,843
City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America Inc. Project), AMT, 5.00% 2045 (put 2022)	2,000	2,264
City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America Inc. Project), Series 2008, 1.85% 2044 (put 2019)	1,000	999
		74,789
Iowa 0.02%
Fin. Auth., Single Family Mortgage Bonds, Series 2015-A, AMT, 3.50% 2040	780	808
Kansas 0.08%
Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2009-D, 5.00% 2020	1,150	1,265
Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2009-D, 5.00% 2022 (preref. 2017)	1,750	1,806
		3,071
Kentucky 1.06%
Asset/Liability Commission, Project Notes, Federal Highway Trust Fund, Series 2014-A, 5.00% 2024	3,000	3,520
Health Facs. Auth. Rev. Bonds (Catholic Health Initiatives), Series 2014-B, 2.70% 2039 (put 2021)	1,500	1,512
City of Ashland, Medical Center Rev. Bonds (Ashland Hospital Corp. d/b/a King’s Daughters Medical Center Project), Series 2016-A, 4.00% 2017	325	325
Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.00% 2017	2,000	2,040
Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.00% 2018	2,455	2,582
Econ. Dev. Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-B, 0.90% 2031 (put 2017)¹	3,320	3,320

Limited Term Tax-Exempt Bond Fund of America — Page 15 of 37

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Bonds, notes & other debt instruments Kentucky (continued)	Principal amount (000)	Value (000)
Louisville/Jefferson County, Metro Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series 2016-A, 5.00% 2027	$1,000	$1,147
Public Transportation Infrastructure Auth., Toll Rev. Bond Anticipation Notes (Downtown Crossing Project), Series 2013-A, 5.00% 2017	8,625	8,746
State Property and Buildings Commission, Rev. Bonds (Project No. 89), Assured Guaranty Municipal insured, 5.00% 2018	2,500	2,663
State Property and Buildings Commission, Rev. Ref. Bonds (Project No. 87), Series 2007, FGIC-National insured, 5.00% 2018	40	40
State Property and Buildings Commission, Rev. Ref. Bonds (Project No. 87), Series 2007, FGIC-National insured, 5.00% 2018 (preref. 2017)	2,960	2,971
State Property and Buildings Commission, Rev. Ref. Bonds (Project No. 90), 5.00% 2018	2,500	2,663
State Property and Buildings Commission, Road Fund Rev. Bonds (Project No. 94), 5.00% 2018	3,630	3,797
Turnpike Auth., Econ. Dev. Road Rev. Bonds (Revitalization Projects), Series 2012-A, 5.00% 2019	4,000	4,338
		39,664
Louisiana 1.51%
Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2015-B, AMT, 5.00% 2025	1,600	1,831
Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, 5.00% 2017	1,750	1,773
Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Assured Guaranty Municipal insured, 5.00% 2022	1,250	1,434
Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2012, 5.00% 2024 (preref. 2022)	1,000	1,166
Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2016-A, 5.00% 2025	5,400	6,334
G.O. Bonds, Series 2011-A, 5.00% 2020	6,000	6,702
Gasoline and Fuels Tax Rev. Ref. Bonds, Series 2012-A-1, 5.00% 2020	2,000	2,230
City of New Orleans, Water Rev. and Ref. Bonds, Series 2014, 5.00% 2018	560	596
City of New Orleans, Water Rev. and Ref. Bonds, Series 2014, 5.00% 2027	1,000	1,142
City of New Orleans, Water Rev. and Ref. Bonds, Series 2014, 5.00% 2028	900	1,020
Office Facs. Corp., Lease Rev. Ref. Bonds (Capitol Complex Program), Series 2009, 5.00% 2017	1,125	1,129
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), 5.00% 2021	445	498
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), 5.00% 2022	350	398
Regional Transit Auth. (New Orleans), Sales Tax Rev. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2020	1,250	1,399
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2020	5,430	5,890
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2022	7,235	8,099
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.50% 2028	3,525	3,694
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.50% 2029	2,500	2,644
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021	1,000	1,102
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2023	2,160	2,443
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2027	4,915	4,971
		56,495
Maine 0.19%
Housing Auth., Mortgage Purchase Bonds, Series 2016-B-1, 3.50% 2046	2,235	2,331
Housing Auth., Mortgage Purchase Bonds, Series 2016-C, 3.50% 2046	1,170	1,227
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2015-B, 3.50% 2040	1,195	1,244
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2015-E-1, AMT, 3.50% 2035	1,650	1,710
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2013-B, 4.00% 2043	680	714
		7,226

Limited Term Tax-Exempt Bond Fund of America — Page 16 of 37

unaudited

Bonds, notes & other debt instruments Maryland 1.01%	Principal amount (000)	Value (000)
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-B, AMT, 3.25% 2044	$745	$769
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-C, 4.00% 2044	145	155
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series D, AMT, 4.65% 2022	1,000	1,002
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project), Series 2013, 5.00% 2023	1,000	1,102
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (University of Maryland, College Park Projects), Assured Guaranty Municipal insured, 5.00% 2030	875	1,017
Health and Higher Educational Facs. Auth., Rev. Bonds (Charlestown Community Issue), Series 2016-A, 5.00% 2029	2,635	2,963
Health and Higher Educational Facs. Auth., Rev. Bonds (Mercy Medical Center Issue), Series 2007-A, 5.00% 2037 (preref. 2017)	4,555	4,636
Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), Series 2010, 5.00% 2020	1,000	1,079
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2015, 5.00% 2027	5,000	5,701
Stadium Auth., Rev. Bonds (Baltimore City Public Schools Construction and Revitalization Program), Series 2016, 5.00% 2018	1,810	1,902
Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2020	8,150	8,930
Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2021	7,565	8,442
		37,698
Massachusetts 2.27%
Dev. Fin. Agcy., Boston Medical Center Rev. Bonds (Green Bonds), Series 2012-C, 5.25% 2025	2,390	2,675
Dev. Fin. Agcy., Rev. Bonds (Berkshire Health Systems Issue), Series 2012-G, 5.00% 2020	1,205	1,338
Dev. Fin. Agcy., Rev. Bonds (Berkshire Health Systems Issue), Series 2012-G, 5.00% 2021	1,500	1,693
Dev. Fin. Agcy., Rev. Bonds (CareGroup Obligated Group), Series 2016-I, 5.00% 2025	2,500	2,941
Dev. Fin. Agcy., Rev. Bonds (CareGroup Obligated Group), Series 2016-I, 5.00% 2026	1,000	1,184
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System), Series 2014-M-3, 1.18% 2038 (put 2018)¹	8,945	8,945
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System), Series 2014-M-5, 0.96% 2038 (put 2018)¹	6,735	6,735
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System), Series 2015-O-3, 1.11% 2050 (put 2020)¹	3,000	2,948
Dev. Fin. Agcy., Rev. Bonds (Umass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2024	2,000	2,263
Dev. Fin. Agcy., Rev. Bonds (Umass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2025	1,275	1,448
Dev. Fin. Agcy., Rev. Bonds (Umass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2026	1,150	1,307
Dev. Fin. Agcy., Rev. Bonds (Umass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2027	1,150	1,299
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041	2,415	2,754
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 3.50% 2033	5,000	4,467
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 5.00% 2024	4,000	4,482
Educational Fncg. Auth., Education Loan Rev. Bonds, Issue J, Series 2012, AMT, 5.00% 2020	3,635	3,946
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2022	3,000	3,311
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2023	3,000	3,342
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2025	3,000	3,348
Health and Educational Facs. Auth., Rev. Ref. Bonds (CareGroup Issue), Series 2008-E-2, 5.00% 2017	5,000	5,084
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 167, 4.00% 2043	965	1,001
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 181, 4.00% 2044	1,935	2,056
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 2046	4,450	4,640
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044	850	904
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 177, AMT, 4.00% 2039	3,170	3,349
Massachusetts Bay Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2004-C, 5.50% 2018	3,000	3,192
Port Auth., Rev. Bonds, Series 2012-A, AMT, 4.00% 2020	525	561
Port Auth., Rev. Bonds, Series 2012-A, AMT, 5.00% 2019	465	505

Limited Term Tax-Exempt Bond Fund of America — Page 17 of 37

unaudited

Bonds, notes & other debt instruments Massachusetts (continued)	Principal amount (000)	Value (000)
Port Auth., Rev. Bonds, Series 2012-A, AMT, 5.00% 2021	$305	$347
Special Obligation Dedicated Tax Rev. Ref. Bonds, Series 2005, FGIC-National insured, 5.00% 2020	2,580	2,836
		84,901
Michigan 4.85%
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2004-A, Assured Guaranty Municipal Insured, 5.25% 2020	150	167
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2012-A, Assured Guaranty Municipal insured, 5.00% 2018	1,500	1,576
School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series 2012-A, 5.00% 2019	1,200	1,284
Fin. Auth. Local Government Loan Program Rev. Bonds (Water and Sewerage Dept. Sewage Disposal System Rev. Ref. Local Project), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2022	5,000	5,693
Fin. Auth. Local Government Loan Program Rev. Bonds (Water and Sewerage Dept. Sewage Disposal System Rev. Ref. Local Project), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2023	1,215	1,400
Fin. Auth. Local Government Loan Program Rev. Bonds (Water and Sewerage Dept. Sewage Disposal System Rev. Ref. Local Project), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2024	4,000	4,650
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	1,000	1,119
Fin. Auth., Hospital Rev. Ref. Bonds (Beaumont Health Credit Group), Series 2015, 5.00% 2025	4,000	4,618
Fin. Auth., Hospital Rev. Ref. Bonds (Mclaren Health Care), Series 2015-D-2, 1.276% 2038 (put 2020)¹	8,420	8,313
Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2022	5,000	5,706
Fin. Auth., Local Government Loan Program, Rev. Bonds (City of Detroit Distributable State Aid UTGO Ref. Local Project Bonds), Series 2016-C-3, 4.00% 2017	2,000	2,011
Fin. Auth., Rev. Bonds (School Dist. of the City of Detroit), Series 2011, 5.50% 2021 (preref. 2017)	3,500	3,660
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 5.00% 2020	1,750	1,901
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 5.00% 2021	1,650	1,814
Fin. Auth., Unemployment Obligation Assessment Rev. Ref. Bonds, Series 2012-A, 5.00% 2018	5,025	5,316
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2027	4,000	4,564
G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2018	5,000	5,254
G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2019	4,500	4,719
County of Genesee, Water Supply System Rev. Ref. Bonds (Limited Tax G.O.), Series 2014, Build America Mutual insured, 5.00% 2022	515	584
County of Genesee, Water Supply System Rev. Ref. Bonds (Limited Tax G.O.), Series 2014, Build America Mutual insured, 5.00% 2023	500	570
County of Genesee, Water Supply System Rev. Ref. Bonds (Limited Tax G.O.), Series 2014, Build America Mutual insured, 5.00% 2024	850	985
Grant Anticipation Rev. Ref. Bonds, Series 2016, 5.00% 2024	4,500	5,249
Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-C, 5.00% 2028	2,000	2,282
Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-C, 5.00% 2029	2,000	2,268
Fin. Auth., Hospital Rev. Ref. Bonds (MidMichigan Health Credit Group), Series 2014, 5.00% 2023	810	940
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2009, 5.50% 2017 (escrowed to maturity)	1,000	1,036
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2012-A, 5.00% 2021	2,000	2,267
Hospital Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-A, 6.00% 2034 (put 2017)	4,000	4,163
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-A, 4.00% 2046	1,000	1,060
Regents of the University of Michigan, General Rev. Ref. Bonds, Series 2012-E, 1.090% 2033 (put 2018)¹	7,175	7,163
Public Power Agcy., Rev. Ref. Bonds (Belle River Project), Series 2002-A, National insured, 5.25% 2018	6,000	6,215
City of Saginaw, Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2010-H, 5.00% 2020	2,400	2,632
State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 5.50% 2017 (escrowed to maturity)	315	325
State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2015-I, 5.00% 2023	3,000	3,489
State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 5.50% 2017	5,415	5,583
State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 5.50% 2017 (escrowed to maturity)	100	103
State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2015-I, 5.00% 2026	800	939

Limited Term Tax-Exempt Bond Fund of America — Page 18 of 37

unaudited

Bonds, notes & other debt instruments Michigan (continued)	Principal amount (000)	Value (000)
State Grant Anticioation Bonds, Series 2007, Assured Guaranty Municipal insured, 5.25% 2020 (preref. 2017)	$2,860	$2,939
State Hospital Fin. Auth., Project Rev. Ref. Bonds (Ascension Health Credit Group), Series 2010-B, 5.00% 2019	2,000	2,201
Housing Dev. Auth., Single-Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047	20,600	21,445
State Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014, 4.00% 2044	1,395	1,470
Wayne County, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2007, AMT, FGIC-National insured, 5.00% 2018	1,000	1,031
Wayne County, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2007, AMT, National insured, 5.00% 2017	1,000	1,031
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2008-A, AMT, Assured Guaranty insured, 5.25% 2018	595	620
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2010-A, AMT, 5.00% 2017	1,615	1,663
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2010-A, AMT, 5.00% 2018	3,590	3,794
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2019	1,000	1,082
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2020	10,000	11,027
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2021	8,240	9,211
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, Assured Guaranty Municipal insured, 4.00% 2020	4,000	4,265
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-B, 5.00% 2019	1,000	1,092
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-D, AMT, 5.00% 2019	3,560	3,851
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2025	1,500	1,717
Wayne County, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2026	1,000	1,136
		181,193
Minnesota 0.61%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-B, 3.50% 2046	4,730	4,957
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040	415	430
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2013-A, AMT, 3.00% 2031	1,140	1,157
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 2045	2,450	2,581
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-A, AMT, 4.00% 2041	5,150	5,454
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-E, AMT, 3.50% 2046	900	934
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2016-E, 4.00% 2047	1,450	1,548
Minneapolis-St. Paul Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2010-D, AMT, 5.00% 2018	4,460	4,609
Regents of the University of Minnesota, G.O. Bonds, Series 2009-C, 5.00% 2018	1,000	1,071
		22,741
Mississippi 0.18%
Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2025	1,245	1,437
Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2026	1,045	1,212
Dev. Bank, Special Obligation Rev. Ref. Bonds (Madison County, Mississippi Highway Ref. Project), Series 2013-C, 5.00% 2020	1,750	1,922
State Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 2026	1,750	2,051
		6,622

Limited Term Tax-Exempt Bond Fund of America — Page 19 of 37

unaudited

Bonds, notes & other debt instruments Missouri 0.43%	Principal amount (000)	Value (000)
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Saint Luke’s Health System, Inc.), Series 2016, 5.00% 2025	$1,500	$1,749
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2007-A, 5.00% 2017 (escrowed to maturity)	1,510	1,510
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, 1.50% 2018	225	225
Highways and Transportation Commission, Rev. Ref. State Road Bonds, Series 2006, 5.00% 2018	2,700	2,811
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-B-2, 4.00% 2045	3,580	3,801
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041	2,395	2,509
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2028	1,080	1,297
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2007-A, Assured Guaranty Municipal insured, 5.00% 2021	2,000	2,033
		15,935
Montana 0.05%
Board of Housing, Single Family Mortgage Bonds, Series 2015-B-2, AMT, 3.50% 2042	905	942
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044	980	1,024
		1,966
Nebraska 0.99%
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019)	8,800	9,542
Hospital Auth. No. 2 of Douglas County, Health Facs. Rev. Ref. Bonds (Methodist Health System), Series 2015, 5.00% 2026	1,155	1,316
Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. Ref. Bonds (Methodist Health System), Series 2008, 5.50% 2018 (escrowed to maturity)	2,335	2,469
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043	1,220	1,240
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-C, 4.50% 2043	360	370
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-E, 3.00% 2043	170	173
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-E, 3.00% 2043	105	107
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044	1,585	1,662
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015, 3.50% 2045	3,915	4,099
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-C, 3.50% 2045	8,270	8,609
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2016-C, 3.50% 2046	3,600	3,791
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2016-C, 3.50% 2046	2,325	2,444
Public Power Dist., General Rev. Ref. Bonds, Series 2012-A, 4.00% 2020	1,000	1,072
		36,894
Nevada 2.17%
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2007-C, 5.00% 2017	2,500	2,540
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2008-A, 5.00% 2021 (preref. 2018)	1,000	1,055
Clark County, Airport System Rev. Bonds, Series 2010-D, 5.00% 2021	1,500	1,645
Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Improvement and Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2020 (preref. 2017)	3,500	3,562
Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Ref. Bonds, Series 2011, 5.00% 2020	12,320	13,742
Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2021	1,035	1,159
Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2022	2,810	3,175
Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2023	1,000	1,128
Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2027	2,500	2,735
Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured, 5.00% 2022	1,325	1,346
Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured, 5.00% 2024	2,000	2,031

Limited Term Tax-Exempt Bond Fund of America — Page 20 of 37

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Bonds, notes & other debt instruments Nevada (continued)	Principal amount (000)	Value (000)
Clark County, Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010, 1.875% 2031 (put 2020)	$15,150	$15,203
Clark County, Sales and Excise Tax Rev. (Streets and Highway Projects) Improvement and Ref. Bonds, Series 2010-B, 5.00% 2019	3,000	3,262
Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Rev. Ref. Bonds, Series 2016, 2.25% 2019	1,215	1,203
Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Rev. Ref. Bonds, Series 2016, 2.50% 2018	985	986
Highway Improvement Rev. Bonds (Motor Vehicle Fuel Tax), Series 2008, 5.00% 2017	4,000	4,140
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 2025	2,060	2,380
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 2027	1,200	1,372
Las Vegas Valley Water Dist., G.O. (Limited Tax) Ref. Bonds, Series 2011-C, 5.00% 2019	7,760	8,437
Las Vegas Valley Water Dist., G.O. (Limited Tax) Water and Ref. Bonds, Series 2009-D, 5.00% 2018	1,000	1,054
Las Vegas Valley Water Dist., G.O. (Limited Tax) Water Bonds, Series 2012-B, 5.00% 2020	1,080	1,206
City of North Las Vegas, Special Improvement Dist. No. 60 (Aliante), Local Improvement Rev. Ref. Bonds, Series 2016, 2.00% 2017	495	498
City of North Las Vegas, Special Improvement Dist. No. 60 (Aliante), Local Improvement Rev. Ref. Bonds, Series 2016, 2.00% 2018	1,435	1,446
City of North Las Vegas, Special Improvement Dist. No. 60 (Aliante), Local Improvement Rev. Ref. Bonds, Series 2016, 2.125% 2020	1,860	1,865
City of North Las Vegas, Special Improvement Dist. No. 60 (Aliante), Local Improvement Rev. Ref. Bonds, Series 2016, 2.25% 2019	1,325	1,340
Rural Housing Auth., Single Family Mortgage Rev. Bonds (Mortgage-backed Securities Program), Series 2007-B, AMT, 5.70% 2041	120	123
Washoe County, Gas and Water Facs. Rev. Ref. Bonds (Sierra Pacific Power Company Projects), Series 2016-B, 3.00% 2036 (put 2022)	1,500	1,553
Washoe County, Gas Facs. Rev. Ref. Bonds (Sierra Pacific Power Company Projects), Series 2016-A, AMT, 1.50% 2031 (put 2019)	1,000	988
		81,174
New Hampshire 0.18%
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2018	400	421
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2019	600	646
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2024	1,250	1,406
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2025	1,250	1,404
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2026	1,250	1,406
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2027	1,250	1,391
		6,674
New Jersey 2.71%
Camden County, Improvement Auth., Health Care Redev. Project, Rev. Ref. Bonds (The Cooper Health System Obligated Group Issue), Series 2014, 5.00% 2025	2,000	2,217
Camden County, Improvement Auth., Health Care Redev. Project, Rev. Ref. Bonds (The Cooper Health System Obligated Group Issue), Series 2014, 5.00% 2026	2,715	2,969
Certs. of Part., Series 2008-A, 5.00% 2018 (escrowed to maturity)	1,000	1,054
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Notes, 5.00% 2017 (escrowed to maturity)	4,805	4,974
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Notes, 5.00% 2017 (escrowed to maturity)	195	202
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Stockton University Issue), Series 2016-A, 5.00% 2026	2,885	3,267
Educational Facs. Auth., Rev. Ref. Bonds (New Jersey City University Issue), Series 2016-D, Assured Guaranty Municipal insured, 5.00% 2026	1,240	1,463
Educational Facs. Auth., Rev. Ref. Bonds (New Jersey City University Issue), Series 2016-D, Assured Guaranty Municipal insured, 5.00% 2027	1,380	1,616
Educational Facs. Auth., Rev. Ref. Bonds (Rowan University Issue), Series 2016-C, Assured Guaranty Municipal insured, 5.00% 2024	2,645	3,080
Educational Facs. Auth., Rev. Ref. Bonds (College of New Jersey Issue), Series 2016-F, 5.00% 2027	1,560	1,799

Limited Term Tax-Exempt Bond Fund of America — Page 21 of 37

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Bonds, notes & other debt instruments New Jersey (continued)	Principal amount (000)	Value (000)
Health Care Facs. Fncg. Auth., Rev. Bonds (Princeton HealthCare System Issue), Series 2016-A, 5.00% 2025	$1,340	$1,570
Health Care Facs. Fncg. Auth., Rev. Bonds (Princeton HealthCare System Issue), Series 2016-A, 5.00% 2027	1,000	1,165
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (University Hospital), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2025	1,000	1,144
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (University Hospital), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2026	1,800	2,042
Health Care Facs. Fncg. Auth., Rev. Bonds (St. Joseph’s Healthcare System Obligated Group Issue), Series 2016, 3.00% 2018	1,250	1,275
Health Care Facs. Fncg. Auth., Rev. Bonds (St. Joseph’s Healthcare System Obligated Group Issue), Series 2016, 4.00% 2019	1,210	1,270
Health Care Facs. Fncg. Auth., Rev. Bonds (St. Joseph’s Healthcare System Obligated Group Issue), Series 2016, 5.00% 2022	1,500	1,675
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2009-A, 5.00% 2017	3,500	3,542
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2010-2, 5.00% 2017	2,000	2,056
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 5.00% 2021	4,000	4,375
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2019	1,000	1,072
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2022	1,000	1,103
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2017	400	410
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2018	770	810
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2026	1,905	2,122
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2010-1A, 5.25% 2019	1,000	1,086
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2011-1, AMT, 5.00% 2017	2,500	2,565
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2011-1, AMT, 5.00% 2019	2,500	2,680
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 5.00% 2021	2,000	2,187
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 5.00% 2022	1,500	1,655
Rutgers State University, G.O. Bonds (State University of New Jersey), Series 2009-F, 5.00% 2019	1,000	1,083
The Pollution Control Fncg. Auth. Of Salem County, Pollution Control Rev. Bonds (Philadelphia Electric Company Project), Series 1993-A, AMT, 2.50% 2025 (put 2019)	1,850	1,838
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2012-A, 5.00% 2024	2,500	2,760
South Jersey Transportation Auth., Transportation System Rev. Bonds, 5.00% 2022	5,200	5,834
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2012-A, 5.00% 2023	1,500	1,668
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2014-A, 5.00% 2019	1,000	1,065
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds) Series 2014-A, 5.00% 2020	4,000	4,317
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds) Series 2014-A, 5.00% 2021	2,000	2,178
Transportation Trust Fund Auth., Transportation System Bonds, Series 1999-A, 5.75% 2017	2,500	2,537
Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds, Series 2006-A, 5.50% 2021	4,070	4,417
Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds, Series 2015-AA, 5.00% 2023	1,000	1,064
Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-D, 1.34% 2024 (put 2018)¹	11,500	11,509
Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-E, 1.34% 2024 (put 2018)¹	2,375	2,377
		101,092
New Mexico 0.19%
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company Four Corners Project), 1.875% 2029 (put 2020)	3,000	3,018
Fin. Auth., State Transportation Rev. Ref. Bonds, Series 2010-B, 5.00% 2020	1,000	1,120
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2009-C-2, Class I, 5.70% 2040	255	267
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2016-A-2, Class I, AMT, 3.50% 2046	2,490	2,593
Mortgage Fin. Auth., Single Family Mortgage Program Rev. Ref. Bonds, Series 2009-B-2, Class I, 5.65% 2039	225	233
		7,231

Limited Term Tax-Exempt Bond Fund of America — Page 22 of 37

unaudited

Bonds, notes & other debt instruments New York 8.58%	Principal amount (000)	Value (000)
City of Albany Industrial Dev. Agcy., Civic Fac. Rev. Ref. Bonds (St. Peter’s Hospital of the City of Albany Project), Series 2008-A, 5.25% 2017 (escrowed to maturity)	$1,500	$1,552
Buffalo and Erie County, Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.00% 2023	800	906
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2009-A-1, 5.50% 2018	2,500	2,618
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2019	2,995	3,271
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2019 (escrowed to maturity)	5	5
Dormitory Auth., Mount Sinai Hospital Obligated Group Rev. Ref. Bonds, Series 2010-A, 5.00% 2018	2,000	2,103
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2016-A, 5.00% 2024	5,000	5,907
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2009-A, 5.00% 2020	2,000	2,163
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-A, 5.00% 2019	5,000	5,405
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-D, 5.00% 2025	5,000	6,013
Dormitory Auth., State Personal Income Tax Rev. Ref. Bonds (General Purpose), Series 2012-A, 5.00% 2022	2,000	2,358
Dormitory Auth., State University Educational Facs. Rev. Ref. Bonds. Series 2000-C, Assured Guaranty Municipal insured, 5.75% 2017	1,475	1,496
Dormitory Auth., The New School Rev. Bonds, Series 2016-A, 5.00% 2028	1,000	1,163
Dormitory Auth., The New School Rev. Bonds, Series 2016-A, 5.00% 2029	1,000	1,156
Dormitory Auth., Third General Resolution Rev. Ref. Bonds (State University Educational Facs. Issue), Series 2012-A, 5.00% 2018	3,000	3,155
Environmental Facs. Corp., State Clean Water and Drinking Water Rev. Second Resolution Bonds (New York City Municipal Water Fin. Auth. Projects), Series 2009-A, 5.00% 2017	2,500	2,540
Erie County, Industrial Dev. Agcy., School Fac. Rev. Bonds (City School Dist. of the City of Buffalo Project), Series 2011-A, 5.00% 2020	4,780	5,287
Erie County, Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2012-A, 5.00% 2020	2,770	3,064
Various Purpose G.O. Bonds, Series 2016-B, 5.00% 2024	4,000	4,723
Town of Hempstead Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2025	1,670	1,857
Long Island Power Auth., Electric System General Rev. Bonds, Series 2009-A, 5.25% 2020	1,230	1,319
Long Island Power Auth., Electric System General Rev. Bonds, Series 2009-A, 5.25% 2020 (preref. 2019)	775	843
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, 1.42% 2033 (put 2018)¹	1,025	1,029
Long Island Power Auth., Electric System General Rev. Bonds, Series 2016-B, 5.00% 2028	2,500	2,914
Long Island Power Auth., Electric System General Rev. Ref. Bonds, Series 2009-A, 5.25% 2021	2,000	2,140
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3A, 1.38% 2017¹	4,000	4,012
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2008-A-2B, 1.21% 2031 (put 2019)¹	1,500	1,503
Metropolitan Transportation Auth., Hudson Rail Yards Trust Obligations, Series 2016-A, 5.00% 2046	2,000	2,136
Metropolitan Transportation Auth., State Service Contract Rev. Ref. Bonds, Series 2002-A, 5.50% 2017	5,000	5,099
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2020	5,500	6,237
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018	3,670	3,868
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2020	3,250	3,656
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 4.00% 2021	3,470	3,820
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2024	5,000	5,935
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2027	3,150	3,667
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 1.24% 2039 (put 2020)¹	12,250	12,235
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2018	1,105	1,182
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2020	7,000	7,874
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2021	1,000	1,147
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028	3,000	3,432
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034	425	437
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046	3,990	4,272
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044	9,700	10,190
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045	5,200	5,481
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030	2,130	2,211

Limited Term Tax-Exempt Bond Fund of America — Page 23 of 37

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Bonds, notes & other debt instruments New York (continued)	Principal amount (000)	Value (000)
Mortgage Agcy., Mortgage Rev. Ref. Bonds, Series 48, 2.625% 2041	$270	$274
City of New York, G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2032	1,500	1,754
City of New York, G.O. Bonds, Series 2008-J-4, 1.21% 2025¹	8,825	8,825
City of New York, G.O. Bonds, Series 2011-I-1, 5.00% 2017	5,000	5,105
City of New York, G.O. Bonds, Series 2012-I, 5.00% 2020	5,000	5,605
City of New York, G.O. Bonds, Series 2013-E, 5.25% 2022	5,000	5,882
City of New York, G.O. Bonds, Series 2014-A, 5.00% 2025	3,000	3,558
City of New York, G.O. Bonds, Series 2014-G, 5.00% 2023	1,500	1,766
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2028	1,000	1,166
City of New York, G.O. Bonds, Series 2016-E, 5.00% 2026	2,000	2,412
New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2009-FF-1, 5.00% 2018	2,000	2,111
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2009 Series S-4, 5.00% 2018	2,545	2,643
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2013 Series S-1, 5.00% 2021	650	745
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-C, 5.00% 2025	2,420	2,906
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-C, 5.00% 2027	5,000	5,923
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series B, 5.00% 2017	1,910	1,910
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2003 Series A-1, 5.00% 2022	1,305	1,521
New York City Transitional Fin. Auth., Multi-Modal Rev. Ref. Bonds, Series 2011-B, 5.00% 2022	1,750	1,999
New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2008-A, 5.00% 2017	2,000	2,003
New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2008-A, 5.50% 2019	4,000	4,177
New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2017	2,565	2,569
New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2021	1,500	1,658
New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2009-EE, 5.00% 2018 (escrowed to maturity)	2,500	2,638
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 4.00% 2022	5,185	5,620
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2023	2,195	2,489
Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2020	4,790	5,343
Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2021	3,420	3,842
Port Auth., Consolidated Rev. Ref. Bonds, Series 169, AMT, 5.00% 2020	5,000	5,588
Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2022	2,210	2,519
Port Auth., Consolidated Rev. Ref. Bonds, Series 186, AMT, 5.00% 2023	5,000	5,815
Public Housing Capital Fund Rev. Trust I, Trust Certificates, 4.50% 2022^2,3	2,205	2,272
County of Rockland G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2022	1,250	1,415
State Energy Research and Dev. Auth., Pollution Control Rev. Ref. Bonds (New York State Electric & Gas Corp. Project), Series 2004-A, AMT, 2.375% 2027 (put 2020)	3,000	3,032
Suffolk County, Econ. Dev. Corp., Rev. Ref. Bonds (Catholic Health Services of Long Island Obligated Group Project), Series 2011, 5.00% 2019	3,000	3,233
Thruway Auth., General Rev. Bonds, Series I, 5.00% 2020	2,000	2,198
Thruway Auth., General Rev. Bonds, Series I, 5.00% 2021	4,000	4,495
Thruway Auth., General Rev. Junior Indebtedness Obligations, Series 2013-A, 5.00% 2019	1,000	1,081
Thruway Auth., Local Highway and Bridge Service Contract Rev. Ref. Bonds, Series 2009, 5.00% 2017	10,000	10,071
Thruway Auth., Second General Highway and Bridge Trust Fund Rev. Ref. Bonds, Series 2009-A-1, 5.00% 2018	4,000	4,190
Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2021	20	20
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds (State Contingency Contract Secured), Series 2011-B, 5.00% 2017	2,000	2,028
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds (State Contingency Contract Secured), Series 2011-B, 5.00% 2018	2,500	2,631
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, L.P. Project), AMT, 5.00% 2020	2,500	2,727
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, L.P. Project), AMT, 5.00% 2021	1,250	1,390

Limited Term Tax-Exempt Bond Fund of America — Page 24 of 37

unaudited

Bonds, notes & other debt instruments New York (continued)	Principal amount (000)	Value (000)
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, L.P. Project), AMT, 5.00% 2022	$2,000	$2,251
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, L.P. Project), AMT, 5.00% 2023	500	568
Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Ref. Bonds, Series 2005-B-4D, 1.098% 2031 (put 2018)¹	2,000	2,001
Urban Dev. Corp., Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2029	1,500	1,745
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (Econ. Dev. and Housing), Series 2009-A-1, 5.00% 2017	1,000	1,036
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-C, 5.00% 2021	5,000	5,699
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2025	2,000	2,408
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2028	4,510	5,367
Utility Debt Securitization Auth., Restructuring Bonds, Series 2016-A, 5.00% 2028	2,000	2,414
Westchester County, Health Care Corp., Rev. Bonds, Series 2010-B, 5.00% 2017	2,500	2,573
		320,592
North Carolina 0.45%
Charlotte-Mecklenburg Hospital Auth., Carolinas HealthCare System, Health Care Rev. Ref. Bonds, Series 2016-A, 4.00% 2018	2,500	2,570
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 37-A, AMT, 3.50% 2039	3,750	3,910
Medical Care Commission, Health System Rev. Ref. Bonds (Mission Health Combined Group), Series 2017, 5.00% 2029	500	581
Medical Care Commission, Health System Rev. Ref. Bonds (Mission Health Combined Group), Series 2017, 5.00% 2026	500	584
Medical Care Commission, Health System Rev. Ref. Bonds (Mission Health Combined Group), Series 2017, 5.00% 2027	500	588
Municipal Power Agcy. No. 1, Catawba Electric Rev. Ref. Bonds, Series 2010-A, 5.00% 2021	2,500	2,748
Dept. of State Treasurer, Grant Anticipation Rev. Vehicle Bonds, Series 2009, 5.00% 2018	1,590	1,658
Dept. of State Treasurer, Grant Anticipation Rev. Vehicle Bonds, Series 2011, 4.00% 2023 (put 2018)	4,000	4,068
		16,707
North Dakota 0.58%
Burleigh County, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2023 (preref. 2021)	1,435	1,638
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042	1,275	1,321
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2014-A, 4.00% 2034	725	767
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-A, 4.00% 2038	890	938
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-D, 4.00% 2046	6,795	7,253
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2016-B, AMT, 4.00% 2047	1,600	1,698
Housing Fin. Auth., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046	7,630	7,989
		21,604
Ohio 1.69%
County of Allen, Hospital Facs. Rev. Ref. and Improvement Bonds (Catholic Health Partners), Series 2012-A, 5.00% 2022	3,300	3,764
County of Allen, Hospital Facs. Rev. Ref. Bonds (Catholic Healthcare Partners), Series 2010-B, 5.00% 2019	2,500	2,717
American Municipal Power - Ohio, Inc., Rev. Ref. Bonds(Prairie State Energy Campus Project), Series 2008-A, 5.00% 2017	640	641
American Municipal Power - Ohio, Inc., Rev. Ref. Bonds(Prairie State Energy Campus Project), Series 2008-A, 5.00% 2017 (escrowed to maturity)	860	861
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, 5.00% 2020	3,540	3,850
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, Assured Guaranty Municipal insured, 5.00% 2021	2,345	2,606

Limited Term Tax-Exempt Bond Fund of America — Page 25 of 37

unaudited

Bonds, notes & other debt instruments Ohio (continued)	Principal amount (000)	Value (000)
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2022	$820	$928
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2024	1,075	1,238
City of Cleveland, Airport System Rev. Ref. Bonds, Series A, Assured Guaranty insured, 5.25% 2019	5,000	5,347
City of Cleveland, Water Rev. Ref. Bonds, Series 2009-T, 5.00% 2018	3,620	3,757
County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2020	2,360	2,608
County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2021	1,000	1,127
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-K, 3.50% 2046	4,795	5,027
Housing Fin. Agcy., Residential Mortgage Rev. Ref. Bonds (Mortgage-Backed Securities Program), Series 2016-D, 4.00% 2047	6,980	7,468
Housing Fin. Agcy., Residential Mortgage Rev. Ref. Bonds, Series 2009-C, 4.50% 2039	135	141
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2010-1, 5.00% 2028	660	687
Infrastructure Improvement G.O. Bonds, Series 2012-A, 5.00% 2019	4,560	4,910
Infrastructure Improvement G.O. Ref. Bonds, Series 2011-B, 5.00% 2018	2,000	2,120
Kent State University, Rev. General Receipts, Series 2016, 4.00% 2024	5,000	5,556
County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.00% 2017	1,375	1,403
County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.00% 2018	1,195	1,259
Major New State Infrastructure Project Rev. Bonds, Series 2008-1, 5.75% 2019 (preref. 2018)	1,000	1,065
Treasurer of State, Tax-Exempt Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, Assured Guaranty Municipal insured, 5.00% 2026	850	963
Treasurer of State, Tax-Exempt Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, Assured Guaranty Municipal insured, 5.00% 2027	500	563
Turnpike Rev. Ref. Bonds, Series 2009-A, 5.00% 2020	1,000	1,074
Warren County, Health Care Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2013-A, 5.00% 2021	1,215	1,368
		63,048
Oklahoma 0.11%
Dev. Fin. Auth., Health System Rev. Ref. Bonds (Obligated Group Consisting of INTEGRIS Baptist Medical Center, Inc., INTEGRIS South Oklahoma City Hospital Corp. and INTEGRIS Rural Health, Inc.), Series 2008-C, 5.00% 2018 (escrowed to maturity)	1,000	1,061
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2009-B, 4.90% 2036	225	230
Municipal Power Auth., Power Supply System Rev. Ref. Bonds, Series 2005-A, 1.46% 2023 (put 2018)¹	1,325	1,323
Trustees of the Tulsa Airports Improvement Trust, General Airport Rev. Bonds, Series 2015-A, AMT, BAM insured, 5.00% 2021	1,355	1,508
		4,122
Oregon 0.35%
Dept. of Administrative Services, Certs. of Part., Series 2009-A, 5.00% 2020 (preref. 2019)	2,500	2,713
Dept. of Administrative Services, Lottery Rev. Bonds, Series 2009-A, 5.00% 2017	2,000	2,014
Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, 1.66% 2022 (put 2018)¹	75	75
Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, 1.51% 2020 (put 2017)¹	1,500	1,500
G.O. Bonds (Veterans’ Welfare Bonds Series 94), Series 2014-H, 4.00% 2044	1,540	1,650
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2016-A, 4.00% 2047	975	1,039
Port of Portland, Portland International Airport Rev. Bonds, Subseries 20-C, AMT, 5.00% 2017	1,000	1,017
Port of Portland, Portland International Airport Rev. Bonds, Subseries 20-C, AMT, 5.00% 2021	1,000	1,104
Port of Portland, Portland International Airport Rev. Ref. Bonds, Subseries 21-B, AMT, 5.00% 2018	2,000	2,104
		13,216

Limited Term Tax-Exempt Bond Fund of America — Page 26 of 37

unaudited

Bonds, notes & other debt instruments Pennsylvania 5.12%	Principal amount (000)	Value (000)
Allegheny County, Airport Auth., Airport Rev. Bonds, Series 2012-A-1, AMT, 5.00% 2024	$1,025	$1,127
Allegheny County, Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2008-A, 5.00% 2017	4,500	4,606
Allegheny County, Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2008-A, 5.00% 2018	4,000	4,241
Allegheny County, Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2008-B, 5.00% 2018	3,250	3,425
Allegheny County, Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Ref. Bonds, Series 2010-A, 5.00% 2017	2,000	2,024
Dauphin County, General Auth., Health System Rev. Bonds (Pinnacle Health System Project), Series 2009-A, 5.25% 2017	175	178
Dauphin County, General Auth., Health System Rev. Bonds (Pinnacle Health System Project), Series 2009-A, 5.25% 2017 (escrowed to maturity)	705	716
Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2019	1,740	1,837
Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2022	1,300	1,418
East Hempfield Township Industrial Dev. Auth., Rev. and Ref. Bonds (Willow Valley Communities Project), 3.00% 2017	690	701
East Hempfield Township Industrial Dev. Auth., Rev. and Ref. Bonds (Willow Valley Communities Project), 5.00% 2021	650	736
East Hempfield Township Industrial Dev. Auth., Rev. and Ref. Bonds (Willow Valley Communities Project), 5.00% 2022	500	572
East Hempfield Township Industrial Dev. Auth., Rev. and Ref. Bonds (Willow Valley Communities Project), 5.00% 2024	400	463
East Hempfield Township Industrial Dev. Auth., Rev. and Ref. Bonds (Willow Valley Communities Project), 5.00% 2025	500	580
East Hempfield Township Industrial Dev. Auth., Rev. and Ref. Bonds (Willow Valley Communities Project), 5.00% 2026	500	573
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2024	4,900	5,465
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2024	4,500	5,007
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004-A, AMT, 2.625% 2021	1,000	1,022
Econ. Dev. Fncg. Auth., Unemployment Compensation Rev. Bonds, Series 2012-A, 5.00% 2019	5,000	5,454
Econ. Dev. Fncg. Auth., Unemployment Compensation Rev. Bonds, Series 2012-B, 5.00% 2020	5,000	5,443
G.O. Bonds, Second Ref. Series 2009, 5.00% 2020	2,000	2,220
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), Series 2008, 5.00% 2018 (escrowed to maturity)	670	690
Higher Educational Facs. Auth., Rev. Bonds (State System of Higher Education), Series AJ, 5.00% 2017	2,500	2,539
Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East Stroudsburg University of Pennsylvania), Series 2010, 5.25% 2019	1,300	1,366
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-121, 3.50% 2046	12,000	12,536
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-117-A, AMT, 3.50% 2040	550	570
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-118-A, AMT, 3.50% 2040	7,245	7,507
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 2041	905	943
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 2046	7,410	7,749
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046	10,680	11,432
Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program), Series 2010, 5.00% 2017	1,500	1,524
Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program), Series 2010, 5.00% 2019	2,000	2,177
Mifflin County, Hospital Auth. Rev. Ref. Bonds (Lewistown Hospital Project), 5.125% 2022	5,830	5,925
Montgomery County, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (PECO Energy Company Project), Series 1999-A, 2.50% 2030 (put 2020)	3,000	2,970

Limited Term Tax-Exempt Bond Fund of America — Page 27 of 37

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Bonds, notes & other debt instruments Pennsylvania (continued)	Principal amount (000)	Value (000)
Montgomery County, Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2012, 5.00% 2023	$2,400	$2,689
Montgomery County, Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2012, 5.00% 2024	1,000	1,112
Montgomery County, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.00% 2021	2,000	2,184
Montgomery County, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2026	1,000	1,112
Montgomery County, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2009-A-1, 5.25% 2017 (escrowed to maturity)	1,110	1,148
Montgomery County, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2009-A-1, 5.50% 2018 (escrowed to maturity)	935	1,008
Montgomery County, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2009-A-1, 5.50% 2019 (escrowed to maturity)	975	1,087
Northampton County, General Purpose Auth., Hospital Rev. Bonds (St. Luke’s Hospital Project), Series 2008-A, 5.25% 2023 (preref. 2018)	1,250	1,330
Pennsylvania State University, Rev. Ref. Bonds, Series 2016-B, 5.00% 2026	1,000	1,218
City of Philadelphia, Gas Works Rev. Ref. Bonds (1998 General Ordinance), Fourteenth Series, 5.00% 2017	1,000	1,025
City of Philadelphia, Gas Works Rev. Ref. Bonds (1998 General Ordinance), Fourteenth Series, 5.00% 2022	1,500	1,686
City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.75% 2018	2,500	2,606
City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.75% 2019	3,000	3,249
School Dist. of Philadelphia, G.O. Bonds, Series 2016-F, 5.00% 2024	5,000	5,570
School Dist. of Philadelphia, G.O. Bonds, Series 2016-F, 5.00% 2025	3,000	3,360
State Public School Building Auth., School Lease Rev. Bonds (School Dist. of Philadelphia Project), Series 2012, 5.00% 2019	1,000	1,060
State Public School Building Auth., School Lease Rev. Bonds (School Dist. of Philadelphia Project), Series 2012, 5.00% 2021	2,000	2,172
Health Care Facs. Auth. of Sayre, Rev. Ref. Bonds (Guthrie Health Issue), Series 2007, 1.214% 2017¹	1,105	1,107
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2020	1,000	1,058
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2021	2,840	3,054
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2022	5,355	5,824
Auth. for Industrial Dev., Temple University Rev. Bonds, 1st Series 5.00% 2028	1,000	1,150
Turnpike Commission, Turnpike Rev. Bonds, 5.00% 2022	5,000	5,684
Turnpike Commission, Turnpike Rev. Bonds, Series 2005-A, Assured Guaranty Municipal insured, 5.25% 2025	1,500	1,800
Turnpike Commission, Turnpike Rev. Bonds, Series 2008-C-1, Assured Guaranty insured, 6.25% 2038 (preref. 2018)	2,935	3,139
Turnpike Commission, Turnpike Rev. Bonds, Series 2014-B-1, 1.33% 2019¹	2,000	1,992
Turnpike Commission, Turnpike Rev. Bonds, Series 2014-B-1, 1.64% 2021¹	8,775	8,747
Turnpike Commission, Turnpike Rev. Bonds, Series 2015-A-2, 1.46% 2045 (put 2018)¹	8,500	8,498
Turnpike Commission, Turnpike Rev. Bonds, Series 2016-A-1, 5.00% 2027	1,060	1,228
Turnpike Commission, Turnpike Rev. Bonds, Series 2016-A-2, 0.969% 2017¹	2,500	2,499
Turnpike Commission, Turnpike Rev. Bonds, Series 2016-A-2, 1.24% 2018¹	2,000	1,988
York County, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Philadelphia Electric Co. Project), Series 1993-A, 2.55% 2036 (put 2020)	4,000	3,965
		191,085
Puerto Rico 0.09%
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, 5.00% 2020	3,345	3,499
Rhode Island 0.83%
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2022	1,000	1,139
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2023	2,500	2,880

Limited Term Tax-Exempt Bond Fund of America — Page 28 of 37

unaudited

Bonds, notes & other debt instruments Rhode Island (continued)	Principal amount (000)	Value (000)
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2016, 5.00% 2023	$2,000	$2,235
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2016, 5.00% 2024	2,350	2,636
Health and Educational Building Corp., Providence Public Schools Rev. Bond Fncg. Program, Rev. Ref. Bonds (Providence Public Buildings Auth. Issue), Series 2015, Assured Guaranty Municipal insured, 5.00% 2026	2,000	2,304
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-1, 4.00% 2033	1,245	1,306
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-2, 4.00% 2032	950	983
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 68-C, AMT, 3.50% 2039	4,500	4,687
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2018	800	845
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2019	900	971
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2020	1,250	1,367
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2021	1,400	1,545
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 3.50% 2025	3,000	2,933
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 3.625% 2026	1,000	978
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2016-A, AMT, 3.00% 2026	4,000	3,781
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2016-A, AMT, 5.00% 2019	400	430
		31,020
South Carolina 0.88%
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2016-B-2, AMT, 4.00% 2043	2,445	2,582
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-A, 4.00% 2047	2,400	2,582
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, 4.00% 2036	1,810	1,929
Jobs-Econ. Dev. Auth., Hospital Rev. Ref. and Improvement Bonds (Palmetto Health), Series 2009, 5.00% 2017	1,085	1,106
Jobs-Econ. Dev. Auth., Hospital Rev. Ref. Bonds (Palmetto Health), Series 2013-A, 5.25% 2024	3,120	3,540
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2009-B, 5.00% 2018 (escrowed to maturity)	1,275	1,322
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2022	1,000	1,165
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-C, 5.00% 2021	3,095	3,551
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-C, 5.00% 2022	1,000	1,165
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 2025	1,000	1,188
Richland County, Environmental Improvement Rev. Ref. Bonds, Series 2014-A, AMT, 3.875% 2023	4,000	4,183
Transportation Infrastructure Bank, Rev. Ref. Bonds, Series 2005-A, AMBAC insured, 5.25% 2018	8,000	8,549
		32,862
South Dakota 0.47%
Educational Enhancement Funding Corp, Tobacco Settlement Rev. Bonds, Series 2013-B, 5.00% 2023	1,000	1,129
Health and Educational Facs. Auth., Rev. Bonds (Sanford), Series 2014-B, 5.00% 2022	375	434
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-E, 4.00% 2044	375	398
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-A, AMT, 3.00% 2030	615	622
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-E, AMT, 4.00% 2044	590	616
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 2045	1,215	1,300
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-B, 3.50% 2046	1,350	1,414
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 2046	10,200	10,738
Housing Dev. Auth., Homeownership Mortgage Rev. Ref. Bonds, Series 2012-D, AMT, 4.00% 2029	1,010	1,054
		17,705
Tennessee 1.04%
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2011-1-A, AMT, 4.50% 2031	1,390	1,462
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2012-1-A, AMT, 4.50% 2038	510	537
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2015-A, 3.50% 2045	865	904
Housing Dev. Agcy., Housing Fin. Program Bonds, Issue 2010-A-1, 5.00% 2027	230	238
Housing Dev. Agcy., Residential Fin. Program Bonds, AMT, 4.00% 2046	925	977
Housing Dev. Agcy., Residential Fin. Program Bonds, Issue 2013-1-C, 3.00% 2038	2,105	2,159
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043	1,220	1,271
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045	730	769

Limited Term Tax-Exempt Bond Fund of America — Page 29 of 37

unaudited

Bonds, notes & other debt instruments Tennessee (continued)	Principal amount (000)	Value (000)
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-A, AMT, 3.50% 2047	$1,995	$2,077
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-B, 3.50% 2047	230	242
Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds (Covenant Health), Series 2012-A, 5.00% 2019	1,000	1,061
Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds (Covenant Health), Series 2012-A, 5.00% 2020	1,220	1,325
Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds (Covenant Health), Series 2012-A, 5.00% 2022	3,320	3,728
Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds (Covenant Health), Series 2012-A, 5.00% 2023	1,000	1,135
Memphis-Shelby County, Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2017	5,375	5,463
Memphis-Shelby County, Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.375% 2018	6,590	6,946
Memphis-Shelby County, Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.50% 2019	2,500	2,723
Memphis-Shelby County, Airport Auth., Airport Rev. Ref. Bonds, Series 2011-C, AMT, 5.00% 2018	2,500	2,622
Memphis-Shelby County, Airport Auth., Airport Rev. Ref. Bonds, Series 2011-C, AMT, 5.00% 2019	1,500	1,616
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2021	1,580	1,727
		38,982
Texas 9.09%
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 2.75% 2026	980	913
Austin Community College Dist. Public Fac. Corp., Lease Rev. Bonds (Educational Fac. Project - Round Rock Campus), Series 2008, 5.25% 2017 (escrowed to maturity)	1,500	1,533
City of Austin (Travis and Williamson Counties), Water and Wastewater System Rev. Ref. Bonds, Series 2009, 5.00% 2018	1,500	1,604
City of Austin (Travis and Williamson Counties), Water and Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 2027	1,250	1,506
Bexar County, Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2017	2,665	2,669
Bexar County, Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2018	3,015	3,138
Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Ref. Bonds (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033	13,040	13,844
City of Brownsville, Utilities System Rev. Ref. Bonds, 5.00% 2021	1,500	1,702
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2015-B, 5.00% 2045 (put 2021)	1,900	2,065
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2010, 5.75% 2020	1,000	1,109
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2024	1,000	1,140
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2025	1,000	1,148
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2026	1,500	1,712
Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2015-C, 5.00% 2025	1,000	1,123
Corpus Christi Independent School Dist., Unlimited Tax School Building Bonds (Nueces County), Series 2009, 5.00% 2019	2,070	2,264
City of Dallas (Dallas, Denton, Collin and Rockwall Counties), G.O. Bonds, Series 2007, 5.00% 2018	1,080	1,084
City of Dallas, G.O. Limited Bonds, 5.00% 2018 (preref. 2017)	2,010	2,013
Dallas Area Rapid Transit, Sales Tax Rev. Bonds, Series 2008, 5.00% 2018	1,000	1,071
Dallas County Community College Dist. (Dallas County), G.O. Ref. and Improvement Bonds, Series 2008, 5.00% 2018	5,690	5,928
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds, Series 2013-A, AMT, 5.00% 2026	1,000	1,117
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds, Series 2013-E, AMT, 5.00% 2020	5,000	5,576
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2009-A, 5.00% 2017	5,000	5,152
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2009-A, 5.00% 2018	1,000	1,066
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2011-C, 5.00% 2022	1,430	1,601

Limited Term Tax-Exempt Bond Fund of America — Page 30 of 37

unaudited

Bonds, notes & other debt instruments Texas (continued)	Principal amount (000)	Value (000)
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2012-B, 5.00% 2021	$2,500	$2,803
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2013-D, 5.00% 2021	1,000	1,132
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2014-A, AMT, 5.25% 2026	2,000	2,280
City of Denton (Denton County), Utility System Rev. Bonds, Series 2017, 5.00% 2028	7,320	8,596
Downtown Redev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2027	2,010	2,284
G.O. Bonds, College Student Loan Bonds, Series 2011-A, AMT, 5.00% 2019	1,700	1,853
G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2009-A, 5.00% 2019	1,000	1,061
Harris County Cultural Education Facs. Fin. Corp., Medical Facs. Rev. Ref. Bonds (Baylor College of Medicine), 1.34% 2045 (put 2020)¹	13,000	13,193
Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Methodist Hospital System), Series 2008-B, 5.25% 2017	3,500	3,621
Harris County, Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), Series 2014-A, 5.00% 2025	2,850	3,334
Harris County, Industrial Dev. Corp., Solid Waste Disposal Rev. Bonds (Deer Park Refining Limited Partnership Project), Series 2006, 4.70% 2018	2,000	2,066
Harris County, Metropolitan Transit Auth., Sales and Use Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2027	1,500	1,788
Harris County, Sports Auth., Rev. Ref. Bonds, Series 2014-A, 5.00% 2021	750	854
Harris County, Sports Auth., Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2024	4,000	4,708
Harris County, Metropolitan Transit Auth., Sales and Use Tax Bonds, Series 2009-A, 5.00% 2017	3,990	4,113
Harris County, Toll Road Rev. Bonds, Series 2009-A, 5.00% 2017	1,100	1,125
Harris County, Toll Road Rev. Bonds, Series 2009-A, 5.00% 2020	1,255	1,371
Harris County, Toll Road Rev. Bonds, Series 2012-B, 1.36% 2021 (put 2018)¹	13,500	13,493
Harris County, Toll Road Rev. Ref. Bonds, Series 2007-A, National insured, 4.50% 2020	2,000	2,036
Harris County, Toll Road Rev. Ref. Bonds, Series 2016-A, 5.00% 2027	1,500	1,800
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2009-A, 5.375% 2039	215	222
City of Houston, Combined Utility System, Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2022	2,000	2,332
City of Houston, Combined Utility System, Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2025	3,905	4,661
City of Houston, Airport System Rev. Ref. Bonds, Series 2009-A, 5.00% 2019	1,500	1,580
City of Houston, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2019	10,000	10,780
City of Houston, Airport System Rev. Ref. Bonds, Series 2011-B, 5.00% 2025	1,000	1,122
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2012-B, 1.38% 2034 (put 2017)¹	950	950
City of Houston, Combined Utility System, Rev. Ref. Bonds, Series 2012-A, 1.53% 2034 (put 2020)¹	7,500	7,469
City of Houston, Public Improvement Ref. Bonds, Series 2009-A, 5.00% 2020	2,500	2,691
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), 5.00% 2022	1,000	1,124
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), 5.00% 2021	800	891
Lone Star College System (Harris and Montgomery Counties), Limited Tax G.O. Bonds, Series 2009, 5.00% 2018	1,000	1,061
Love Field Airport Modernization Corp. (City of Dallas), General Airport Rev. Bonds, Series 2017, AMT, 5.00% 2026	1,000	1,162
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2011-B, 5.00% 2019	5,000	5,409
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2016, 5.00% 2026	835	992
Mansfield Independent School Dist. (Tarrant and Johnson Counties), Unlimited Tax Ref. Bonds, Series 2010, 5.00% 2020	5,890	6,529
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2017	1,500	1,553
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2021	3,500	3,914
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2022	2,800	3,123
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2023	2,000	2,222

Limited Term Tax-Exempt Bond Fund of America — Page 31 of 37

unaudited

Bonds, notes & other debt instruments Texas (continued)	Principal amount (000)	Value (000)
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), Series 2015-A, 5.00% 2030	$800	$850
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2022	375	418
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2023	500	559
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2024	625	697
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2027	1,000	1,091
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2028	870	941
North Texas Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (United Regional Health Care System, Inc. Project), Series 2007, Assured Guaranty Municipal insured, 5.00% 2022	1,400	1,431
North Texas Tollway Auth., Dallas North Tollway System Rev. Ref. Bonds, Series 2005-C, 5.00% 2019	2,000	2,138
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.50% 2018	3,000	3,120
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2019	5,000	5,218
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2014-C, 1.33% 2038 (put 2020)¹	3,900	3,911
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-B, 5.00% 2019	1,250	1,336
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2012-C, 1.95% 2038 (put 2019)	5,400	5,432
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2014-A, 5.00% 2022	1,000	1,140
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2014-A, 5.00% 2023	2,000	2,314
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2026	1,600	1,845
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2027	1,000	1,150
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2028	2,000	2,319
City of Olmos Park, Higher Education Facs. Corp., Higher Education Rev. Improvement and Ref. Bonds (University of the Incarnate Word Project), Series 2012, 5.00% 2022	2,000	2,285
City of Olmos Park, Higher Education Facs. Corp., Higher Education Rev. Improvement and Ref. Bonds (University of the Incarnate Word Project), Series 2012, 5.00% 2023	1,500	1,704
Plano Independent School Dist. (Collin County), School Building Unlimited Tax Bonds, Series 2008-A, 5.00% 2017	1,000	1,002
Public Fin. Auth., Texas Southern University, Rev. Fncg. System Bonds, Series 2016, BAM insured, 5.00% 2026	805	930
Red River Education Fin. Corp., Higher Education Rev. Bonds (Saint Edward’s University Project), Series 2016, 5.00% 2026	575	653
Red River Education Fin. Corp., Higher Education Rev. Bonds (Saint Edward’s University Project), Series 2016, 5.00% 2027	850	958
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.25% 2017	1,000	1,019
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2012, 5.00% 2018	2,000	2,119
City of San Antonio, Airport System Rev. Ref. Bonds, Series 2012, AMT, 4.00% 2021	1,000	1,079
City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2008, 5.00% 2025 (preref. 2018)	1,475	1,534
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-D, 3.00% 2045 (put 2020)	3,000	3,140
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-C, 3.00% 2045 (put 2019)	2,000	2,070
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2012-C, 2.00% 2027 (put 2018)	5,650	5,706
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-A, 2.25% 2033 (put 2019)	11,500	11,676
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2016, 5.00% 2026	2,000	2,419
City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds, Series 2012, AMT, 5.00% 2020	1,680	1,848
City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds, Series 2012, AMT, 5.00% 2021	1,770	1,981
City of San Antonio, Water System Rev. Ref. Bonds, Series 2015-B, 5.00% 2027	1,045	1,235
Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Ref. Bonds, Series 2007-A, 5.00% 2017	1,000	1,002

Limited Term Tax-Exempt Bond Fund of America — Page 32 of 37

unaudited

Bonds, notes & other debt instruments Texas (continued)	Principal amount (000)	Value (000)
Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Baylor Scott & White Health Project), Series 2016-A, 5.00% 2029	$5,020	$5,841
Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Scott and White Memorial Hospital and Scott, Sherwood and Brindley Foundation Project), Series 2008-A, 5.00% 2017 (escrowed to maturity)	1,500	1,534
Tarrant County Health Facs. Dev. Corp., Hospital Rev. Bonds (Cook Children’s Medical Center Project), Series 2010-A, 4.50% 2022	500	536
Tarrant Regional Water Dist., Water Control and Improvement Dist., Water Rev. Ref. and Improvement Bonds, Series 2009, 5.00% 2020 (preref. 2019)	1,710	1,844
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2016-C, 4.00% 2027	2,000	2,225
Board of Regents of the Texas A&M University System, Series 2015-B, 5.00% 2025	1,585	1,866
Board of Regents, Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 2023	2,200	2,579
Board of Regents, Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 2026	1,250	1,504
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2020 (preref. 2018)	3,640	3,811
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2020 (preref. 2018)	360	377
Transportation Commission, G.O. Mobility Fund Bonds, Series 2014-B, 1.040% 2041 (put 2018)¹	6,000	5,997
Transportation Commission, Highway Improvement, G.O. Bonds, Series 2010-B, 5.00% 2017	1,575	1,586
Transportation Commission, Highway Improvement, G.O. Bonds, Series 2016, 5.00% 2018	2,500	2,620
Board of Regents of the University of Houston System, Consolidated Rev. Ref. Bonds, Series 2009, 5.00% 2017	1,060	1,062
Board of Regents of the University of Houston System, Consolidated Rev. Ref. Bonds, Series 2009, 5.00% 2018	1,000	1,042
Board of Regents of the University of Houston System, Consolidated Rev. Ref. Bonds, Series 2009, 5.00% 2020	2,200	2,366
Board of Regents of the University of Houston, System Consolidated Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 2024	7,500	8,854
Board of Regents of the University of North Texas System, Rev. Fncg. System Bonds, Series 2009-A, 5.00% 2018	1,000	1,048
Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, Series 2017-A, 5.00% 2024	1,665	1,970
Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, Series 2017-A, 5.00% 2025	1,255	1,501
Board of Regents of The University of Texas System, Rev. Fncg. System Bonds, Series 2016-E, 5.00% 2027	1,500	1,843
Board of Regents of The University of Texas System, Rev. Fncg. System Bonds, Series 2016-J, 5.00% 2024	5,000	5,990
Board of Regents of The University of Texas System, Rev. Fncg. System Bonds, Series 2016-J, 5.00% 2025	5,000	6,053
		339,695
Utah 0.35%
Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, Assured Guaranty Municipal insured, 5.25% 2019	1,525	1,674
Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, Assured Guaranty Municipal insured, 5.25% 2019 (escrowed to maturity)	3,725	4,078
Transit Auth., Sales Tax Rev. Bonds, Series 2015-A, 5.00% 2025	1,000	1,182
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045	5,600	5,952
		12,886
Vermont 0.07%
Educational and Health Buildings Fncg. Agcy., Rev. Bonds (The University of Vermont Medical Center Project), Series 2016-A, 5.00% 2025	2,000	2,342
Student Assistance Corp., Education Loan Rev. Notes, Series 2012-B, AMT, 2.499% 2022¹	274	277
		2,619

Limited Term Tax-Exempt Bond Fund of America — Page 33 of 37

unaudited

Bonds, notes & other debt instruments Virginia 0.56%	Principal amount (000)	Value (000)
Resources Auth., Clean Water State Revolving Fund, Rev. Bonds, Series 2008, 5.00% 2026 (preref. 2018)	$1,300	$1,386
City of Richmond, Public Utility Rev. and Rev. Ref. Bonds, Series 2016-A, 5.00% 2028	5,500	6,567
Industrial Dev. Auth. of Wise County, Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2009-A, 2.15% 2040 (put 2020)	12,000	12,071
Industrial Dev. Auth. of Wise County, Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 1.875% 2040 (put 2020)	1,000	993
		21,017
Washington 2.46%
Central Puget Sound Regional Transit Auth., Sales Tax Bonds, Series 2015-S-2A, 1.33% 2045 (put 2018)¹	10,500	10,506
Econ. Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, 2.125% 2020²	3,000	3,013
Energy Northwest, Electric Rev. Ref. Bonds (Project No. 1), Series 2009-A, 5.25% 2018	1,250	1,326
Energy Northwest, Electric Rev. Ref. Bonds (Project No. 3), Series 2016-A, 5.00% 2027	1,575	1,896
Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2012-F, 5.00% 2020	5,000	5,599
Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2014-C, 5.00% 2019	1,000	1,092
Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2014-C, 5.00% 2021	2,500	2,858
Various Purpose G.O. Bonds, Series 1992-B, 6.40% 2017	1,285	1,309
Various Purpose G.O. Bonds, Series 2017-D, 5.00% 2027	7,000	8,502
Various Purpose G.O. Bonds, Series 2017-D, 5.00% 2028	10,000	12,067
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, 1.66% 2035 (put 2021)¹	8,000	7,963
Health Care Facs. Auth., Rev. Ref. Bonds (Central Washington Health Services Association), Series 2015, 5.00% 2027	1,250	1,387
Health Care Facs. Auth., Rev. Ref. Bonds (PeaceHealth), Series 2014-A, 5.00% 2026	1,000	1,140
Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2012-B, 5.00% 2042 (put 2021)	1,000	1,134
Health Care Facs. Auth., Rev. Ref. Bonds (Seattle Children’s Hospital), Series 2010-B, 5.00% 2021	1,235	1,375
Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2018 (escrowed to maturity)	2,235	2,339
Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2019 (escrowed to maturity)	2,350	2,542
Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2010-A, 5.00% 2018	1,000	1,047
Housing Fin. Commission, Homeownership Program Bonds, Series 2011-A, 4.50% 2029	450	469
Housing Fin. Commission, Single Family Program Rev. Ref. Bonds, Series 2015-A-R, AMT, 3.50% 2038	1,335	1,385
Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2022	1,000	1,131
Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2023	1,100	1,251
City of Seattle, Municipal Light and Power Improvement and Rev. Ref. Bonds, Series 2015-B-1, 1.34% 2045 (put 2018)¹	6,800	6,799
Housing Auth. of the City of Seattle, Capital Fund Program Rev. Bonds (High Rise Rehabilitation Program - Phase III), Series 2007, AMT, Assured Guaranty Municipal insured, 4.55% 2017	350	353
Port of Seattle, Rev. Ref. Bonds, Series 2015-C, AMT, 5.00% 2029	1,000	1,128
Skagit County, Public Hospital Dist. No. 1, Hospital Rev. Improvement and Rev. Ref. Bonds (Skagit Regional Health), Series 2016, 4.00% 2026	2,300	2,353
Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2022	900	1,015
Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2026	6,300	6,317
Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2027	2,500	2,528
		91,824
West Virginia 0.05%
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Appalachian Power Co. - Amos Project), Series 2011-A, AMT, 1.70% 2041 (put 2020)	1,900	1,849

Limited Term Tax-Exempt Bond Fund of America — Page 34 of 37

unaudited

Bonds, notes & other debt instruments Wisconsin 1.62%	Principal amount (000)	Value (000)
General Fund Annual Appropriation Rev. Bonds, Series 2009-A, 5.00% 2018 (escrowed to maturity)	$1,600	$1,680
General Fund Annual Appropriation Rev. Bonds, Series 2009-A, 5.00% 2018 (escrowed to maturity)	400	420
Health and Educational Facs. Auth., Rev. Bonds (UnityPoint Health), Series 2014-A, 5.00% 2022	1,000	1,162
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-1, 4.00% 2043 (put 2018)	1,500	1,546
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-3, 5.00% 2043 (put 2020)	10,310	11,430
Health and Educational Facs. Auth., Rev. Bonds (Aurora Health Care, Inc.), Series 2010-A, 5.00% 2017	1,000	1,008
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% 2026	1,000	1,139
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% 2027	1,000	1,128
Health and Educational Facs. Auth., Rev. Bonds (Thedacare, Inc.), Series 2009-A, 5.25% 2017	2,000	2,072
Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 5.00% 2021	7,765	8,772
Health and Educational Facs. Auth., Rev. Ref. Bonds (Ministry Health Care), Series 2012-C, 5.00% 2021 (escrowed to maturity)	1,200	1,376
Health and Educational Facs. Auth., Rev. Ref. Bonds (ProHealth Care, Inc. Obligated Group), Series 2015, 5.00% 2031	1,650	1,836
Health and Educational Facs. Auth., Rev. Ref. Bonds (ProHealth Care, Inc. Obligated Group), Series 2015, 5.00% 2032	940	1,042
Health and Educational Facs. Auth., Rev. Ref. Bonds (Thedacare, Inc.), Series 2009-B, 5.00% 2017	2,000	2,068
Health and Educational Facs. Auth., Rev. Ref. Bonds (Thedacare, Inc.), Series 2015, 5.00% 2026	1,170	1,355
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2015-A, AMT, 4.00% 2045	6,100	6,425
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2016-A, AMT, 3.50% 2046	7,720	7,998
Milwaukee County, Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2017	1,250	1,289
Milwaukee County, Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2018	1,500	1,591
Milwaukee County, Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2020	1,500	1,628
Milwaukee County, Airport Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2023	1,475	1,681
Milwaukee County, Airport Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2024	1,550	1,779
		60,425
Wyoming 0.16%
Community Dev. Auth., Housing Rev. Bonds, Series 2015-3, 3.00% 2044	1,500	1,539
Community Dev. Auth., Housing Rev. Bonds, Series 2015-6, 4.00% 2045	4,080	4,348
		5,887
Total bonds, notes & other debt instruments (cost: $3,458,154,000)		3,492,286
Short-term securities 6.30%
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-A, 0.47% 2052¹	6,000	6,000
State of California, Educational Facs. Auth., Higher Education Commercial Paper, Series 2016-S-3, 0.60% 2/6/2017	5,000	5,000
State of California, City of Los Angeles, Dept. of Water and Power, Commercial Paper, Series 2017-A-2, 0.73% 3/6/2017	5,000	5,000
State of California, County of Los Angeles, 2016-17 Tax and Rev. Anticipation Notes, 3.00% 6/30/2017	14,000	14,141
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2016-A, 2.00% 6/27/2017	25,000	25,131
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2016-2, 0.68% 2/6/2017	4,000	4,000
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2017, 0.78% 3/6/2017	4,000	4,000
State of Idaho, Tax Anticipation Notes, Series 2016, 2.00% 6/30/2017	20,000	20,101
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2016-A, 2.00% 4/24/2017	6,000	6,018

Limited Term Tax-Exempt Bond Fund of America — Page 35 of 37

unaudited

Short-term securities	Principal amount (000)	Value (000)
State of Massachusetts, Housing Fin. Agcy., Housing Bonds, Series 2009-A, 0.63% 2043¹	$1,230	$1,230
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 0.58% 2030¹	5,000	5,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 0.58% 2030¹	10,000	10,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-E, 0.58% 2035¹	4,000	4,000
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 1996-A, 0.62% 2030¹	1,000	1,000
State of New York, New York City Industrial Dev. Agcy., Civic Fac. Ref. and Improvement Rev. Bonds (2005 American Civil Liberties Union Foundation, Inc. Project), Series 2005, JPMorgan Chase LOC, 0.63% 2035¹	6,350	6,350
State of New York, Metropolitan Transportation Auth., Dedicated Tax Fund Bond Anticipation Notes, Series 2016-A-1-F, 2.00% 3/1/2017	7,500	7,507
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2016-A-1-E, 2.00% 3/1/2017	10,000	10,010
State of New York, City of New York, G.O. Bonds, Series 2006-H-1, 0.63% 2036¹	6,100	6,100
State of New York, City of New York, G.O. Bonds, Series 2006-L-5, 0.63% 2035¹	10,610	10,610
State of New York, City of New York, G.O. Bonds, Series 2008-J-5, 0.63% 2028¹	10,000	10,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-3, 0.63% 2045¹	14,850	14,850
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-4, 0.63% 2045¹	2,800	2,800
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 0.63% 2045¹	14,000	14,000
State of New York, New York City Transitional Fin. Auth., New York City Recovery Bonds, Fiscal 2003, Series 2002-1-C, 0.63% 2022¹	1,790	1,790
State of New York, New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2006, Series 2005-B, 0.62% 2032¹	8,530	8,530
State of New York, New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2013-AA-2, 0.63% 2050¹	3,200	3,200
State of North Carolina, Capital Facs. Fin. Agcy., Higher Education Commercial Paper, Series 2016-A-2, 0.69% 2/3/2017	3,996	3,996
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2016-A, 2.00% 6/30/2017	13,000	13,069
State of Tennessee, Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2004, Bank of America LOC, 0.69% 2034¹	2,000	2,000
State of Texas, City of Houston, Public Improvement G.O. Bonds, Series 2017-H-2, 0.75% 2/7/2017	5,000	5,000
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, 1.00% 6/30/2017	5,000	5,004
Total short-term securities (cost: $235,445,000)		235,437
Total investment securities 99.78% (cost: $3,693,599,000)		3,727,723
Other assets less liabilities 0.22%		8,183
Net assets 100.00%		$3,735,906

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $34,311,000, which represented .92% of the net assets of the fund.
³	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

Limited Term Tax-Exempt Bond Fund of America — Page 36 of 37

unaudited

Key to abbreviations
Agcy. = Agency	Fin. = Finance
AMT = Alternative Minimum Tax	Fncg. = Financing
Auth. = Authority	G.O. = General Obligation
Certs. of Part. = Certificates of Participation	LOC = Letter of Credit
Dept. = Department	Preref. = Prerefunded
Dev. = Development	Redev. = Redevelopment
Dist. = District	Ref. = Refunding
Econ. = Economic	Rev. = Revenue
Fac. = Facility	TECP = Tax-Exempt Commercial Paper
Facs. = Facilities

Refer to the fund’s current shareholder report for additional disclosures.

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 American Funds website at americanfunds.com.

MFGEFPX-043-0317O-S54130

Limited Term Tax-Exempt Bond Fund of America — Page 37 of 37

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 second fiscal quarter of the 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)	Not applicable for filing of semi-annual reports to shareholders.

(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.

	LIMITED TERM TAX-EXEMPT BOND FUND OF AMERICA

	By /s/ Neil L. Langberg
	Neil L. Langberg, President and Principal Executive Officer

	Date: March 31, 2017

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/ Neil L. Langberg

Neil L. Langberg, President and

Principal Executive Officer

Date: March 31, 2017

By /s/ Brian C. Janssen

Brian C. Janssen, Treasurer and

Principal Financial Officer

Date: March 31, 2017

Limited Term Tax Exempt Bond Fund Of America N-CSRSCertified semi-annual shareholder report (management investment company)