Limited Term Tax Exempt Bond Fund Of America N-CSRS 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: (949) 975-5000

Date of fiscal year end: July 31

Date of reporting period: January 31, 2020

Brian C. Janssen

Limited Term Tax-Exempt Bond Fund of America

6455 Irvine Center Drive

Irvine, California 92620

(Name and Address of Agent for Service) 

ITEM 1 – Reports to Stockholders

American Funds Short-Term Tax-Exempt Bond Fund^®
Limited Term Tax-Exempt Bond Fund of America^®
The Tax-Exempt Bond Fund of America^®
American High-Income Municipal Bond Fund^®
The Tax-Exempt Fund of California^®
American Funds Tax-Exempt Fund of New York^®   Semi-annual reports for the six months ended January 31, 2020

Invest in
municipal bonds
for tax-advantaged
income

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

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

American Funds Short-Term Tax-Exempt Bond Fund seeks to provide current income exempt from regular federal income tax, consistent with the maturity and quality standards described in the prospectus, and to preserve capital.

Limited Term Tax-Exempt Bond Fund of America seeks to provide current income exempt from regular federal income tax, consistent with the maturity and quality standards described in the prospectus, and to preserve capital.

The Tax-Exempt Bond Fund of America seeks to provide a high level of current income exempt from federal income tax, consistent with the preservation of capital.

American High-Income Municipal Bond Fund seeks to provide a high level of current income exempt from regular federal income tax.

The Tax-Exempt Fund of California seeks to provide a high level of current income exempt from regular federal and California state income taxes. Its secondary objective is preservation of capital.

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

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

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

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2019 (the most recent calendar quarter-end), and the total annual fund operating expense ratios as of the prospectus dated October 1, 2019 (as supplemented to date):

	Cumulative total returns			Average annual total returns						Gross
Class A shares	1 year			5 years			10 years/Lifetime1			expense ratios2
Reflecting 2.50% maximum sales charge
American Funds Short-Term Tax-Exempt Bond Fund		0.53	%		0.69	%		1.09	%		0.59	%
Limited Term Tax-Exempt Bond Fund of America		2.03			1.40			2.50			0.62
Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		3.15			2.57			4.03			0.54
American High-Income Municipal Bond Fund		4.80			4.13			5.83			0.70
The Tax-Exempt Fund of California		3.26			2.62			4.55			0.61
American Funds Tax-Exempt Fund of New York		2.99			2.29			3.44			0.67	3

1	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.
2	Restated to reflect current fees.
3	The net expense ratio for American Funds Tax-Exempt Fund of New York is 0.64% as of the prospectus dated October 1, 2019.

For other share class results, visit capitalgroup.com.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. The investment adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt Fund of New York. Investment results and the net expense ratio reflect the reimbursement, without which the results would have been lower and the expense ratio would have been higher. This reimbursement will be in effect through at least October 1, 2020, unless modified or terminated by the fund’s board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit capitalgroup.com for more information.

A summary of each fund’s 30-day yield can be found on page 1.

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

	Contents
1	Funds’ 30-day yields
2	Results at a glance
	Investment portfolios
3	American Funds Short-Term Tax-Exempt Bond Fund
10	Limited Term Tax-Exempt Bond Fund of America
17	The Tax-Exempt Bond Fund of America
36	American High-Income Municipal Bond Fund
54	The Tax-Exempt Fund of California
70	American Funds Tax-Exempt Fund of New York
78	Financial statements

Fellow investors:

Shown in the following tables are the 30-day yields and 12-month distribution rates as of February 29, 2020, as well as the results for the six months ended January 31, 2020, for the six American Funds tax-exempt municipal bond funds. Also shown are the results of the funds’ primary benchmarks and peer groups. For additional information about the funds, their investment results, holdings and portfolio managers, visit capitalgroup.com/individual/products/mutual-funds.html.

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 29, 2020. Both measures reflect the 2.50%/3.75% maximum sales charge. Each fund’s 30-day yield is calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula.The SEC yield reflects the rate at which each fund is earning income on its current portfolio of securities while the distribution rate reflects the funds’ past dividends paid to shareholders. Accordingly, the funds’ SEC yields and distribution rates may differ.

	SEC			12-month
Class A shares	30-day yield			distribution rate
Reflecting 2.50% maximum sales charge
American Funds Short-Term Tax-Exempt Bond Fund		0.60	%		1.41	%
Limited Term Tax-Exempt Bond Fund of America		0.78			1.72
Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		1.17			2.42
American High-Income Municipal Bond Fund		1.85			3.13
The Tax-Exempt Fund of California		0.76			2.40
American Funds Tax-Exempt Fund of New York		0.96	*		2.30

* The SEC 30-day yield for American Funds Tax-Exempt Fund of New York is 0.97% with the fund’s reimbursement.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Income may be subject to state or local income taxes and/or federal alternative minimum taxes. Also, certain other income (such as distributions from gains on the sale of certain bonds purchased at less than par value, 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 1

Results at a glance

For periods ended January 31, 2020, with distributions reinvested

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime*
American Funds Short-Term Tax-Exempt Bond Fund (Class A shares)		1.09	%		3.21	%		1.20	%		1.37	%		1.43	%
Bloomberg Barclays Municipal Short 1–5 Years Index		1.29			3.78			1.65			1.81			1.91
Lipper Short Municipal Debt Funds Average		1.01			2.83			1.13			1.21			1.32
Limited Term Tax-Exempt Bond Fund of America (Class A shares)		1.84			5.07			1.92			2.79			3.84
Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index		2.02			5.59			2.36			2.92			4.11
Lipper Short-Intermediate Municipal Debt Funds Average		1.81			4.86			1.79			2.23			3.43
The Tax-Exempt Bond Fund of America (Class A shares)		3.09			8.25			3.39			4.54			6.37
Bloomberg Barclays Municipal Bond Index		3.33			8.65			3.53			4.47			—	†
Lipper General & Insured Municipal Debt Funds Average		3.38			8.92			3.35			4.40			6.19
American High-Income Municipal Bond Fund (Class A shares)		3.91			10.14			4.93			6.31			5.64
Bloomberg Barclays Municipal Bond Index		3.33			8.65			3.53			4.47			5.35
Bloomberg Barclays High Yield Municipal Bond Index		5.66			12.65			6.07			7.25			—	†
Lipper High Yield Municipal Debt Funds Average		4.18			10.55			4.67			5.81			5.18
The Tax-Exempt Fund of California (Class A shares)		3.15			8.54			3.45			5.05			5.49
Bloomberg Barclays California Municipal Index		3.38			8.89			3.53			4.97			—	†
Lipper California Municipal Debt Funds Average		3.58			9.39			3.58			5.00			5.53
American Funds Tax-Exempt Fund of New York (Class A shares)		3.05			8.30			3.08			—			4.04
Bloomberg Barclays New York Municipal Index		3.03			8.20			3.38			—			3.99
Lipper New York Municipal Debt Funds Average		3.32			8.86			3.34			—			3.81

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

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

2 American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund unaudited

Summary investment portfolioJanuary 31, 2020

Portfolio quality summary* Percent of net assets

* Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies.

Bonds, notes & other debt instruments 88.06%	Principal amount (000)			Value (000)
Alabama 0.88%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)		$	5,500	$	5,866
Other securities					4,882
					10,748
Colorado 1.97%
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-C, Class I, 4.25% 2049			6,265		6,939
Other securities					17,080
					24,019
Connecticut 2.17%
Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2016-M, 5.00% 2022			750		818
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 1997-T-2, 1.65% 2029 (put 2020)1			500		500
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 1999-U-1, 2.00% 2033 (put 2022)			1,000		1,020
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)			2,290		2,297
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2015-A, 2.05% 2035 (put 2021)			3,750		3,808
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2017-B-1, 5.00% 2037 (put 2020)1			3,825		3,889
Other securities					14,182
					26,514
Florida 5.46%
County of Broward, Airport System Rev. Bonds, Series 2017, AMT, 5.00% 2020			1,000		1,026
County of Broward, Airport System Rev. Bonds, Series 2017, AMT, 5.00% 2023			1,100		1,253
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 5.00% 2023			1,250		1,424
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 5.00% 2024			1,300		1,526
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 5.00% 2025			2,125		2,563
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 5.00% 2026			1,415		1,745
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 5.00% 2027			1,850		2,322
County of Broward, Airport System Rev. Bonds, Series 2019-B, AMT, 5.00% 2026			1,000		1,233
County of Broward, Airport System Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2021			1,000		1,065
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2019-A, AMT, 5.00% 2024			5,000		5,881
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050			5,215		5,777
JEA, Electric System Rev. Bonds, Series 2012-B, 5.00% 2026 (preref. 2021)			4,650		4,965
Other securities					35,853
					66,633

American Funds Tax-Exempt Funds 3

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
Georgia 1.87%
City of East Point, Housing Auth., Multi Family Housing Rev. Bonds (Hillcrest Senior Apartments Projects), Series 2018, 2.25% 2022 (put 2021)1		$	6,470	$	6,561
Other securities					16,247
					22,808
Illinois 5.72%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020			6,310		6,389
Fin. Auth., National Rural Utilities Cooperative Fin. Corp., Guaranteed Solid Waste Disposal Rev. Bonds (Prairie Power, Inc. Project), Series 2008-A, 1.75% 2042 (put 2020)			3,230		3,235
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2023			1,000		1,118
Fin. Auth., Rev. Bonds (University of Chicago), Series 2014-A, 5.00% 2021			1,545		1,649
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021			1,180		1,249
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2020			2,410		2,484
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 1.94% 2050 (put 2025)2			5,625		5,664
Other securities					47,968
					69,756
Indiana 1.02%
Indianapolis Local Public Improvement Bond Bank, Rev. Ref. Bonds (Indianapolis Airport Auth. Project), Series 2019-D, AMT, 5.00% 2025			5,000		5,888
Other securities					6,538
					12,426
Iowa 0.46%
Fin. Auth., State Revolving Fund Rev. Bonds, Series 2011, 5.00% 2026 (preref. 2021)			4,960		5,267
Other securities					366
					5,633
Kentucky 0.62%
Housing Corp., Housing Rev. Bonds (Jefferson Green Apartments Project), Series 2018, 2.20% 2022 (put 2021)			4,825		4,876
Other securities					2,742
					7,618
Louisiana 0.96%
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021			4,705		4,925
Other securities					6,780
					11,705
Michigan 2.11%
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014-A, 4.00% 2044			520		547
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047			945		1,003
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048			3,080		3,288
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048			2,460		2,677
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049			6,775		7,493
Other securities					10,727
					25,735
Minnesota 2.21%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049			4,505		4,985
Other securities					21,929
					26,914
Missouri 1.34%
City of Kirkwood, Industrial Dev. Auth., Retirement Community Rev. Bonds (Aberdeen Heights Project), Series 2010-A, 8.25% 2039 (preref. 2020)			11,000		11,222
Other securities					5,145
					16,367

4 American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)			Value (000)
Montana 0.66%
Fin. Auth., Rev. Bonds (Billings Clinic Obligated Group), Series 2018-C, (SIFMA Municipal Swap Index + 0.55%) 1.49% 2037 (put 2023)2		$	4,980	$	4,975
Other securities					3,041
					8,016
Nevada 1.38%
Housing Division, Single Family Mortgage Rev. Bonds, Series 2019-C, 1.20% 2051 (put 2020)			6,725		6,726
Other securities					10,094
					16,820
New Jersey 2.39%
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048			5,510		6,160
Other securities					22,993
					29,153
New York 6.17%
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2020			2,000		2,062
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 1.39% 2044 (put 2022)2			4,000		4,003
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.52% 2039 (put 2020)2			6,250		6,251
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 1.908% 2032 (put 2021)2			4,000		4,011
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021			5,250		5,251
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2012, Series 2012-E-1, 5.00% 2023			1,125		1,219
New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2020, Series 2002-1, 5.00% 2021			3,500		3,751
Other securities					48,742
					75,290
North Carolina 3.06%
G.O. Public Improvement Bonds (Connect NC), Series 2019-B, 5.00% 2021			6,225		6,567
G.O. Public Improvement Bonds, Series 2010-A, 5.00% 2020			1,500		1,515
G.O. Rev. Ref. Bonds, Series 2013-D, 4.00% 2020			3,835		3,875
G.O. Rev. Ref. Bonds, Series 2013-D, 4.00% 2021			1,000		1,042
G.O. Rev. Ref. Bonds, Series 2013-E, 5.00% 2020			3,525		3,561
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047			4,870		5,255
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2021			5,000		5,231
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 1.593% 2041 (put 2022)2			5,030		5,039
Other securities					5,187
					37,272
Oregon 1.75%
Housing and Community Services Dept., Housing Dev. Rev. Bonds (SHA RAD Group II Apartment Projects), Series 2019-P, 1.45% 2023 (put 2022)			2,115		2,129
Housing and Community Services Dept., Housing Dev. Rev. Bonds (The Henry Apartments Project), Series 2018-J, 2.20% 2021 (put 2020)			7,075		7,130
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-A, 4.00% 2047			1,955		2,114
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-D, 4.75% 2050			2,270		2,554
Other securities					7,445
					21,372

American Funds Tax-Exempt Funds 5

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
Pennsylvania 3.94%
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-117-A, AMT, 3.50% 2040		$	875	$	913
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-118-A, AMT, 3.50% 2040			3,360		3,473
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 2041			465		485
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 2046			555		582
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046			3,230		3,460
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-123-A, AMT, 4.00% 2039			1,175		1,240
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2019-128-A, AMT, 4.75% 2033			1,465		1,618
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (Central Pennsylvania Dev.), Series 2018, 2.45% 2022 (put 2021)			5,000		5,093
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2012-A, 5.00% 2025 (preref. 2021)			1,165		1,253
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2012-A, 5.00% 2027 (preref. 2021)			2,380		2,560
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2026 (preref. 2021)			1,000		1,075
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2030 (preref. 2021)			480		516
Turnpike Commission, Turnpike Rev. Bonds, Series 2014-B-1, (SIFMA Municipal Swap Index + 0.98%) 1.92% 20212			1,100		1,110
Turnpike Commission, Turnpike Rev. Bonds, Series 2016, 5.00% 2021			2,000		2,104
Turnpike Commission, Turnpike Rev. Bonds, Series 2018-B, (SIFMA Municipal Swap Index + 0.50%) 1.44% 20212			3,000		3,006
Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 2025			500		611
Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 2026			400		501
Other securities					18,465
					48,065
South Carolina 1.64%
City of Charleston, Waterworks and Sewer System Capital Improvement Bonds, Series 2006-B, 1.521% 2035 (put 2022)2			5,000		5,007
Other securities					14,978
					19,985
Texas 16.53%
City of Dallas, Housing Fin. Corp., Multi Family Rev. Bonds (Palladium Redbird), Series 2019, 1.50% 2023 (put 2022)			6,000		6,038
City of Dallas, Waterworks and Sewer System Rev. Ref. Bonds, Series 2015-A, 5.00% 2029			3,910		4,737
G.O. Bonds, College Student Loan Bonds, Series 2013-B, AMT, 5.25% 2022			3,155		3,490
G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2011-B, 5.00% 2021			1,830		1,943
G.O. Bonds, Water Financial Assistance Rev. Ref. Bonds (Water Infrastructure Fund), Series 2019-E-1, 5.00% 2021			1,000		1,062
G.O. Bonds, Water Financial Assistance Rev. Ref. Bonds, Series 2019-C-1, 5.00% 2021			1,000		1,062
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021			6,035		6,057
County of Harris, Unlimited Tax Rev. Ref. Bonds, Series 2019-A, 5.00% 2021			3,000		3,205
County of Harris, Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2021			2,965		3,152
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2018-C, (1-month USD-LIBOR x 0.70 + 0.36%) 1.515% 2034 (put 2021)2			5,650		5,656
City of Houston, Higher Education Fin. Corp., Higher Education Rev. Bonds (Rice University Project), Series 2010-A, 5.00% 2040 (preref. 2020)			5,410		5,472
North Texas Tollway Auth., Special Projects System Rev. Bonds, Series 2011-D, 5.00% 2029 (preref. 2021)			5,000		5,318
Public Fin. Auth., G.O. Rev. Ref. Bonds, Series 2011, 5.00% 2020			1,145		1,176
Other securities					153,327
					201,695

6 American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)			Value (000)
Washington 3.61%
Central Puget Sound Regional Transit Auth., Sales Tax Improvement Green Bonds, Series 2015-S-2B, (SIFMA Municipal Swap Index + 0.45%) 1.39% 2045 (put 2023)2		$	6,150	$	6,152
Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2012-F, 5.00% 2021			5,000		5,324
G.O. Bonds, Series 2010-E, 5.00% 2022 (preref. 2020)			1,035		1,035
G.O. Bonds, Series 2011-B, 5.25% 2036 (preref. 2021)			2,030		2,118
G.O. Rev. Ref. Bonds, Series 2012-R-C, 5.00% 2020			990		1,007
G.O. Rev. Ref. Bonds, Series 2018-R-C, 5.00% 2021			5,000		5,311
G.O. Rev. Ref. Bonds, Series 2020-R-A, 5.00% 2022			1,300		1,403
Motor Vehicle Fuel Tax G.O. Bonds, Series 2012-E, 5.00% 2021			500		521
Motor Vehicle Fuel Tax G.O. Bonds, Series 2014-E, 5.25% 2022			3,125		3,397
Other securities					17,819
					44,087
Wisconsin 2.46%
G.O. Bonds, Series 2013-A, 5.00% 2025 (preref. 2022)			5,000		5,462
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023)			5,000		5,655
Other securities					18,860
					29,977
Other states & U.S. territories 17.68%
Other securities					215,985
Total bonds, notes & other debt instruments (cost: $1,059,627,000)					1,074,593
Short-term securities 15.13%
State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2019-B, 1.20% 20482			18,500		18,500
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 1.18% 20442			3,500		3,500
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008, 1.18% 20432			6,500		6,500
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 1.20% 20432			1,000		1,000
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds, (Air Products and Chemicals, Inc. Project), Series 2007, 1.20% 20422			7,000		7,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 1.19% 20302			7,000		7,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-B, 1.20% 20302			1,200		1,200
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-D, 1.19% 20302			5,500		5,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-F, 1.20% 20302			1,400		1,400
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-I, 1.20% 20352			3,000		3,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 1.19% 20352			12,000		12,000
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-A, 4.00% 2/3/2020			1,500		1,500
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-1, 5.00% 2022			2,020		2,217
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2022			2,920		3,086
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, 1.18% 20502			4,000		4,000
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2016, Series 2016-AA-1, 1.18% 20482			12,860		12,860
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-4, 1.18% 20452			18,620		18,620

American Funds Tax-Exempt Funds 7

American Funds Short-Term Tax-Exempt Bond Fund

Short-term securities(continued)	Principal amount (000)			Value (000)
State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds,
Series 2003, Bank of America LOC, 1.22% 20332		$	6,950	$	6,950
State of Texas, Tax and Rev. Anticipation Notes, Series 2019, 4.00% 8/27/2020			11,545		11,741
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper,
Series 2020, 1.00% 5/19/2020			2,000		2,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper,
Series 2020, 1.20% 2/6/2020			4,500		4,500
State of Texas, County of York, Natural Rural Utilities Corp., Pollution Control Rev. IAM
Commercial Paper, Series 2000, 1.27% 2/3/2020			5,000		5,000
State of Wisconsin, Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds
(Waste Management, Inc. Project), Series 2017-A-1, AMT, 1.45% 2023 (put 2020)3			1,000		1,000
State of Wisconsin, Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds
(Waste Management, Inc. Project), Series 2017-A-2, AMT, 1.53% 2025 (put 2020)3			6,000		6,000
Other securities					38,565
Total short-term securities (cost: $184,578,000)					184,639
Total investment securities 103.19% (cost: $1,244,205,000)					1,259,232
Other assets less liabilities (3.19)%					(38,933	)
Net assets 100.00%				$	1,220,299

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. “Other securities” also includes securities (with an aggregate value of $6,617,000, which represented .54% of the net assets of the fund) which 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.

8 American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Futures contracts

										Unrealized
				Notional			Value at			appreciation
		Number of		amount		4	1/31/2020		5	at 1/31/2020
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
2 Year U.S. Treasury Note Futures	Long	506	April 2020	$	101,200		$	109,478		$	428
5 Year U.S. Treasury Note Futures	Long	522	April 2020		52,200			62,807			779
										$	1,207

1	Step bond; coupon rate may change at a later date.
2	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
3	For short-term securities, the mandatory put date is considered to be the maturity date.
4	Notional amount is calculated based on the number of contracts and notional contract size.
5	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Tax-Exempt Funds 9

Limited Term Tax-Exempt Bond Fund of America unaudited

Summary investment portfolioJanuary 31, 2020

Portfolio quality summary* Percent of net assets

* Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies.

Bonds, notes & other debt instruments 86.34%	Principal amount (000)			Value (000)
Alabama 0.89%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)		$	12,620	$	13,461
Other securities					27,488
					40,949
California 3.77%
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-M, 5.00% 2038 (put 2029)			9,700		13,061
Other securities					160,390
					173,451
Colorado 3.13%
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 2026			15,000		18,575
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 2032			10,000		12,613
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-E, Class I, 4.25% 2049			12,505		13,792
Other securities					99,296
					144,276
Connecticut 1.92%
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)			14,355		14,400
Other securities					73,851
					88,251
Florida 5.36%
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2019-A, AMT, 5.00% 2028			15,000		19,302
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050			15,440		17,104
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021			11,600		12,389
Other securities					198,095
					246,890
Georgia 2.68%
G.O. Bonds, Series 2019-A, 5.00% 2028			11,000		14,490
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2023)			15,000		16,437
Other securities					92,421
					123,348

10 American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Illinois 9.76%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020		$	1,000	$	1,013
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2024			4,230		4,663
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2010, 5.00% 2020			1,200		1,215
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2025			4,515		5,006
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2026			11,805		13,304
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 4.00% 2021			1,900		1,957
Fin. Auth., National Rural Utilities Cooperative Fin. Corp., Guaranteed Solid Waste Disposal Rev. Bonds (Prairie Power, Inc. Project), Series 2008-A, 1.75% 2042 (put 2020)			2,940		2,945
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2014, 5.00% 2021			375		397
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2026			1,100		1,275
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2026			1,000		1,230
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2028			10,590		12,914
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2027			2,000		2,516
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2020			500		504
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2022			200		214
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2026			540		619
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2028			1,060		1,207
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2026			1,080		1,324
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2027			1,000		1,215
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-B, 5.00% 2057 (put 2022)			4,865		5,399
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2020			800		807
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2024			1,920		2,198
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-B, (1-month USD-LIBOR x 0.70 + 1.35%) 2.596% 2036 (put 2021)1			2,275		2,279
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2024			4,000		4,477
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2023			1,545		1,731
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2024			1,425		1,651
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2025			950		1,136
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2026			1,215		1,496
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2027			8,640		10,885
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 5.00% 2022			1,665		1,811
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2028			4,000		4,742
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2029			9,500		11,224
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.25% 2028			1,020		1,229
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021			4,170		4,413
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2023			1,970		2,158
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2023			750		854
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2026			1,165		1,403
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2029			1,500		1,782
G.O. Bonds, Series 2013, 5.00% 2022			1,310		1,413
G.O. Bonds, Series 2017-A, 5.00% 2021			3,500		3,716
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2020			9,885		10,154
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2021			20,015		21,197
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2024			5,500		6,260
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2020			3,000		3,054
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 (preref. 2021)			13,235		14,040
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2028			11,035		14,077
Other securities					260,108
					449,212
Massachusetts 2.54%
Dev. Fin. Agcy., Rev. Bonds (Berkshire Health Systems Issue), Series 2012-G, 5.00% 2020			1,205		1,237
Dev. Fin. Agcy., Rev. Bonds (Berkshire Health Systems Issue), Series 2012-G, 5.00% 2021			1,500		1,601
Dev. Fin. Agcy., Rev. Bonds (Beth Israel Lahey Health Issue), Series 2019-K, 5.00% 2026			1,000		1,230
Dev. Fin. Agcy., Rev. Bonds (Beth Israel Lahey Health Issue), Series 2019-K, 5.00% 2027			1,500		1,884
Dev. Fin. Agcy., Rev. Bonds (Beth Israel Lahey Health Issue), Series 2019-K, 5.00% 2028			1,200		1,535
Dev. Fin. Agcy., Rev. Bonds (Boston Medical Center Issue), Series 2012-C, 5.25% 2025			2,390		2,612
Dev. Fin. Agcy., Rev. Bonds (CareGroup Obligated Group Issue), Series 2016-I, 5.00% 2025			2,500		3,000
Dev. Fin. Agcy., Rev. Bonds (CareGroup Obligated Group Issue), Series 2016-I, 5.00% 2026			1,000		1,230

American Funds Tax-Exempt Funds 11

Limited Term Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Massachusetts (continued)
Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2010-B-2, 5.25% 2034 (preref. 2021)		$	1,855	$	1,936
Dev. Fin. Agcy., Rev. Bonds (Mass General Brigham Issue), Series 2020-A-2, 5.00% 2023			6,725		7,655
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2012-L, 5.00% 2031 (preref. 2021)			3,130		3,311
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2017-S-2, 5.00% 2038 (put 2025)			5,000		5,964
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2017-S-4, 5.00% 2038 (put 2024)			2,500		2,891
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2024			2,000		2,335
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2025			1,275		1,534
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2026			1,150		1,420
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2027			1,150		1,421
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 2025			1,500		1,796
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 2021			575		607
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 2022			400		437
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 2023			425		480
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 2024			350		408
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041 (preref. 2021)			1,395		1,471
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041 (preref. 2021)			1,020		1,076
Other securities					68,054
					117,125
Michigan 2.99%
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014-A, 4.00% 2044			750		789
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-A, 4.00% 2046			635		677
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047			14,040		14,897
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048			2,660		2,840
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048			4,090		4,451
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049			16,960		18,758
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2049			7,735		8,636
Other securities					86,574
					137,622
Minnesota 1.16%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049			12,935		14,313
Other securities					39,086
					53,399
Nevada 1.39%
County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2010, 1.875% 2031 (put 2020)			14,035		14,046
Other securities					50,077
					64,123
New York 5.77%
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.00% 2030			12,000		15,658
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2020			5,500		5,682
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2020			3,250		3,351
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2024			5,000		5,935
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 1.39% 2044 (put 2022)1			7,750		7,755
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2027			3,150		3,766
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.52% 2039 (put 2020)1			5,500		5,501

12 American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 1.908% 2032 (put 2021)1		$	1,400	$	1,404
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 217, 4.00% 2049			11,605		12,826
New York City G.O. Bonds, Fiscal 1994, Series 1994-A-4, 5.00% 2021			2,420		2,570
New York City G.O. Bonds, Fiscal 2014, Series 2014-G, 5.00% 2023			1,500		1,713
New York City G.O. Bonds, Fiscal 2014, Series 2014-I-1, 5.00% 2021			1,445		1,509
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2028			1,000		1,191
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2028			4,300		5,428
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 5.00% 2022			1,140		1,264
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2012, Series 2012-E-1, 5.00% 2023			1,200		1,300
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2015, Series 2015-C, 5.00% 2027			5,000		6,026
New York City Transitional Fin. Auth., Future Tax Secured Multi-Modal Rev. Ref. Bonds, Fiscal 2003, Series 2003-B, 5.00% 2022			1,750		1,822
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2003, Series 2003-A-1, 5.00% 2022			1,305		1,400
New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2020, Series 2002-1, 5.00% 2021			13,445		14,410
Other securities					165,080
					265,591
North Carolina 1.43%
G.O. Public Improvement Bonds (Connect NC), Series 2019-B, 5.00% 2021			13,835		14,595
G.O. Rev. Ref. Bonds, Series 2013-E, 5.00% 2020			14,110		14,252
Other securities					37,018
					65,865
Pennsylvania 4.71%
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2024			9,180		10,453
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2024			4,900		5,654
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2025			5,985		6,993
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2026			2,315		2,772
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2026			1,775		2,120
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2017-A, AMT, 1.70% 2037 (put 2020)			4,000		4,009
Other securities					184,640
					216,641
Texas 11.42%
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021			12,505		12,550
Other securities					513,136
					525,686
Virginia 1.50%
G.O. Bonds, Series 2015-A, 5.00% 2026			11,795		14,378
Other securities					54,719
					69,097
Washington 2.76%
G.O. Bonds, Series 2010-E, 5.00% 2022 (preref. 2020)			5		5
G.O. Bonds, Series 2012-D, 5.00% 2023			5,015		5,423
G.O. Bonds, Series 2017-D, 5.00% 2028			5,000		6,299
G.O. Bonds, Series 2019-C, 5.00% 2031			5,000		6,518
G.O. Rev. Ref. Bonds, Series 2012-R-C, 5.00% 2020			4,680		4,760
G.O. Rev. Ref. Bonds, Series 2016-R-B, 5.00% 2029			10,205		12,474

American Funds Tax-Exempt Funds 13

Limited Term Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Washington (continued)
G.O. Rev. Ref. Bonds, Series 2020-R-A, 5.00% 2022		$	1,595	$	1,721
G.O. Rev. Ref. Bonds, Series 2020-R-A, 5.00% 2026			2,500		3,092
G.O. Rev. Ref. Bonds, Series 2020-R-B, 5.00% 2022			2,750		2,967
G.O. Rev. Ref. Bonds, Series 2020-R-B, 5.00% 2026			2,500		3,092
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 1.94% 2035 (put 2021)1			15,100		15,123
Motor Vehicle Fuel Tax G.O. Bonds, Series 2012-E, 5.00% 2021			1,120		1,166
Other securities					64,169
					126,809
Wisconsin 2.88%
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023)			12,385		14,008
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2018-B, 5.00% 2038 (put 2023)			11,000		12,079
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 1.49% 2054 (put 2023)1			5,200		5,231
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-4, (SIFMA Municipal Swap Index + 0.65%) 1.59% 2054 (put 2024)1			4,000		4,042
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-3, 5.00% 2043 (put 2020)			10,310		10,443
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-5, 5.00% 2033 (put 2024)			4,565		5,383
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2019-A, 5.00% 2021			2,435		2,610
Health and Educational Facs. Auth., Rev. Bonds (Children’s Hospital of Wisconsin, Inc.), Series 2008-B, 5.375% 2037 (preref. 2020)			2,000		2,003
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% 2026			1,000		1,212
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% 2027			1,000		1,205
Health and Educational Facs. Auth., Rev. Ref. Bonds (ProHealth Care, Inc. Obligated Group), Series 2015, 5.00% 2031			1,650		1,898
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2019-A, 4.25% 2049			18,015		20,089
Other securities					52,359
					132,562
Other states & U.S. territories 20.28%
Other securities					933,677
Total bonds, notes & other debt instruments (cost: $3,841,828,000)					3,974,574
Short-term securities 15.95%
State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1985, 1.19% 20251			14,000		14,000
State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1993-B, 1.18% 20331			5,000		5,000
State of California, Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-A, AMT, 1.45% 2023 (put 2020)2,3			18,600		18,600
State of Florida, City of Gainesville, Utilities System Rev. Bonds, Series 2019-C, 1.18% 20471			12,500		12,500
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2010-B, 1.19% 20401			10,885		10,885
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2011, 1.19% 20511			5,120		5,120
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 1.19% 20221			23,470		23,470
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2010-A, 1.19% 20351			1,500		1,500
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008, 1.18% 20431			3,490		3,490

14 American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 1.20% 20431		$	27,500	$	27,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 1.19% 20301			52,000		52,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-D, 1.19% 20301			9,650		9,650
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-E, 1.20% 20301			2,500		2,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 1.19% 20301			3,050		3,050
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-G, 1.20% 20351			2,500		2,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 1.19% 20351			12,750		12,750
State of New Hampshire, National Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Emerald Renewable Diesel LLC Project), Series 2019, AMT, 2.00% 2049 (put 2020)2,3			15,200		15,257
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-B-1, 5.00% 5/15/2020			2,000		2,022
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-B-1, 5.00% 2022			1,750		1,905
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-1, 5.00% 2022			13,070		14,343
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-2, 4.00% 7/1/2020			4,000		4,047
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2022			18,765		19,829
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-5, 1.18% 20351			16,315		16,315
State of New York, New York City G.O. Bonds, Fiscal 2013, Series 2013-F-3, 1.18% 20421			46,345		46,345
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2007, Series 2006-CC-1, 0.94% 20381			10,000		10,000
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2011, Series 2011-FF-1, 1.18% 20441			2,500		2,500
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, 1.18% 20501			12,000		12,000
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2016, Series 2016-AA-1, 1.18% 20481			7,150		7,150
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-4, 1.18% 20451			24,000		24,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-4, 1.18% 20451			3,000		3,000
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2019-F, 1.13% 20521			23,780		23,780
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds, (Republic Services, Inc. Project), Series 2014, AMT, 1.35% 2044 (put 2020)2			10,950		10,954
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds, (Waste Management, Inc. Project), Series 2013, AMT, 1.45% 2045 (put 2020)2			15,255		15,255
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 1.15% 20481			47,875		47,875
State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 1.19% 20241			2,000		2,000
State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1995, 1.19% 6/1/20201			14,800		14,800
State of Texas, Lower Neches Valley Auth. Industrial Dev. Corp., Rev. Bonds (ExxonMobil Project), Series 2011, 1.17% 20381			24,595		24,595
State of Wisconsin, Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2017-A-1, AMT, 1.45% 2023 (put 2020)2			11,500		11,500
State of Wisconsin, Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2017-A-2, AMT, 1.53% 2025 (put 2020)2			4,000		4,000

American Funds Tax-Exempt Funds 15

Limited Term Tax-Exempt Bond Fund of America

Short-term securities (continued)	Principal amount (000)			Value (000)
State of Wyoming, County of Sublette, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 1.19% 20441		$	15,000	$	15,000
State of Wyoming, County of Sublette, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, AMT, 1.24% 20441			17,850		17,850
Other securities					163,521
Total short-term securities (cost: $733,760,000)					734,358
Total investment securities 102.29% (cost: $4,575,588,000)					4,708,932
Other assets less liabilities (2.29)%					(105,428	)
Net assets 100.00%				$	4,603,504

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.

Futures contracts

										Unrealized
										appreciation
				Notional			Value at			(depreciation)
		Number of		amount		4	1/31/2020		5	at 1/31/2020
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
2 Year U.S. Treasury Note Futures	Long	1,673	April 2020	$	334,600		$	361,969			$	1,358
5 Year U.S. Treasury Note Futures	Long	2,438	April 2020		243,800			293,341				3,637
10 Year Ultra U.S. Treasury Note Futures	Short	201	March 2020		(20,100	)		(29,277	)			(724	)
											$	4,271

1	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
2	For short-term securities, the mandatory put date is considered to be the maturity date.
3	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $49,400,000, which represented 1.07% of the net assets of the fund.
4	Notional amount is calculated based on the number of contracts and notional contract size.
5	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements.

16 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America	unaudited
Summary investment portfolioJanuary 31, 2020

Portfolio quality summary* Percent of net assets

* Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies.

Bonds, notes & other debt instruments 95.16%	Principal amount (000)			Value (000)
Alabama 1.07%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)		$	38,750	$	41,332
Other securities					220,581
					261,913
California 6.21%
G.O. Rev. Ref. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.25% 2032			39,545		56,349
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 5.00% 2047			36,640		57,599
Other securities					1,402,644
					1,516,592
Colorado 2.34%
Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2013, 8.00% 2043			6,300		7,152
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2023 (escrowed to maturity)			2,000		2,269
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2026 (preref. 2025)			100		121
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2029			1,500		1,817
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2030 (preref. 2025)			2,190		2,653
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2031			3,250		3,938
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2032			1,000		1,212
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2033			1,600		1,938
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2040			2,500		3,029
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2045 (preref. 2025)			5,500		6,663
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2032			3,460		4,427
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2033			6,910		8,841
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2037 (preref. 2027)			2,020		2,584
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2033 (preref. 2022)			6,175		6,759
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042 (preref. 2022)			29,780		32,597
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2013, 5.625% 2043 (preref. 2023)			2,485		2,870

American Funds Tax-Exempt Funds 17

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
Colorado (continued)
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-A, 5.00% 2041		$	3,130	$	3,719
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-C, 5.00% 2036 (put 2026)			6,200		7,752
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2018-A, 5.00% 2048			11,855		14,422
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2018-B, 5.00% 2048 (put 2025)			22,500		27,469
Health Facs. Auth., Hospital Rev. Bonds (Children’s Hospital Colorado Project), Series 2013-A, 5.00% 2033			12,000		13,615
Health Facs. Auth., Hospital Rev. Ref. Bonds (Valley View Hospital Association Project), Series 2018, 2.80% 2042 (put 2023)			3,800		3,955
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2009-B-1, 5.00% 2027 (preref. 2022)			1,000		1,109
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2015-C-4, (1-month USD-LIBOR + 1.25%) 2.46% 2039 (put 2020)1			5,000		5,010
Health Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2019-B-2, 4.00% 2049			2,000		2,224
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2018, 5.00% 2048			1,050		1,236
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.00% 20422			2,500		1,651
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.125% 20472			2,665		1,758
Health Facs. Auth., Rev. Bonds (Total Longterm Care National Obligated Group Project), Series 2011, 5.00% 2021 (escrowed to maturity)			235		246
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2024			270		291
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2023			610		646
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2028			305		364
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2037			500		579
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 2025			565		638
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2012-A, 5.00% 2033			8,765		9,517
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.50% 2028			1,050		1,207
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.75% 2036			4,010		4,628
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2022			470		518
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2028			1,065		1,243
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2035			3,500		4,010
Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2013-A, 5.00% 2044			10,000		11,187
Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-A, 4.00% 2036			5,750		6,741
Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-A, 4.00% 2037			4,000		4,663
Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-A, 4.00% 2038			5,800		6,743
Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-A, 5.00% 2032			4,000		5,281
Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-B, 4.00% 2040			29,570		34,206
Other securities					305,286
					570,784

18 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Florida 6.45%
Central Florida Expressway Auth., Rev. Bonds, Series 2019-B, 5.00% 2044		$	32,000	$	39,945
County of Miami-Dade, Water and Sewer System Rev. Ref. Bonds, Series 2019-B, 4.00% 2049			38,000		43,464
Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2017-B, 4.00% 2042			49,670		56,154
Other securities					1,437,245
					1,576,808
Georgia 2.59%
City of Atlanta, Airport Passenger Fac. Charge and General Rev. Bonds, Series 2019-C, 5.00% 2039			30,530		38,888
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2019-A, 5.00% 2049			73,560		86,420
Other securities					506,544
					631,852
Illinois 12.94%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2002, FGIC-National insured, 6.00% 2023			1,000		1,137
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2010, 5.00% 2021			5,750		5,999
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2018-B, 5.00% 2033			3,500		4,153
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2010, 5.00% 2020			5,200		5,265
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2013, 5.00% 2026			11,040		12,137
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2024			3,070		3,345
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2027			13,430		15,094
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2025			2,135		2,477
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2026			1,010		1,199
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2027			1,275		1,509
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2029			7,000		8,203
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2011-A, 5.50% 2039			50		53
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2015-C, 5.25% 2039			5,000		5,624
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2016-B, 6.50% 2046			1,350		1,664
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-A, 7.00% 20463			21,050		27,326
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-F, 5.00% 2020			2,000		2,053
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-D, 5.00% 2046			6,000		7,008
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Capital Appreciation Bonds, Series 1998-B-1, FGIC insured, 0% 2028			5,695		4,638
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2005-A, AMBAC insured, 5.50% 2024			3,000		3,490
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 7.00% 20423			13,115		17,126
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2020			5,865		6,022
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2021			3,000		3,169
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2023			1,000		1,114
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2025			1,000		1,169
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2026			7,070		8,421
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2027			3,500		4,222
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2030			10,000		11,960
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2034			11,000		13,022
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 2021			1,300		1,373

American Funds Tax-Exempt Funds 19

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
Illinois (continued)
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 2031		$	4,000	$	4,770
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2034			10,000		11,838
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2044			1,000		1,156
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036			2,000		2,355
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046			20,000		23,061
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 4.00% 2020			2,250		2,292
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2025			1,500		1,776
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026			3,000		3,573
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2027			1,500		1,810
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2028			3,500		4,381
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2029			1,000		1,222
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2030			1,000		1,238
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2030			1,000		1,215
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2031			2,000		2,469
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2032			2,000		2,462
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2034			1,140		1,371
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2035			1,000		1,199
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2020			1,520		1,561
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2023			6,000		6,683
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2028			13,455		16,840
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2029			7,000		8,714
City of Chicago, G.O. Bonds (Neighborhoods Alive 21 Program), Series 2002-B, 5.00% 2024			1,285		1,441
City of Chicago, G.O. Bonds, Series 2003-B, 5.00% 2024			2,000		2,243
City of Chicago, G.O. Bonds, Series 2007-C, National insured, 5.00% 2029			890		892
City of Chicago, G.O. Bonds, Series 2015-A, 5.25% 2028			2,000		2,313
City of Chicago, G.O. Bonds, Series 2015-A, 5.50% 2033			3,000		3,486
City of Chicago, G.O. Bonds, Series 2019-A, 5.00% 2044			5,000		5,876
City of Chicago, G.O. Bonds, Series 2019-A, 5.50% 2035			2,000		2,507
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2003-B, 5.00% 2022			1,320		1,407
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2003-B, 5.00% 2026			1,795		2,068
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2005-D, 5.50% 2034			3,675		4,267
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.00% 2023			825		903
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.25% 2030			5,490		6,174
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 5.625% 2029			5,755		7,091
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 5.625% 2030			3,000		3,681
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 6.00% 2038			20,000		24,726
City of Chicago, G.O. Rev. Ref. Bonds, Series 2008-C, 5.00% 2034			1,120		1,122
City of Chicago, G.O. Rev. Ref. Bonds, Series 2009-A, Assured Guaranty Municipal insured, 5.00% 2026			4,750		4,759
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2024			5,020		5,630
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2025			4,000		4,589
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2027			2,000		2,340

20 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2038		$	4,730	$	5,374
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2025			5,000		5,736
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2026			5,000		5,856
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2028			8,000		9,689
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2029			11,450		14,087
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2030			4,000		4,984
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2018-B, 5.00% 2053			35,025		42,843
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 2022			3,185		3,032
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 2031			7,175		5,271
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2022			2,285		2,175
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2023			2,625		2,446
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2029			5,240		4,123
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2031			4,000		2,938
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042			9,815		10,628
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2016-A, 7.00% 2044			21,945		27,068
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2051			33,585		39,044
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, 5.00% 2042			7,775		8,217
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2025			210		192
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2026			20		18
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2027			1,760		1,529
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2028			3,345		2,812
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2001, Assured Guaranty Municipal insured, 5.50% 2030			800		1,014
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2021			1,000		1,034
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2023			1,975		2,183
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2024			2,500		2,841
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2025			4,500		5,241
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2027			1,000		1,156
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2030			1,000		1,144
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2031			2,500		2,848
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2032			3,000		3,410
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2033			2,000		2,269
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2039			1,000		1,121
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2014, 5.00% 2023			100		111
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-A, 5.00% 2047			21,165		24,174
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2031			5,000		5,949
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2032			7,600		9,022
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2034			9,000		10,640
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2038			3,915		4,557
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2023			1,750		1,980
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2024			1,000		1,161
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2025			10,275		12,259
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2026			2,125		2,593
City of Chicago, Water Rev. Bonds, Series 2012, 4.00% 2020			625		638

American Funds Tax-Exempt Funds 21

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
Illinois (continued)
City of Chicago, Water Rev. Bonds, Series 2012, 5.00% 2026		$	965	$	1,061
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2022			530		583
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2030			4,750		5,443
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2031			5,135		5,873
City of Chicago, Water Rev. Ref. Bonds, Series 2012, 5.00% 2042			21,875		23,566
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2039			7,500		8,465
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2044			3,000		3,365
Civic Center Bonds, Special State Obligation Bonds, Series 1991, AMBAC insured, 6.25% 2020			920		946
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2032			580		738
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2037			780		978
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2038			760		950
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2044			3,250		4,001
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2049			5,455		6,672
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2051			1,000		1,217
Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), Series 2017, 5.00% 2037			1,000		1,141
Fin. Auth., Health Facs. Rev. Bonds (UnityPoint Health), Series 2016-D, 4.00% 2046			2,000		2,147
Fin. Auth., National Rural Utilities Cooperative Fin. Corp., Guaranteed Solid Waste Disposal Rev. Bonds (Prairie Power, Inc. Project), Series 2008-A, 1.75% 2042 (put 2020)			50		50
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A-3, 5.00% 2030			3,000		3,643
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2012, 5.00% 2042 (preref. 2022)			5,315		5,818
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2015-B, 5.00% 2027			990		1,173
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2012-A, 5.00% 2034			4,920		5,289
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2012-A, 5.00% 2034 (preref. 2022)			30		33
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 4.00% 2038			3,850		4,257
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2030			2,500		2,998
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2025			2,680		3,120
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2026			5,300		6,144
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2027			5,000		6,125
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2028			6,410		7,804
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2029			8,315		10,109
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2029			2,700		3,276
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2030			6,200		7,508
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2031			3,580		4,315
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2026			4,875		5,997
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2029			4,000		4,997
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2029			2,000		2,493
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2030			7,420		9,228
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2030			3,500		4,344
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2031			7,080		8,758
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2032			5,005		6,177
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2033			5,000		6,157
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2034			5,000		6,139
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2035			8,180		10,023
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2036			700		855
Fin. Auth., Rev. Bonds (DePaul University), Series 2011-A, 6.125% 2040 (preref. 2021)			10,000		10,597
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2030			1,000		1,215
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2032			1,000		1,208
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2033			1,150		1,387
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2034			1,310		1,577
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2036			1,000		1,199
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2041			3,500		4,149
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2027			925		1,128
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2028			1,480		1,797
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2029			3,000		3,631
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2030			5,100		6,144

22 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2031		$	3,000	$	3,599
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2032			2,500		2,989
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2033			9,000		10,734
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2034			3,000		3,568
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2035			6,710		7,955
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2036			7,000		8,271
Fin. Auth., Rev. Bonds (Friendship Village Schaumburg), Series 2017, 5.125% 2045			2,225		2,247
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2020			695		701
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2024			245		275
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2025			760		872
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2030			1,180		1,332
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2035			1,350		1,514
Fin. Auth., Rev. Bonds (Lutheran Life Communities Obligated Group), Series 2019-A, 4.00% 2022			390		405
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 4.00% 2036			2,420		2,632
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2026			3,000		3,614
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2046			39,370		45,278
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 4.00% 2037			11,520		12,638
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 4.00% 2038			6,140		6,718
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2026			2,000		2,451
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2032			3,290		3,901
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2033			1,425		1,683
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2034			3,240		3,817
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2035			3,335		3,921
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-A, 5.00% 2030			1,000		1,264
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-A, 5.00% 2042			7,000		8,510
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-B, 5.00% 2057 (put 2022)			9,600		10,655
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2012-A, 5.00% 2028			2,275		2,456
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2016, 3.25% 2039			4,000		4,062
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2016, 5.00% 2028			2,450		2,947
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2020			855		863
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2025			2,345		2,760
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2027			5,000		6,063
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2028			3,250		3,927
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2030			1,165		1,393
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2031			1,125		1,340
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-B, (1-month USD-LIBOR x 0.70 + 1.35%) 2.596% 2036 (put 2021)1			1,775		1,778
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041			17,970		19,896
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041 (preref. 2027)			730		870
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041 (preref. 2027)			5		6
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2027			1,875		2,362
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2028			5,000		6,251
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2029			2,000		2,489
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2030			7,615		9,410
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2031			3,000		3,692
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2033			2,500		3,060
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2034			1,895		2,305
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2036			1,145		1,382
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2041			2,000		2,383
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 6.00% 2043			2,700		3,047
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2030			5,000		5,887
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2034			2,500		2,911
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2038			7,825		8,992
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-B, 5.00% 2034			2,595		3,022
Fin. Auth., Rev. Bonds (The Admiral at the Lake Project), Series 2010-A, 8.00% 2046 (preref. 2020)			3,500		3,568
Fin. Auth., Rev. Bonds (The Cable Foundation), Series 2016-A, 5.00% 2045			26,575		30,732

American Funds Tax-Exempt Funds 23

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
Illinois (continued)
Fin. Auth., Rev. Bonds (Trinity Health Credit Group), Series 2011-IL, 5.00% 2030 (preref. 2021)		$	725	$	778
Fin. Auth., Rev. Bonds (University of Chicago Medical Center), Series 2016-A, 5.00% 2026			1,610		1,983
Fin. Auth., Rev. Bonds (University of Chicago Medical Center), Series 2016-B, 5.00% 2035			5,150		6,161
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2034			8,780		11,339
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2036			7,000		8,989
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2037			8,000		10,238
Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2014, 5.00% 2033			8,500		10,014
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 4.00% 2037			2,500		2,793
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2034			1,000		1,226
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2035			5,900		7,209
Fin. Auth., Rev. Ref. Bonds (Art Institute of Chicago), Series 2010-A, 5.25% 2040			5,350		5,366
Fin. Auth., Rev. Ref. Bonds (Ascension Health Senior Credit Group), Series 2012-A, 5.00% 2042 (preref. 2021)			7,500		8,046
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2027			1,095		1,255
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2038			1,000		1,107
Fin. Auth., Rev. Ref. Bonds (Bradley University Project), Series 2017-C, 5.00% 2028			1,860		2,278
Fin. Auth., Rev. Ref. Bonds (Christian Homes, Inc.), Series 2016, 5.00% 2040			1,275		1,375
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2013, 5.00% 2024			600		683
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 4.00% 2040			7,500		8,339
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 5.00% 2030			1,000		1,214
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 5.00% 2035			1,000		1,201
Fin. Auth., Rev. Ref. Bonds (Field Museum of Natural History), Series 2019, 1.71% 2034 (put 2022)1			31,825		31,920
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2025			3,000		3,262
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2026			1,535		1,665
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2042			9,385		10,086
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2010-A, 6.00% 2039			1,765		1,793
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2010-A, 6.00% 2039 (preref. 2020)			9,475		9,608
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2012-A, 5.00% 2022			1,290		1,400
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2031			3,500		4,126
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2032			3,500		4,113
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2034			2,600		3,043
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2045			26,890		30,871
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2010-A, 6.00% 2028 (preref. 2020)			14,000		14,171
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 4.125% 2037			1,000		1,065
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2035			6,745		7,745
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2044			10,885		12,292
Fin. Auth., Rev. Ref. Bonds (Southern Illinois Healthcare Enterprises, Inc.), Series 2017-C, 5.00% 2026			650		786
Fin. Auth., Rev. Ref. Bonds (Southern Illinois Healthcare Enterprises, Inc.), Series 2017-C, 5.00% 2032			1,600		1,917
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025			6,975		7,121
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025 (preref. 2020)			3,525		3,601
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2026			2,660		2,715
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2026 (preref. 2020)			1,340		1,369
Fin. Auth., Student Housing and Academic Fac. Rev. Bonds (CHF-Chicago, LLC – University of Illinois at Chicago Project), Series 2017-A, 5.00% 2047			1,200		1,369
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2035			2,235		2,267

24 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2047		$	1,265	$	1,266
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043			40,015		42,243
Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, LLC - Illinois State University Project), Series 2011, 6.75% 2031 (preref. 2021)			1,000		1,067
Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, LLC - Illinois State University Project), Series 2011, 7.00% 2043 (preref. 2021)			12,500		13,364
G.O. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2022			320		321
G.O. Bonds, Series 2012, 5.00% 2035			1,000		1,055
G.O. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2022			980		1,049
G.O. Bonds, Series 2014, 5.00% 2020			5,540		5,540
G.O. Bonds, Series 2014, 5.00% 2021			1,415		1,465
G.O. Bonds, Series 2014, 5.00% 2024			2,000		2,236
G.O. Bonds, Series 2014, 5.00% 2039			6,275		6,856
G.O. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2024			2,795		3,152
G.O. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2026			2,000		2,250
G.O. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2039			5,100		5,598
G.O. Bonds, Series 2016, 5.00% 2028			4,840		5,675
G.O. Bonds, Series 2016, 5.00% 2033			7,200		8,381
G.O. Bonds, Series 2016, 5.00% 2034			1,925		2,237
G.O. Bonds, Series 2016, 5.00% 2037			7,500		8,652
G.O. Bonds, Series 2016, 5.00% 2038			14,000		16,114
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2030	��		7,700		8,897
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2041			2,000		2,259
G.O. Bonds, Series 2017-A, 5.00% 2023			3,000		3,353
G.O. Bonds, Series 2017-A, 5.00% 2036			11,500		13,567
G.O. Bonds, Series 2017-C, 5.00% 2029			18,250		21,729
G.O. Bonds, Series 2017-D, 5.00% 2022			20		22
G.O. Bonds, Series 2017-D, 5.00% 2023			10,270		11,428
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2020			4,150		4,263
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2021			37,530		39,745
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2024			8,000		9,105
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2026			35,355		41,872
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2028			13,470		16,134
G.O. Bonds, Series 2018-A, 5.00% 2020			6,000		6,054
G.O. Bonds, Series 2018-B, 5.00% 2025			5,000		5,778
G.O. Bonds, Series 2019-B, 4.00% 2038			2,000		2,211
G.O. Rev. Ref. Bonds, Series 2007, 5.25% 2021			2,415		2,499
G.O. Rev. Ref. Bonds, Series 2012, 4.00% 2025			1,360		1,424
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2020			5,000		5,091
G.O. Rev. Ref. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2025			4,540		4,893
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2020			5,220		5,282
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2020			2,105		2,105
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2027			8,250		9,876
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028			3,000		3,573
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2024			2,000		2,279
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2025			1,320		1,540
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2026			3,500		4,166
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2027			3,000		3,630
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2028			6,000		7,365
G.O. Rev. Ref. Bonds, Series 2018-B, 5.00% 2033			2,565		3,079
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2038			34,430		37,880
Other securities					1,308,441
					3,162,246
Kansas 0.65%
University of Kansas Hospital Auth., Health Facs. and Improvement Rev. Bonds (University of Kansas Health System), Series 2017-A, 5.00% 2047			44,740		53,196
Other securities					106,567
					159,763

American Funds Tax-Exempt Funds 25

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
Massachusetts 1.35%
Special Obligation Dedicated Tax Rev. Ref. Bonds, Series 2005, FGIC National insured, 5.50% 2034		$	51,335	$	72,703
Other securities					256,772
					329,475
Michigan 4.21%
Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series 2018, 5.00% 2036			2,500		3,143
Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series 2018, 5.00% 2037			1,000		1,249
Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series 2018, 5.00% 2038			1,000		1,245
Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series 2018, 5.00% 2043			3,500		4,302
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2015, 5.00% 2030 (preref. 2022)			5,000		5,467
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2015, 5.50% 2026			750		924
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017, 5.00% 2028			2,000		2,525
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017, 5.00% 2046			6,455		7,804
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 4.00% 2036			32,480		37,237
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 4.00% 2040			22,030		24,984
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2034			2,500		3,138
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2035			4,000		5,008
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2037			5,000		6,224
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047 (preref. 2022)			32,440		36,113
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-1, 5.00% 2048			6,560		8,155
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-2, 5.00% 2044 (put 2025)			5,000		5,921
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-MI-A, 4.00% 2049			7,500		8,572
Fin. Auth., Hospital Rev. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2039			3,390		3,643
Fin. Auth., Hospital Rev. Ref. Bonds (Beaumont Health Credit Group), Series 2016-A, 5.00% 2044			15,010		17,372
Fin. Auth., Hospital Rev. Ref. Bonds (Crittenton Hospital Medical Center), Series 2012-A, 5.00% 2039 (preref. 2022)			8,315		9,091
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 4.00% 2035			3,595		4,026
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2031			4,300		5,284
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2032			1,500		1,834
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2034			1,540		1,879
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2019-A, 5.00% 2048			2,500		3,083
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-1, (1-month USD-LIBOR x 0.68 + 0.40%) 1.522% 2030 (put 2021)1			13,965		13,991
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-2, (1-month USD-LIBOR x 0.68 + 0.75%) 1.872% 2038 (put 2020)1			6,000		6,008
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2019-A, 4.00% 2044			8,450		9,648
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2019-A, 4.00% 2047			3,300		3,747
Fin. Auth., Hospital Rev. Ref. Bonds (MidMichigan Health Credit Group), Series 2014, 5.00% 2039			1,000		1,127
Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2024			9,145		10,129
Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2027			3,000		3,315
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2029			3,000		3,529
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2031			1,500		1,754
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2033			1,500		1,747
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2034			1,500		1,743

26 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Fin. Auth., Hospital Rev. Ref. Bonds (Sparrow Obligated Group), Series 2015, 5.00% 2045		$	1,000	$	1,139
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Fin. Recovery Income Tax Local Project Bonds), Series 2014-F-1, 4.50% 2029			2,150		2,400
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-1, 5.00% 2044			6,050		6,512
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2023			8,000		9,085
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2032			1,500		1,738
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2028			1,415		1,681
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2032			1,355		1,592
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2033			2,565		3,009
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2034			3,000		3,514
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2035			3,000		3,508
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Water Supply System Rev. Ref. Local Project Bonds), Series 2014-D-4, 5.00% 2034			1,425		1,633
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048			33,565		36,529
City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 2044			44,000		55,095
City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 2048			40,000		49,796
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-Backed Rev. Bonds, Series 2008-A, 6.875% 2042			8,180		8,269
Other securities					578,615
					1,029,076
Mississippi 0.33%
Business Fin. Corp. Rev. Bonds (Mississippi Power Co. Project), Series 2010, 2.75% 2040 (put 2021)			2,750		2,800
Other securities					77,395
					80,195
Nevada 1.52%
Las Vegas Convention and Visitors Auth., Convention Center Expansion Rev. Bonds, Series 2018-B, 5.00% 2043			34,565		42,332
Other securities					328,722
					371,054
New Jersey 2.03%
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048			37,470		41,887
Other securities					453,565
					495,452

American Funds Tax-Exempt Funds 27

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
New York 7.54%
Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2042		$	41,405	$	47,542
Dormitory Auth., Mental Health Facs. Improvement Rev. Bonds, Series 2010-A, 5.00% 2021			5,000		5,113
Dormitory Auth., Rev. Bonds (Fordham University), Series 2011-A, 5.50% 2036 (preref. 2021)			650		694
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2031			1,000		1,181
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2033			7,500		8,823
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2040			500		579
Dormitory Auth., Rev. Bonds (Langone Hospitals Obligated Group), Series 2020-A, 4.00% 2053			3,250		3,749
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2018-A, 5.00% 2030			1,000		1,255
Dormitory Auth., Rev. Bonds (New York University), Series 1998-A, National insured, 5.75% 2027			9,710		11,760
Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 2031			1,000		1,301
Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 2036			1,500		1,918
Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 2038			2,000		2,537
Dormitory Auth., Rev. Bonds (North Shore-Long Island Jewish Obligated Group), Series 2011-A, 5.00% 2032 (preref. 2021)			11,000		11,564
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2014, 5.00% 2036			650		750
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% 20313			500		578
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 2038			1,070		1,250
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 2043			1,200		1,382
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 2049			2,625		2,995
Dormitory Auth., Rev. Ref. Bonds (Mount Sinai Hospital Obligated Group), Series 2010-A, 5.00% 2026 (preref. 2020)			1,250		1,271
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2012-F, Assured Guaranty Municipal insured, 5.00% 2020			1,100		1,130
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2016-E, BAM insured, 5.00% 2026			1,000		1,256
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2018-A, 5.00% 2022			5,000		5,545
Dormitory Auth., Secured Hospital Rev. Ref. Bonds (Interfaith Medical Center), Series 2007, 5.00% 2020			3,400		3,403
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-C, Group A, 5.00% 2024			5,000		5,840
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-A, 5.00% 2033			8,760		9,151
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-C, 5.00% 2041			1,890		1,974
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2030			2,500		2,898
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2015-A, 5.00% 2034			4,390		5,204
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2032			1,500		1,863
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2035			17,005		21,250
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.00% 2040			2,000		2,506
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2037			1,500		1,919
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2042			5,000		6,293
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2043			10,100		12,685
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2047			13,000		16,209

28 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2038		$	4,000	$	4,743
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2040			12,475		14,695
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2047			40,000		46,372
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2017-B, 5.00% 2033			3,000		3,741
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 2034			10,000		12,722
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 1.996% 2033 (put 2023)1			62,600		63,128
Metropolitan Transportation Auth., Dedicated Tax Fund Green Bonds, Series 2016-B-1, 5.00% 2036			5,000		6,175
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, (SIFMA Municipal Swap Index + 1.00%) 1.94% 20201			11,100		11,156
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2021			5,000		5,376
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2011-D, 5.00% 2036 (preref. 2021)			6,000		6,457
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-B, 5.00% 2044			13,000		14,684
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 1.39% 2044 (put 2022)1			7,500		7,505
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2045			23,845		27,654
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.52% 2039 (put 2020)1			13,000		13,001
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 2035			6,000		7,154
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.00% 2032			1,500		1,865
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, 5.00% 2052			4,000		4,897
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-A-1, 4.00% 2053			2,000		2,264
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-1, 5.00% 2025 (escrowed to maturity)			4,545		5,041
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 1.908% 2032 (put 2021)1			2,000		2,006
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2B, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.30%) 1.528% 2032 (put 2021)1			15,000		14,976
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2005-D-1, (1-month USD-LIBOR x 0.67 + 0.65%) 1.843% 2035 (put 2021)1			4,790		4,795
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2023			3,405		3,648
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2023 (preref. 2021)			1,595		1,716
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2024			8,000		8,890
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2029			7,000		7,758
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2032			3,105		3,435
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2030			10,000		11,076
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028 (preref. 2023)			3,000		3,479
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2016-B, 5.00% 2037			1,495		1,802
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2017-D, 5.00% 2035			4,885		6,060
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2027			1,500		1,313
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2029			1,500		1,239

American Funds Tax-Exempt Funds 29

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
New York (continued)
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2032		$	5,000	$	3,769
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-A-2, 5.00% 2030			1,000		1,244
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 2024			4,330		5,139
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2034			2,500		2,889
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2035			5,000		5,754
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2036			3,000		3,441
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2026			11,500		14,362
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2028			5,500		7,054
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2029			6,000		7,618
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2030			1,000		1,259
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2031			1,000		1,253
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2033			1,000		1,246
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2019-A-2, 5.00% 2045			20,000		24,460
New York City G.O. Bonds, Fiscal 2006, Series 2006-J-2, Assured Guaranty Municipal insured, 1.19% 20361			2,625		2,625
New York City G.O. Bonds, Fiscal 2013, Series 2013-F-1, 5.00% 2037			3,000		3,341
New York City G.O. Bonds, Fiscal 2013, Series 2013-H, 5.00% 2023			2,475		2,827
New York City G.O. Bonds, Fiscal 2013, Series 2013-J, 5.00% 2023			500		571
New York City G.O. Bonds, Fiscal 2014, Series 2014-G, 5.00% 2023			2,500		2,856
New York City G.O. Bonds, Fiscal 2014, Series 2014-J, 5.00% 2030			2,000		2,348
New York City G.O. Bonds, Fiscal 2015, Series 2015-A, 5.00% 2024			5,500		6,499
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2028			1,000		1,191
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2030			10,000		11,856
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2032			3,500		4,133
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2033			1,000		1,179
New York City G.O. Bonds, Fiscal 2015, Series 2015-D, 5.00% 2030			2,560		3,035
New York City G.O. Bonds, Fiscal 2016, Series 2016-A, 5.00% 2026			8,000		9,756
New York City G.O. Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2030			740		913
New York City G.O. Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2037			2,000		2,435
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2032			1,500		1,856
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2034			1,000		1,234
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2037			2,500		3,067
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2038			1,500		1,838
New York City G.O. Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 2041			1,500		1,838
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2026			5,000		6,273
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2028			2,200		2,777
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2026			10,000		12,547
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2027			1,500		1,927
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2028			1,000		1,280
New York City G.O. Bonds, Fiscal 2018, Series 2018-B-1, 5.00% 2035			2,950		3,683
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2026			1,500		1,882
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2029			4,800		6,195
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2030			8,075		10,377
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2031			3,620		4,623
New York City G.O. Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 2032			2,575		3,277
New York City G.O. Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 2037			6,345		7,939
New York City G.O. Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 2044			5,000		6,137
New York City G.O. Bonds, Fiscal 2018, Series 2018-F-1, 5.00% 2037			2,000		2,507
New York City G.O. Bonds, Fiscal 2019, Series 2019-D-1, 5.00% 2037			5,000		6,346
New York City G.O. Bonds, Fiscal 2019, Series 2019-E, 5.00% 2033			1,000		1,294
New York City G.O. Bonds, Fiscal 2019, Series 2019-E, 5.00% 2034			2,250		2,900

30 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
New York City G.O. Bonds, Fiscal 2020, Series 2019-A-1, 5.00% 2041		$	13,900	$	17,676
New York City G.O. Bonds, Fiscal 2020, Series 2019-A-1, 5.00% 2043			10,000		12,645
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 4.00% 2039			1,000		1,177
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 4.00% 2040			2,500		2,936
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 5.00% 2036			10,000		12,974
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 5.00% 2038			7,500		9,654
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 5.00% 2039			6,810		8,735
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 5.00% 2042			6,000		7,633
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 5.00% 2043			5,000		6,341
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2012, Series 2012-S-1A, 5.00% 2032			6,400		6,777
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2013, Series 2013-S-1, 5.00% 2033			1,825		1,998
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-1, 5.00% 2035			3,295		4,105
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-2, 5.00% 2034			4,000		5,076
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-3, 5.00% 2033			4,320		5,509
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-3, 5.00% 2037			10,000		12,567
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-3, 5.00% 2038			4,000		5,007
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-4A, 5.00% 2034			4,000		5,076
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-4A, 5.00% 2035			3,000		3,737
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-4A, 5.00% 2037			19,250		24,191
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-1, 4.00% 2037			5,135		5,963
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-3, 5.00% 2035			5,000		6,325
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013, Series 2013-F-1, 5.00% 2020			100		100
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013, Series 2013-F-1, 5.00% 2028			1,500		1,680
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013, Series 2013-F-1, 5.00% 2036			1,000		1,114
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013, Series 2020-A-2, 5.00% 2040			55,000		69,925
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2015, Series 2015-C, 5.00% 2027			5,000		6,026
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2035			1,000		1,222
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 2031			3,750		4,708
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-E-1, 5.00% 2043			2,500		3,029
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2034			5,000		6,240
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2035			5,000		6,227
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2039			1,750		2,151
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-A-2, 5.00% 2035			10,000		12,526
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-B-1, 5.00% 2033			10,000		12,579
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-B-1, 5.00% 2045			2,500		3,053
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2023			4,300		4,909

American Funds Tax-Exempt Funds 31

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
New York (continued)
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2035		$	6,000	$	7,640
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2037			3,000		3,789
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2038			9,660		12,146
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-C-1, 5.00% 2034			5,000		6,488
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2019-B-1, 4.00% 2043			10,000		11,666
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-A-1, 5.00% 2037			2,500		2,905
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-1, 5.00% 2031			5,000		5,946
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-A-1, 5.00% 2034			8,000		9,608
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-A-1, 5.00% 2036			4,000		4,792
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-A-1, 5.00% 2037			2,000		2,394
Other securities					711,476
					1,843,482
North Carolina 0.82%
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 1.593% 2041 (put 2022)1			52,050		52,147
Other securities					149,162
					201,309
Pennsylvania 5.04%
Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 2049			37,915		47,431
University of Pittsburgh - Of the Commonwealth System of Higher Education, PANTHERS, Series 2018, (SIFMA Municipal Swap Index + 0.24%) 1.18% 20211			42,235		42,307
Other securities					1,142,036
					1,231,774
South Carolina 1.37%
Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-A, 5.00% 2048			32,000		37,893
Other securities					296,165
					334,058
Texas 11.36%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Bonds, Series 2013-B, 5.00% 2053			32,800		36,553
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021			46,595		46,763
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2017-A, 5.00% 2043			43,195		52,882
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2019-A, 4.00% 2044			43,550		50,703
Other securities					2,590,249
					2,777,150
Utah 0.38%
Transit Auth., Sales Tax Rev. and Rev. Ref. Bonds, Series 2007-A, National insured, 5.00% 2035			38,270		53,405
Other securities					40,500
					93,905

32 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Virginia 2.05%
City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), Series 2015, 5.33% 20453		$	41,100	$	45,406
Other securities					455,136
					500,542
Washington 2.61%
Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2010-B, 5.00% 2043			35,000		42,926
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 1.94% 2035 (put 2021)1			49,750		49,825
Other securities					545,943
					638,694
Other states & U.S. territories 22.30%
Other securities					5,450,084
Total bonds, notes & other debt instruments (cost: $21,831,950,000)					23,256,208
Short-term securities 5.35%
State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1985, 1.19% 20251			41,540		41,540
State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project), Series 2001, 1.19% 20291			5,845		5,845
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 1.18% 20441			22,200		22,200
State of Illinois, Fin. Auth., Rev. Bonds (Lutheran Life Communities Obligated Group), Series 2019-A, 4.00% 11/1/2020			315		319
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2010-B, 1.19% 20401			42,100		42,100
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2011, 1.19% 20511			11,100		11,100
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2010-A, 1.19% 20351			89,300		89,300
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2006, 1.18% 20401			3,800		3,800
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2007, 1.18% 20421			1,000		1,000
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008, 1.18% 20431			18,000		18,000
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 1.20% 20431			27,650		27,650
State of Massachusetts, Health and Educational Facs. Auth., IAM Commercial Paper (Harvard University Issue), Series 2020-EE, 1.00% 5/18/2020			50,000		50,000
State of Massachusetts, Health and Educational Facs. Auth., Rev. Bonds (Partners Healthcare System Issue), Series 2007-C, Assured Guaranty Municipal insured, 1.10% 20421			7,530		7,530
State of Michigan, Fin. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-1, 1.16% 2034 (put 2020)4			5,250		5,251
State of Michigan, Fin. Auth., State Aid Rev. Bonds, Series 2019-A, 2.00% 8/20/2020			6,500		6,535
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 1.19% 20301			79,500		79,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-D, 1.19% 20301			30,030		30,030
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 1.19% 20301			34,000		34,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-F, 1.20% 20301			3,300		3,300
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-E, 0.89% 20301			2,200		2,200
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-G, 1.20% 20351			1,300		1,300

American Funds Tax-Exempt Funds 33

The Tax-Exempt Bond Fund of America

Short-term securities (continued)	Principal amount (000)			Value (000)
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 1.19% 20351		$	47,710	$	47,710
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 1.20% 20351			1,300		1,300
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-E, 1.19% 20351			17,850		17,850
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-F, 1.19% 20351			19,290		19,290
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-G, 1.20% 20351			5,790		5,790
State of New York, Dormitory Auth., IAM Commercial Paper, Series 2020, 1.00% 6/3/2020			6,700		6,700
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-B-1, 5.00% 5/15/2020			3,500		3,538
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-B-2, 5.00% 2021			5,000		5,250
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-B-1, 5.00% 2022			2,000		2,177
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-2, 4.00% 7/1/2020			3,615		3,658
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-E, 4.00% 9/1/2020			3,000		3,050
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-1, 5.00% 2023			515		572
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2022			8,000		8,453
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-E-3, (SIFMA Municipal Swap Index + 1.70%) 1.17% 20501			40,440		40,440
State of New York, New York City G.O. Bonds, Fiscal 2006, Series 2005-E-2, 1.18% 20341			12,535		12,535
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-C-4, Assured Guaranty Municipal insured, 1.00% 20271			2,575		2,575
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-J-5, 1.18% 20281			7,500		7,500
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-3, 1.18% 20361			6,300		6,300
State of New York, New York City G.O. Bonds, Fiscal 2013, Series 2013-F-3, 1.18% 20421			3,500		3,500
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Fiscal 2000, Series 2000-C, 0.90% 20331			15,400		15,400
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Fiscal 2012, Series 2012-B, 1.18% 20451			24,240		24,240
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2007, Series 2006-CC-1, 0.94% 20381			14,500		14,500
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2013, Series 2013-AA-2, 0.95% 20461			9,000		9,000
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2013-AA-2, 1.18% 20501			3,535		3,535
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2016-A-4, 1.18% 20411			2,630		2,630
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-4, 1.18% 20451			35,000		35,000
State of Texas, Tax and Rev. Anticipation Notes, Series 2019, 4.00% 8/27/2020			59,950		60,967
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020, 1.00% 5/19/2020			10,000		10,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020, 1.14% 3/3/2020			25,000		25,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020, 1.20% 2/6/2020			10,000		10,000
Other securities					417,695
Total short-term securities(cost: $1,306,743,000)					1,308,655
Total investment securities 100.51% (cost: $23,138,693,000)					24,564,863
Other assets less liabilities (0.51)%					(124,957	)
Net assets 100.00%				$	24,439,906

34 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

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. “Other securities” includes a security that was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security that was valued under fair value procedures was $4,911,000, which represented .02% of the net assets of the fund.

Futures contracts

										Unrealized
										appreciation
				Notional			Value at			(depreciation)
		Number of		amount		5	1/31/2020		6	at 1/31/2020
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
2 Year U.S. Treasury Note Futures	Long	6,872	April 2020	$	1,374,400		$	1,486,822			$	4,694
5 Year U.S. Treasury Note Futures	Long	4,742	April 2020		474,200			570,559				4,071
10 Year Ultra U.S. Treasury Note Futures	Long	394	March 2020		39,400			57,388				1,421
10 Year U.S. Treasury Note Futures	Short	6,965	March 2020		(696,500	)		(916,986	)			(14,233	)
30 Year Ultra U.S. Treasury Bond Futures	Short	572	March 2020		(57,200	)		(110,789	)			(3,798	)
											$	(7,845	)

1	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
2	Scheduled interest and/or principal payment was not received.
3	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $372,043,000, which represented 1.52% of the net assets of the fund.
4	For short-term securities, the mandatory put date is considered to be the maturity date.
5	Notional amount is calculated based on the number of contracts and notional contract size.
6	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Tax-Exempt Funds 35

American High-Income Municipal Bond Fund unaudited

Summary investment portfolioJanuary 31, 2020  

Portfolio quality summary* Percent of net assets

* Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies.

Bonds, notes & other debt instruments 93.61%	Principal amount (000)			Value (000)
Arizona 2.75%
Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence - East Tucson and Central Tucson Projects), Series 2019-A, 5.00% 20391		$	3,500	$	3,684
Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence - East Tucson and Central Tucson Projects), Series 2019-A, 5.00% 20491			7,250		7,577
Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence - East Tucson and Central Tucson Projects), Series 2019-A, 5.00% 20541			6,000		6,258
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-B, 5.50% 20381			1,200		1,383
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-B, 5.625% 20481			2,500		2,868
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-B, 5.75% 20531			3,750		4,306
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2019, 5.00% 20541			1,000		1,116
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-B, 5.125% 20471			2,230		2,480
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-B, 5.25% 20511			570		637
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.125% 20371			1,500		1,671
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.25% 20471			2,450		2,716
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.375% 20501			6,160		6,866
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 20371			675		755
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 20471			1,035		1,142
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 20511			3,450		3,794
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 4.00% 20271			2,600		2,800
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 20471			2,125		2,344
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 20511			1,550		1,705
Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects), Series 2019-A, 3.55% 20291			735		774
Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects), Series 2019-A, 5.00% 20391			1,325		1,482
Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects), Series 2019-A, 5.00% 20491			2,250		2,488
Industrial Dev. Auth., Education Rev. Bonds (Leman Academy of Excellence Projects), Series 2017-A, 5.00% 20371			1,350		1,398

36 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)			Value (000)
Industrial Dev. Auth., Education Rev. Bonds (Leman Academy of Excellence Projects), Series 2017-A, 5.25% 20471		$	4,830	$	5,009
Industrial Dev. Auth., Education Rev. Bonds (Leman Academy of Excellence Projects), Series 2017-A, 5.25% 20521			2,500		2,587
Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Horizon, Inspirada and St. Rose Campus Projects), Series 2018-A, 5.75% 20381			1,960		2,254
Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Horizon, Inspirada and St. Rose Campus Projects), Series 2018-A, 5.75% 20481			3,230		3,666
Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Lone Mountain Campus Projects), Series 2019-A, 3.75% 20291			565		603
Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Lone Mountain Campus Projects), Series 2019-A, 5.00% 20391			440		495
Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Lone Mountain Campus Projects), Series 2019-A, 5.00% 20491			700		778
Industrial Dev. Auth., Municipal Certificates, Series 2019-2, Class X, 1.001% 20332			164,800		11,552
Industrial Dev. Auth., Student Housing Rev. Bonds (Provident Group - NCCU Properties LLC - North Carolina Central University Project), Series 2019-A, BAM insured, 5.00% 2049			1,500		1,807
Industrial Dev. Auth., Student Housing Rev. Bonds (Provident Group - NCCU Properties LLC - North Carolina Central University Project), Series 2019-A, BAM insured, 5.00% 2058			3,500		4,164
Other securities					145,791
					238,950
California 4.79%
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 2008-F, 1.75% 2026 (put 2022)3			29,370		29,884
Other securities					386,991
					416,875
Colorado 6.04%
Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2013, 8.00% 2043			11,100		12,600
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2030 (preref. 2025)			3,000		3,635
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2032			1,500		1,817
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2036			2,360		2,859
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2045 (preref. 2025)			1,000		1,212
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2028 (preref. 2027)			1,500		1,919
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2032			1,360		1,740
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2037 (preref. 2027)			2,300		2,943
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2042			2,100		2,687
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2047 (preref. 2027)			3,520		4,503
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042 (preref. 2022)			10,425		11,411
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2013, 5.625% 2043 (preref. 2023)			2,690		3,106
Health Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2019-A-2, 5.00% 2044			2,500		3,062
Health Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2019-B-2, 4.00% 2049			5,000		5,561
Health Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2019-B-2, 5.00% 2049 (put 2026)			5,000		5,988
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2018, 5.00% 2048			2,480		2,918
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.00% 20423			2,500		1,651
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.125% 20473			5,500		3,628
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2026			260		288

American Funds Tax-Exempt Funds 37

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Colorado (continued)
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2027		$	590	$	661
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2028			245		277
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2029			600		682
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 4.00% 2038			550		595
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, 5.00% 2038			1,500		1,730
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.00% 2027			455		538
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2031			2,395		2,824
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2032			850		998
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2037			2,300		2,664
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-A, 5.25% 2047			12,230		13,889
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-B, 3.125% 2027			1,250		1,253
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-B, 5.00% 2027			1,055		1,146
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 2026			750		844
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 2031			2,000		2,231
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 2037			7,250		8,004
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2012-A, 5.00% 2033			4,750		5,158
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.75% 2036			1,000		1,154
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2029			1,500		1,743
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2035			2,500		2,864
Other securities					402,453
					525,236
Florida 5.31%
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 4.00% 2044			29,215		33,071
North Broward Hospital Dist., Rev. Bonds (Broward Health), Series 2017-B, 5.00% 2042			17,500		20,857
Other securities					408,323
					462,251
Georgia 2.22%
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2015-A, 5.00% 2060			6,740		7,510
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2015-A, 5.50% 2060			19,100		21,862
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2019-A, 5.00% 2049			22,835		26,827
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2019-A, 5.00% 2059			13,200		15,357
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2063			6,425		7,517
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2019-B, 5.00% 2048			5,000		5,902
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2019-B, 5.00% 2059			8,300		9,697

38 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)			Value (000)
Municipal Electric Auth., Project One Bonds, Series 2019-A, 4.00% 2049		$	4,200	$	4,617
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2034			2,300		2,855
Other securities					91,042
					193,186
Illinois 14.84%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2016-A, 4.00% 2028			4,685		5,203
City of Chicago, Board of Education, Capital Improvement Tax Bonds (Dedicated Rev.), Series 2018, 5.00% 2034			1,535		1,828
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2011-A, 5.50% 2039			1,625		1,731
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2015-C, 5.25% 2039			8,890		10,000
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2016-B, 6.50% 2046			7,910		9,750
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-A, 7.00% 20461			26,470		34,362
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026			2,500		3,021
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2033			1,000		1,227
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-D, 5.00% 2046			2,000		2,336
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Capital Appreciation Bonds, Series 1998-B-1, FGIC insured, 0% 2028			5,780		4,707
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Capital Appreciation Bonds, Series 2019-A, 0% 2025			2,000		1,758
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2005-A, AMBAC insured, 5.50% 2024			2,425		2,821
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 6.75% 20301			3,500		4,645
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 7.00% 20421			28,185		36,805
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2021			2,000		2,113
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2024			2,000		2,283
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2025			4,000		4,676
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2030			3,000		3,588
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 2021			1,500		1,585
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-F, 5.00% 2024			2,000		2,283
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2044			5,000		5,781
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036			12,000		14,132
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046			7,800		8,994
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2029			1,750		2,179
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2023			4,000		4,455
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2028			2,250		2,816
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2029			3,000		3,735
City of Chicago, G.O. Bonds (City Colleges of Chicago Capital Improvement Project), Capital Appreciation Bonds, Series 1999, National insured, 0% 2034			490		326
City of Chicago, G.O. Bonds (City Colleges of Chicago Capital Improvement Project), Capital Appreciation Bonds, Series 1999, National insured, 0% 2031			3,000		2,220
City of Chicago, G.O. Bonds (Library), Series 2008-D, 5.00% 2039			265		265

American Funds Tax-Exempt Funds 39

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Illinois (continued)
City of Chicago, G.O. Bonds (Neighborhoods Alive 21 Program), Series 2002-B, 5.50% 2034		$	500	$	581
City of Chicago, G.O. Bonds, Series 2003-B, 5.00% 2024			1,000		1,122
City of Chicago, G.O. Bonds, Series 2011-A, 5.25% 2035			500		516
City of Chicago, G.O. Bonds, Series 2012-A, 5.00% 2033			585		622
City of Chicago, G.O. Bonds, Series 2012-C, 5.00% 2023			360		383
City of Chicago, G.O. Bonds, Series 2014-A, 5.25% 2029			3,895		4,392
City of Chicago, G.O. Bonds, Series 2015-A, 5.25% 2028			3,230		3,735
City of Chicago, G.O. Bonds, Series 2015-A, 5.50% 2034			200		232
City of Chicago, G.O. Bonds, Series 2017-A, 5.75% 2033			465		569
City of Chicago, G.O. Bonds, Series 2019-A, 5.50% 2035			7,200		9,027
City of Chicago, G.O. Bonds, Series 2019-A, 5.50% 2049			10,000		12,159
City of Chicago, G.O. Project and Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-C, 0% 2031			2,105		1,492
City of Chicago, G.O. Project and Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-C, 0% 2032			725		496
City of Chicago, G.O. Project and Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-C, 0% 2030			8,000		5,904
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2003-B, 5.00% 2022			1,000		1,066
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2005-D, 5.50% 2037			260		301
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.00% 2022			100		107
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.00% 2035			1,600		1,770
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.25% 2030			4,885		5,494
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 5.625% 2029			6,500		8,009
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 5.625% 2030			7,300		8,957
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 6.00% 2038			11,170		13,809
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-A, 5.375% 2029			1,000		1,164
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2024			3,020		3,387
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2027			3,105		3,634
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2035			1,670		1,910
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2038			3,500		3,976
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2027			10,200		12,163
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2029			4,800		5,905
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2030			12,150		15,138
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2031			1,460		1,811
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2032			1,300		1,608
City of Chicago, Sales Tax Rev. Ref. Bonds, Series 2002, 5.00% 2032 (preref. 2025)			145		173
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 2029			3,610		2,841
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 2031			6,305		4,632
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2025			1,380		1,227
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2031			3,670		2,696
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042			8,635		9,350
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2016-A, 7.00% 2044			15,225		18,779
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2024			2,070		1,886
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2011-A, 5.00% 2041			12,470		13,156
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2051			21,750		25,285
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, 5.00% 2042			6,000		6,341
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2024			1,000		1,137
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2017-A, 5.00% 2037			3,000		3,514

40 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)			Value (000)
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2026		$	560	$	500
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2027			5,000		4,342
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2023			1,000		1,105
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2023			2,575		2,914
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2024			2,000		2,322
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2027			1,750		2,108
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2022			250		275
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2033			6,200		7,069
City of Chicago, Water Rev. Ref. Bonds, Series 2001, 5.75% 2030			3,000		3,798
City of Chicago, Water Rev. Ref. Bonds, Series 2012, 5.00% 2042			4,370		4,708
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2029			1,605		1,845
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2044			500		561
Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), Series 2017, 5.00% 2037			2,030		2,317
Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), Series 2017, 5.00% 2047			3,180		3,560
Fin. Auth., Rev. Bonds (Benedictine University Project), Series 2013-A, 6.25% 2033			4,010		4,100
Fin. Auth., Rev. Bonds (Centegra Health System), Series 2014-A, 5.00% 2022			40		44
Fin. Auth., Rev. Bonds (Centegra Health System), Series 2014-A, 5.00% 2042			1,000		1,138
Fin. Auth., Rev. Bonds (Christian Homes, Inc.), Series 2010, 6.125% 2027			645		652
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2036			7,530		9,195
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2041			1,000		1,185
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2032			1,285		1,536
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2035			3,750		4,446
Fin. Auth., Rev. Bonds (Franciscan Communities, Inc.), Series 2013-A, 5.125% 2043			2,975		3,156
Fin. Auth., Rev. Bonds (Franciscan Communities, Inc.), Series 2013-A, 5.125% 2043 (preref. 2023)			430		487
Fin. Auth., Rev. Bonds (Friendship Village Schaumburg), Series 2017, 5.125% 2045			6,775		6,841
Fin. Auth., Rev. Bonds (Hospital Sisters Services, Inc. Obligated Group), Series 2012-C, 5.00% 2020			230		235
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2026			255		292
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2045			3,500		3,868
Fin. Auth., Rev. Bonds (Lutheran Life Communities Obligated Group), Series 2019-A, 5.00% 2035			900		999
Fin. Auth., Rev. Bonds (Lutheran Life Communities Obligated Group), Series 2019-A, 5.00% 2040			1,100		1,208
Fin. Auth., Rev. Bonds (Lutheran Life Communities Obligated Group), Series 2019-A, 5.00% 2049			1,270		1,378
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2046			17,165		19,741
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2033			1,800		2,126
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2012-A, 5.00% 2028			1,500		1,619
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 4.125% 2037			1,000		1,105
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2025			1,135		1,355
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2026			1,000		1,221
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2026			1,000		1,206
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2028			2,240		2,706
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2029			3,090		3,716
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2030			1,500		1,793
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2031			2,270		2,703
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-B,(1-month USD-LIBOR x 0.70 + 1.35%) 2.596% 2036 (put 2021)2			800		801
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 3.75% 2034			250		275
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041			1,675		1,855
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041 (preref. 2027)			80		95
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041 (preref. 2027)			5		6
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2027			1,875		2,362
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2029			9,000		11,201
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2030			1,000		1,236
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2032			4,500		5,523
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2034			1,265		1,539
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2036			3,605		4,350
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2041			2,000		2,383

American Funds Tax-Exempt Funds 41

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Illinois (continued)
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 6.00% 2043		$	2,300	$	2,596
Fin. Auth., Rev. Bonds (Rosalind Franklin University Research Building Project), Series 2017-C, 5.00% 2046			900		1,038
Fin. Auth., Rev. Bonds (Rosalind Franklin University Research Building Project), Series 2017-C, 5.00% 2049			1,250		1,438
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2032			1,100		1,288
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2038			1,500		1,724
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2032			2,000		2,336
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2033			2,000		2,331
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2035			2,000		2,324
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2037			1,800		2,079
Fin. Auth., Rev. Bonds (The Cable Foundation), Series 2016-A, 5.00% 2045			6,880		7,956
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2034			1,000		1,226
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2026			1,065		1,207
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2030			1,900		2,147
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2033			3,000		3,362
Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 2038			11,080		12,262
Fin. Auth., Rev. Ref. Bonds (Bradley University Project), Series 2017-C, 5.00% 2032			1,250		1,507
Fin. Auth., Rev. Ref. Bonds (Christian Homes, Inc.), Series 2016, 5.00% 2031			1,875		2,058
Fin. Auth., Rev. Ref. Bonds (Christian Homes, Inc.), Series 2016, 5.00% 2036			1,000		1,086
Fin. Auth., Rev. Ref. Bonds (Illinois Institute of Technology), Series 2019, 5.00% 2034			1,100		1,336
Fin. Auth., Rev. Ref. Bonds (Illinois Institute of Technology), Series 2019, 5.00% 2036			1,000		1,208
Fin. Auth., Rev. Ref. Bonds (Illinois Institute of Technology), Series 2019, 5.00% 2038			1,000		1,201
Fin. Auth., Rev. Ref. Bonds (Illinois Institute of Technology), Series 2019, 5.00% 2040			1,500		1,792
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2010-A, 6.00% 2039			940		955
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2010-A, 6.00% 2039 (preref. 2020)			5,135		5,207
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2035			5,450		6,366
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2045			2,000		2,296
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2018-A, 4.125% 2047			2,000		2,254
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2010-A, 6.00% 2028 (preref. 2020)			1,250		1,265
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 4.125% 2037			8,710		9,276
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2035			3,950		4,536
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2044			6,400		7,227
Fin. Auth., Rev. Ref. Bonds (Southern Illinois Healthcare Enterprises, Inc.), Series 2017-C, 5.00% 2026			250		302
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025			1,995		2,037
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025 (preref. 2020)			1,005		1,027
Fin. Auth., Student Housing and Academic Fac. Rev. Bonds (CHF-Chicago, LLC - University of Illinois at Chicago Project), Series 2017-A, 5.00% 2047			2,365		2,699
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2023			775		797
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2024			815		843
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2025			730		758
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2030			3,965		4,056
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2035			2,800		2,840
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2047			12,500		12,505
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 5.125% 2020			2,275		2,311
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 5.75% 2021			2,000		2,087

42 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)			Value (000)
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.00% 2024		$	1,000	$	1,049
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043			19,125		20,190
Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, LLC - Illinois State University Project), Series 2011, 7.00% 2043 (preref. 2021)			4,265		4,560
G.O. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2022			50		50
G.O. Bonds, Series 2012-A, 5.00% 2028			1,000		1,056
G.O. Bonds, Series 2013, 5.00% 2021			875		917
G.O. Bonds, Series 2013, 5.00% 2023			720		796
G.O. Bonds, Series 2013, 5.50% 2026			2,000		2,237
G.O. Bonds, Series 2013, 5.50% 2033			3,715		4,102
G.O. Bonds, Series 2013, 5.50% 2038			1,000		1,103
G.O. Bonds, Series 2014, 5.00% 2022			885		943
G.O. Bonds, Series 2014, 5.00% 2024			3,000		3,354
G.O. Bonds, Series 2014, 5.00% 2026			2,025		2,265
G.O. Bonds, Series 2014, 5.00% 2027			2,000		2,337
G.O. Bonds, Series 2014, 5.00% 2039			13,550		14,804
G.O. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2039			4,100		4,500
G.O. Bonds, Series 2016, 5.00% 2025			1,000		1,149
G.O. Bonds, Series 2016, 5.00% 2027			3,065		3,635
G.O. Bonds, Series 2016, 5.00% 2028			1,500		1,759
G.O. Bonds, Series 2016, 5.00% 2033			4,000		4,656
G.O. Bonds, Series 2016, 5.00% 2038			1,000		1,151
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2030			3,000		3,467
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2041			2,125		2,400
G.O. Bonds, Series 2017-A, 5.00% 2035			3,145		3,719
G.O. Bonds, Series 2017-A, 5.00% 2036			3,000		3,539
G.O. Bonds, Series 2017-C, 5.00% 2029			9,820		11,692
G.O. Bonds, Series 2017-D, 5.00% 2027			23,990		28,853
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2021			3,335		3,532
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2026			11,980		14,188
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2028			18,000		21,560
G.O. Bonds, Series 2018-A, 5.00% 2020			2,650		2,674
G.O. Bonds, Series 2019-B, 5.00% 2027			5,000		6,042
G.O. Rev. Ref. Bonds, Series 2012, 4.00% 2025			405		424
G.O. Rev. Ref. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2025			4,250		4,580
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2026			3,000		3,527
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028			3,000		3,573
G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2030			750		847
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2023			2,500		2,781
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2025			3,750		4,376
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2026			5,500		6,546
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2027			2,000		2,420
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2028			4,000		4,910
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2029			2,000		2,434
G.O. Rev. Ref. Bonds, Series 2018-B, 5.00% 2033			3,000		3,601
Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, Capital Appreciation Bonds, Series 1994, BAM insured, 0% 2028			3,185		2,655
Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2030			2,435		1,882
Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2030 (escrowed to maturity)			130		110
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2032			8,860		6,301
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2033			10,230		7,037
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2034			10,000		6,734
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2039			3,800		2,093
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2012-B, 0% 2050			3,830		1,348

American Funds Tax-Exempt Funds 43

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Illinois (continued)
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2012-B, 0% 2051		$	13,350	$	4,512
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Series 2012-A, 5.00% 2042			1,500		1,606
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2002-A, Assured Guaranty Municipal insured, 5.50% 2023			530		573
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1996-A, National insured, 0% 2025			2,535		2,297
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2027			3,500		3,018
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2043			800		411
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2044			25,395		12,623
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2046			3,300		1,534
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-A, 0% 2056			32,160		9,131
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-A, Assured Guaranty Municipal insured, 0% 2056			6,000		1,970
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-B, 0% 2054			27,760		8,442
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-B, Assured Guaranty Municipal insured, 0% 2056			37,865		12,429
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2010-B-2, 5.00% 2050			5,850		5,936
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2028			500		536
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2052			1,470		1,555
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2015-B, 5.00% 2035			3,000		3,456
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2015-B, 5.00% 2040			4,000		4,560
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, 4.00% 2050			13,000		14,322
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, 5.00% 2050			5,000		6,013
Other securities					268,857
					1,290,567
Indiana 1.33%
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-A, 5.00% 2051			1,500		1,708
Fin. Auth., Hospital Rev. Bonds (Goshen Health), Series 2019-A, 4.00% 2043			2,000		2,202
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2031 (preref. 2021)			4,000		4,174
Fin. Auth., Hospital Rev. Ref. Bonds (The Methodist Hospitals, Inc.), Series 2014-A, 5.00% 2028			2,500		2,817
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2032			17,560		18,429
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2039			10,100		10,592
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2035			3,000		3,324
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2044			7,225		7,966
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2048			3,250		3,576

44 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)			Value (000)
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.25% 2051		$	3,410	$	3,803
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2016-A, 5.25% 2046			6,750		7,776
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 2033			2,410		2,809
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 2038			2,395		2,766
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 2043			4,000		4,579
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 2048			4,500		5,131
Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 5.75% 2028			255		284
Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 6.50% 2033			215		244
Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 7.00% 2043			3,710		4,218
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2015, 5.00% 2036			3,730		4,306
Other securities					25,049
					115,753
Mississippi 0.24%
Business Fin. Corp., Solid Waste Disposal, Rev. Bonds (Waste Pro USA, Inc. Project), Series 2017, AMT, 5.00% 2036 (put 2022)1			5,645		6,045
Other securities					14,455
					20,500
New Jersey 4.22%
Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.00% 2037			7,085		7,558
Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.125% 2043			750		800
Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.375% 2043			7,725		8,760
Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.625% 2052			3,940		4,473
Econ. Dev. Auth., Rev. Bonds (Foundation Academy Charter School Project), Series 2018-A, 5.00% 2050			1,100		1,260
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2027			1,000		1,169
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2037			1,250		1,422
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2047			3,500		3,910
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2050			1,590		1,773
Econ. Dev. Auth., Rev. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), Series 2010-A, 5.875% 2042 (preref. 2020)			2,500		2,541
Econ. Dev. Auth., Rev. Ref. Bonds (Cranes Mill Project), Series 2018, 5.00% 2029			1,200		1,425
Econ. Dev. Auth., Rev. Ref. Bonds (Cranes Mill Project), Series 2018, 5.00% 2034			2,025		2,364
Econ. Dev. Auth., Rev. Ref. Bonds (Cranes Mill Project), Series 2018, 5.00% 2039			1,685		1,948
Econ. Dev. Auth., Rev. Ref. Bonds (Cranes Mill Project), Series 2018, 5.00% 2049			3,810		4,353
Econ. Dev. Auth., Rev. Ref. Bonds (Motor Vehicle Surcharges), Series 2017-A, BAM insured, 5.00% 2027			3,250		4,000
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), Series 2017, Assured Guaranty Municipal insured, 5.00% 2037			2,750		3,298
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2024			2,050		2,272
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2030			1,000		1,114
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2035			3,750		4,135
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2048			2,150		2,331
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2015-WW, 5.25% 2033			2,500		2,889
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2016-AAA, 5.50% 2031			2,000		2,424
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2034			1,500		1,776
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2035			1,275		1,506
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2018-FFF, 5.00% 2026			3,235		3,884

American Funds Tax-Exempt Funds 45

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
New Jersey (continued)
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2019-LLL, 4.00% 2044		$	3,500	$	3,853
Econ. Dev. Auth., School Facs. Construction Rev. Bonds, Series 2013-NN, 5.00% 2024			2,000		2,219
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, (SIFMA Municipal Swap Index + 1.60%) 2.54% 20282			13,970		14,313
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-XX, 5.00% 2021			125		131
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-XX, 5.00% 2025			10,500		12,362
Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 4.00% 20291			670		717
Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 5.00% 20391			825		902
Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 5.00% 20491			930		1,011
Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 5.00% 20541			725		782
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.125% 2023			3,500		3,763
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 2029			16,950		18,543
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT, 5.625% 2030			4,125		4,761
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 2033			3,500		3,921
Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012, AMT, 5.75% 2027			4,500		4,959
Econ. Dev. Auth., Transit Transportation Project Bonds, Series 2020-A, 4.00% 2037			1,850		2,072
Econ. Dev. Auth., Transit Transportation Project Bonds, Series 2020-A, 4.00% 2038			6,600		7,368
Econ. Dev. Auth., Transit Transportation Project Bonds, Series 2020-A, 4.00% 2039			4,550		5,065
Econ. Dev. Auth., Transit Transportation Project Bonds, Series 2020-A, 5.00% 2033			5,000		6,195
Transportation Trust Fund Auth., Federal Highway Reimbursement Rev. Ref. Bonds, Series 2018-A, 5.00% 2023			1,000		1,122
Transportation Trust Fund Auth., Federal Highway Reimbursement Rev. Ref. Bonds, Series 2018-A, 5.00% 2029			4,000		4,751
Transportation Trust Fund Auth., Federal Highway Reimbursement Rev. Ref. Bonds, Series 2018-A, 5.00% 2031			4,500		5,303
Transportation Trust Fund Auth., Transportation Program Bonds, Series 2019-BB, 5.00% 2035			2,345		2,849
Transportation Trust Fund Auth., Transportation Program Bonds, Series 2019-BB, 5.00% 2044			4,000		4,745
Transportation Trust Fund Auth., Transportation Program Bonds, Series 2019-BB, 5.00% 2050			2,500		2,944
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, AMBAC insured, 0% 2026			630		552
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, AMBAC insured, 0% 2035			3,375		2,186
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, AMBAC insured, 0% 2036			9,730		6,055
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, Assured Guaranty Municipal insured, 0% 2034			17,245		11,994
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, National insured, 0% 2031			12,480		9,396
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2008-A, 0% 2035			4,000		2,551
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2009-A, 0% 2039			10,855		5,931
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2009-A, BAM Insured, 0% 2038			3,985		2,420
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2009-C, BAM insured, 0% 2032			1,610		1,191
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2010-A, BAM insured, 0% 2027			8,245		7,125
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2010-B, 0% 2027			965		815
Transportation Trust Fund Auth., Transportation System Bonds, Series 2005-B, National insured, 5.50% 2021			5,975		6,446

46 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount			Value
			(000)		(000)
Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A, 5.00% 2030		$	2,000	$	2,458
Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A, 5.00% 2032			2,240		2,737
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 4.00% 2039			3,000		3,342
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 5.00% 2039			2,390		2,910
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-AA, 5.00% 2046			2,000		2,364
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-BB, 4.00% 2037			5,000		5,560
Other securities					103,312
					367,381
New York 3.26%
City of Glen Cove, Local Econ. Assistance Corp., Rev. Bonds (Garvies Point PublicImprovement Project), Convertible Capital Appreciation Bonds, Series 2016-C, 0% 2055 (5.62% on 1/1/2024)4			16,320		16,228
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2020			10,000		10,169
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2026			12,220		12,831
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2031			5,500		5,757
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2023			560		616
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 4.00% 2032			2,000		2,192
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 4.00% 2033			4,500		4,925
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2041			3,250		3,711
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2046			3,300		3,747
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050			16,950		19,368
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT 5.00% 2026			1,110		1,329
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT 5.00% 2029			7,000		8,682
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT 5.00% 2031			10,000		12,307
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 4.00% 2036			5,000		5,601
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2030			3,500		4,319
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2032			9,000		11,048
Other securities					161,148
					283,978
Ohio 4.63%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 5.875% 2030			9,035		9,080
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 5.875% 2047			24,665		24,771
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 6.50% 2047			64,040		65,167
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-3, 6.25% 20374			7,875		8,206
Hospital Rev. Bonds (Aultman Health Foundation), Series 2018, 5.00% 20481			14,670		16,324
County of Lucas, Hospital Rev. Bonds (Promedica Healthcare Obligated Group), Series 2018-A, 5.25% 2048			16,250		19,229

American Funds Tax-Exempt Funds 47

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Ohio (continued)
Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, Assured Guaranty Municipal insured, 5.00% 2053		$	20,455	$	23,037
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2012, 6.00% 2042			14,450		15,629
Other securities					220,854
					402,297
Oklahoma 0.54%
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2001-B, AMT, 5.50% 2035			15,875		17,538
Other securities					29,125
					46,663
Pennsylvania 5.47%
Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Co.), Series 2014, AMT, 5.50% 2044			4,500		4,829
Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (PPL Energy Supply, LLC Project), Series 2009-B, 5.00% 2038 (put 2020)			1,000		1,015
Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (PPL Energy Supply, LLC Project), Series 2009-C, 5.00% 2037 (put 2020)			12,775		12,961
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2029			5,000		5,924
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2034			16,300		19,098
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2038			11,690		13,580
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2042			1,000		1,151
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (CarbonLite P, LLC Project), Series 2019, AMT, 5.25% 20261			2,500		2,609
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (CarbonLite P, LLC Project), Series 2019, AMT, 5.75% 20361			6,790		7,339
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2019-B-1, AMT, 1.95% 2049 (put 2020)			2,750		2,751
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2011, AMT, 2.15% 2041 (put 2024)			3,000		3,101
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Green Bonds (Covanta Project), Series 2019, AMT, 3.25% 20391			5,750		5,803
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2019-A, AMT, 1.50% 2034 (put 2020)			1,000		1,000
County of Montgomery, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2045			14,600		16,477
Other securities					378,473
					476,111
Puerto Rico 5.43%
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-A, 5.00% 2033			18,200		19,451
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-A, 5.25% 2042			26,650		28,615
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			15,180		15,834
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2018-A-1, 4.75% 2053			2,029		2,250
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2024			301		274
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2027			511		431
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2029			498		396
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2031			641		474
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2033			723		498
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2046			57,674		16,923

48 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)			Value (000)
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2051		$	11,964	$	2,544
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1, 5.00% 2058			74,779		84,268
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 2040			26,481		28,816
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.536% 2053			22		24
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.784% 2058			23,536		26,112
Other securities					245,428
					472,338
Rhode Island 0.86%
Tobacco Settlement Fin. Corp., Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2007-A, 0% 2052			119,630		17,269
Other securities					57,924
					75,193
South Carolina 1.86%
Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (Custodial Receipts), Series 2018, 5.00% 20411,4			12,495		15,540
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2011-C, 5.00% 2036			3,450		3,671
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2043			6,420		6,872
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2013-E, 5.00% 2048			2,055		2,282
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.00% 2049			1,000		1,119
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.50% 2054			2,430		2,768
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2046			100		113
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-A, 5.00% 2055			3,525		4,010
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-E, 5.25% 2055			10,280		11,958
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-A, 5.00% 2032			965		1,159
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2035			250		302
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2041			3,350		3,989
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2013-B, 5.125% 2043			2,215		2,478
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2014-B, 5.00% 2038			3,000		3,395
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2014-C, 5.00% 2039			100		114
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 2034			6,275		7,501
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-B,2.75% 2051 (3.00% on 12/1/2022)4			13,945		13,910
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 2031			2,010		2,451
Other securities					77,809
					161,441
Texas 5.40%
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2016, 5.00% 2048			22,705		24,892
City of Houston, Airport System Special Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series 2018-C, AMT, 5.00% 2028			15,000		18,416
Other securities					426,416
					469,724
Utah 0.41%
Hideout Local Dist. No. 1, Special Assessment Bonds, Series 2017, 6.75% 20371			26,595		27,940
Other securities					7,996
					35,936
Virginia 2.20%
Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing Project), Series 2018-A, 5.00% 2055			18,305		21,095
City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), Series 2015, 5.33% 20451			27,900		30,823
Other securities					139,829
					191,747

American Funds Tax-Exempt Funds 49

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Wisconsin 2.43%
Public Fin. Auth., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-B, AMT, 5.00% 2022		$	45	$	47
Public Fin. Auth., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-B, AMT, 5.00% 2042			450		480
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series 2019-A, 4.00% 20291			645		691
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series 2019-A, 5.00% 20391			1,380		1,532
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series 2019-A, 5.00% 20491			3,360		3,683
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series 2019-A, 5.00% 20541			1,605		1,748
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-A, 5.375% 20471			5,125		5,750
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-B, 5.375% 20521			2,000		2,230
Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2019-A, 5.00% 20391			710		780
Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2019-A, 5.00% 20501			1,950		2,118
Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 5.00% 20391			820		890
Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 5.00% 20491			520		559
Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 5.00% 20541			1,365		1,459
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Celanese Project), Series 2016-A, AMT, 5.00% 20241			1,605		1,781
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Celanese Project), Series 2016-A, AMT, 5.00% 20251			1,000		1,155
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Co.), Series 2014, AMT, 5.25% 2030			3,000		3,323
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Co.), Series 2016, AMT, 4.00% 2035			9,200		9,661
Public Fin. Auth., Limited Obligation Grant Rev. Bonds (American Dream at Meadowlands Project), Series 2017-A, 6.25% 20271			2,000		2,316
Public Fin. Auth., Limited Obligation Grant Rev. Bonds (American Dream at Meadowlands Project), Series 2017-A, 6.75% 20311			2,750		3,371
Public Fin. Auth., Limited Obligation PILOT Rev. Bonds (American Dream at Meadowlands Project), Series 2017, 7.00% 20501			4,000		4,832
Public Fin. Auth., Retirement Community Rev. Bonds (Evergreens Obligated Group), Series 2019-A, 5.00% 2044			1,750		2,026
Public Fin. Auth., Retirement Community Rev. Bonds (Evergreens Obligated Group), Series 2019-A, 5.00% 2049			1,500		1,732
Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 4.00% 20291			600		637
Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 5.00% 20391			775		856
Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 5.00% 20491			1,300		1,425
Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 5.00% 20541			1,360		1,481
Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 4.00% 20291			1,250		1,364
Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 20391			2,230		2,498
Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 20491			6,000		6,664
Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 20541			1,920		2,121
Public Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-B, 5.00% 2027			2,345		2,824
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.50% 2032			500		531
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.75% 2042			5,000		5,298
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2015, 5.75% 2035			3,000		3,425
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2015, 5.875% 2045			6,250		7,077
Public Fin. Auth., Rev. Bonds (Wilson Preparatory Academy), Series 2019-A, 4.125% 20291			545		575
Public Fin. Auth., Rev. Bonds (Wilson Preparatory Academy), Series 2019-A, 5.00% 20391			500		531

50 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)			Value (000)
Public Fin. Auth., Rev. Bonds (Wilson Preparatory Academy), Series 2019-A, 5.00% 20491		$	1,100	$	1,160
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.00% 20301			300		342
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.00% 20321			1,280		1,448
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 20371			650		736
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 20421			250		281
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 20471			900		1,007
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 20521			2,300		2,567
Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.50% 20341			1,000		1,100
Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.75% 20441			1,800		1,973
Public Fin. Auth., Senior Living Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 4.00% 2046			1,000		1,064
Public Fin. Auth., Senior Living Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 4.00% 2052			2,000		2,112
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		1,514
Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2054			1,700		2,007
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series 2015, 5.00% 2035			1,000		1,116
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series 2015, 5.25% 2047			2,000		2,217
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series 2015-A, 5.00% 2030			2,140		2,410
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Wilmington, LLC - University of North Carolina Project), Series 2018, Assured Guaranty Municipal insured, 5.00% 2053			9,130		10,768
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% 2034			4,135		4,959
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% 2039			2,045		2,420
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% 2044			1,350		1,579
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% 2049			3,625		4,216
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-B, 5.00% 2034			1,295		1,554
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-B, 5.00% 2039			1,595		1,887
Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-B, 5.00% 2049			1,340		1,559
Other securities					70,249
					211,716

American Funds Tax-Exempt Funds 51

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Other states & U.S. territories 19.38%
Other securities				$	1,684,238
Total bonds, notes & other debt instruments(cost: $7,586,110,000)					8,142,081
Short-term securities 6.49%
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2010-B, 1.19% 20402		$	23,700		23,700
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2011, 1.19% 20512			4,000		4,000
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2010-A, 1.19% 20352			41,500		41,500
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds, (Air Products and Chemicals, Inc. Project), Series 2007, 1.20% 20422			33,500		33,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 1.19% 20302			20,500		20,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-D, 1.19% 20302			25,900		25,900
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 1.19% 20302			10,700		10,700
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 1.19% 20352			18,000		18,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-F, 1.19% 20352			6,900		6,900
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-C-4, Assured Guaranty Municipal insured, 1.00% 20272			10,700		10,700
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-5, 1.18% 20352			12,805		12,805
State of New York, New York City G.O. Bonds, Fiscal 2013, Series 2013-F-3, 1.18% 20422			15,595		15,595
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2007, Series 2006-CC-1, 0.94% 20382			3,940		3,940
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2016, Series 2016-AA-1, 1.18% 20482			14,845		14,845
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-4, 1.18% 20452			8,080		8,080
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-4, 1.18% 20452			4,500		4,500
State of New York, New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2003, Series 2002-1-C, 1.18% 20222			7,195		7,195
State of New York, New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2003, Series 2002-1-C, 1.18% 20312			15,670		15,670
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds, (Republic Services, Inc. Project), Series 2014, AMT, 1.35% 2044 (put 2020)5			9,300		9,304
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds, (Waste Management, Inc. Project), Series 2013, AMT, 1.45% 2045 (put 2020)5			20,000		20,000
State of South Carolina, Public Service Auth., IAM Commercial Paper (Santee Cooper), Series 2020-D, 1.21% 3/5/2020			10,103		10,103
State of South Carolina, Public Service Auth., Rev. Obligations (Santee Cooper), Series 2019-A, 0.98% 20362			10,000		10,000
State of Texas, County of Jefferson, Port Arthur Navigation Dist., Pollution Control Rev. Ref. Bonds (Texaco Inc. Project), Series 1994, 1.19% 20242			17,400		17,400
State of Texas, Port Arthur Navigation Dist. Industrial Dev. Corp., Rev. Bonds, (Air Products Project), Series 2005, 1.20% 20402			2,700		2,700
State of Texas, Tax and Rev. Anticipation Notes, Series 2019, 4.00% 8/27/2020			17,420		17,716
State of Wisconsin, Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2017-A-1, AMT, 1.45% 2023 (put 2020)5			5,000		5,000
Other securities					193,782
Total short-term securities (cost: $563,958,000)					564,035
Total investment securities 100.10% (cost: $8,150,068,000)					8,706,116
Other assets less liabilities (0.10)%					(8,626	)
Net assets 100.00%				$	8,697,490

52 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

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. “Other securities” includes securities that were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities that were valued under fair value procedures was $7,205,000, which represented .08% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $1,832,000, an aggregate cost of $1,832,000, and which represented .02% of the net assets of the fund) were acquired from 9/26/2019 to 1/8/2020 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Futures contracts

										Unrealized
										appreciation
				Notional			Value at			(depreciation)
		Number of		amount		6	1/31/2020		7	at 1/31/2020
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
2 Year U.S. Treasury Note Futures	Long	1,917	April 2020	$	383,400		$	414,761			$	1,346
5 Year U.S. Treasury Note Futures	Long	1,578	April 2020		157,800			189,865				1,240
10 Year U.S. Treasury Note Futures	Short	1,628	March 2020		(162,800	)		(214,336	)			(3,100	)
30 Year Ultra U.S. Treasury Bond Futures	Short	165	March 2020		(16,500	)		(31,959	)			(1,067	)
											$	(1,581	)

1	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,150,491,000, which represented 13.23% of the net assets of the fund.
2	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
3	Scheduled interest and/or principal payment was not received.
4	Step bond; coupon rate may change at a later date.
5	For short-term securities, the mandatory put date is considered to be the maturity date.
6	Notional amount is calculated based on the number of contracts and notional contract size.
7	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Tax-Exempt Funds 53

The Tax-Exempt Fund of California	unaudited
Summary investment portfolioJanuary 31, 2020

Portfolio quality summary* Percent of net assets

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

Bonds, notes & other debt instruments 91.47%	Principal amount (000)		Value (000)
California 89.53%
State issuers 33.72%
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2032	$	950	$	1,203
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2033		1,515		1,914
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2034		760		959
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2035		1,300		1,634
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2036		1,000		1,253
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2037		1,265		1,581
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2038		1,140		1,421
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2044		4,000		4,912
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2017-B, 4.00% 2047		10,575		11,652
Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 5.00% 2021 (preref. 2020)		1,625		1,636
Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 6.00% 2040 (preref. 2020)		1,400		1,412
Educational Facs. Auth., Rev. Bonds (Stanford University), Series 2019-V-1, 5.00% 2049		2,545		4,097
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2018-A, 5.00% 2053		3,985		4,888
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2026		3,000		3,145
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2031		11,795		12,351
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2015, 5.00% 2032		2,500		2,982
Educational Facs. Auth., Rev. Ref. Bonds (Loyola Marymount University), Capital Appreciation Bonds, Series 2001-A, National insured, 0% 2033		2,000		1,479
Educational Facs. Auth., Rev. Ref. Bonds (Occidental College), Series 2013-A, 5.00% 2029 (preref. 2023)		3,265		3,766
Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2015, 5.00% 2030		1,000		1,218
Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2015, 5.00% 2032		2,500		3,030
G.O. Bonds, Series 2011, 5.25% 2028		2,000		2,136
G.O. Bonds, Series 2013-B, (SIFMA Municipal Swap Index + 0.38%) 1.32% 2027 (put 2022)1		2,000		2,006
G.O. Bonds, Series 2013-E, (1-month USD-LIBOR + 0.43%) 1.37% 2029 (put 2023)1		1,500		1,507
G.O. Bonds, Series 2015, 5.25% 2032		5,000		6,137
G.O. Rev. Ref. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.25% 2032		10,000		14,249
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 2027		3,460		3,115
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026		12,600		11,644

54 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)		Value (000)
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2032	$	3,250	$	3,873
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2033		1,950		2,320
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2045		3,580		4,175
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022		2,550		2,791
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A-1, 5.00% 2047		2,450		2,568
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A-2, 5.00% 2047		4,250		4,455
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 2036		500		617
Health Facs. Fncg. Auth., Rev. Bonds (Children’s Hospital of Orange County), Series 2011-A, 5.25% 2041		2,000		2,142
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2042		2,500		2,999
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Home Communities), Series 2002-B, 6.00% 2032 (preref. 2020)		3,600		3,600
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 4.00% 2044		12,940		14,889
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 5.00% 2047		1,500		2,358
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A, 5.00% 2043		1,000		1,137
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016-B, 5.00% 2055		2,000		2,358
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017-A, 5.00% 2042		1,475		1,816
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017-A, 5.00% 2056		2,000		2,412
Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% 2022		100		110
Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% 2031		400		479
Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% 2039		400		470
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 4.00% 2034		500		574
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 4.00% 2036		650		743
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-2, 4.00% 2036 (put 2024)		2,000		2,281
Health Facs. Fncg. Auth., Rev. Bonds (Rady Children’s Hospital - San Diego), Series 2011, 5.25% 2041		5,000		5,332
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.25% 2031		2,000		2,136
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2035		1,500		1,896
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2036		2,000		2,516
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2037		1,000		1,249
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-C, 5.00% 2031 (put 2022)		1,000		1,110
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2011-A, 5.25% 2041		2,000		2,081
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2015, 5.00% 2030		500		614
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2015, 5.00% 2031		1,300		1,593
Health Facs. Fncg. Auth., Rev. Ref. Bonds (El Camino Hospital), Series 2015-A, 5.00% 2030		3,000		3,575
Health Facs. Fncg. Auth., Rev. Ref. Bonds (El Camino Hospital), Series 2015-A, 5.00% 2040		8,700		10,064
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Memorial Health Services), Series 2012-A, 5.00% 2033		1,000		1,104
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2034		9,000		11,399
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics), Series 2010-B, 5.25% 2031 (preref. 2020)		4,475		4,634
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2008-A, 5.25% 2022		1,700		1,743
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2034		2,000		2,426

American Funds Tax-Exempt Funds 55

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
State issuers (continued)
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2035	$	2,000	$	2,422
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 4.00% 2038		4,165		4,745
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 2035		1,000		1,236
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 2046		8,740		10,477
Housing Fin. Agcy., Municipal Certificates, Series 2019-A-1, 4.25% 2035		17,858		21,768
Housing Fin. Agcy., Municipal Certificates, Series 2019-A-2, 4.00% 2033		6,000		7,096
Housing Fin. Agcy., Municipal Certificates, Series 2019-X-1, 0.30% 20351		14,300		356
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 2036		6,915		8,060
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 2041		7,200		8,265
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2039		300		378
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2044		350		435
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2049		540		667
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Performing Arts Center of Los Angeles County), Series 2007, 5.00% 2027		1,000		1,003
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Performing Arts Center of Los Angeles County), Series 2007, 5.00% 2037		1,500		1,505
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2030		1,080		1,338
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2031		1,230		1,519
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2032		1,140		1,405
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2033		1,105		1,359
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 2.14% 2037 (put 2022)1		8,500		8,633
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2019, 1.75% 2055 (put 2026)		8,000		8,219
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Academy of Sciences, San Francisco), Series 2018-C, (3-month USD-LIBOR x 0.70 + 0.38%) 1.535% 2047 (put 2021)1		4,925		4,933
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, (3-month USD-LIBOR x 0.70 + 0.33%) 1.576% 2047 (put 2022)1		3,000		3,007
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 2023		1,000		1,138
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2017, 5.00% 2028		2,000		2,572
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 5.00% 2036		500		583
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 5.00% 2046		2,745		3,148
Municipal Fin. Auth., Insured Senior Living Rev. Ref. Bonds (Pilgrim Place in Claremont), Series 2016-A, 5.00% 2031		500		622
Municipal Fin. Auth., Jurupa Lease Rev. Ref. Bonds (Wineville Unified School Dist.), Series 2015-A, BAM insured, 5.00% 2042		4,500		5,237
Municipal Fin. Auth., Rev. Bonds (Biola University), Series 2013, 5.00% 2042		1,000		1,105
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.375% 20402		2,335		2,719
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.50% 20452		2,800		3,260
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 4.00% 20212		600		617
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 20362		3,500		4,075
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 20462		750		860
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2027		300		376
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2028		150		192
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2029		225		287
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2030		225		284
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2031		200		252
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2032		225		282
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2033		225		281
Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-A, 5.25% 2049		1,750		1,956
Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-B, 5.875% 2049		490		539

56 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)		Value (000)
Municipal Fin. Auth., Rev. Bonds (Channing House Project), Series 2017-A, 5.00% 2033	$	1,000	$	1,238
Municipal Fin. Auth., Rev. Bonds (Community Medical Centers), Series 2017-A, 5.00% 2022		1,300		1,405
Municipal Fin. Auth., Rev. Bonds (Community Medical Centers), Series 2017-A, 5.00% 2027		690		864
Municipal Fin. Auth., Rev. Bonds (Emerson College), Series 2017-B, 5.00% 2035		1,500		1,852
Municipal Fin. Auth., Rev. Bonds (John Adams Academies Inc.), Series 2019-A, 5.00% 20392		915		995
Municipal Fin. Auth., Rev. Bonds (John Adams Academies Inc.), Series 2019-A, 5.00% 20572		1,890		2,007
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 4.00% 2047		3,900		4,292
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2025		1,585		1,883
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2031		2,695		3,339
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2034		1,320		1,624
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2035		1,000		1,227
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2043		3,340		4,015
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2047		9,115		10,896
Municipal Fin. Auth., Rev. Bonds (Mt. San Antonio Gardens Project), Series 2019, 4.00% 2020		260		266
Municipal Fin. Auth., Rev. Bonds (Pomona College), Series 2017, 4.00% 2048		1,550		1,768
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-A, 5.00% 2029		390		506
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-A, 5.00% 2030		250		328
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-A, 5.00% 2031		1,250		1,666
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-A, 5.00% 2032		925		1,251
Municipal Fin. Auth., Rev. Bonds (Social Bonds - HealthRIGHT 360), Series 2019-A, 5.00% 20392		1,250		1,471
Municipal Fin. Auth., Rev. Bonds (Social Bonds - HealthRIGHT 360), Series 2019-A, 5.00% 20492		575		662
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2010-A, 5.75% 2025 (preref. 2020)		2,100		2,134
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2010-A, 6.125% 2030 (preref. 2020)		1,000		1,018
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2029		1,000		1,248
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2030		1,500		1,858
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2031		650		799
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2032		1,000		1,227
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2033		1,000		1,224
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2035		1,000		1,219
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2036		1,150		1,399
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2043		4,380		5,228
Municipal Fin. Auth., Rev. Bonds (University of San Diego), Series 2019-A, 5.00% 2049		1,600		2,021
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 2041 (preref. 2021)2		4,150		4,493
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2023		600		659
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2024		600		675
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2041		2,500		2,770
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2030		750		922
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2033		500		610
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2034		440		535
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2039		615		739
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2033		650		782
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2034		2,675		3,214
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2035		2,000		2,398
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2036		1,000		1,196
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2037		1,250		1,491

American Funds Tax-Exempt Funds 57

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
State issuers (continued)
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2042	$	1,250	$	1,474
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2047		1,000		1,170
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2033		1,450		1,745
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2034		600		721
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2035		625		749
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2036		600		718
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2037		600		716
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2042		1,000		1,179
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2047		4,010		4,692
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2032		1,500		1,791
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2039		1,000		1,173
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2031		1,000		1,155
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2033		1,250		1,434
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2034		750		856
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2035		1,185		1,348
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2036		2,000		2,273
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2037		2,850		3,226
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2039		2,750		3,095
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 5.00% 2044		4,500		5,329
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 2032		3,000		3,546
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 2037		4,000		4,670
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 2045		4,000		4,607
Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2011-B, 5.00% 2031		1,750		1,873
Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2012-A, 5.00% 2031		1,475		1,640
Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2012-A, 5.00% 2032		1,000		1,112
Municipal Fin. Auth., Rev. Ref. Bonds (William Jessup University), Series 2019, 5.00% 2039		1,000		1,165
Municipal Fin. Auth., Rev. Ref. Bonds (William Jessup University), Series 2019, 5.00% 2048		1,000		1,148
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2017-A, AMT, 2.00% 2044 (put 2020)		4,900		4,930
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project), Series 2018, 5.00% 2040		4,610		5,619
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project), Series 2018, 5.00% 2043		6,525		7,895
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2018, 5.00% 2043		2,000		2,420
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2018, 5.00% 2052		7,500		8,978
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing Project), Series 2019, 5.00% 2049		2,510		3,066
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing Project), Series 2019, 5.00% 2052		3,500		4,259

58 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)		Value (000)
Pollution Control Fncg. Auth., Rev. Bonds (San Jose Water Co. Project), Series 2016, AMT, 4.75% 2046	$	11,475	$	13,148
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2013-A-1, 7.375% 2043 (preref. 2022)		3,400		3,954
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 4.00% 20272		750		822
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 20322		2,500		2,933
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 20372		1,485		1,719
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 20442		805		920
School Fin. Auth., Charter School Rev. Bonds (Downtown College Prep Obligated Group), Series 2016, 4.75% 20362		1,365		1,484
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy - Obligated Group), Series 2018-A, 5.00% 20352		500		573
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00% 20292		3,345		3,909
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00% 20412		3,000		3,390
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00% 20482		2,795		3,139
School Fin. Auth., Charter School Rev. Bonds (Larchmont Charter School Project), Series 2018-A, 5.00% 20552		1,000		1,090
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2016-A, 5.00% 20362		1,000		1,079
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2016-A, 5.00% 20462		750		803
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2017-A, 5.00% 20342		750		821
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00% 20302		315		352
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00% 20472		250		273
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2015-A, 6.375% 20462		4,300		5,057
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% 20302		1,950		2,251
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% 20372		2,105		2,402
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 20432		1,750		2,024
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 20492		1,900		2,188
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 20542		5,000		5,730
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 20372		675		810
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 20542		2,150		2,592
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00% 20372		1,455		1,720
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00% 20492		5,400		6,274
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2024		300		345
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2025		275		325
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2026		395		475
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 5.00% 2034		750		991
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 5.00% 2037		735		960
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 5.00% 2031		1,300		1,740

American Funds Tax-Exempt Funds 59

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
State issuers (continued)
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 5.00% 2032	$	500	$	666
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 5.00% 2033		1,000		1,326
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2030		2,585		3,218
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2038		1,000		1,209
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2043		2,000		2,389
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2048		1,500		1,779
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (La Mesa Springs Apartments), Series 2019-E, 1.78% 2021 (put 2020)		7,000		7,052
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Miramar Tower Apartments), Series 2019-M, 1.30% 2022 (put 2021)		1,500		1,504
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Robert Farrell Manor and Western Gardens Apartments), Series 2019-T-1, 1.25% 2021 (put 2021)		2,310		2,317
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2006-A, 1.90% 2028		1,250		1,252
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2010-A, 4.50% 2029		2,905		2,967
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2031		2,000		2,418
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2032		2,115		2,548
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2035		3,000		3,595
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 4.00% 2042		1,240		1,376
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2032		1,000		1,260
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2033		1,150		1,445
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2035		1,465		1,833
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2020		15		15
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2021		335		357
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2022		270		298
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2026		75		90
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2045		1,700		1,932
Statewide Communities Dev. Auth., Rev. Bonds (Buck Institute for Research on Aging), Series 2014, Assured Guaranty Municipal insured, 5.00% 2049		5,250		6,013
Statewide Communities Dev. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2013-C, 5.625% 2036		2,000		2,307
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 5.00% 2029		405		503
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 5.00% 2047		1,815		2,147
Statewide Communities Dev. Auth., Rev. Bonds (Hebrew Home for Aged Disabled), Series 2016, 5.00% 2036		3,500		4,281
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2014, 5.00% 2044		8,500		9,647
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 4.00% 2048		500		547
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-L, 5.00% 2038 (put 2029)		5,000		6,732

60 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)		Value (000)
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-M, 5.00% 2038 (put 2029)	$	4,000	$	5,386
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2012-A, 5.00% 2042		6,500		7,052
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A, 5.00% 20342		100		121	��
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A, 5.00% 20392		105		126
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A, 5.00% 20512		1,590		1,871
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.625% 2033		1,350		1,533
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.875% 2043		935		1,057
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2014-A, 5.25% 2044		2,925		3,315
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2016-A, 5.25% 20562		1,400		1,595
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2018-A, 5.50% 20582		1,000		1,189
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 2029		625		760
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 2031		1,135		1,371
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 2032		1,500		1,807
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2042		1,750		1,964
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2047		2,000		2,239
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025		1,500		1,528
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2026		4,000		4,072
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00% 20322		2,025		2,426
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00% 20412		11,920		13,987
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Cottage Health System Obligated Group), Series 2010, 5.00% 2040		2,000		2,049
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2031		1,000		1,216
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2034		500		603
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2035		5,050		6,084
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2032		700		760
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2047		2,100		2,262
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2031		1,750		2,029
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, 4.00% 20262		3,385		3,793
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, 5.00% 20362		3,500		4,015
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, 5.00% 20462		2,250		2,543
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 2027		640		827
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2041		1,500		1,616
Statewide Communities Dev. Auth., Senior Living Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging - Fountainview at Gonda), Series 2014-A, 5.00% 2044		1,000		1,114

American Funds Tax-Exempt Funds 61

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
State issuers (continued)
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (Custodial Receipts), Series 2017, 4.305% 2032	$	10,075	$	11,380
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2029		1,000		1,203
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2030		1,500		1,794
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2035		1,250		1,479
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments, Phase I), Series 2011, 5.375% 2038		1,260		1,331
Regents of the University of California, General Rev. Bonds, Series 2018-AZ, 5.00% 2048		10,230		12,753
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2034		750		923
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2035		3,750		4,609
Regents of the University of California, Limited Project Rev. Ref. Bonds, Series 2018-O, 5.00% 2048		1,900		2,362
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2038		1,000		1,131
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048		17,440		19,108
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049		15,955		17,679
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, AMT, 2.45% 2031		3,045		3,088
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045		6,580		6,913
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AW, 4.00% 2035		20,840		24,378
Other securities				97,305
				965,425
City, county & other issuers 55.81%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 1.84% 2045 (put 2023)1		1,400		1,423
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.04% 2045 (put 2024)1		7,900		8,105
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-H, (SIFMA Municipal Swap Index + 0.70%) 1.64% 2034 (put 2021)1		2,825		2,837
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-D, (3-month USD-LIBOR x 0.70 + 0.55%) 1.886% 2045 (put 2021)1		2,100		2,106
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-F-1, 5.00% 2056		3,510		4,234
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2019-S-8, 5.00% 2056		20,000		25,356
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2019-S-H, 5.00% 2044		1,000		1,271
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-F-1, 5.00% 2054		1,475		1,735
Brentwood Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 2048		9,940		11,263
County of Contra Costa, Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2018-A, (1-month USD-LIBOR x 0.70 + 0.25%) 1.496% 2034 (put 2021)1		11,675		11,693
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2032		1,000		1,193
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2033		1,000		1,190
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2034		1,000		1,185
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2035		1,000		1,184
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 4.00% 2020		250		254
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 4.00% 2032		2,500		2,788
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 5.00% 2041		4,680		5,460
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 5.00% 2046		8,065		9,359
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2033		945		1,121
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2035		1,150		1,358
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2043		1,040		1,210
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2048		2,500		2,895

62 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)		Value (000)
Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 3, G.O. Bonds, 2007 Election, Series 2019-D, Assured Guaranty Municipal insured, 4.00% 2040	$	8,715	$	9,829
Hayward Unified School Dist., G.O. Bonds, 2019 Election, Series 2019-A, BAM insured, 5.00% 2044		8,000		9,928
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 1, Special Tax Bonds, Series 2014, 5.00% 2044		2,705		3,024
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 1, Special Tax Bonds, Series 2014, 5.00% 2049		1,000		1,114
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series 2016, 4.00% 2028		825		915
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series 2016, 4.00% 2031		400		440
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series 2016, 4.00% 2033		1,615		1,773
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2035		550		651
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2037		650		766
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2038		1,000		1,176
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2043		2,670		3,116
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2048		5,250		6,103
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2051		1,250		1,496
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 4.00% 2020		1,000		1,019
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2024		825		943
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2025		710		812
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2028		1,050		1,188
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2024		2,250		2,662
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2029		2,600		3,058
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2030		1,700		1,990
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2031		1,500		1,750
City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2032		800		931
City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2042		1,000		1,144
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2036		1,840		2,185
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2037		1,285		1,518
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2026		330		415
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2027		375		483
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2028		525		689
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2029		500		670
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2030		350		466
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2031		635		842
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2032		680		896

American Funds Tax-Exempt Funds 63

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
City, county & other issuers (continued)
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2034	$	1,155	$	1,506
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2044		1,000		1,262
Irvine Unified School Dist., Community Facs. Dist. No. 01-1, Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2031		2,000		2,340
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2023		1,000		1,125
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2024		2,000		2,315
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2029		200		246
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2030		370		454
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2031		420		513
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2032		450		548
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2032		175		213
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2033		245		298
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2034		250		303
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2035		250		302
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2036		350		422
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2037		270		324
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2042		1,000		1,190
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, BAM insured, 4.00% 2053		1,250		1,374
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, BAM insured, 5.00% 2042		1,000		1,190
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-D, BAM insured, 5.00% 2057		1,665		1,949
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, BAM insured, 5.00% 2039		820		981
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, BAM insured, 5.00% 2040		810		967
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, BAM insured, 5.00% 2045		1,500		1,780
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 4.00% 2038		550		632
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 4.00% 2039		635		728
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 2032		365		463
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 2034		435		549
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 2035		250		314
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 2036		270		338
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 4.00% 2044		1,200		1,402
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 4.00% 2049		3,000		3,479
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 4.00% 2054		6,670		7,584

64 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)		Value (000)
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2010-B, 5.00% 2035	$	1,000	$	1,012
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-A, AMT, 5.00% 2027		1,250		1,491
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-A, AMT, 5.00% 2029		1,560		1,852
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 4.00% 2034		1,000		1,131
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2035		1,000		1,205
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2042		1,000		1,188
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2029		1,450		1,772
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2031		2,395		2,909
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2033		500		605
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2030		1,000		1,248
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2032		1,000		1,240
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2033		1,000		1,237
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2034		1,250		1,544
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2035		1,000		1,233
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2036		1,400		1,721
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2037		1,260		1,545
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2033		1,255		1,580
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2036		1,345		1,682
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2037		1,450		1,808
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2044		2,880		3,529
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-B, AMT, 5.00% 2032		5,000		6,325
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-C, AMT, 5.00% 2032		3,450		4,333
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00% 2033		5,880		7,562
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-A, AMT, 5.00% 2031		2,345		3,036
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2010-A, 5.00% 2029		2,000		2,024
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-A, 5.00% 2045		2,000		2,535
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-A, 5.00% 2049		5,000		6,300
Oakland Unified School Dist., G.O. Bonds, 2006 Election, Series 2016-A, 5.00% 2026		6,250		7,797
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2013, 6.625% 2038 (preref. 2021)		1,200		1,306
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2015-A, 5.00% 2030		1,250		1,495
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2015-A, 5.00% 2031		1,500		1,789
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2015-A, 5.00% 2040		5,550		6,510
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 3.00% 2040		6,000		6,242
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2027		1,340		1,721

American Funds Tax-Exempt Funds 65

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
City, county & other issuers (continued)
Oakland Unified School Dist., G.O. Rev. Ref. Bonds (Measure J), Series 2017-C, 5.00% 2031	$	2,015	$	2,527
Oakland Unified School Dist., G.O. Rev. Ref. Bonds (Measure J), Series 2017-C, 5.00% 2035		3,245		4,013
Oakland Unified School Dist., G.O. Rev. Ref. Bonds (Measure J), Series 2017-C, 5.00% 2036		2,000		2,464
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2035		1,000		1,162
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2024		2,225		2,629
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2027		2,000		2,483
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2031		2,145		2,622
City of Oroville, Hospital Rev. Bonds (Oroville Hospital), Series 2019, 5.25% 2049		7,210		8,654
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2049		9,035		10,687
County of Sacramento, Sanitation Dist. Fncg. Auth., Rev. Ref. Bonds (Sacramento Regional County Sanitation Dist.), Series 2007-B, FGIC-National insured, (3-month USD-LIBOR + 0.53%) 1.812% 20351		13,500		13,056
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041		10,825		11,891
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 4.00% 2037		1,000		1,201
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2049		2,000		2,539
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2010-A, 5.00% 2028		1,000		1,018
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2013-B, AMT, 5.00% 2043		2,000		2,226
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-A, 5.00% 2035		1,000		1,260
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2047		1,000		1,202
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2029		1,980		2,475
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2035		2,495		3,066
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2036		750		919
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2037		750		917
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2042		1,500		1,816
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2026		760		937
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2027		750		946
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2028		1,000		1,286
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2029		1,255		1,644
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2030		1,785		2,325
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2049		7,750		9,634
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2010-F, 5.00% 2040		2,995		3,024
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2010-F, 5.00% 2040 (preref. 2020)		5		5
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		4,746
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-A, AMT, 5.00% 2049		10,000		12,366
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-E, AMT, 4.00% 2050		2,000		2,258
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-E, AMT, 5.00% 2036		2,250		2,865

66 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)		Value (000)
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-E, AMT, 5.00% 2050	$	3,500	$	4,322
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-F, 5.00% 2050		2,000		2,514
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-H, AMT, 5.00% 2026		5,545		6,825
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2011-F, AMT, 5.00% 2028		2,630		2,762
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2028		1,000		1,090
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2030		1,000		1,087
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2016-A, 5.00% 2029		1,375		1,709
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2042		2,000		2,410
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2047		3,000		3,588
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2027		1,000		1,259
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 2036		4,230		5,386
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 2044		3,500		4,359
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2019-H, AMT, 5.00% 2025		3,995		4,784
City and County of San Francisco, Airport Commission, San Francisco International Airport, Special Facs. Lease Rev. Bonds (SFO Fuel Co. LLC), Series 2019-A, AMT, 5.00% 2027		2,000		2,495
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.50% 2030		8,000		8,379
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-2, 5.25% 2034		4,900		5,119
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2020		2,080		2,086
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2035		2,000		2,433
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2037		1,000		1,211
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2041		1,500		1,800
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2047		10,000		11,897
Stockton Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2031		7,800		9,417
City of Whittier, Health Fac. Rev. Bonds (PIH Health), Series 2014, 5.00% 2044		10,000		11,163
Other securities				1,086,416
				1,598,184
Guam 0.47%
Other securities				13,564
Puerto Rico 0.80%
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		7,900		8,240
Other securities				14,541
				22,781
United States 0.67%
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class CA, 3.35% 2033		15,420		17,009
Other securities				2,162
				19,171
Total bonds, notes & other debt instruments(cost: $2,450,656,000)				2,619,125

American Funds Tax-Exempt Funds 67

The Tax-Exempt Fund of California

Short-term securities 7.74%	Principal amount (000)		Value (000)
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-A, 1.16% 20351	$	32,765	$	32,765
G.O. Bonds, Series 2004-B-6, 1.07% 20341		2,000		2,000
City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-1, 1.12% 20351		9,335		9,335
City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-6, 1.16% 20351		2,000		2,000
City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-7, 1.16% 20351		8,000		8,000
City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 1.15% 20491		16,000		16,000
County of Los Angeles, Tax and Rev. Anticipation Notes, Series 2019, 5.00% 6/30/2020		18,600		18,919
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2000-B-3, 1.16% 20351		3,000		3,000
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-1, 1.12% 20371		18,165		18,165
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 1.12% 20371		21,210		21,210
Municipal Fin. Auth., Exempt Facs. Rev. Ref. Bonds (ExxonMobil Project), Series 2007, AMT, 1.19% 20291		2,960		2,960
Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 1.16% 20251		7,650		7,650
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2002, 1.16% 20241		12,035		12,035
City of Stockton, Public Fncg. Auth., Wastewater Bond Anticipation Notes, Series 2019, 1.40% 2022		9,750		9,774
Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 1.12% 20481		12,880		12,880
Regents of the University of California, IAM Commercial Paper, Series 2020-A, 0.82% 5/11/2020		3,000		3,000
Regents of the University of California, IAM Commercial Paper, Series 2020-A, 1.12% 2/20/2020		2,600		2,600
Regents of the University of California, IAM Commercial Paper, Series 2020-A, 1.12% 2/20/2020		2,250		2,250
Dept. of Water Resources, Water System Rev. IAM Commercial Paper, Series 2020-1, 0.77% 2/19/2020		6,000		6,000
Dept. of Water Resources, Water System Rev. IAM Commercial Paper, Series 2020-2, 0.80% 2/28/2020		15,000		15,000
Dept. of Water Resources, Water System Rev. IAM Commercial Paper, Series 2020-2, 0.80% 3/4/2020		2,000		2,000
Other securities				14,192
Total short-term securities (cost: $221,583,000)				221,735
Total investment securities 99.21% (cost: $2,672,239,000)				2,840,860
Other assets less liabilities 0.79%				22,560
Net assets 100.00%			$	2,863,420

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.

68 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		3	Value at 1/31/2020 (000)		4	Unrealized appreciation (depreciation) at 1/31/2020 (000)
2 Year U.S. Treasury Note Futures	Long	175	April 2020	$	35,000		$	37,863			$	137
5 Year U.S. Treasury Note Futures	Long	1,575	April 2020		157,500			189,505				1,909
10 Year Ultra U.S. Treasury Note Futures	Short	111	March 2020		(11,100	)		(16,168	)			(387	)
											$	1,659

1	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
2	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $113,830,000, which represented 3.98% of the net assets of the fund.
3	Notional amount is calculated based on the number of contracts and notional contract size.
4	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance

Fncg. = Financing
G.O. = General Obligation
IAM = Interest at Maturity
LIBOR = London Interbank Offered Rate
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
USD/$ = U.S. dollars

See notes to financial statements.

American Funds Tax-Exempt Funds 69

American Funds Tax-Exempt Fund of New York	unaudited
Summary investment portfolioJanuary 31, 2020

Portfolio quality summary* Percent of net assets

* Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies.

Bonds, notes & other debt instruments 96.66%	Principal amount (000)		Value (000)
New York 93.48%
State issuers 47.86%
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Capital Appreciation Bonds, Series 2016-B, 0% 2048	$	3,540	$	1,567
Dormitory Auth., Lease Rev. Bonds (State University of New York Dormitory Facs.), Series 2010-A, 5.00% 2035		1,000		1,018
Dormitory Auth., Rev. Bonds (Catholic Health System Obligated Group), Series 2019-A, 4.00% 2037		1,000		1,146
Dormitory Auth., Rev. Bonds (Culinary Institute of America), Series 2013, 5.50% 2033		500		568
Dormitory Auth., Rev. Bonds (Fordham University), Series 2011-A, 5.50% 2036 (preref. 2021)		1,000		1,067
Dormitory Auth., Rev. Bonds (Fordham University), Series 2017, 4.00% 2034		885		1,028
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2031		500		591
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2035		1,000		1,172
Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 2040		250		289
Dormitory Auth., Rev. Bonds (Langone Hospitals Obligated Group), Series 2020-A, 4.00% 2053		1,250		1,442
Dormitory Auth., Rev. Bonds (Memorial Sloan-Kettering Cancer Center), Series 2017-1, 5.00% 2027		750		966
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2018-A, 5.00% 2030		785		985
Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2018-A, 5.00% 2031		500		624
Dormitory Auth., Rev. Bonds (New School), Series 2015-A, 5.00% 2032		1,000		1,195
Dormitory Auth., Rev. Bonds (New School), Series 2016-A, 5.00% 2035		500		604
Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 2032		500		648
Dormitory Auth., Rev. Bonds (New York University), Series 2019-A, 5.00% 2049		1,500		1,904
Dormitory Auth., Rev. Bonds (North Shore-Long Island Jewish Obligated Group), Series 2011-A, 5.00% 2032 (preref. 2021)		1,500		1,577
Dormitory Auth., Rev. Bonds (Northwell Health Obligated Group), Series 2019-B-3, 5.00% 2048 (put 2026)		1,000		1,203
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2011-A, 6.00% 2040 (preref. 2020)		1,000		1,021
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2014, 5.00% 2022		200		220
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2014, 5.00% 2034		1,000		1,159
Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2016-A, 5.00% 2033		400		484
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% 20321		600		692
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% 20401		1,000		1,140
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2017, 5.00% 20311		1,000		1,203

70 American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount (000)		Value (000)
Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2017, 5.00% 20351	$	1,000	$	1,192
Dormitory Auth., Rev. Bonds (Skidmore College), Series 2011-A, 5.50% 2041		1,110		1,180
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2017-A, 5.00% 2030		750		947
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2017-A, 5.00% 2032		500		627
Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 2049		1,000		1,141
Dormitory Auth., Rev. Bonds (Touro College and University System Obligated Group), Series 2014-A, 5.50% 2039		1,000		1,134
Dormitory Auth., Rev. Bonds (Touro College and University System Obligated Group), Series 2017, 5.00% 2038		500		581
Dormitory Auth., Rev. Ref. Bonds (Mount Sinai School of Medicine of New York University), Series 2010-A, 5.00% 2021		1,000		1,016
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2011-A, 5.00% 2024		25		27
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2011-A, 5.00% 2024 (preref. 2021)		475		508
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2013-E, Assured Guaranty Municipal insured, 5.00% 2022		1,000		1,112
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-E, 5.00% 2032		750		888
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2015-E, 5.00% 2020		35		35
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2041		750		921
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2042		1,130		1,383
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.25% 2037		1,000		1,290
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2028		1,000		1,304
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2040		1,865		2,362
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2044		1,000		1,254
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2047		1,500		1,870
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2038		1,500		1,778
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2013-A, 5.00% 2020		520		523
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2013-A, 5.00% 2020 (escrowed to maturity)		480		482
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2017-B, 5.00% 2033		1,000		1,247
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 2039		1,650		2,062
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2048		1,500		1,864
Environmental Facs. Corp., Rev. Green Bonds (Revolving Funds), Series 2016-B, 4.00% 2036		1,950		2,240
Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2014-R-2, AMT, 3.125% 2044 (put 2026)1		500		520
Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2017, AMT, 3.75% 20441		1,000		1,024
Liberty Dev. Corp., Liberty Rev. Bonds (Goldman Sachs Headquarters Issue), Series 2005, 5.25% 2035		1,250		1,763
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.15% 20341		1,250		1,410
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.375% 20401		350		397
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 3, 7.25% 20441		375		447
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2031		1,500		1,606

American Funds Tax-Exempt Funds 71

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
New York (continued)
State issuers (continued)
Long Island Power Auth., Electric System General Rev. Bonds, Series 2011-A, 5.00% 2038 (preref. 2021)	$	510	$	537
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2035		1,215		1,439
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2038		750		883
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 1.996% 2033 (put 2023)2		1,500		1,513
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2035		1,000		1,239
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2047		3,225		3,896
Long Island Power Auth., Electric System General Rev. Bonds, Series 2018, 5.00% 2036		500		628
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, (SIFMA Municipal Swap Index + 1.00%) 1.94% 20202		2,000		2,010
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-1, 5.00% 2039		250		288
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.52% 2039 (put 2020)2		500		500
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 2035		1,750		2,087
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.25% 2030		280		342
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2016-A-2, 5.00% 2026		560		699
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.00% 2027		700		892
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.25% 2057		750		908
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, 5.00% 2052		1,000		1,224
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 1.908% 2032 (put 2021)2		600		602
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2029		1,500		1,239
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2034		1,000		1,156
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2026		565		706
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2028		750		962
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043		225		235
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034		205		213
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 194, AMT, 3.50% 2035		360		374
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046		1,240		1,318
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044		625		659
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045		230		242
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047		835		885
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 206, AMT, 4.00% 2037		570		610
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047		485		535
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 217, 4.00% 2049		995		1,100
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 46, 5.00% 2029		10		10
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 48, 2.625% 2041		875		894
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030		630		658
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 54, 4.00% 2047		1,425		1,529
Mortgage Agcy., Homeowner Mortgage Rev. Ref. Bonds, Series 45, 4.50% 2029		30		30
Port Auth., Consolidated Bonds, Series 166, 5.00% 2031		1,000		1,039
Port Auth., Consolidated Bonds, Series 205, 5.00% 2047		1,000		1,224
Port Auth., Consolidated Bonds, Series 212, 4.00% 2038		1,000		1,186
Port Auth., Consolidated Bonds, Series 217, 5.00% 2044		1,500		1,917
Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2025		1,000		1,044
Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2034		500		540
Port Auth., Consolidated Rev. Ref. Bonds, Series 186, AMT, 5.00% 2044		500		571
Port Auth., Special Project Bonds (John. F. Kennedy International Air Terminal LLC Project), Series 8, 5.00% 2020		350		361
Power Auth., Rev. Ref. Bonds, Series 2011-A, 5.00% 2038		1,500		1,603
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2020		1,970		2,003

72 American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount (000)		Value (000)
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2021	$	610	$	641
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2026		500		525
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2031		2,500		2,617
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2021		280		289
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2022		1,000		1,067
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2023		500		550
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2034		500		577
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2046		1,000		1,136
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050		500		571
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 4.00% 2036		500		560
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2030		2,145		2,647
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2036		1,045		1,271
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2018-A, 5.00% 2030		650		898
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2018-A, 5.00% 2046		1,000		1,228
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2027		750		873
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2026		1,500		1,867
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2032		1,000		1,218
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2036		1,500		1,901
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2042		1,345		1,672
Urban Dev. Corp., State Sales Tax Rev. Bonds (Bidding Group 3), Series 2019-A, 4.00% 2043		1,785		2,078
Utility Debt Securitization Auth., Restructuring Bonds, Series 2016-A, 5.00% 2035		1,170		1,438
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2040		750		944
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2041		1,500		1,883
Other securities				8,474
				145,103
City, county & other issuers 45.62%
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		1,474
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.00% 2023		1,600		1,807
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.00% 2024		275		321
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.00% 2040		1,050		1,213
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), Series 2015, 5.25% 2035		500		591
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Tapestry Charter School Project), Series 2017-A, 5.00% 2047		500		554
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2021		525		539
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2022		545		570

American Funds Tax-Exempt Funds 73

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
New York (continued)
City, county & other issuers (continued)
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 5.50% 2043	$	1,500	$	1,627
Build NYC Resource Corp., Rev. Bonds (YMCA of Greater New York Project), Series 2015, 5.00% 2040		500		577
Build NYC Resource Corp., Rev. Ref. Bonds (Albert Einstein School of Medicine, Inc. Project), Series 2015, 5.50% 20451		300		348
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 4.50% 20251		450		489
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 5.00% 20351		950		1,063
Village of Dobbs Ferry, Local Dev. Corp., Rev. Bonds (Mercy College Project), Series 2014, 5.00% 2039		1,625		1,855
County of Dutchess, Local Dev. Corp., Rev. Bonds (Health Quest Systems, Inc. Project), Series 2016-B, 4.00% 2041		750		829
County of Dutchess, Local Dev. Corp., Rev. Bonds (Nuvance Health Issue), Series 2019-B, 4.00% 2049		1,000		1,129
County of Dutchess, Local Dev. Corp., Rev. Bonds (Nuvance Health Issue), Series 2019-B, 5.00% 2032		905		1,148
County of Dutchess, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2010, 5.75% 2030		500		510
County of Dutchess, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2010, 5.75% 2040		1,000		1,019
County of Dutchess, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2014-A, 5.00% 2028		430		506
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2027		800		844
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2041		800		841
Town of Hempstead, Local Dev. Corp., Rev. Ref. Bonds (Molloy College Project), Series 2017, 5.00% 2033		480		576
Town of Hempstead, Local Dev. Corp., Rev. Ref. Bonds (Molloy College Project),Series 2017, 5.00% 2034		810		971
Town of Hempstead, Local Dev. Corp., Rev. Ref. Bonds (Molloy College Project), Series 2017, 5.00% 2037		630		750
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.25% 2047		955		995
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.25% 2047 (preref. 2021)		45		47
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.75% 2047		435		456
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.75% 2047 (preref. 2021)		565		594
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2033		2,700		3,370
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2035		1,000		1,242
County of Monroe, Industrial Dev. Corp., Rev. Bonds (St. Anns of Greater Rochester, Inc.), Series 2019, 5.00% 2050		1,500		1,664
County of Nassau, G.O. Bonds, Series 2014-A, 5.00% 2028		1,250		1,447
County of Nassau, G.O. Bonds, Series 2016-B, 5.00% 2025		1,000		1,218
County of Nassau, G.O. General Improvement Bonds, Series 2017-A, 5.00% 2030		1,000		1,239
County of Nassau, G.O. General Improvement Bonds, Series 2018-B, Assured Guaranty Municipal insured, 5.00% 2035		750		942
County of Nassau, G.O. General Improvement Bonds, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2032		750		967
County of Nassau, G.O. General Improvement Rev. Ref. Bonds, Series 2016-A, 5.00% 2027		500		611
County of Nassau, G.O. General Improvement Rev. Ref. Bonds, Series 2016-A, 5.00% 2030		1,795		2,166
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2033		1,000		1,179
New York City G.O. Bonds, Fiscal 2016, Series 2016-A, 5.00% 2026		1,000		1,219
New York City G.O. Bonds, Fiscal 2016, Series 2016-C, 5.00% 2031		1,000		1,212
New York City G.O. Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2034		1,000		1,224
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2027		1,500		1,927
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2031		1,000		1,277
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2032		1,720		2,183
New York City G.O. Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 2037		1,150		1,439
New York City G.O. Bonds, Fiscal 2019, Series 2019-D-1, 5.00% 2037		750		952
New York City G.O. Bonds, Fiscal 2020, Series 2019-A-1, 5.00% 2041		1,595		2,028

74 American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount (000)		Value (000)
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 4.00% 2040	$	2,500	$	2,936
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048		1,670		1,757
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (8 Spruce Street), Series 2014-F, 4.50% 2048		500		534
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2015-H, 2.95% 2045 (put 2026)		750		804
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-A-1-A, 3.80% 2037		885		963
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021		400		400
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021)		750		753
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2018-L-2, 2.75% 2050 (put 2023)		500		522
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2019-E-2, 1.75% 2059 (put 2023)		1,000		1,011
New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Bonds, Series 2011-EE, 5.375% 2043		590		612
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-EE, 5.00% 2045		500		573
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-HH, 5.00% 2039		500		592
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-DD, 5.00% 2047		1,055		1,284
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2033		750		942
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-BB-1, 5.00% 2046		1,250		1,525
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-EE, 5.00% 2040		2,000		2,497
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2019, Series 2019-DD-1, 5.25% 2049		1,500		1,884
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2019, Series 2019-FF-2, 5.00% 2040		1,000		1,276
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2036		750		936
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-2, 5.00% 2036		590		732
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2018, Series 2018-S-4A, 5.00% 2037		750		942
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-1, 5.00% 2043		1,000		1,236
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-3, 5.00% 2036		1,000		1,261
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011, Series 2011-C, 5.25% 2025		700		723
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 2032		1,000		1,252
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-E-1, 5.00% 2043		1,000		1,211
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2039		750		922
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2042		1,000		1,220
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-A-3, 4.00% 2042		1,080		1,228
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2036		2,380		3,016
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019,Series 2019-C-1, 5.00% 2034		750		973
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2019-B-1, 4.00% 2040		1,500		1,760

American Funds Tax-Exempt Funds 75

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
New York (continued)
City, county & other issuers (continued)
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-C, 5.00% 2026	$	1,000	$	1,228
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2027		600		688
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2028		500		572
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2029		700		799
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2019-A, AMT, 5.00% 2031		1,000		1,257
County of Onondaga, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2030		1,750		2,030
Town of Southold, Local Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2045		1,500		1,646
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2038		1,500		1,886
County of Westchester, Local Dev. Corp., Rev. Bonds (Purchase Housing Corp. II Project), Series 2017, 5.00% 2037		1,000		1,194
County of Westchester, Local Dev. Corp., Rev. Bonds (Purchase Housing Corp. II Project), Series 2017, 5.00% 2047		1,000		1,174
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2034		1,150		1,333
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2046		1,000		1,137
County of Westchester, Local Dev. Corp., Rev. Ref. Bonds (Pace University), Series 2014-A, 5.50% 2042		450		515
Other securities				30,834
				138,319
Guam 1.28%
Other securities				3,881
Puerto Rico 1.90%
Other securities				5,762
Total bonds, notes & other debt instruments(cost: $275,003,000)				293,065
Short-term securities 3.90%
Dormitory Auth., Rev. Bonds (Fordham University), Series 2008-A-2, Bank of America LOC, 0.81% 20322		2,000		2,000
Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2012, AMT, 1.45% 2030 (put 2020)3		1,000		1,000
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-E-3, (SIFMA Municipal Swap Index + 1.70%) 1.17% 20502		1,000		1,000
New York City G.O. Bonds, Fiscal 2008, Series 2008-C-4, Assured Guaranty Municipal insured, 1.00% 20272		1,000		1,000
City of Syracuse, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2008-A-1, 1.15% 20372		1,030		1,030
City of Syracuse, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2008-A-2, JPMorgan Chase LOC, 1.15% 20372		3,795		3,795
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2003-B-1, 1.17% 20332		2,000		2,000
Total short-term securities (cost: $11,825,000)				11,825
Total investment securities 100.56% (cost: $286,828,000)				304,890
Other assets less liabilities (0.56)%				(1,686	)
Net assets 100.00%			$	303,204

76 American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

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	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $11,669,000, which represented 3.85% of the net assets of the fund.
2	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
3	For short-term securities, the mandatory put date is considered to be the maturity date.

Key to abbreviations and symbol

Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance

Fncg. = Financing
G.O. = General Obligation
IAM = Interest at Maturity
LIBOR = London Interbank Offered Rate
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
USD/$ = U.S. dollars

American Funds Tax-Exempt Funds 77

Financial statements

Statements of assets and liabilities
at January 31, 2020

	American Funds Short-Term Tax-Exempt Bond Fund			Limited Term Tax-Exempt Bond Fund of America
Assets:
Investment securities in unaffiliated issuers, at value	$	1,259,232		$	4,708,932
Cash		859			851
Cash collateral pledged for futures contracts		663			2,374
Receivables for:
Sales of investments		2,434			10,676
Sales of fund’s shares		2,945			15,546
Interest		9,957			36,166
Variation margin on futures contracts		259			1,021
		1,276,349			4,775,566
Liabilities:
Payables for:
Purchases of investments		53,703			162,794
Repurchases of fund’s shares		1,819			6,956
Dividends on fund’s shares		38			396
Investment advisory services		351			833
Services provided by related parties		104			842
Trustees’ deferred compensation		35			142
Variation margin on futures contracts		—			97
Other		—	*		2
		56,050			172,062
Net assets at January 31, 2020	$	1,220,299		$	4,603,504
Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,205,071		$	4,456,796
Total distributable earnings		15,228			146,708
Net assets at January 31, 2020	$	1,220,299		$	4,603,504
Investment securities in unaffiliated issuers, at cost	$	1,244,205		$	4,575,588

* Amount less than one thousand.

See notes to financial statements.

78 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
$	24,564,863	$	8,706,116	$	2,840,860	$	304,890
	285		2,124		499		638
	6,530		1,515		1,090		10
	14,093		11,554		3,969		—
	61,439		17,279		5,800		402
	204,011		73,390		32,051		2,899
	3,032		856		474		—
	24,854,253		8,812,834		2,884,743		308,839
	372,834		99,581		15,708		3,240
	29,443		10,202		3,762		2,164
	2,283		1,408		579		97
	3,937		1,951		651		75
	2,446		1,419		410		57
	734		142		137		2
	2,662		637		75		—
	8		4		1		—	*
	414,347		115,344		21,323		5,635
$	24,439,906	$	8,697,490	$	2,863,420	$	303,204
$	23,012,532	$	8,130,125	$	2,692,350	$	284,794
	1,427,374		567,365		171,070		18,410
$	24,439,906	$	8,697,490	$	2,863,420	$	303,204
$	23,138,693	$	8,150,068	$	2,672,239	$	286,828

American Funds Tax-Exempt Funds 79

Statements of assets and liabilities
at January 31, 2020

		American Funds Short-Term Tax-Exempt Bond Fund		Limited Term Tax-Exempt Bond Fund of America
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	817,034	$	3,261,511
	Shares outstanding		79,831		203,494
	Net asset value per share	$	10.23	$	16.03
Class C:	Net assets			$	17,233
	Shares outstanding		Not applicable		1,075
	Net asset value per share			$	16.03
Class T:	Net assets	$	10	$	10
	Shares outstanding		1		1
	Net asset value per share	$	10.23	$	16.03
Class F-1:	Net assets	$	5,988	$	65,903
	Shares outstanding		585		4,112
	Net asset value per share	$	10.23	$	16.03
Class F-2:	Net assets	$	205,553	$	580,824
	Shares outstanding		20,084		36,239
	Net asset value per share	$	10.23	$	16.03
Class F-3:	Net assets	$	53,113	$	354,815
	Shares outstanding		5,190		22,138
	Net asset value per share	$	10.23	$	16.03
Class R-6:	Net assets	$	138,601	$	323,208
	Shares outstanding		13,542		20,166
	Net asset value per share	$	10.23	$	16.03

See notes to financial statements.

80 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
$	12,052,556	$	5,130,822	$	1,942,723	$	222,032
	890,582		307,561		105,982		19,788
$	13.53	$	16.68	$	18.33	$	11.22
$	424,051	$	247,348	$	70,496	$	11,731
	31,334		14,827		3,846		1,045
$	13.53	$	16.68	$	18.33	$	11.22
$	10	$	11	$	10	$	10
	1		1		1		1
$	13.53	$	16.68	$	18.33	$	11.22
$	352,382	$	189,365	$	75,179	$	2,251
	26,038		11,351		4,101		201
$	13.53	$	16.68	$	18.33	$	11.22
$	3,232,824	$	1,270,216	$	471,823	$	33,357
	238,878		76,142		25,740		2,973
$	13.53	$	16.68	$	18.33	$	11.22
$	7,563,981	$	1,045,340	$	303,189	$	33,823
	558,914		62,662		16,540		3,014
$	13.53	$	16.68	$	18.33	$	11.22
$	814,102	$	814,388
	60,155		48,818		Not applicable		Not applicable
$	13.53	$	16.68

American Funds Tax-Exempt Funds 81

Statements of operations
for the six months ended January 31, 2020

	American Funds Short-Term Tax-Exempt Bond Fund			Limited Term Tax-Exempt Bond Fund of America
Investment income:
Income:
Interest	$	11,643		$	51,158
Fees and expenses*:
Investment advisory services		2,025			4,883
Distribution services		606			4,904
Transfer agent services		218			894
Administrative services		178			663
Reports to shareholders		13			56
Registration statement and prospectus		102			230
Trustees’ compensation		5			22
Auditing and legal		41			55
Custodian		1			6
Federal, state and local taxes		3			1
Other		1			3
Total fees and expenses before reimbursements		3,193			11,717
Miscellaneous fee reimbursements		68			—
Total fees and expenses after reimbursements		3,125			11,717
Net investment income		8,518			39,441
Net realized gain (loss) and unrealized appreciation:
Net realized gain (loss) on:
Investments in unaffiliated issuers		2,165			13,170
Futures contracts		(48	)		(2,354	)
		2,117			10,816
Net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		1,699			25,054
Futures contracts		1,198			6,066
		2,897			31,120
Net realized gain (loss) and unrealized appreciation		5,014			41,936
Net increase in net assets resulting from operations	$	13,532		$	81,377

*	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.

82 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
$	347,657		$	170,355		$	41,636		$	4,453
	22,553			11,034			3,770			431
	16,714			8,771			2,777			326
	3,812			1,883			426			48
	3,439			1,231			409			44
	292			119			23			3
	730			389			112			74
	116			30			17			1
	99			62			74			51
	26			12			3			—	†
	936			914			504			—	†
	9			75			2			—	†
	48,726			24,520			8,117			978
	—			—			—			84
	48,726			24,520			8,117			894
	298,931			145,835			33,519			3,559
	15,224			6,688			11,806			216
	(19,340	)		(1,928	)		(1,444	)		(9	)
	(4,116	)		4,760			10,362			207
	433,119			171,649			39,095			5,073
	1,342			(1,216	)		2,825			2
	434,461			170,433			41,920			5,075
	430,345			175,193			52,282			5,282
$	729,276		$	321,028		$	85,801		$	8,841

American Funds Tax-Exempt Funds 83

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, 2020*			Year ended July 31, 2019			Six months ended January 31, 2020*			Year ended July 31, 2019			Six months ended January 31, 2020*			Year ended July 31, 2019
Operations:
Net investment income	$	8,518		$	17,329		$	39,441		$	82,425		$	298,931		$	574,456
Net realized gain (loss)		2,117			62			10,816			13,065			(4,116	)		11,303
Net unrealized appreciation		2,897			18,116			31,120			94,262			434,461			726,430
Net increase in net assets resulting from operations		13,532			35,507			81,377			189,752			729,276			1,312,189
Distributions paid or accrued to shareholders		(8,471	)		(17,259	)		(54,423	)		(82,197	)		(297,617	)		(570,280	)
Net capital share transactions		74,860			143,943			323,742			179,942			2,362,610			1,875,666
Total increase in net assets		79,921			162,191			350,696			287,497			2,794,269			2,617,575
Net assets:
Beginning of period		1,140,378			978,187			4,252,808			3,965,311			21,645,637			19,028,062
End of period	$	1,220,299		$	1,140,378		$	4,603,504		$	4,252,808		$	24,439,906		$	21,645,637

* Unaudited.

See notes to financial statements.

84 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, 2020*			Year ended July 31, 2019			Six months ended January 31, 2020*			Year ended July 31, 2019			Six months ended January 31, 2020*			Year ended July 31, 2019
$	145,835		$	257,928		$	33,519		$	67,429		$	3,559		$	6,510
	4,760			(4,530	)		10,362			4,454			207			73
	170,433			249,037			41,920			82,681			5,075			9,697
	321,028			502,435			85,801			154,564			8,841			16,280
	(144,221	)		(253,695	)		(47,698	)		(66,970	)		(3,529	)		(6,466	)
	768,429			1,012,098			248,436			233,925			22,938			26,639
	945,236			1,260,838			286,539			321,519			28,250			36,453
	7,752,254			6,491,416			2,576,881			2,255,362			274,954			238,501
$	8,697,490		$	7,752,254		$	2,863,420		$	2,576,881		$	303,204		$	274,954

American Funds Tax-Exempt Funds 85

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

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

*	Class C shares are not available for purchase in Limited Term Tax-Exempt Bond Fund of America.
†	Class T shares are not available for purchase.

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

86 American Funds Tax-Exempt Funds

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the funds’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

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

Class allocations —Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes of each fund based on the relative value of their settled shares. Realized 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.

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

3. Valuation

Capital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by U.S. GAAP. The net asset value of each share class of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs— The funds’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data. For certain distressed securities, valuations may include cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts.

When the funds’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity.

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

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds’ investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of each fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

American Funds Tax-Exempt Funds 87

Processes and structure— Each fund’s board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the boards of trustees. Each fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

The funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications— The funds’ investment adviser classifies each fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The following tables present the funds’ valuation levels as of January 31, 2020 (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Texas	$	—	$	201,695	$	—	$	201,695
New York		—		75,290		—		75,290
Illinois		—		69,756		—		69,756
Florida		—		66,633		—		66,633
Pennsylvania		—		48,065		—		48,065
Washington		—		44,087		—		44,087
North Carolina		—		37,272		—		37,272
Wisconsin		—		29,977		—		29,977
New Jersey		—		29,153		—		29,153
Minnesota		—		26,914		—		26,914
Other		—		445,751		—		445,751
Short-term securities		—		184,639		—		184,639
Total	$	—	$	1,259,232	$	—	$	1,259,232

	Other investments*
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,207	$	—	$	—	$	1,207

88 American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Texas	$	—	$	525,686	$	—	$	525,686
Illinois		—		449,212		—		449,212
New York		—		265,591		—		265,591
Florida		—		246,890		—		246,890
Pennsylvania		—		216,641		—		216,641
California		—		173,451		—		173,451
Colorado		—		144,276		—		144,276
New Jersey		—		143,357		—		143,357
Michigan		—		137,622		—		137,622
Wisconsin		—		132,562		—		132,562
Other		—		1,539,286		—		1,539,286
Short-term securities		—		734,358		—		734,358
Total	$	—	$	4,708,932	$	—	$	4,708,932

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	4,995		$	—	$	—	$	4,995
Liabilities:
Unrealized depreciation on futures contracts		(724	)		—		—		(724	)
Total	$	4,271		$	—	$	—	$	4,271

The Tax-Exempt Bond Fund of America

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Illinois	$	—	$	3,162,246	$	—	$	3,162,246
Texas		—		2,777,150		—		2,777,150
New York		—		1,843,482		—		1,843,482
Florida		—		1,571,897		4,911		1,576,808
California		—		1,516,592		—		1,516,592
Pennsylvania		—		1,231,774		—		1,231,774
Michigan		—		1,029,076		—		1,029,076
Washington		—		638,694		—		638,694
Georgia		—		631,852		—		631,852
Ohio		—		595,409		—		595,409
Other		—		8,253,125		—		8,253,125
Short-term securities		—		1,308,655		—		1,308,655
Total	$	—	$	24,559,952	$	4,911	$	24,564,863

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	10,186		$	—	$	—	$	10,186
Liabilities:
Unrealized depreciation on futures contracts		(18,031	)		—		—		(18,031	)
Total	$	(7,845	)	$	—	$	—	$	(7,845	)

See end of tables for footnote.

American Funds Tax-Exempt Funds 89

American High-Income Municipal Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Illinois	$	—	$	1,290,567	$	—	$	1,290,567
Colorado		—		525,236		—		525,236
Pennsylvania		—		476,111		—		476,111
Puerto Rico		—		472,338		—		472,338
Texas		—		469,724		—		469,724
Florida		—		457,276		4,975		462,251
California		—		416,875		—		416,875
Ohio		—		402,297		—		402,297
New Jersey		—		367,381		—		367,381
New York		—		283,978		—		283,978
Other		—		2,973,093		2,230		2,975,323
Short-term securities		—		564,035		—		564,035
Total	$	—	$	8,698,911	$	7,205	$	8,706,116

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,586		$	—	$	—	$	2,586
Liabilities:
Unrealized depreciation on futures contracts		(4,167	)		—		—		(4,167	)
Total	$	(1,581	)	$	—	$	—	$	(1,581	)

The Tax-Exempt Fund of California

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
State issuers	$	—	$	965,425	$	—	$	965,425
City, county & other issuers		—		1,598,184		—		1,598,184
Guam		—		13,564		—		13,564
Puerto Rico		—		22,781		—		22,781
United States		—		19,171		—		19,171
Short-term securities		—		221,735		—		221,735
Total	$	—	$	2,840,860	$	—	$	2,840,860

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,046		$	—	$	—	$	2,046
Liabilities:
Unrealized depreciation on futures contracts		(387	)		—		—		(387	)
Total	$	1,659		$	—	$	—	$	1,659

* Futures contracts are not included in the investment portfolio.

American Funds Tax-Exempt Fund of New York

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

90 American Funds Tax-Exempt Funds

4. Risk factors

Investing in each fund may involve certain risks including, but not limited to, those described below.

Market conditions— The prices of, and the income generated by, the securities held by the funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

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

Investing in municipal securities— The yield and/or value of the funds’ investments in municipal securities may be adversely affected by events tied to the municipal securities markets, which can be very volatile and significantly impacted by unfavorable legislative or political developments and negative changes in the financial conditions of municipal securities issuers and the economy. To the extent the funds invest in obligations of a municipal issuer, the volatility, credit quality and performance of the funds may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the funds could also be declared taxable because of changes in tax laws or interpretations by taxing authorities or as a result of noncompliant conduct of a municipal issuer. Additionally, the relative amount of publicly available information about municipal securities is generally less than that for corporate securities.

Investing in debt instruments— The prices of, and the income generated by, bonds and other debt securities held by the funds may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.

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

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

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

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

American Funds Tax-Exempt Funds 91

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

Investing in similar municipal bonds— Investing significantly in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries may make the funds more susceptible to certain economic, political or regulatory occurrences. As a result, the 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, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

5. Certain investment techniques

Unfunded commitments— American High-Income Municipal Bond Fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of January 31, 2020, the maximum exposure of unfunded bond commitments for American High-Income Municipal Bond Fund was $2,077,000, which would represent .02% of the net assets of the fund should such commitments become due.

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

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

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

92 American Funds Tax-Exempt Funds

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

	Futures contracts
American Funds Short-Term Tax-Exempt Bond Fund	$     210,592
Limited Term Tax-Exempt Bond Fund of America	706,658
The Tax-Exempt Bond Fund of America	2,350,867
American High-Income Municipal Bond Fund	665,217
The Tax-Exempt Fund of California	287,664
American Funds Tax-Exempt Fund of New York	2,500	*

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

The following tables identify the location of and fair value amounts on the funds’ statements of assets and liabilities and the effect on the funds’ statements of operations resulting from the funds’ use of futures contracts as of, or for the six months ended, January 31, 2020 (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	1,207		Unrealized depreciation*	$	—
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations		Value		Location on statement of operations		Value
Futures	Interest	Net realized loss on futures contracts	$	(48	)	Net unrealized appreciation on futures contracts	$	1,198
Limited Term Tax-Exempt Bond Fund of America
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities		Value		Location on statement of assets and liabilities		Value
Futures	Interest	Unrealized appreciation*	$	4,995		Unrealized depreciation*	$	724
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations		Value		Location on statement of operations		Value
Futures	Interest	Net realized loss on futures contracts	$	(2,354	)	Net unrealized appreciation on futures contracts	$	6,066
The Tax-Exempt Bond Fund of America
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities		Value		Location on statement of assets and liabilities		Value
Futures	Interest	Unrealized appreciation*	$	10,186		Unrealized depreciation*	$	18,031
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations		Value		Location on statement of operations		Value
Futures	Interest	Net realized loss on futures contracts	$	(19,340	)	Net unrealized appreciation on futures contracts	$	1,342

See end of tables for footnote.

American Funds Tax-Exempt Funds 93

American High-Income Municipal Bond Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	2,586		Unrealized depreciation*	$	4,167
		Net realized loss				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations		Value		Location on statement of operations		Value
Futures	Interest	Net realized loss on futures contracts	$	(1,928	)	Net unrealized depreciation on futures contracts	$	(1,216	)

The Tax-Exempt Fund of California

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities		Value		Location on statement of assets and liabilities		Value
Futures	Interest	Unrealized appreciation*	$	2,046		Unrealized depreciation*	$	387
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations		Value		Location on statement of operations		Value
Futures	Interest	Net realized loss on futures contracts	$	(1,444	)	Net unrealized appreciation on futures contracts	$	2,825

American Funds Tax-Exempt Fund of New York

		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations		Value		Location on statement of operations		Value
Futures	Interest	Net realized loss on futures contracts	$	(9	)	Net unrealized appreciation on futures contracts	$	2

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

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

94 American Funds Tax-Exempt Funds

6. Taxation and distributions

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

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

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

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

Additional tax basis disclosures for each fund are 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
As of July 31, 2019
Undistributed ordinary income	$	—		$	7,876		$	—		$	—		$	—		$	—
Undistributed tax-exempt income		99			574			3,740			2,766			1,048			124
Undistributed long-term capital gains		—			3,228			—			—			2,323			—
Capital loss carryforward*		(3,213	)		—			(4,085	)		(6,497	)		—			(5	)
As of January 31, 2020
Gross unrealized appreciation on investments		16,322			138,842			1,459,829			603,483			171,972			18,186
Gross unrealized depreciation on investments		(75	)		(824	)		(31,013	)		(26,166	)		(1,022	)		—
Net unrealized appreciation on investments		16,247			138,018			1,428,816			577,317			170,950			18,186
Cost of investments		1,244,192			4,575,185			23,128,202			8,127,218			2,671,569			286,704

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

American Funds Tax-Exempt Funds 95

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

American Funds Short-Term Tax-Exempt Bond Fund

	Six months ended January 31, 2020										Year ended July 31, 2019
Share class	Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	5,488		$	—	$	—	$	5,488		$	11,676		$	—	$	—	$	11,676
Class T		—	*		—		—		—	*		—	*		—		—		—	*
Class F-1		41			—		—		41			90			—		—		90
Class F-2		1,492			—		—		1,492			2,521			—		—		2,521
Class F-3		401			—		—		401			825			—		—		825
Class R-6		1,049			—		—		1,049			2,147			—		—		2,147
Total	$	8,471		$	—	$	—	$	8,471		$	17,259		$	—	$	—	$	17,259

Limited Term Tax-Exempt Bond Fund of America

	Six months ended January 31, 2020												Year ended July 31, 2019
Share class	Tax-exempt income			Ordinary income			Long-term capital gains			Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	26,868		$	6,786		$	4,004		$	37,658		$	58,861		$	—	$	—	$	58,861
Class C		86			36			21			143			241			—		—		241
Class T		—	*		—	*		—	*		—	*		—	*		—		—		—	*
Class F-1		528			135			80			743			1,133			—		—		1,133
Class F-2		5,260			1,194			704			7,158			9,544			—		—		9,544
Class F-3		3,329			721			425			4,475			5,689			—		—		5,689
Class R-6		3,184			668			394			4,246			6,729			—		—		6,729
Total	$	39,255		$	9,540		$	5,628		$	54,423		$	82,197		$	—	$	—	$	82,197

The Tax-Exempt Bond Fund of America

	Six months ended January 31, 2020										Year ended July 31, 2019
Share class	Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	142,357		$	—	$	—	$	142,357		$	285,802		$	—	$	—	$	285,802
Class C		3,662			—		—		3,662			8,239			—		—		8,239
Class T		—	*		—		—		—	*		—	*		—		—		—	*
Class F-1		4,160			—		—		4,160			9,154			—		—		9,154
Class F-2		40,194			—		—		40,194			70,312			—		—		70,312
Class F-3		96,974			—		—		96,974			178,363			—		—		178,363
Class R-6		10,270			—		—		10,270			18,410			—		—		18,410
Total	$	297,617		$	—	$	—	$	297,617		$	570,280		$	—	$	—	$	570,280

96 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Six months ended January 31, 2020											Year ended July 31, 2019
Share class	Tax-exempt income			Ordinary income		Long-term capital gains			Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	79,545		$	—	$	4,226		$	83,771		$	151,825		$	—	$	—	$	151,825
Class C		3,109			—		207			3,316			6,528			—		—		6,528
Class T		—	*		—		—	*		—	*		—	*		—		—		—	*
Class F-1		2,987			—		158			3,145			6,426			—		—		6,426
Class F-2		20,666			—		1,027			21,693			36,440			—		—		36,440
Class F-3		17,455			—		852			18,307			28,978			—		—		28,978
Class R-6		13,328			—		661			13,989			23,498			—		—		23,498
Total	$	137,090		$	—	$	7,131		$	144,221		$	253,695		$	—	$	—	$	253,695

The Tax-Exempt Fund of California

	Six months ended January 31, 2020												Year ended July 31, 2019
Share class	Tax-exempt income			Ordinary income			Long-term capital gains			Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	22,871		$	1,734		$	7,730		$	32,335		$	47,435		$	—	$	—	$	47,435
Class C		595			63			282			940			1,394			—		—		1,394
Class T		—	*		—	*		—	*		—	*		—	*		—		—		—	*
Class F-1		864			68			301			1,233			1,952			—		—		1,952
Class F-2		5,744			415			1,851			8,010			10,366			—		—		10,366
Class F-3		3,727			266			1,187			5,180			5,823			—		—		5,823
Total	$	33,801		$	2,546		$	11,351		$	47,698		$	66,970		$	—	$	—	$	66,970

American Funds Tax-Exempt Fund of New York

	Six months ended January 31, 2020										Year ended July 31, 2019
Share class	Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued			Tax-exempt income			Ordinary income		Long-term capital gains		Total distributions paid or accrued
Class A	$	2,543		$	—	$	—	$	2,543		$	4,715		$	—	$	—	$	4,715
Class C		98			—		—		98			201			—		—		201
Class T		—	*		—		—		—	*		—	*		—		—		—	*
Class F-1		26			—		—		26			50			—		—		50
Class F-2		419			—		—		419			687			—		—		687
Class F-3		443			—		—		443			813			—		—		813
Total	$	3,529		$	—	$	—	$	3,529		$	6,466		$	—	$	—	$	6,466

* Amount less than one thousand.

7. Fees and transactions with related parties

CRMC, the funds’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the funds’ shares, and American Funds Service Company^® (“AFS”), the funds’ transfer agent. CRMC, AFD and AFS are considered related parties to each fund.

Investment advisory services— Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. 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.

American Funds Tax-Exempt Funds 97

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, 2020
American Funds Short-Term Tax-Exempt Bond Fund		.341	%					all														.341	%
Limited Term Tax-Exempt Bond Fund of America		.300			.150	%	$	.06	$	1.0		3.00	%		2.50	%	$	3,333,333	$	3,333,333		.220
The Tax-Exempt Bond Fund of America		.300			.110			.06		21.0		3.00			2.00			3,333,333		8,333,333		.196
American High-Income Municipal Bond Fund		.300			.140			.06		6.0		3.00			2.50			3,333,333		3,333,333		.268
The Tax-Exempt Fund of California		.300			.180			.06		1.0		3.00			2.50			3,333,333		3,333,333		.276
American Funds Tax-Exempt Fund of New York		.204						all				3.00			2.50			3,333,333		3,333,333		.295

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

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

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

For Class A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. This share class of each fund reimburses AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit is not exceeded. As of January 31, 2020, unreimbursed expenses subject to reimbursement for Class A shares of each fund were as follows (dollars in thousands):

Fund	Class A
American Funds Short-Term Tax-Exempt Bond Fund	$ 1,329
Limited-Term Tax-Exempt Bond Fund of America	917
The Tax-Exempt Bond Fund of America	10,729
American High-Income Municipal Bond Fund	1,024
The Tax-Exempt Fund of California	2,174
American Funds Tax-Exempt Fund of New York	165

98 American Funds Tax-Exempt Funds

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

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

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

American Funds Short-Term Tax-Exempt Bond Fund

Share class	Distribution services	Transfer agent services		Administrative services
Class A	$598	$149		$119
Class T	—	—	*	—	*
Class F-1	8	4		1
Class F-2	Not applicable	64		30
Class F-3	Not applicable	1		8
Class R-6	Not applicable	—	*	20
Total class-specific expenses	$606	$218		$178
The Tax-Exempt Bond Fund of America
Share class	Distribution services	Transfer agent services		Administrative services
Class A	$14,277	$1,854		$1,713
Class C	2,015	68		62
Class T	—	—	*	—	*
Class F-1	422	201		52
Class F-2	Not applicable	1,616		452
Class F-3	Not applicable	73		1,049
Class R-6	Not applicable	—	*	111
Total class-specific expenses	$16,714	$3,812		$3,439
The Tax-Exempt Fund of California
Share class	Distribution services	Transfer agent services		Administrative services
Class A	$2,336	$184		$280
Class C	350	7		11
Class T	—	—	*	—	*
Class F-1	91	41		11
Class F-2	Not applicable	193		66
Class F-3	Not applicable	1		41
Total class-specific expenses	$2,777	$426		$409
Limited Term Tax-Exempt Bond Fund of America
Share class	Distribution services	Transfer agent services		Administrative services
Class A	$4,740	$581		$474
Class C	85	3		3
Class T	—	—	*	—	*
Class F-1	79	37		9
Class F-2	Not applicable	270		81
Class F-3	Not applicable	3		49
Class R-6	Not applicable	—	*	47
Total class-specific expenses	$4,904	$894		$663
American High-Income Municipal Bond Fund
Share class	Distribution services	Transfer agent services		Administrative services
Class A	$7,327	$1,073		$733
Class C	1,214	54		36
Class T	—	—	*	—	*
Class F-1	230	108		28
Class F-2	Not applicable	633		177
Class F-3	Not applicable	15		146
Class R-6	Not applicable	—	*	111
Total class-specific expenses	$8,771	$1,883		$1,231
American Funds Tax-Exempt Fund of New York
Share class	Distribution services	Transfer agent services		Administrative services
Class A	$265	$29		$32
Class C	59	2		2
Class T	—	—	*	—	*
Class F-1	2	1		—	*
Class F-2	Not applicable	16		5
Class F-3	Not applicable	—	*	5
Total class-specific expenses	$326	$48		$44

* Amount less than one thousand.

American Funds Tax-Exempt Funds 99

Miscellaneous fee reimbursements— CRMC has agreed to reimburse a portion of miscellaneous fees and expenses of American Funds Short-Term Tax-Exempt Bond Fund and American Funds Tax-Exempt Fund of New York. Miscellaneous expenses exclude investment advisory services and distribution services fees. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended January 31, 2020, total fees and expenses reimbursed by CRMC were $68,000 and $84,000 for American Funds Short-Term Tax-Exempt Bond Fund and American Funds Tax-Exempt Fund of New York, respectively. Fees and expenses in each fund’s statement of operations are presented gross of any reimbursements from CRMC.

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

Fund	Current fees		Increase in value of deferred amounts			Total trustees’ compensation
American Funds Short-Term Tax-Exempt Bond Fund	$	2	$	3		$	5
Limited Term Tax-Exempt Bond Fund of America		12		10			22
The Tax-Exempt Bond Fund of America		59		57			116
American High-Income Municipal Bond Fund		20		10			30
The Tax-Exempt Fund of California		7		10			17
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 securities from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by each fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

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

8. Committed line of credit

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

100 American Funds Tax-Exempt Funds

9. Capital share transactions

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

American Funds Short-Term Tax-Exempt Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended January 31, 2020
Class A	$	133,541		13,108	$	5,377		528	$	(92,462	)		(9,071	)	$	46,456			4,565
Class T		—		—		—		—		—			—			—			—
Class F-1		515		50		40		4		(1,477	)		(145	)		(922	)		(91	)
Class F-2		42,793		4,201		1,420		139		(21,840	)		(2,143	)		22,373			2,197
Class F-3		14,606		1,434		398		39		(14,579	)		(1,431	)		425			42
Class R-6		11,926		1,170		1,049		103		(6,447	)		(633	)		6,528			640
Total net increase (decrease)	$	203,381		19,963	$	8,284		813	$	(136,805	)		(13,423	)	$	74,860			7,353
Year ended July 31, 2019
Class A	$	446,679		44,559	$	11,322		1,124	$	(454,662	)		(45,326	)	$	3,339			357
Class T		—		—		—		—		—			—			—			—
Class F-1		1,942		194		89		9		(2,196	)		(219	)		(165	)		(16	)
Class F-2		183,142		18,317		2,421		240		(59,423	)		(5,910	)		126,140			12,647
Class F-3		48,796		4,855		787		78		(42,824	)		(4,276	)		6,759			657
Class R-6		23,958		2,386		2,147		214		(18,235	)		(1,816	)		7,870			784
Total net increase (decrease)	$	704,517		70,311	$	16,766		1,665	$	(577,340	)		(57,547	)	$	143,943			14,429

Limited Term Tax-Exempt Bond Fund of America

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended January 31, 2020
Class A	$	400,986		25,154	$	36,615		2,299	$	(255,333	)		(16,015	)	$	182,268			11,438
Class C		2,275		143		143		9		(2,849	)		(179	)		(431	)		(27	)
Class T		—		—		—		—		—			—			—			—
Class F-1		10,771		676		717		45		(6,348	)		(398	)		5,140			323
Class F-2		134,780		8,452		6,487		407		(64,169	)		(4,026	)		77,098			4,833
Class F-3		76,057		4,772		4,386		276		(35,244	)		(2,212	)		45,199			2,836
Class R-6		26,534		1,664		4,246		267		(16,312	)		(1,023	)		14,468			908
Total net increase (decrease)	$	651,403		40,861	$	52,594		3,303	$	(380,255	)		(23,853	)	$	323,742			20,311
Year ended July 31, 2019
Class A	$	817,031		52,517	$	56,604		3,625	$	(947,434	)		(61,011	)	$	(73,799	)		(4,869	)
Class C		5,804		374		237		15		(9,333	)		(599	)		(3,292	)		(210	)
Class T		—		—		—		—		—			—			—			—
Class F-1		12,716		814		1,084		69		(18,544	)		(1,193	)		(4,744	)		(310	)
Class F-2		337,537		21,741		8,588		550		(211,713	)		(13,615	)		134,412			8,676
Class F-3		224,267		14,414		4,980		318		(116,914	)		(7,517	)		112,333			7,215
Class R-6		52,433		3,374		6,729		431		(44,130	)		(2,837	)		15,032			968
Total net increase (decrease)	$	1,449,788		93,234	$	78,222		5,008	$	(1,348,068	)		(86,772	)	$	179,942			11,470

See end of tables for footnote.

American Funds Tax-Exempt Funds 101

The Tax-Exempt Bond Fund of America

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended January 31, 2020
Class A	$	1,402,076		104,907	$	135,369		10,115	$	(565,772	)		(42,334	)	$	971,673			72,688
Class C		59,225		4,432		3,533		264		(53,356	)		(3,992	)		9,402			704
Class T		—		—		—		—		—			—			—			—
Class F-1		41,581		3,111		3,958		296		(37,292	)		(2,794	)		8,247			613
Class F-2		622,481		46,557		38,076		2,845		(261,439	)		(19,568	)		399,118			29,834
Class F-3		1,155,379		86,542		95,782		7,156		(391,327	)		(29,271	)		859,834			64,427
Class R-6		104,482		7,836		10,270		767		(416	)		(31	)		114,336			8,572
Total net increase (decrease)	$	3,385,224		253,385	$	286,988		21,443	$	(1,309,602	)		(97,990	)	$	2,362,610			176,838
Year ended July 31, 2019
Class A	$	1,913,815		148,284	$	270,339		20,936	$	(1,793,783	)		(140,013	)	$	390,371			29,207
Class C		69,698		5,391		7,921		614		(116,360	)		(9,053	)		(38,741	)		(3,048	)
Class T		—		—		—		—		—			—			—			—
Class F-1		66,051		5,127		8,750		678		(118,439	)		(9,234	)		(43,638	)		(3,429	)
Class F-2		1,319,680		102,510		66,204		5,123		(877,784	)		(68,563	)		508,100			39,070
Class F-3		2,078,370		161,360		175,472		13,579		(1,306,234	)		(101,826	)		947,608			73,113
Class R-6		108,442		8,367		18,410		1,425		(14,886	)		(1,168	)		111,966			8,624
Total net increase (decrease)	$	5,556,056		431,039	$	547,096		42,355	$	(4,227,486	)		(329,857	)	$	1,875,666			143,537

American High-Income Municipal Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended January 31, 2020
Class A	$	572,093		34,715	$	79,991		4,848	$	(263,557	)		(15,996	)	$	388,527			23,567
Class C		32,374		1,965		3,159		192		(31,499	)		(1,912	)		4,034			245
Class T		—		—		—		—		—			—			—			—
Class F-1		23,412		1,422		3,060		185		(21,277	)		(1,291	)		5,195			316
Class F-2		241,008		14,620		19,404		1,177		(129,271	)		(7,848	)		131,141			7,949
Class F-3		168,241		10,212		17,896		1,085		(58,699	)		(3,560	)		127,438			7,737
Class R-6		98,129		5,967		13,990		848		(25	)		(1	)		112,094			6,814
Total net increase (decrease)	$	1,135,257		68,901	$	137,500		8,335	$	(504,328	)		(30,608	)	$	768,429			46,628
Year ended July 31, 2019
Class A	$	966,900		61,009	$	144,057		9,079	$	(684,496	)		(43,449	)	$	426,461			26,639
Class C		50,981		3,214		6,195		390		(53,367	)		(3,374	)		3,809			230
Class T		—		—		—		—		—			—			—			—
Class F-1		48,091		3,037		6,254		395		(87,411	)		(5,545	)		(33,066	)		(2,113	)
Class F-2		563,308		35,694		32,471		2,046		(317,468	)		(20,134	)		278,311			17,606
Class F-3		331,973		20,911		25,362		1,597		(134,406	)		(8,510	)		222,929			13,998
Class R-6		102,098		6,412		23,498		1,480		(11,942	)		(764	)		113,654			7,128
Total net increase (decrease)	$	2,063,351		130,277	$	237,837		14,987	$	(1,289,090	)		(81,776	)	$	1,012,098			63,488

102 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended January 31, 2020
Class A	$	195,638		10,755	$	30,057		1,656	$	(93,040	)		(5,118	)	$	132,655			7,293
Class C		9,283		511		911		50		(9,853	)		(541	)		341			20
Class T		—		—		—		—		—			—			—			—
Class F-1		6,645		365		1,150		63		(5,301	)		(291	)		2,494			137
Class F-2		95,231		5,237		7,048		388		(47,931	)		(2,637	)		54,348			2,988
Class F-3		63,666		3,503		5,166		285		(10,234	)		(563	)		58,598			3,225
Total net increase (decrease)	$	370,463		20,371	$	44,332		2,442	$	(166,359	)		(9,150	)	$	248,436			13,663
Year ended July 31, 2019
Class A	$	354,297		20,195	$	43,242		2,463	$	(351,468	)		(20,231	)	$	46,071			2,427
Class C		11,571		657		1,339		76		(17,470	)		(1,000	)		(4,560	)		(267	)
Class T		—		—		—		—		—			—			—			—
Class F-1		10,762		614		1,815		104		(18,340	)		(1,050	)		(5,763	)		(332	)
Class F-2		241,537		13,875		9,002		512		(111,887	)		(6,404	)		138,652			7,983
Class F-3		105,180		5,967		5,174		294		(50,829	)		(2,924	)		59,525			3,337
Total net increase (decrease)	$	723,347		41,308	$	60,572		3,449	$	(549,994	)		(31,609	)	$	233,925			13,148

American Funds Tax-Exempt Fund of New York

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended January 31, 2020
Class A	$	26,503		2,391	$	2,049		185	$	(10,515	)		(947	)	$	18,037			1,629
Class C		1,516		137		92		8		(1,666	)		(151	)		(58	)		(6	)
Class T		—		—		—		—		—			—			—			—
Class F-1		2,544		229		21		2		(2,333	)		(209	)		232			22
Class F-2		7,268		656		403		36		(3,624	)		(327	)		4,047			365
Class F-3		3,299		297		443		40		(3,062	)		(275	)		680			62
Total net increase (decrease)	$	41,130		3,710	$	3,008		271	$	(21,200	)		(1,909	)	$	22,938			2,072
Year ended July 31, 2019
Class A	$	43,401		4,058	$	3,742		349	$	(36,741	)		(3,477	)	$	10,402			930
Class C		1,713		160		190		18		(2,452	)		(231	)		(549	)		(53	)
Class T		—		—		—		—		—			—			—			—
Class F-1		409		38		38		4		(561	)		(53	)		(114	)		(11	)
Class F-2		21,136		2,004		685		64		(10,147	)		(952	)		11,674			1,116
Class F-3		16,808		1,584		570		53		(12,152	)		(1,148	)		5,226			489
Total net increase (decrease)	$	83,467		7,844	$	5,225		488	$	(62,053	)		(5,861	)	$	26,639			2,471

* Includes exchanges between share classes of the fund.

American Funds Tax-Exempt Funds 103

10. Investment transactions

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

Fund	Purchases		Sales
American Funds Short-Term Tax-Exempt Bond Fund	$	377,732	$	340,351
Limited Term Tax-Exempt Bond Fund of America		1,153,585		1,069,762
The Tax-Exempt Bond Fund of America		4,212,109		1,794,163
American High-Income Municipal Bond Fund		1,551,040		828,746
The Tax-Exempt Fund of California		488,380		345,692
American Funds Tax-Exempt Fund of New York		43,947		13,809

104 American Funds Tax-Exempt Funds

11. Ownership concentration

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

American Funds Tax-Exempt Funds 105

Financial highlights

American Funds Short-Term Tax-Exempt Bond Fund

			Income from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements2			Ratio of net income to average net assets2
Class A:
1/31/20204,5	$	10.19	$	.07	$	.04		$	.11		$	(.07	)	$	10.23		1.09	%6	$	817			.58	%7		.57	%7		1.38	%7
7/31/2019		10.04		.16		.15			.31			(.16	)		10.19		3.09			767			.59			.59			1.56
7/31/2018		10.15		.13		(.11	)		.02			(.13	)		10.04		.24			752			.58			.58			1.33
7/31/2017		10.22		.12		(.07	)		.05			(.12	)		10.15		.46			739			.59			.59			1.15
7/31/2016		10.17		.10		.05			.15			(.10	)		10.22		1.51			688			.59			.59			1.02
7/31/2015		10.25		.11		(.08	)		.03			(.11	)		10.17		.26			653			.58			.58			1.04
Class T:
1/31/20204,5		10.19		.08		.04			.12			(.08	)		10.23		1.17	6,8		—	9		.43	7,8		.42	7,8		1.54	7,8
7/31/2019		10.04		.17		.15			.32			(.17	)		10.19		3.20	8		—	9		.47	8		.47	8		1.67	8
7/31/2018		10.15		.15		(.11	)		.04			(.15	)		10.04		.36	8		—	9		.47	8		.47	8		1.44	8
7/31/20174,10		10.11		.04		.04			.08			(.04	)		10.15		.82	6,8		—	9		.15	6,8		.15	6,8		.42	6,8
Class F-1:
1/31/20204,5		10.19		.06		.04			.10			(.06	)		10.23		.99	6		6			.78	7		.76	7		1.20	7
7/31/2019		10.04		.13		.15			.28			(.13	)		10.19		2.85			7			.81			.81			1.34
7/31/2018		10.15		.11		(.11	)		—	11		(.11	)		10.04		.02			7			.80			.80			1.10
7/31/2017		10.22		.09		(.07	)		.02			(.09	)		10.15		.23			9			.82			.82			.92
7/31/2016		10.17		.08		.05			.13			(.08	)		10.22		1.29			13			.81			.81			.80
7/31/2015		10.25		.08		(.08	)		—	11		(.08	)		10.17		.05			9			.80			.80			.83
Class F-2:
1/31/20204,5		10.19		.08		.04			.12			(.08	)		10.23		1.15	6		205			.46	7		.45	7		1.50	7
7/31/2019		10.04		.17		.15			.32			(.17	)		10.19		3.17			182			.49			.49			1.67
7/31/2018		10.15		.14		(.11	)		.03			(.14	)		10.04		.28			52			.54			.54			1.37
7/31/2017		10.22	��	.12		(.07	)		.05			(.12	)		10.15		.49			47			.57			.57			1.17
7/31/2016		10.17		.11		.05			.16			(.11	)		10.22		1.55			80			.56			.56			1.06
7/31/2015		10.25		.11		(.08	)		.03			(.11	)		10.17		.29			64			.55			.55			1.08

106 American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

			Income from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from Investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements2			Ratio of net income to average net assets2
Class F-3:
1/31/20204,5	$	10.19	$	.08	$	.04		$	.12	$	(.08	)	$	10.23		1.18	%6	$	53		.40	%7		.39	%7		1.57	%7
7/31/2019		10.04		.17		.15			.32		(.17	)		10.19		3.23			52		.44			.44			1.71
7/31/2018		10.15		.15		(.11	)		.04		(.15	)		10.04		.38			45		.44			.44			1.45
7/31/20174,12		10.07		.07		.08			.15		(.07	)		10.15		1.49	6		77		.47	7		.47	7		1.35	7
Class R-6:
1/31/20204,5		10.19		.08		.04			.12		(.08	)		10.23		1.19	6		139		.40	7		.39	7		1.57	7
7/31/2019		10.04		.17		.15			.32		(.17	)		10.19		3.24			132		.43			.43			1.71
7/31/2018		10.15		.15		(.11	)		.04		(.15	)		10.04		.38			122		.44			.44			1.48
7/31/20174,13		10.09		.05		.06			.11		(.05	)		10.15		1.20	6		127		.17	6		.17	6		.51	6

	Six months ended
	January 31,			Year ended July 31,
	20204,5,6			2019			2018			2017			2016			2015
Portfolio turnover rate for all share classes		32	%		50	%		34	%		26	%		21	%		38	%

1	Based on average shares outstanding.
2	This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses.
3	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
4	Based on operations for a period that is less than a full year.
5	Unaudited.
6	Not annualized.
7	Annualized.
8	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.
9	Amount less than $1 million.
10	Class T shares began investment operations on April 7, 2017.
11	Amount less than $.01.
12	Class F-3 shares began investment operations on January 27, 2017.
13	Class R-6 shares began investment operations on March 17, 2017.

See notes to financial statements.

American Funds Tax-Exempt Funds 107

Financial highlights(continued)

Limited Term Tax-Exempt Bond Fund of America

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/20203,4	$	15.93	$	.14	$	.15		$	.29		$	(.14	)	$	(.05	)	$	(.19	)	$	16.03		1.84	%5	$	3,262			.60	%6		1.70	%6
7/31/2019		15.52		.31		.41			.72			(.31	)		—			(.31	)		15.93		4.71			3,060			.59			2.00
7/31/2018		15.77		.31		(.25	)		.06			(.31	)		—			(.31	)		15.52		.40			3,057			.59			2.00
7/31/2017		16.04		.32		(.27	)		.05			(.32	)		—			(.32	)		15.77		.34			3,038			.59			2.04
7/31/2016		15.92		.35		.12			.47			(.35	)		—			(.35	)		16.04		2.97			3,055			.59			2.17
7/31/2015		16.10		.38		(.18	)		.20			(.38	)		—			(.38	)		15.92		1.23			2,670			.57			2.36
Class C:
1/31/20203,4		15.93		.08		.15			.23			(.08	)		(.05	)		(.13	)		16.03		1.48	5		17			1.30	6		1.01	6
7/31/2019		15.52		.20		.41			.61			(.20	)		—			(.20	)		15.93		3.94			18			1.33			1.27
7/31/2018		15.77		.20		(.25	)		(.05	)		(.20	)		—			(.20	)		15.52		(.34	)		20			1.34			1.26
7/31/2017		16.04		.20		(.27	)		(.07	)		(.20	)		—			(.20	)		15.77		(.40	)		25			1.33			1.30
7/31/2016		15.92		.23		.12			.35			(.23	)		—			(.23	)		16.04		2.20			30			1.33			1.43
7/31/2015		16.10		.26		(.18	)		.08			(.26	)		—			(.26	)		15.92		.47			30			1.33			1.60
Class T:
1/31/20203,4		15.93		.16		.15			.31			(.16	)		(.05	)		(.21	)		16.03		1.99	5,7		—	8		.30	6,7		2.01	6,7
7/31/2019		15.52		.35		.41			.76			(.35	)		—			(.35	)		15.93		4.99	7		—	8		.33	7		2.27	7
7/31/2018		15.77		.36		(.25	)		.11			(.36	)		—			(.36	)		15.52		.68	7		—	8		.33	7		2.26	7
7/31/20173,9		15.68		.12		.09			.21			(.12	)		—			(.12	)		15.77		1.32	5,7		—	8		.10	5,7		.74	5,7
Class F-1:
1/31/20203,4		15.93		.13		.15			.28			(.13	)		(.05	)		(.18	)		16.03		1.82	5		66			.63	6		1.68	6
7/31/2019		15.52		.30		.41			.71			(.30	)		—			(.30	)		15.93		4.63			60			.67			1.93
7/31/2018		15.77		.30		(.25	)		.05			(.30	)		—			(.30	)		15.52		.33			64			.66			1.93
7/31/2017		16.04		.31		(.27	)		.04			(.31	)		—			(.31	)		15.77		.26			83			.67			1.96
7/31/2016		15.92		.33		.12			.45			(.33	)		—			(.33	)		16.04		2.88			90			.67			2.09
7/31/2015		16.10		.36		(.18	)		.18			(.36	)		—			(.36	)		15.92		1.13			84			.67			2.27

108 American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

			Income (loss) from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividend 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:
1/31/20203,4	$	15.93	$	.16	$	.15		$	.31	$	(.16	)	$	(.05	)	$	(.21	)	$	16.03		1.96	%5	$	581		.37	%6		1.94	%6
7/31/2019		15.52		.34		.41			.75		(.34	)		—			(.34	)		15.93		4.91			500		.39			2.20
7/31/2018		15.77		.34		(.25	)		.09		(.34	)		—			(.34	)		15.52		.58			353		.41			2.18
7/31/2017		16.04		.35		(.27	)		.08		(.35	)		—			(.35	)		15.77		.51			309		.42			2.22
7/31/2016		15.92		.38		.12			.50		(.38	)		—			(.38	)		16.04		3.15			291		.41			2.34
7/31/2015		16.10		.40		(.18	)		.22		(.40	)		—			(.40	)		15.92		1.39			208		.41			2.52
Class F-3:
1/31/20203,4		15.93		.16		.15			.31		(.16	)		(.05	)		(.21	)		16.03		2.01	5		355		.27	6		2.04	6
7/31/2019		15.52		.36		.41			.77		(.36	)		—			(.36	)		15.93		5.02			308		.30			2.29
7/31/2018		15.77		.36		(.25	)		.11		(.36	)		—			(.36	)		15.52		.70			187		.30			2.29
7/31/20173,10		15.59		.19		.18			.37		(.19	)		—			(.19	)		15.77		2.37	5		112		.30	6		2.36	6
Class R-6:
1/31/20203,4		15.93		.16		.15			.31		(.16	)		(.05	)		(.21	)		16.03		2.01	5		323		.27	6		2.04	6
7/31/2019		15.52		.36		.41			.77		(.36	)		—			(.36	)		15.93		5.02			307		.29			2.30
7/31/2018		15.77		.36		(.25	)		.11		(.36	)		—			(.36	)		15.52		.70			284		.30			2.29
7/31/2017		16.04		.37		(.27	)		.10		(.37	)		—			(.37	)		15.77		.63			296		.30			2.33
7/31/2016		15.92		.39		.12			.51		(.39	)		—			(.39	)		16.04		3.26			284		.30			2.45
7/31/2015		16.10		.42		(.18	)		.24		(.42	)		—			(.42	)		15.92		1.50			190		.31			2.62

	Six months ended
	January 31,	Year ended July 31,
	20203,4,5	2019	2018	2017	2016	2015
Portfolio turnover rate for all share classes	26%	42%	28%	27%	16%	19%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	Based on operations for a period that is less than a full year.
4	Unaudited.
5	Not annualized.
6	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	Amount less than $1 million.
9	Class T shares began investment operations on April 7, 2017.
10	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements.

American Funds Tax-Exempt Funds 109

Financial highlights (continued)

The Tax-Exempt Bond Fund of America

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/20203,4	$	13.29	$	.17	$	.24		$	.41		$	(.17	)	$	13.53		3.09	%5	$	12,053			.53	%6		2.50	%6
7/31/2019		12.81		.37		.47			.84			(.36	)		13.29		6.71			10,868			.52			2.84
7/31/2018		12.98		.38		(.17	)		.21			(.38	)		12.81		1.60			10,102			.53			2.91
7/31/2017		13.40		.40		(.42	)		(.02	)		(.40	)		12.98		(.09	)		9,692			.53			3.12
7/31/2016		12.96		.41		.44			.85			(.41	)		13.40		6.69			9,510			.54			3.15
7/31/2015		12.92		.42		.04			.46			(.42	)		12.96		3.62			7,385			.54			3.28
Class C:
1/31/20203,4		13.29		.12		.24			.36			(.12	)		13.53		2.72	5		424			1.25	6		1.78	6
7/31/2019		12.81		.27		.47			.74			(.26	)		13.29		5.88			407			1.31			2.06
7/31/2018		12.98		.27		(.17	)		.10			(.27	)		12.81		.80			432			1.32			2.12
7/31/2017		13.40		.30		(.42	)		(.12	)		(.30	)		12.98		(.88	)		474			1.32			2.33
7/31/2016		12.96		.31		.44			.75			(.31	)		13.40		5.85			517			1.33			2.35
7/31/2015		12.92		.32		.04			.36			(.32	)		12.96		2.80			349			1.33			2.50
Class T:
1/31/20203,4		13.29		.18		.24			.42			(.18	)		13.53		3.21	5,7		—	8		.28	6,7		2.74	6,7
7/31/2019		12.81		.40		.47			.87			(.39	)		13.29		6.93	7		—	8		.32	7		3.05	7
7/31/2018		12.98		.40		(.17	)		.23			(.40	)		12.81		1.83	7		—	8		.32	7		3.12	7
7/31/20173,9		12.85		.14		.13			.27			(.14	)		12.98		2.07	5,7		—	8		.10	5,7		1.06	5,7
Class F-1:
1/31/20203,4		13.29		.16		.24			.40			(.16	)		13.53		3.05	5		352			.61	6		2.42	6
7/31/2019		12.81		.36		.47			.83			(.35	)		13.29		6.58			338			.64			2.72
7/31/2018		12.98		.36		(.17	)		.19			(.36	)		12.81		1.48			370			.65			2.80
7/31/2017		13.40		.39		(.43	)		(.04	)		(.38	)		12.98		(.22	)		461			.66			2.99
7/31/2016		12.96		.39		.44			.83			(.39	)		13.40		6.53			518			.67			3.04
7/31/2015		12.92		.41		.04			.45			(.41	)		12.96		3.49			1,474			.67			3.16

110 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/20203,4	$	13.29	$	.18	$	.24		$	.42		$	(.18	)	$	13.53		3.18	%5	$	3,233		.35	%6		2.67	%6
7/31/2019		12.81		.39		.47			.86			(.38	)		13.29		6.86			2,778		.38			2.98
7/31/2018		12.98		.39		(.17	)		.22			(.39	)		12.81		1.74			2,177		.39			3.05
7/31/2017		13.40		.42		(.42	)		—	10		(.42	)		12.98		.03			1,909		.41			3.24
7/31/2016		12.96		.43		.44			.87			(.43	)		13.40		6.84			2,879		.40			3.26
7/31/2015		12.92		.44		.04			.48			(.44	)		12.96		3.76			990		.41			3.42
Class F-3:
1/31/20203,4		13.29		.19		.24			.43			(.19	)		13.53		3.23	5		7,564		.25	6		2.78	6
7/31/2019		12.81		.41		.47			.88			(.40	)		13.29		6.97			6,570		.27			3.09
7/31/2018		12.98		.41		(.17	)		.24			(.41	)		12.81		1.84			5,397		.28			3.11
7/31/20173,11		12.75		.22		.23			.45			(.22	)		12.98		3.54	5		1,555		.29	6		3.34	6
Class R-6:
1/31/20203,4		13.29		.19		.24			.43			(.19	)		13.53		3.23	5		814		.25	6		2.78	6
7/31/2019		12.81		.41		.47			.88			(.40	)		13.29		6.97			685		.27			3.09
7/31/2018		12.98		.41		(.17	)		.24			(.41	)		12.81		1.85			550		.28			3.15
7/31/2017		13.40		.44		(.43	)		.01			(.43	)		12.98		.15			380		.29			3.36
7/31/2016		12.96		.44		.44			.88			(.44	)		13.40		6.95			391		.29			3.39
7/31/2015		12.92		.46		.04			.50			(.46	)		12.96		3.86			270		.30			3.52

	Six months ended
	January 31,	Year ended July 31,
	20203,4,5	2019	2018	2017	2016	2015
Portfolio turnover rate for all share classes	8%	20%	17%	20%	13%	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 a period that is less than a full year.
4	Unaudited.
5	Not annualized.
6	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	Amount less than $1 million.
9	Class T shares began investment operations on April 7, 2017.
10	Amount less than $.01.
11	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements.

American Funds Tax-Exempt Funds 111

Financial highlights (continued)

American High-Income Municipal Bond Fund

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividend 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:
1/31/20203,4	$	16.33	$	.29	$	.34		$	.63		$	(.27	)	$	(.01	)	$	(.28	)	$	16.68		3.91	%5	$	5,131			.68	%6		3.46	%6
7/31/2019		15.78		.58		.54			1.12			(.57	)		—			(.57	)		16.33		7.28			4,637			.68			3.67
7/31/2018		15.73		.59		.04			.63			(.58	)		—			(.58	)		15.78		4.05			4,062			.69			3.72
7/31/2017		16.21		.60		(.49	)		.11			(.59	)		—			(.59	)		15.73		.76			3,645			.67			3.86
7/31/2016		15.40		.63		.79			1.42			(.61	)		—			(.61	)		16.21		9.45			3,519			.67			4.02
7/31/2015		15.22		.64		.17			.81			(.63	)		—			(.63	)		15.40		5.34			2,700			.68			4.13
Class C:
1/31/20203,4		16.33		.23		.34			.57			(.21	)		(.01	)		(.22	)		16.68		3.55	5		247			1.38	6		2.76	6
7/31/2019		15.78		.47		.54			1.01			(.46	)		—			(.46	)		16.33		6.49			238			1.41			2.94
7/31/2018		15.73		.47		.04			.51			(.46	)		—			(.46	)		15.78		3.29			227			1.43			2.97
7/31/2017		16.21		.48		(.49	)		(.01	)		(.47	)		—			(.47	)		15.73		—			229			1.43			3.10
7/31/2016		15.40		.52		.79			1.31			(.50	)		—			(.50	)		16.21		8.62			247			1.43			3.26
7/31/2015		15.22		.52		.17			.69			(.51	)		—			(.51	)		15.40		4.55			182			1.44			3.37
Class T:
1/31/20203,4		16.33		.31		.34			.65			(.29	)		(.01	)		(.30	)		16.68		4.07	5,7		—	8		.38	6,7		3.76	6,7
7/31/2019		15.78		.62		.54			1.16			(.61	)		—			(.61	)		16.33		7.55	7		—	8		.42	7		3.93	7
7/31/2018		15.73		.63		.04			.67			(.62	)		—			(.62	)		15.78		4.34	7		—	8		.43	7		3.98	7
7/31/20173,9		15.50		.20		.23			.43			(.20	)		—			(.20	)		15.73		2.77	5,7		—	8		.12	5,7		1.28	5,7
Class F-1:
1/31/20203,4		16.33		.29		.34			.63			(.27	)		(.01	)		(.28	)		16.68		3.90	5		189			.70	6		3.44	6
7/31/2019		15.78		.57		.54			1.11			(.56	)		—			(.56	)		16.33		7.21			180			.74			3.61
7/31/2018		15.73		.58		.04			.62			(.57	)		—			(.57	)		15.78		3.99			208			.75			3.65
7/31/2017		16.21		.59		(.49	)		.10			(.58	)		—			(.58	)		15.73		.68			234			.75			3.77
7/31/2016		15.40		.62		.79			1.41			(.60	)		—			(.60	)		16.21		9.37			282			.74			3.95
7/31/2015		15.22		.62		.17			.79			(.61	)		—			(.61	)		15.40		5.27			207			.75			4.06

112 American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

			Income (loss) from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/20203,4	$	16.33	$	.31	$	.34		$	.65	$	(.29	)	$	(.01	)	$	(.30	)	$	16.68		4.04	%5	$	1,270		.44	%6		3.70	%6
7/31/2019		15.78		.61		.54			1.15		(.60	)		—			(.60	)		16.33		7.49			1,114		.47			3.87
7/31/2018		15.73		.62		.04			.66		(.61	)		—			(.61	)		15.78		4.26			798		.49			3.91
7/31/2017		16.21		.63		(.49	)		.14		(.62	)		—			(.62	)		15.73		.93			605		.50			4.05
7/31/2016		15.40		.66		.79			1.45		(.64	)		—			(.64	)		16.21		9.65			775		.48			4.18
7/31/2015		15.22		.66		.17			.83		(.65	)		—			(.65	)		15.40		5.53			321		.49			4.32
Class F-3:
1/31/20203,4		16.33		.32		.34			.66		(.30	)		(.01	)		(.31	)		16.68		4.09	5		1,045		.34	6		3.80	6
7/31/2019		15.78		.63		.54			1.17		(.62	)		—			(.62	)		16.33		7.60			897		.37			3.97
7/31/2018		15.73		.64		.04			.68		(.63	)		—			(.63	)		15.78		4.37			646		.38			4.02
7/31/20173,10		15.30		.32		.43			.75		(.32	)		—			(.32	)		15.73		4.96	5		421		.37	6		4.04	6
Class R-6:
1/31/20203,4		16.33		.32		.34			.66		(.30	)		(.01	)		(.31	)		16.68		4.09	5		815		.34	6		3.81	6
7/31/2019		15.78		.63		.54			1.17		(.62	)		—			(.62	)		16.33		7.61			686		.37			3.98
7/31/2018		15.73		.64		.04			.68		(.63	)		—			(.63	)		15.78		4.37			550		.38			4.02
7/31/2017		16.21		.64		(.49	)		.15		(.63	)		—			(.63	)		15.73		1.05			380		.38			4.16
7/31/2016		15.40		.68		.79			1.47		(.66	)		—			(.66	)		16.21		9.76			269		.38			4.31
7/31/2015		15.22		.68		.17			.85		(.67	)		—			(.67	)		15.40		5.64			188		.39			4.42

	Six months ended
	January 31,	Year ended July 31,
	20203,4,5	2019	2018	2017	2016	2015
Portfolio turnover rate for all share classes	11%	20%	24%	30%	21%	23%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	Based on operations for a period that is less than a full year.
4	Unaudited.
5	Not annualized.
6	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	Amount less than $1 million.
9	Class T shares began investment operations on April 7, 2017.
10	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements.

American Funds Tax-Exempt Funds 113

Financial highlights (continued)

The Tax-Exempt Fund of California

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital  gains)			Total dividend 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:
1/31/20203,4	$	18.08	$	.22	$	.34		$	.56		$	(.22	)	$	(.09	)	$	(.31	)	$	18.33		3.15	%5	$	1,943			.63	%6		2.42	%6
7/31/2019		17.43		.50		.65			1.15			(.50	)		—			(.50	)		18.08		6.73			1,784			.59			2.88
7/31/2018		17.63		.51		(.20	)		.31			(.51	)		—			(.51	)		17.43		1.77			1,678			.61			2.90
7/31/2017		18.21		.54		(.59	)		(.05	)		(.53	)		—			(.53	)		17.63		(.22	)		1,641			.60			3.05
7/31/2016		17.62		.57		.58			1.15			(.56	)		—			(.56	)		18.21		6.65			1,678			.60			3.17
7/31/2015		17.52		.60		.09			.69			(.59	)		—			(.59	)		17.62		3.98			1,386			.62			3.38
Class C:
1/31/20203,4		18.08		.16		.34			.50			(.16	)		(.09	)		(.25	)		18.33		2.76	5		70			1.38	6		1.67	6
7/31/2019		17.43		.36		.65			1.01			(.36	)		—			(.36	)		18.08		5.90			69			1.38			2.10
7/31/2018		17.63		.37		(.20	)		.17			(.37	)		—			(.37	)		17.43		.97			71			1.40			2.11
7/31/2017		18.21		.40		(.59	)		(.19	)		(.39	)		—			(.39	)		17.63		(1.00	)		83			1.39			2.26
7/31/2016		17.62		.43		.58			1.01			(.42	)		—			(.42	)		18.21		5.82			97			1.39			2.38
7/31/2015		17.52		.46		.09			.55			(.45	)		—			(.45	)		17.62		3.16			78			1.40			2.59
Class T:
1/31/20203,4		18.08		.25		.34			.59			(.25	)		(.09	)		(.34	)		18.33		3.27	5,7		—	8		.40	6,7		2.65	6,7
7/31/2019		17.43		.54		.65			1.19			(.54	)		—			(.54	)		18.08		6.95	7		—	8		.39	7		3.09	7
7/31/2018		17.63		.54		(.20	)		.34			(.54	)		—			(.54	)		17.43		1.98	7		—	8		.40	7		3.10	7
7/31/20173,9		17.42		.18		.21			.39			(.18	)		—			(.18	)		17.63		2.24	5,7		—	8		.12	5,7		1.02	5,7
Class F-1:
1/31/20203,4		18.08		.22		.34			.56			(.22	)		(.09	)		(.31	)		18.33		3.10	5		75			.72	6		2.33	6
7/31/2019		17.43		.48		.65			1.13			(.48	)		—			(.48	)		18.08		6.59			72			.72			2.76
7/31/2018		17.63		.49		(.20	)		.29			(.49	)		—			(.49	)		17.43		1.64			75			.73			2.77
7/31/2017		18.21		.51		(.58	)		(.07	)		(.51	)		—			(.51	)		17.63		(.35	)		76			.73			2.93
7/31/2016		17.62		.55		.58			1.13			(.54	)		—			(.54	)		18.21		6.52			83			.73			3.04
7/31/2015		17.52		.58		.09			.67			(.57	)		—			(.57	)		17.62		3.85			63			.74			3.26

114 American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/20203,4	$	18.08	$	.24	$	.34		$	.58		$	(.24	)	$	(.09	)	$	(.33	)	$	18.33		3.25	%5	$	472		.45	%6		2.60	%6
7/31/2019		17.43		.53		.65			1.18			(.53	)		—			(.53	)		18.08		6.88			411		.45			3.02
7/31/2018		17.63		.53		(.20	)		.33			(.53	)		—			(.53	)		17.43		1.89			257		.48			3.03
7/31/2017		18.21		.56		(.59	)		(.03	)		(.55	)		—			(.55	)		17.63		(.09	)		200		.48			3.18
7/31/2016		17.62		.60		.58			1.18			(.59	)		—			(.59	)		18.21		6.79			213		.48			3.29
7/31/2015		17.52		.62		.09			.71			(.61	)		—			(.61	)		17.62		4.10			134		.49			3.51
Class F-3:
1/31/20203,4		18.08		.25		.34			.59			(.25	)		(.09	)		(.34	)		18.33		3.29	5		303		.36	6		2.69	6
7/31/2019		17.43		.55		.64			1.19			(.54	)		—			(.54	)		18.08		6.98			241		.36			3.11
7/31/2018		17.63		.55		(.20	)		.35			(.55	)		—			(.55	)		17.43		2.01			174		.37			3.13
7/31/20173,10		17.27		.29		.36			.65			(.29	)		—			(.29	)		17.63		3.79	5		124		.38	6		3.25	6

	Six months ended January 31,	Year ended July 31,
	20203,4,5	2019	2018	2017	2016	2015
Portfolio turnover rate for all share classes	13%	27%	14%	21%	11%	17%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	Based on operations for a period that is less than a full year.
4	Unaudited.
5	Not annualized.
6	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	Amount less than $1 million.
9	Class T shares began investment operations on April 7, 2017.
10	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements.

American Funds Tax-Exempt Funds 115

Financial highlights (continued)

American Funds Tax-Exempt Fund of New York

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements3			Ratio of net income to average net assets3
Class A:
1/31/20204,5	$	11.02	$	.14	$	.19		$	.33		$	(.13	)	$	11.22		3.05	%6	$	222			.69	%7		.63	%7		2.42	%7
7/31/2019		10.61		.28		.41			.69			(.28	)		11.02		6.57			200			.67			.67			2.60
7/31/2018		10.80		.27		(.19	)		.08			(.27	)		10.61		.75	8		183			.72	8		.69	8		2.52	8
7/31/2017		11.12		.27		(.32	)		(.05	)		(.27	)		10.80		(.39	)8		169			.74	8		.69	8		2.55	8
7/31/2016		10.66		.28		.45			.73			(.27	)		11.12		6.95	8		161			.72	8		.69	8		2.54	8
7/31/2015		10.58		.32		.07			.39			(.31	)		10.66		3.65	8		124			.72	8		.67	8		2.91	8
Class C:
1/31/20204,5		11.02		.10		.19			.29			(.09	)		11.22		2.66	6		12			1.44	7		1.38	7		1.67	7
7/31/2019		10.61		.19		.41			.60			(.19	)		11.02		5.74			12			1.46			1.45			1.81
7/31/2018		10.80		.19		(.19	)		—	9		(.19	)		10.61		(.04	)		12			1.52			1.48			1.73
7/31/2017		11.12		.19		(.32	)		(.13	)		(.19	)		10.80		(1.17	)		12			1.52			1.48			1.76
7/31/2016		10.66		.20		.45			.65			(.19	)		11.12		6.11			14			1.51			1.48			1.75
7/31/2015		10.58		.23		.07			.30			(.22	)		10.66		2.79			10			1.56			1.50			2.07
Class T:
1/31/20204,5		11.02		.16		.19			.35			(.15	)		11.22		3.17	6,8		—	10		.44	7,8		.39	7,8		2.65	7,8
7/31/2019		10.61		.30		.41			.71			(.30	)		11.02		6.78	8		—	10		.47	8		.46	8		2.79	8
7/31/2018		10.80		.29		(.19	)		.10			(.29	)		10.61		.98	8		—	10		.52	8		.48	8		2.73	8
7/31/20174,11		10.68		.09		.13			.22			(.10	)		10.80		2.02	6,8		—	10		.19	6,8		.15	6,8		.87	6,8
Class F-1:
1/31/20204,5		11.02		.14		.19			.33			(.13	)		11.22		3.04	6,8		2			.70	7,8		.64	7,8		2.41	7,8
7/31/2019		10.61		.27		.41			.68			(.27	)		11.02		6.52	8		2			.72	8		.71	8		2.55	8
7/31/2018		10.80		.26		(.19	)		.07			(.26	)		10.61		.69	8		2			.79	8		.75	8		2.45	8
7/31/2017		11.12		.27		(.32	)		(.05	)		(.27	)		10.80		(.38	)8		3			.73	8		.68	8		2.56	8
7/31/2016		10.66		.29		.45			.74			(.28	)		11.12		7.02	8		2			.65	8		.62	8		2.61	8
7/31/2015		10.58		.31		.07			.38			(.30	)		10.66		3.58	8		2			.80	8		.74	8		2.83	8

116 American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements3			Ratio of net income to average net assets3
Class F-2:
1/31/20204,5	$	11.02	$	.15	$	.19		$	.34		$	(.14	)	$	11.22		3.14	%6	$	33		.51	%7		.46	%7		2.59	%7
7/31/2019		10.61		.29		.41			.70			(.29	)		11.02		6.74			29		.51			.51			2.75
7/31/2018		10.80		.29		(.19	)		.10			(.29	)		10.61		.89			16		.59			.54			2.67
7/31/2017		11.12		.29		(.32	)		(.03	)		(.29	)		10.80		(.26	)		11		.58			.56			2.68
7/31/2016		10.66		.30		.45			.75			(.29	)		11.12		7.10			31		.58			.55			2.68
7/31/2015		10.58		.33		.07			.40			(.32	)		10.66		3.77			20		.61			.56			3.02
Class F-3:
1/31/20204,5		11.02		.16		.19			.35			(.15	)		11.22		3.19	6		34		.42	7		.36	7		2.69	7
7/31/2019		10.61		.30		.41			.71			(.30	)		11.02		6.83			32		.42			.42			2.84
7/31/2018		10.80		.30		(.19	)		.11			(.30	)		10.61		1.00			26		.48			.44			2.78
7/31/20174,12		10.58		.15		.22			.37			(.15	)		10.80		3.54	6		16		.58	7		.45	7		2.79	7

	Six months ended January 31,	Year ended July 31,
	20204,5,6	2019	2018	2017	2016	2015
Portfolio turnover rate for all share classes	5%	16%	21%	27%	14%	42%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain reimbursements from CRMC. During the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses.
4	Based on operations for a period that is less than a full year.
5	Unaudited.
6	Not annualized.
7	Annualized.
8	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.
9	Amount less than $.01.
10	Amount less than $1 million.
11	Class T shares began investment operations on April 7, 2017.
12	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements.

American Funds Tax-Exempt Funds 117

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, 2019, through January 31, 2020).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

Note that the expenses shown in the 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.

118 American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Beginning account value 8/1/2019		Ending account value 1/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,010.91	$	2.89		.57	%
Class A – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class T – actual return		1,000.00		1,011.71		2.13		.42
Class T – assumed 5% return		1,000.00		1,023.09		2.14		.42
Class F-1 – actual return		1,000.00		1,009.94		3.85		.76
Class F-1 – assumed 5% return		1,000.00		1,021.37		3.87		.76
Class F-2 – actual return		1,000.00		1,011.53		2.28		.45
Class F-2 – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class F-3 – actual return		1,000.00		1,011.84		1.98		.39
Class F-3 – assumed 5% return		1,000.00		1,023.24		1.99		.39
Class R-6 – actual return		1,000.00		1,011.87		1.98		.39
Class R-6 – assumed 5% return		1,000.00		1,023.24		1.99		.39

Limited Term Tax-Exempt Bond Fund of America

	Beginning account value 8/1/2019		Ending account value 1/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,018.35	$	3.05		.60	%
Class A – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class C – actual return		1,000.00		1,014.80		6.60		1.30
Class C – assumed 5% return		1,000.00		1,018.65		6.61		1.30
Class T – actual return		1,000.00		1,019.89		1.53		.30
Class T – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class F-1 – actual return		1,000.00		1,018.23		3.20		.63
Class F-1 – assumed 5% return		1,000.00		1,022.03		3.21		.63
Class F-2 – actual return		1,000.00		1,019.57		1.88		.37
Class F-2 – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class F-3 – actual return		1,000.00		1,020.07		1.37		.27
Class F-3 – assumed 5% return		1,000.00		1,023.84		1.38		.27
Class R-6 – actual return		1,000.00		1,020.10		1.37		.27
Class R-6 – assumed 5% return		1,000.00		1,023.84		1.38		.27

The Tax-Exempt Bond Fund of America

	Beginning account value 8/1/2019		Ending account value 1/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,030.89	$	2.71		.53	%
Class A – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class C – actual return		1,000.00		1,027.16		6.39		1.25
Class C – assumed 5% return		1,000.00		1,018.90		6.36		1.25
Class T – actual return		1,000.00		1,032.14		1.43		.28
Class T – assumed 5% return		1,000.00		1,023.79		1.43		.28
Class F-1 – actual return		1,000.00		1,030.46		3.12		.61
Class F-1 – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class F-2 – actual return		1,000.00		1,031.78		1.79		.35
Class F-2 – assumed 5% return		1,000.00		1,023.44		1.79		.35
Class F-3 – actual return		1,000.00		1,032.34		1.28		.25
Class F-3 – assumed 5% return		1,000.00		1,023.95		1.28		.25
Class R-6 – actual return		1,000.00		1,032.34		1.28		.25
Class R-6 – assumed 5% return		1,000.00		1,023.95		1.28		.25

See end of tables for footnote.

American Funds Tax-Exempt Funds 119

American High-Income Municipal Bond Fund

	Beginning account value 8/1/2019		Ending account value 1/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,039.13	$	3.50		.68	%
Class A – assumed 5% return		1,000.00		1,021.78		3.47		.68
Class C – actual return		1,000.00		1,035.49		7.08		1.38
Class C – assumed 5% return		1,000.00		1,018.25		7.02		1.38
Class T – actual return		1,000.00		1,040.70		1.95		.38
Class T – assumed 5% return		1,000.00		1,023.29		1.94		.38
Class F-1 – actual return		1,000.00		1,039.01		3.60		.70
Class F-1 – assumed 5% return		1,000.00		1,021.68		3.57		.70
Class F-2 – actual return		1,000.00		1,040.38		2.26		.44
Class F-2 – assumed 5% return		1,000.00		1,022.99		2.24		.44
Class F-3 – actual return		1,000.00		1,040.92		1.75		.34
Class F-3 – assumed 5% return		1,000.00		1,023.49		1.73		.34
Class R-6 – actual return		1,000.00		1,040.93		1.75		.34
Class R-6 – assumed 5% return		1,000.00		1,023.49		1.73		.34

The Tax-Exempt Fund of California

	Beginning account value 8/1/2019		Ending account value 1/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,031.52	$	3.23		.63	%
Class A – assumed 5% return		1,000.00		1,022.03		3.21		.63
Class C – actual return		1,000.00		1,027.63		7.05		1.38
Class C – assumed 5% return		1,000.00		1,018.25		7.02		1.38
Class T – actual return		1,000.00		1,032.71		2.05		.40
Class T – assumed 5% return		1,000.00		1,023.19		2.04		.40
Class F-1 – actual return		1,000.00		1,031.04		3.69		.72
Class F-1 – assumed 5% return		1,000.00		1,021.58		3.67		.72
Class F-2 – actual return		1,000.00		1,032.46		2.31		.45
Class F-2 – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class F-3 – actual return		1,000.00		1,032.90		1.84		.36
Class F-3 – assumed 5% return		1,000.00		1,023.39		1.84		.36

American Funds Tax-Exempt Fund of New York

	Beginning account value 8/1/2019		Ending account value 1/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,030.49	$	3.22		.63	%
Class A – assumed 5% return		1,000.00		1,022.03		3.21		.63
Class C – actual return		1,000.00		1,026.63		7.05		1.38
Class C – assumed 5% return		1,000.00		1,018.25		7.02		1.38
Class T – actual return		1,000.00		1,031.75		2.00		.39
Class T – assumed 5% return		1,000.00		1,023.24		1.99		.39
Class F-1 – actual return		1,000.00		1,030.44		3.28		.64
Class F-1 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class F-2 – actual return		1,000.00		1,031.41		2.36		.46
Class F-2 – assumed 5% return		1,000.00		1,022.89		2.35		.46
Class F-3 – actual return		1,000.00		1,031.93		1.84		.36
Class F-3 – assumed 5% return		1,000.00		1,023.39		1.84		.36

* 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).

120 American Funds Tax-Exempt Funds

Liquidity Risk Management Program

The funds have adopted a liquidity risk management program (the “program”). Each fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

Each fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period December 1, 2018, through September 30, 2019. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

American Funds Tax-Exempt Funds 121

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122 American Funds Tax-Exempt Funds

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American Funds Tax-Exempt Funds 123

Offices of the funds

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

TEFNY

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

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

Transfer agent for shareholder accounts

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

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

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

Counsel

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

Custodians of assets

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

TEFNY

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

Independent registered public accounting firm

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

Principal underwriter

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

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

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

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

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

This report is for the information of shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the funds. If used as sales material after March 31, 2020, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

Bloomberg^® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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

Aligned with investor success

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

The Capital System

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

American Funds’ superior outcomes

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

	1	Portfolio manager experience as of December 31, 2019.
	2	Based on Class F-2 share results for rolling periods through December 31, 2019. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
	3	Based on Class F-2 share results, as of December 31, 2019. Fifteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.2. Standard & Poor’s 500 Composite Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	4	On average, our management fees were in the lowest quintile 65% of the time, based on the 20-year period ended December 31, 2019, versus comparable Lipper categories, excluding funds of funds.
Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

ITEM 2 – Code of Ethics

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, 2020

unaudited

Bonds, notes & other debt instruments 86.34% Alabama 0.89%	Principal amount (000)	Value (000)
21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2020	$4,000	$4,049
21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2021	3,305	3,467
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 4), Series 2019-A, 4.00% 2021	1,250	1,297
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 4), Series 2019-A, 4.00% 2022	1,650	1,755
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 4), Series 2019-A, 4.00% 2023	1,750	1,907
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)	12,620	13,461
Federal Aid Highway Fin. Auth., Special Obligation Rev. Bonds, Series 2017-B, 5.00% 2026	2,500	3,142
County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 2025	3,000	3,618
County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 2026	1,000	1,233
County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 2027	2,000	2,487
City of Montgomery, Medical Clinic Board, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), Series 2016, 5.00% 2021	2,065	2,132
City of Montgomery, Medical Clinic Board, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), Series 2016, 5.00% 2023	1,125	1,224
City of Pell, Special Care Facs. Fncg. Auth., Rev. Ref. Bonds (Noland Health Services, Inc.), Series 2012-A, 5.00% 2020	1,140	1,177
		40,949
Alaska 0.34%
Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), Series 2019, 4.00% 2048	9,820	10,855
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 2046	2,285	2,414
International Airport System, Rev. Ref. Bonds, Series 2016-C, AMT, 5.00% 2021	2,000	2,132
		15,401
Arizona 0.92%
City of Glendale, Water and Sewer Rev. Ref. Obligations, Series 2012, 5.00% 2020	1,550	1,576
Health Facs. Auth., Rev. Bonds (Scottsdale Lincoln Hospitals Project), Series 2014-A, 5.00% 2024	1,000	1,183
Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, National insured, 5.00% 2027	1,125	1,410
Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, National insured, 5.00% 2028	1,175	1,496
Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, National insured, 5.00% 2031	1,050	1,318
Industrial Dev. Auth., Student Housing Rev. Bonds (Provident Group - NCCU Properties LLC - North Carolina Central University Project), Series 2019-A, BAM insured, 5.00% 2025	400	473
Industrial Dev. Auth., Student Housing Rev. Bonds (Provident Group - NCCU Properties LLC - North Carolina Central University Project), Series 2019-A, BAM insured, 5.00% 2026	500	606
Industrial Dev. Auth., Student Housing Rev. Bonds (Provident Group - NCCU Properties LLC - North Carolina Central University Project), Series 2019-A, BAM insured, 5.00% 2027	400	494
County of Maricopa, Certs. of Part., Series 2020, 5.00% 2021	7,825	8,277
County of Maricopa, Certs. of Part., Series 2020, 5.00% 2022	1,965	2,157
County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2017-C, 5.00% 2048 (put 2024)	2,000	2,359
City of Phoenix, Civic Improvement Corp., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2026	2,750	3,376
City of Phoenix, Civic Improvement Corp., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2027	3,100	3,882
City of Phoenix, Civic Improvement Corp., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 2031	4,505	5,779
City of Phoenix, Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2010-C, 5.00% 2024 (preref. 2020)	2,000	2,034

Limited Term Tax-Exempt Bond Fund of America — Page 1 of 38

unaudited

Bonds, notes & other debt instruments (continued) Arizona (continued)	Principal amount (000)	Value (000)
City of Phoenix, Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 2028	$2,000	$2,482
Board of Regents of the University of Arizona, Rev. Ref. Certs. of Part., Series 2012-C, 5.00% 2020	3,180	3,222
		42,124
Arkansas 0.02%
Dev. Fin. Auth., Health Care Rev. Bonds (Baptist Memorial Health Care), Series 2015-B-3, (SIFMA Municipal Swap Index + 1.55%) 2.49% 2044 (put 2022)1	1,000	1,014
California 3.77%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 1.84% 2045 (put 2023)1	11,500	11,692
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2007-C-1, (SIFMA Municipal Swap Index + 0.90%) 1.84% 2047 (put 2023)1	3,500	3,558
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.04% 2045 (put 2024)1	2,500	2,565
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-H, (SIFMA Municipal Swap Index + 0.70%) 1.64% 2034 (put 2021)1	10,480	10,525
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2021	975	1,036
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 2026	750	940
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 2027	600	770
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2028	1,000	1,170
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2022	525	572
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2025	5,000	4,698
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026	3,850	3,558
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 2026	1,000	1,181
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-C, 5.00% 2034 (put 2022)	5,545	6,157
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 2.14% 2037 (put 2022)1	5,500	5,586
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2025	1,875	2,228
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013-A, 5.00% 2021	750	799
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013-A, 5.00% 2022	1,000	1,106
City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2026	3,590	4,246
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2025	1,015	1,221
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2026	1,965	2,429
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2027	1,250	1,538
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2024	1,500	1,758
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 2023	3,000	3,406
City of Los Angeles, Multi Family Housing Rev. Bonds (Jordan Downs Phase 1B Apartments), Series 2018-A-2, 2.08% 2022 (put 2021)	1,000	1,009
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 5.00% 2029	400	480
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 5.00% 2030	625	745
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing Project), Series 2019, 5.00% 2029	855	1,097
City of Murrieta, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2020	1,000	1,023

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Bonds, notes & other debt instruments (continued) California (continued)	Principal amount (000)	Value (000)
City of Oakland, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Central Dist. Redev. Project), Series 2013, 5.00% 2020	$2,500	$2,560
City of Oakland, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Central Dist. Redev. Project), Series 2013, 5.00% 2021	2,000	2,127
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2023	2,190	2,493
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2025	2,040	2,478
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028	1,810	2,244
Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2023	2,750	2,988
Palo Alto Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2008, 0% 2027	1,960	1,777
Palomar Pomerado Health, G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-A, National insured, 0% 2026	3,485	3,133
Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Series 2012, AMT, 5.00% 2021	1,700	1,762
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2027	835	1,011
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2028	405	489
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2029	2,250	2,667
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2031	1,035	1,222
City of Sacramento, Community Drainage Facs. Dist. No. 97-1 (North Natomas), Special Tax Bonds, Series 2015, 5.00% 2027	1,500	1,802
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2024	5,900	6,855
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2025	5,000	5,987
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2019-H, AMT, 5.00% 2025	6,000	7,185
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 6 (Mission Bay South Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2022	1,000	1,090
San Mateo Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006-A, National insured, 0% 2027	1,500	1,370
City of Santa Fe Springs, Community Dev. Commission, Consolidated Redev. Project, Tax Allocation Bonds, Capital Appreciation Bonds, Series 2006-A, National insured, 0% 2023	4,455	4,257
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Miramar Tower Apartments), Series 2019-M, 1.30% 2022 (put 2021)	4,275	4,287
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2006-D, 2.625% 2033 (put 2023)	1,250	1,313
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2013-A, 5.00% 2023	1,065	1,160
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2025	2,585	3,099
Statewide Communities Dev. Auth., Rev. Bonds (Hebrew Home for Aged Disabled), Series 2016, 3.50% 2021	1,815	1,827
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-M, 5.00% 2038 (put 2029)	9,700	13,061
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025	1,300	1,325
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2026	4,000	4,072
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 2030	1,820	2,324

Limited Term Tax-Exempt Bond Fund of America — Page 3 of 38

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Bonds, notes & other debt instruments (continued) California (continued)	Principal amount (000)	Value (000)
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049	$6,980	$7,734
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, AMT, 2.45% 2031	650	659
		173,451
Colorado 3.13%
County of Arapahoe, Gardens of Havana Metropolitan Dist. No. 3, Special Rev. Ref. Bonds, Series 2017-A, 3.625% 2021	1,350	1,381
City of Aurora, Cornerstar Metropolitan Dist., Limited Tax G.O. Rev. Ref. Bonds (Convertible to Unlimited Tax), Series 2017-A, 3.50% 2021	920	938
Colorado Bridge Enterprise, Rev. Bonds (Central 70 Project), Series 2017, AMT, 4.00% 2025	3,505	3,988
Colorado Bridge Enterprise, Rev. Bonds (Central 70 Project), Series 2017, AMT, 4.00% 2026	4,050	4,640
City of Colorado Springs, Utilities System Rev. Ref. Bonds, Series 2019-A, 5.00% 2027	1,250	1,617
City and County of Denver, Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2026	2,500	3,034
City and County of Denver, Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2029	6,500	7,736
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 2026	15,000	18,575
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 2032	10,000	12,613
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2019-C, 5.00% 2026	2,000	2,511
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2019-D, 5.00% 2031 (put 2022)	2,295	2,544
City and County of Denver, Dept. of Aviation, Airport System Rev. Ref. Bonds, Series 2010-A, 5.00% 2021	3,000	3,097
City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2023	1,400	1,593
City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2024	1,080	1,267
City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2025	3,835	4,628
City of Denver, Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2021	3,800	4,079
City of Denver, Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2022	4,000	4,452
E-470 Public Highway Auth., Rev. Bonds, Capital Appreciation Bonds, Series 1997-B, National insured, 0% 2020	1,050	1,044
E-470 Public Highway Auth., Rev. Bonds, Series 2017-B, (1-month USD-LIBOR x 0.67 + 1.05%) 2.155% 2039 (put 2021)1	1,100	1,109
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 4.00% 2020 (escrowed to maturity)	300	303
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2021 (escrowed to maturity)	1,200	1,265
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2022 (escrowed to maturity)	1,500	1,642
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2024 (escrowed to maturity)	1,500	1,761
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2025 (escrowed to maturity)	1,000	1,212
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2026 (escrowed to maturity)	615	767
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2029	1,750	2,239
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2029	3,455	4,186
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-C, 5.00% 2036 (put 2023)	3,000	3,443
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2018-B, 5.00% 2048 (put 2025)	5,500	6,715
Health Facs. Auth., Hospital Rev. Ref. Bonds (Valley View Hospital Association Project), Series 2018, 2.80% 2042 (put 2023)	1,800	1,873
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2021	1,765	1,884

Limited Term Tax-Exempt Bond Fund of America — Page 4 of 38

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Bonds, notes & other debt instruments (continued) Colorado (continued)	Principal amount (000)	Value (000)
Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-A, 5.00% 2026	$3,000	$3,671
Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-A, 5.00% 2027	3,990	5,004
Housing and Fin. Auth., Multi Family Housing Bonds (South Range Crossings Project), Series 2017, 1.30% 2038 (put 2021)	3,050	3,056
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-C, Class I, 4.00% 2048	2,750	2,969
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-C, Class I, 4.25% 2048	6,010	6,624
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-E, Class I, 4.25% 2049	12,505	13,792
City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017, 5.00% 20202	1,000	1,024
		144,276
Connecticut 1.92%
Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2016-M, 5.00% 2024	1,645	1,916
Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2016-M, 5.00% 2025	1,450	1,741
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 1997-T-2, 1.65% 2029 (put 2020)3	1,385	1,385
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)	14,355	14,400
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2015-A, 2.05% 2035 (put 2021)	8,905	9,043
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2017-A-2, 5.00% 2042 (put 2022)	1,795	1,969
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2017-B-1, 5.00% 2037 (put 2020)3	10,475	10,649
Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2017-A, AMT, 5.00% 2025	1,000	1,188
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044	570	598
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-A-1, 4.00% 2045	2,155	2,276
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-B-2, AMT, 3.50% 2039	1,675	1,759
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-E-1, 3.50% 2046	7,440	7,832
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-F-2, AMT, 3.50% 2039	2,540	2,673
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047	1,400	1,505
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 2047	4,230	4,545
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D-1, 4.00% 2047	2,305	2,480
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-A-2, AMT, 4.00% 2041	2,585	2,793
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-C-1, 4.00% 2045	7,425	8,131
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-A-1, 4.00% 2045	5,000	5,512
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2012-F-2, AMT, 2.75% 2035	225	230
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044	4,110	4,281
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045	1,285	1,345
		88,251
District of Columbia 1.29%
Hospital Rev. Ref. Bonds (Children’s Hospital Obligated Group Issue), Series 2015, 5.00% 2027	1,500	1,823
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Providence Place Apartments Project), Series 2019-B, 1.25% 2023 (put 2022)	1,700	1,704
Income Tax Secured Rev. Bonds, Series 2011-A, 5.00% 2029	1,765	1,893
Income Tax Secured Rev. Bonds, Series 2019-A, 5.00% 2030	4,185	5,596
Income Tax Secured Rev. Ref. Bonds, Series 2019-C, 5.00% 2027	6,175	8,004
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2020	3,000	3,078
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2015-B, AMT, 5.00% 2027	1,000	1,201
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2017, AMT, 5.00% 2026	5,000	6,180
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 2023	1,750	1,993
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 2024	2,000	2,348
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2027	3,965	4,895
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2028	1,945	2,446

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Bonds, notes & other debt instruments (continued) District of Columbia (continued)	Principal amount (000)	Value (000)
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2029	$2,530	$3,235
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2030	5,500	7,130
Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 2027	4,900	6,272
Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 2028	1,250	1,591
		59,389
Florida 5.36%
County of Brevard, Educational Facs. Auth., Demand Rev. Bonds (Florida Institute of Technology Project), Series 2014, 5.00% 2023	1,100	1,233
County of Broward, Airport System Rev. Bonds, Series 2017, AMT, 5.00% 2026	2,500	3,083
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 5.00% 2028	1,500	1,916
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 5.00% 2029	1,200	1,557
County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 5.00% 2030	2,150	2,772
County of Broward, Airport System Rev. Bonds, Series 2019-B, AMT, 5.00% 2027	4,000	5,020
County of Broward, Airport System Rev. Bonds, Series 2019-B, AMT, 5.00% 2028	5,000	6,387
County of Broward, Airport System Rev. Bonds, Series 2019-B, AMT, 5.00% 2029	5,000	6,489
County of Broward, Airport System Rev. Ref. Bonds, Series 2012-P-1, AMT, 5.00% 2024	5,030	5,538
County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Prospect Park Apartments), Series 2019-C, 1.40% 2022 (put 2021)	2,295	2,303
City of Cape Coral, Utility Improvement Rev. Ref. Assessment Bonds (Various Areas), Series 2017, Assured Guaranty Municipal insured, 2.00% 2021	1,065	1,075
City of Cape Coral, Utility Improvement Rev. Ref. Assessment Bonds (Various Areas), Series 2017, Assured Guaranty Municipal insured, 2.125% 2022	1,160	1,179
Central Florida Expressway Auth., Rev. Bonds, Series 2019-B, 5.00% 2030	3,000	3,910
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2020	4,500	4,560
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2021	1,000	1,054
County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2026	350	416
County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2027	240	284
County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2028	445	524
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2019-A, 5.00% 2021	8,325	8,781
County of Escambia, Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project), Series 2010-A, 5.125% 2020	1,270	1,297
County of Escambia, Housing Fin. Auth, Multi Family Housing Rev. Bonds (Springhill Apartments), Series 2019, 1.35% 2022 (put 2021)	1,285	1,290
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 2025	1,000	1,208
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 2026	1,000	1,236
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 2027	500	630
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2019-A, AMT, 5.00% 2024	4,000	4,705
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2019-A, AMT, 5.00% 2025	8,000	9,679
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2019-A, AMT, 5.00% 2028	15,000	19,302
Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021	3,700	3,954
Housing Fin. Auth., Multi Family Housing Rev. Bonds (Jubilee Courtyards Apartments), Series 2019, 1.45% 2022 (put 2021)	1,250	1,254
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2015-A, 3.50% 2046	1,880	1,948
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2015-1, 4.00% 2047	750	793
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2016-2, 4.00% 2047	670	712
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 2048	10,885	11,767
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050	15,440	17,104
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Azure Estates), Series 2019-J, 1.45% 2023 (put 2022)	9,160	9,220

Limited Term Tax-Exempt Bond Fund of America — Page 6 of 38

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Bonds, notes & other debt instruments (continued) Florida (continued)	Principal amount (000)	Value (000)
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Pembroke Tower Apartments), Series 2019-G, 1.55% 2021 (put 2021)	$1,310	$1,316
County of Miami-Dade, Aviation Rev. Bonds, Series 2010-A, 5.00% 2021	2,250	2,312
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021	11,600	12,389
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2014, AMT, 5.00% 2023	945	1,078
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2027	1,325	1,546
County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-B, 5.00% 2022	1,750	1,908
County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-B, 5.00% 2025	4,870	5,672
County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-B, 5.00% 2026	7,530	8,742
City of Miami Beach, Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2021	1,000	1,067
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2016-A, 5.00% 2024	2,300	2,725
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2016, 5.00% 2031	2,750	3,135
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Willow Key Apartments), Series 2019-A, 1.90% 2022 (put 2021)	2,485	2,506
City of Orlando, Utilities Commission, Utility System Rev. Ref. Bonds, Series 2017-A, 5.00% 2027 (put 2020)	6,000	6,161
Orlando-Orange Expressway Auth., Rev. Ref. Bonds, Series 2012, 5.00% 2020	1,560	1,586
Orlando-Orange Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2020	1,000	1,017
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-C, 5.00% 2022	1,715	1,834
County of Pinellas, Housing Fin. Auth., Multi Family Housing Rev. Bonds, Series 2019-B, 1.25% 2022 (put 2021)	1,000	1,002
Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund), Series 2011-B, AMT, 5.00% 2021	2,500	2,628
South Florida Water Management Dist., Certs. of Part., Series 2015, 5.00% 2026	2,000	2,474
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2020	2,000	2,043
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2021	1,250	1,326
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2025	1,545	1,875
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2026	1,000	1,247
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2027	1,250	1,588
Southeast Overtown/Park West Community Redev. Agcy., Tax Increment Rev. Bonds, Series 2014-A-1, 5.00% 20202	1,000	1,003
Southeast Overtown/Park West Community Redev. Agcy., Tax Increment Rev. Bonds, Series 2014-A-1, 5.00% 20212	2,000	2,080
Southeast Overtown/Park West Community Redev. Agcy., Tax Increment Rev. Bonds, Series 2014-A-1, 5.00% 20222	2,000	2,152
Southeast Overtown/Park West Community Redev. Agcy., Tax Increment Rev. Bonds, Series 2014-A-1, 5.00% 20232	1,000	1,108
Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 2.00% 2021	935	941
Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 2.00% 2023	970	985
Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 2.00% 2024	995	1,013
Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 2.00% 2025	1,010	1,029
County of Sumter, Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects), Series 2014-A, 5.00% 2021	500	526
County of Sumter, Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects), Series 2014-A, 5.00% 2026	500	568

Limited Term Tax-Exempt Bond Fund of America — Page 7 of 38

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Bonds, notes & other debt instruments (continued) Florida (continued)	Principal amount (000)	Value (000)
County of Sumter, Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects), Series 2014-A, 5.00% 2027	$330	$373
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Rev. Ref. Bonds, Series 2012-A, 4.00% 2028	10,800	11,263
Dept. of Transportation, Turnpike Rev. Bonds, Series 2018-A, 5.00% 2026	4,000	5,008
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2013-A, 5.00% 2021	5,180	5,484
		246,890
Georgia 2.68%
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Atlantic Station Project), Series 2017, 5.00% 2020	1,100	1,134
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Atlantic Station Project), Series 2017, 5.00% 2021	1,250	1,336
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Atlantic Station Project), Series 2017, 5.00% 2022	1,000	1,103
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Project), Series 2016-B, 5.00% 2023	1,270	1,409
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Project), Series 2016-B, 5.00% 2024	2,460	2,810
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Project), Series 2016-B, 5.00% 2025	2,620	3,084
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Project), Series 2016-D, 5.00% 2023	2,310	2,563
City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Project), Series 2016-D, 5.00% 2025	2,895	3,408
City of Atlanta, Urban Residential Fin. Auth., Multi Family Housing Rev. Bonds (Herndon Square Senior Apartments Project), Series 2019, 1.36% 2022 (put 2021)	1,220	1,225
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Series 2013, 2.925% 2053 (put 2024)	4,400	4,646
City of East Point, Housing Auth., Multi Family Housing Rev. Bonds (Hillcrest Senior Apartments Projects), Series 2018, 2.25% 2022 (put 2021)3	7,680	7,788
County of Forsyth, Water and Sewage Auth., Rev. Ref. and Improvement Rev. Bonds, Series 2019, 5.00% 2030	1,000	1,331
County of Forsyth, Water and Sewage Auth., Rev. Ref. and Improvement Rev. Bonds, Series 2019, 5.00% 2031	1,000	1,323
G.O. Bonds, Series 2011-C, 5.00% 2021	630	667
G.O. Bonds, Series 2011-C, 5.00% 2022 (preref. 2021)	1,340	1,418
G.O. Bonds, Series 2013-D, 5.00% 2021	2,430	2,530
G.O. Bonds, Series 2013-H, 5.00% 2021	1,745	1,877
G.O. Bonds, Series 2019-A, 5.00% 2021	7,440	7,873
G.O. Bonds, Series 2019-A, 5.00% 2028	11,000	14,490
G.O. Rev. Ref. Bonds, Series 2009-I, 5.00% 2021	2,000	2,117
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045	490	512
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2016-A-1, 3.50% 2046	910	957
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2020	9,000	9,038
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2023)	15,000	16,437
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-A, 5.00% 2021	820	859
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2025	1,000	1,173
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2027	1,000	1,224
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2029	880	1,101
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2030	885	1,101
Municipal Electric Auth., Power Rev. Bonds, Series 2018-HH, 5.00% 2029	2,000	2,494
Municipal Electric Auth., Project One Bonds, Series 2011-A, 5.00% 2021	11,490	11,891
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2026	1,710	2,053
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2027	1,020	1,248
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2028	1,270	1,578
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2029	270	341
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2030	1,025	1,289
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2031	1,390	1,739
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2014, 5.00% 2022	1,050	1,141
Road and Tollway Auth., Federal Highway Grant Anticipation Rev. Ref. Bonds, Series 2017-B, 5.00% 2020	3,000	3,040
		123,348

Limited Term Tax-Exempt Bond Fund of America — Page 8 of 38

unaudited

Bonds, notes & other debt instruments (continued) Guam 0.12%	Principal amount (000)	Value (000)
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.25% 2034	$500	$579
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 5.00% 2021 (escrowed to maturity)	3,385	3,529
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2016, 5.00% 2026	965	1,162
		5,270
Hawaii 0.56%
G.O. Bonds, Series 2011-DZ, 5.00% 2020 (escrowed to maturity)	760	786
G.O. Bonds, Series 2011-DZ, 5.00% 2020 (escrowed to maturity)	40	41
G.O. Bonds, Series 2011-DZ, 5.00% 2024 (preref. 2021)	3,550	3,818
G.O. Bonds, Series 2011-DZ, 5.00% 2026 (preref. 2021)	4,980	5,355
G.O. Bonds, Series 2011-DZ, 5.00% 2027 (preref. 2021)	3,745	4,027
City and County of Honolulu, G.O. Bonds (Honolulu Rail Transit Project), Series 2017-H, (SIFMA Municipal Swap Index + 0.31%) 1.25% 2024 (put 2020)1	2,500	2,500
City and County of Honolulu, G.O. Bonds (Honolulu Rail Transit Project), Series 2017-H, (SIFMA Municipal Swap Index + 0.32%) 1.26% 2026 (put 2020)1	5,000	5,000
City and County of Honolulu, Wastewater System Rev. Bonds (Second Bond Resolution), Series 2010-A, 5.00% 2024 (preref. 2020)	3,115	3,168
Dept. of Transportation, Airports Division, Lease Rev. Certs. of Part., Series 2013, AMT, 5.00% 2023	1,000	1,131
		25,826
Idaho 0.08%
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2015-A, 5.00% 2025	1,500	1,809
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2015-A, 5.00% 2026	1,515	1,874
		3,683
Illinois 9.76%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020	1,000	1,013
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2024	4,230	4,663
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2010, 5.00% 2020	1,200	1,215
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2025	4,515	5,006
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2026	11,805	13,304
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 4.00% 2021	1,900	1,957
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2023	900	1,011
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2023	1,000	1,107
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2024	8,975	10,241
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2027	500	599
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2024	2,480	2,781
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2025	1,900	2,180
City of Chicago, G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2026	2,270	2,658
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2027	5,000	5,962
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2012-B, AMT, 5.00% 2024	2,000	2,144
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2013-A, AMT, 5.00% 2022	3,055	3,285
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 2026	4,000	4,887
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.25% 2029	1,500	1,883
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2025	6,170	6,615
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2023	5,000	5,555
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2013-B, AMT, 5.00% 2022	3,000	3,226

Limited Term Tax-Exempt Bond Fund of America — Page 9 of 38

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Bonds, notes & other debt instruments (continued) Illinois (continued)	Principal amount (000)	Value (000)
City of Chicago, Transit Auth., Capital Grant Receipts Rev. Bonds (Federal Transit Administration Section 5307 Guideway Modernization Formula Funds), Series 2011, Assured Guaranty insured, 5.00% 2022	$1,400	$1,475
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, 5.00% 2021	850	879
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2022	760	814
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2014, 5.00% 2022	1,100	1,178
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2014, 5.00% 2023	1,435	1,586
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2024	1,500	1,705
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2025	1,000	1,165
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2026	1,165	1,393
City of Chicago, Water Rev. Bonds, Series 1999, Assured Guaranty Municipal insured, 5.00% 2029	1,000	1,205
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 2022	10,500	11,545
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2026	5,225	6,376
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2027	1,750	2,108
City of Chicago, Water Rev. Ref. Bonds, Series 2012, 5.00% 2025	775	854
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2023	1,010	1,145
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Bonds, Series 2001-A, FGIC-National insured, 5.50% 2020	2,000	2,037
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Bonds, Series 2004-A, Assured Guaranty Municipal insured, 5.25% 2025	1,935	2,341
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Bonds, Series 2004-A, Assured Guaranty Municipal insured, 5.50% 2026	6,800	8,556
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Rev. Ref. Bonds, Series 1997, FGIC-National insured, 6.00% 2020	2,060	2,093
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Rev. Ref. Bonds, Series 1999, Assured Guaranty Municipal insured, 5.75% 2023	1,000	1,118
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2022	1,000	1,095
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2026	3,400	4,134
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2026	4,000	4,902
Fin. Auth., National Rural Utilities Cooperative Fin. Corp., Guaranteed Solid Waste Disposal Rev. Bonds (Prairie Power, Inc. Project), Series 2008-A, 1.75% 2042 (put 2020)	2,940	2,945
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2014, 5.00% 2021	375	397
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2026	1,100	1,275
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2026	1,000	1,230
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2028	10,590	12,914
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2027	2,000	2,516
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2020	500	504
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2022	200	214
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2026	540	619
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2028	1,060	1,207
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2025	5,530	6,647
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2027	5,000	5,988
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2026	1,080	1,324
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2027	1,000	1,215
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-B, 5.00% 2057 (put 2022)	4,865	5,399
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2020	800	807
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2024	1,920	2,198
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-B, (1-month USD-LIBOR x 0.70 + 1.35%) 2.596% 2036 (put 2021)1	2,275	2,279
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2024	4,000	4,477
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2023	1,545	1,731
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2024	1,425	1,651
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2025	950	1,136
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2026	1,215	1,496
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2027	8,640	10,885
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 5.00% 2022	1,665	1,811

Limited Term Tax-Exempt Bond Fund of America — Page 10 of 38

unaudited

Bonds, notes & other debt instruments (continued) Illinois (continued)	Principal amount (000)	Value (000)
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2028	$4,000	$4,742
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2029	9,500	11,224
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.25% 2028	1,020	1,229
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021	4,170	4,413
Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2023	1,970	2,158
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2023	750	854
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2026	1,165	1,403
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2029	1,500	1,782
G.O. Bonds, Series 2013, 5.00% 2022	1,310	1,413
G.O. Bonds, Series 2017-A, 5.00% 2021	3,500	3,716
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2020	9,885	10,154
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2021	20,015	21,197
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2024	5,500	6,260
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2020	3,000	3,054
Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-B, AMT, 3.50% 2046	2,465	2,617
Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-C, 3.50% 2046	4,775	5,096
Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2018-A-1, 4.00% 2048	7,515	8,264
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 1.94% 2050 (put 2025)1	3,625	3,650
Housing Dev. Auth., Rev. Bonds, Series 2016-A, 4.00% 2046	1,685	1,801
Housing Dev. Auth., Rev. Bonds, Series 2017-B, 4.00% 2048	1,915	2,077
Housing Dev. Auth., Rev. Bonds, Series 2019-A, 4.25% 2049	6,200	6,907
Housing Dev. Auth., Rev. Bonds, Series 2019-C, 4.00% 2049	1,950	2,165
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2023	2,700	2,973
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2002-A, Assured Guaranty Municipal insured, 5.50% 2023	4,295	4,645
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2020	3,905	4,016
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2026	2,230	2,392
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2028	1,000	1,072
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-B, 5.00% 2025	665	786
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-B, 5.00% 2026	1,000	1,206
Metropolitan Water Reclamation Dist. of Greater Chicago, Unlimited Tax G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2025	2,000	2,431
Metropolitan Water Reclamation Dist. of Greater Chicago, Unlimited Tax G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2026	2,500	3,111
Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027	3,000	3,585
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2020	6,525	6,612
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.375% 2021	1,015	1,071
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 (preref. 2021)	13,235	14,040
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2023	4,800	5,397
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2024	5,000	5,804
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2025	5,000	5,982
Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2017-A, 5.00% 2027	3,000	3,694
Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, 5.00% 2027	2,000	2,462
Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2017-A, 5.00% 2023	2,900	3,211
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.125% 2043 (preref. 2023)	2,500	3,061
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.25% 2036 (preref. 2023)	3,080	3,785

Limited Term Tax-Exempt Bond Fund of America — Page 11 of 38

unaudited

Bonds, notes & other debt instruments (continued) Illinois (continued)	Principal amount (000)	Value (000)
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-A, 5.00% 2021	$1,260	$1,353
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-D, 5.00% 2024	4,375	5,041
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2027	950	1,174
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2033	1,000	1,214
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2028	11,035	14,077
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2029	4,560	5,941
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2030	1,000	1,327
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2025	1,680	1,999
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2026	4,000	4,892
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2027	1,500	1,874
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2028	2,000	2,551
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2005-A, National insured, 5.50% 2023	2,700	3,067
Village of Volo, Special Service Areas Nos. 3 and 6 (Symphony Meadows/Lancaster Falls Projects), Special Tax Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 3.00% 2020	624	625
United City of Yorkville, Special Service Area Nos. 2005-108 and 2005-109, Special Tax Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 2.375% 2022	554	562
United City of Yorkville, Special Service Area Nos. 2005-108 and 2005-109, Special Tax Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 2.625% 2023	1,105	1,134
United City of Yorkville, Special Service Area Nos. 2005-108 and 2005-109, Special Tax Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 3.00% 2021	991	1,008
		449,212
Indiana 1.46%
Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2001, AMT, 2.95% 2031 (put 2021)	1,000	1,027
Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2019-C, 5.00% 2023	2,825	3,258
Fin. Auth., Hospital Rev. Bonds (Community Health Network Project), Series 2012-A, 5.00% 2042	8,835	9,732
Fin. Auth., Hospital Rev. Ref. Bonds (Community Health Network Project), Series 2012-A, 5.00% 2020	1,460	1,474
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2016-A, 5.00% 2023	1,500	1,730
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2016-A, 5.00% 2024	1,000	1,191
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2012-A, 5.00% 2022	1,940	2,115
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2012-A, 5.00% 2021 (escrowed to maturity)	60	63
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2012-A, 5.00% 2022 (escrowed to maturity)	60	65
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2017-A, 5.00% 2026	1,365	1,711
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2017-A, 5.00% 2027	700	896
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2015, 5.00% 2026	500	592
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2015, 5.00% 2027	500	590
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2015, 5.00% 2028	500	588
Fin. Auth., State Revolving Fund Green Bonds, Series 2019-E, 5.00% 2023	2,000	2,245
Fin. Auth., State Revolving Fund Green Bonds, Series 2019-E, 5.00% 2027	2,250	2,855
Gary/Chicago International Airport Auth., Airport Dev. Zone Rev. Bonds, Series 2014, AMT, 5.50% 2025	3,630	3,644
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-A-2, AMT, 3.50% 2038	1,435	1,500
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-A-2, AMT, 4.00% 2039	1,190	1,252
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2048	1,995	2,216
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 2049	1,320	1,468
Indianapolis Local Public Improvement Bond Bank, Rev. Ref. Bonds (Indianapolis Airport Auth. Project), Series 2014-D, AMT, 5.00% 2022	2,000	2,145
Indianapolis Local Public Improvement Bond Bank, Rev. Ref. Bonds (Indianapolis Airport Auth. Project), Series 2019-D, AMT, 5.00% 2025	2,870	3,380

Limited Term Tax-Exempt Bond Fund of America — Page 12 of 38

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Bonds, notes & other debt instruments (continued) Indiana (continued)	Principal amount (000)	Value (000)
Indianapolis Local Public Improvement Bond Bank, Rev. Ref. Bonds (Indianapolis Airport Auth. Project), Series 2019-D, AMT, 5.00% 2026	$6,550	$7,923
City of Rockport, Pollution Control Rev. Ref. Bonds (Indiana Michigan Power Co. Project), Series 2002-A, 2.75% 2025	1,500	1,612
City of Rockport, Pollution Control Rev. Ref. Bonds (Indiana Michigan Power Co. Project), Series 2008-D, 2.05% 2025 (put 2021)	1,615	1,632
City of Rockport, Pollution Control Rev. Ref. Bonds (Indiana Michigan Power Co. Project), Series 2009-A, 3.05% 2025	2,000	2,180
County of Warrick, Multi Family Housing Rev. Bonds (Newburgh Assisted Living Project), Series 2019, 1.625% 2022 (put 2021)	4,250	4,278
City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2015, AMT, 5.00% 2045 (put 2022)	3,290	3,614
		66,976
Iowa 0.12%
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2019-A-2, 2.875% 2049	445	450
Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.00% 2047	4,150	4,696
Fin. Auth., Single Family Mortgage Bonds, Series 2015-A, AMT, 3.50% 2040	350	361
		5,507
Kansas 0.08%
University of Kansas Hospital Auth., Health Facs. and Improvement Rev. Bonds (University of Kansas Health System), Series 2019-B, 5.00% 2027	1,315	1,642
City of Wichita, Hospital Facs. Rev. Ref. and Improvement Bonds (Christi Health, Inc.), Series 2011-A, 5.00% 2020 (escrowed to maturity)	2,170	2,239
		3,881
Kentucky 0.37%
Asset/Liability Commission, Project Notes, Federal Highway Trust Fund, Series 2014-A, 5.00% 2024	3,000	3,525
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2014-B, 2.70% 2039 (put 2021)	1,500	1,538
Housing Corp., Housing Rev. Bonds (Jefferson Green Apartments Project), Series 2018, 2.20% 2022 (put 2021)	1,470	1,486
County of Owen, Water Facs. Rev. Ref. Bonds (Kentucky - American Water Company Project), Series 2019, 2.45% 2039 (put 2029)	5,250	5,482
Property and Buildings Commission, Project No. 122, Commonwealth Rev. Ref. Bonds, Series 2020-C, 5.00% 2021	4,850	5,131
		17,162
Louisiana 1.27%
Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2015-B, AMT, 5.00% 2025	1,600	1,875
Aviation Board, General Airport Rev. Ref. Bonds, Series 2017-D-2, AMT, 5.00% 2029	1,000	1,216
Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2024 (preref. 2022)	1,000	1,094
Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2022	1,250	1,365
Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2016-A, 5.00% 2025	5,400	6,523
Gasoline and Fuels Tax Rev. Ref. Bonds, Series 2012-A-1, 5.00% 2020	2,000	2,020
Housing Corp., Single Family Mortgage Bonds (Home Ownership Program), Series 2019-A-1, 4.50% 2049	5,865	6,598
Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2027	2,600	3,309
City of New Orleans, Water Rev. and Rev. Ref. Bonds, Series 2014, 5.00% 2027	1,000	1,197
City of New Orleans, Water Rev. and Rev. Ref. Bonds, Series 2014, 5.00% 2028	900	1,074
Offshore Terminal Auth., Deepwater Port Rev. Bonds (Loop LLC Project), Series 2007-A, 1.65% 2027 (put 2023)	6,020	6,101

Limited Term Tax-Exempt Bond Fund of America — Page 13 of 38

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Bonds, notes & other debt instruments (continued) Louisiana (continued)	Principal amount (000)	Value (000)
Offshore Terminal Auth., Deepwater Port Rev. Bonds (Loop LLC Project), Series 2013-A, 1.65% 2033 (put 2023)	$665	$674
Public Facs. Auth., Rev. Ref. Bonds (Ochsner Clinic Foundation Project), Series 2015, 5.00% 2021	445	466
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 3.00% 2022	195	205
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2023	175	193
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2025	255	295
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2024	135	159
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2026	240	297
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2020	5,430	5,487
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021	5,915	6,192
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2022	7,235	7,826
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2023	2,160	2,411
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.50% 2029	2,015	2,019
		58,596
Maine 0.20%
Housing Auth., Mortgage Purchase Bonds, Series 2016-B-1, 3.50% 2046	3,015	3,142
Housing Auth., Mortgage Purchase Bonds, Series 2016-C, 3.50% 2046	755	794
Housing Auth., Mortgage Purchase Bonds, Series 2019-A, 4.00% 2049	3,375	3,718
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2013-B, 4.00% 2043	250	259
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2015-B, 3.50% 2040	510	530
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2015-E-1, AMT, 3.50% 2035	885	925
		9,368
Maryland 1.34%
County of Baltimore, Rev. Bonds (Riverwood Village, Inc. Fac.), Series 2020, 4.00% 2022	830	878
County of Baltimore, Rev. Bonds (Riverwood Village, Inc. Fac.), Series 2020, 4.00% 2023	815	886
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-B, AMT, 3.25% 2044	430	443
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-C, 4.00% 2044	95	100
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2019-A, 4.25% 2049	6,885	7,670
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2019-C, 3.50% 2050	2,550	2,791
Econ. Dev. Corp., Rev. Ref. Bonds (Constellation Energy Group, Inc. Project), Series 2006-B, 2.55% 2025 (put 2020)	2,365	2,377
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project), Series 2013, 5.00% 2023	1,000	1,083
G.O. Bonds, State and Local Facs. Loan of 2015, Series 2017-A-1, 5.00% 2022	5,905	6,421
G.O. Rev. Ref. Bonds, State and Local Facs. Loan of 2017, Series 2017-C-1, 5.00% 2020	1,160	1,184
Health and Higher Educational Facs. Auth., Rev. Bonds (Doctors Community Hospital Issue), Series 2010, 5.75% 2038 (preref. 2020)	2,000	2,040
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2015, 5.00% 2027	5,000	5,910

Limited Term Tax-Exempt Bond Fund of America — Page 14 of 38

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Bonds, notes & other debt instruments (continued) Maryland (continued)	Principal amount (000)	Value (000)
County of Montgomery, Housing Opportunities Commission, Program Rev. Bonds, Series 2019-A, 4.00% 2049	$4,415	$4,923
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, 4.00% 2048	2,670	2,887
Dept. of Transportation, Consolidated Transportation Bonds, Series 2013, 5.00% 2024 (preref. 2021)	5,650	5,892
Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2020	8,150	8,175
Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2021	7,565	7,890
		61,550
Massachusetts 2.54%
Dev. Fin. Agcy., Rev. Bonds (Berkshire Health Systems Issue), Series 2012-G, 5.00% 2020	1,205	1,237
Dev. Fin. Agcy., Rev. Bonds (Berkshire Health Systems Issue), Series 2012-G, 5.00% 2021	1,500	1,601
Dev. Fin. Agcy., Rev. Bonds (Beth Israel Lahey Health Issue), Series 2019-K, 5.00% 2026	1,000	1,230
Dev. Fin. Agcy., Rev. Bonds (Beth Israel Lahey Health Issue), Series 2019-K, 5.00% 2027	1,500	1,884
Dev. Fin. Agcy., Rev. Bonds (Beth Israel Lahey Health Issue), Series 2019-K, 5.00% 2028	1,200	1,535
Dev. Fin. Agcy., Rev. Bonds (Boston Medical Center Issue), Series 2012-C, 5.25% 2025	2,390	2,612
Dev. Fin. Agcy., Rev. Bonds (CareGroup Obligated Group Issue), Series 2016-I, 5.00% 2025	2,500	3,000
Dev. Fin. Agcy., Rev. Bonds (CareGroup Obligated Group Issue), Series 2016-I, 5.00% 2026	1,000	1,230
Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2010-B-2, 5.25% 2034 (preref. 2021)	1,855	1,936
Dev. Fin. Agcy., Rev. Bonds (Mass General Brigham Issue), Series 2020-A-2, 5.00% 2023	6,725	7,655
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2012-L, 5.00% 2031 (preref. 2021)	3,130	3,311
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2017-S-2, 5.00% 2038 (put 2025)	5,000	5,964
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2017-S-4, 5.00% 2038 (put 2024)	2,500	2,891
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2024	2,000	2,335
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2025	1,275	1,534
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2026	1,150	1,420
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2027	1,150	1,421
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 2025	1,500	1,796
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 2021	575	607
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 2022	400	437
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 2023	425	480
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 2024	350	408
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041 (preref. 2021)	1,395	1,471
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041 (preref. 2021)	1,020	1,076
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2012-J, AMT, 5.00% 2020	3,635	3,694
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2022	3,000	3,218
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2023	3,000	3,321
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2025	3,000	3,519
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 3.50% 2033	3,285	3,459
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 5.00% 2024	4,000	4,633
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2017-A, AMT, 3.625% 2032	3,290	3,448
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2017-A, AMT, 5.00% 2022	1,000	1,090
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2017-A, AMT, 5.00% 2023	2,500	2,812
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2019-B, AMT, 3.00% 2035	5,225	5,538
Housing Fin. Agcy., Construction Loan Notes, Series 2017-B, 2.05% 2021	2,750	2,751
Housing Fin. Agcy., Multi Family Conduit Rev. Bonds (Chestnut Park Project), Series 2018-A, 2.40% 2023 (put 2021)	2,070	2,111
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 167, 4.00% 2043	350	364
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 181, 4.00% 2044	965	1,022
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 2046	1,100	1,154
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 190, 4.00% 2048	8,485	9,166
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 2007, 4.00% 2049	1,345	1,488
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044	320	334

Limited Term Tax-Exempt Bond Fund of America — Page 15 of 38

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Bonds, notes & other debt instruments (continued) Massachusetts (continued)	Principal amount (000)	Value (000)
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 177, AMT, 4.00% 2039	$1,510	$1,594
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 188, AMT, 4.00% 2043	3,615	3,886
Port Auth., Rev. Bonds, Series 2012-A, AMT, 5.00% 2021	305	322
Port Auth., Rev. Bonds, Series 2017-A, AMT, 5.00% 2025	5,000	6,023
Port Auth., Rev. Bonds, Series 2017-A, AMT, 5.00% 2026	2,510	3,107
		117,125
Michigan 2.99%
Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2015-I, 5.00% 2023	3,000	3,388
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2004-A, Assured Guaranty Municipal Insured, 5.25% 2020	150	153
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2024	1,000	1,187
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2025	1,000	1,224
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2026	1,000	1,255
Fin. Auth., Hospital Rev. Ref. Bonds (Beaumont Health Credit Group), Series 2015, 5.00% 2025	3,000	3,524
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2027	5,095	6,353
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-2, (1-month USD-LIBOR x 0.68 + 0.75%) 1.872% 2038 (put 2020)1	2,000	2,002
Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2022	2,500	2,771
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2022	5,000	5,482
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2023	1,215	1,380
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-5, National insured, 5.00% 2020	6,970	7,087
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2027	1,750	2,086
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 5.00% 2020	1,750	1,797
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 5.00% 2021	1,650	1,752
County of Genesee, Water Supply System Limited Tax G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2022	515	568
County of Genesee, Water Supply System Limited Tax G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2023	500	569
County of Genesee, Water Supply System Limited Tax G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2024	850	982
Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-C, 5.00% 2027	4,185	5,135
Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-C, 5.00% 2028	2,000	2,441
Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-C, 5.00% 2029	2,000	2,433
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Ascension Health Senior Credit Group), Series 2010-F-2, 1.90% 2047 (put 2021)	1,850	1,868
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2022	700	779
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014-A, 4.00% 2044	750	789
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-A, 4.00% 2046	635	677
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047	14,040	14,897
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048	2,660	2,840
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048	4,090	4,451
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049	16,960	18,758
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2049	7,735	8,636
Board of Trustees of Michigan State University, Rev. Bonds, Series 2019-B, 5.00% 2031	2,460	3,202
City of Saginaw, Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2010-H, 5.00% 2020	2,400	2,437
Strategic Fund, Limited Obligation Rev. Bonds (Consumers Energy Co. Project), Series 2019, AMT, 1.80% 2049 (put 2024)	4,290	4,367

Limited Term Tax-Exempt Bond Fund of America — Page 16 of 38

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Bonds, notes & other debt instruments (continued) Michigan (continued)	Principal amount (000)	Value (000)
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2020	$5,000	$5,163
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2021	10,240	10,954
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2025	2,500	3,030
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2026	1,000	1,205
		137,622
Minnesota 1.16%
City of Brooklyn Center, Multi Family Housing Dev. Bonds (Unity Place Project), Series 2019, 1.95% 2021 (put 2020)	1,350	1,354
G.O. Bonds, Series 2017-A, 5.00% 2020	1,050	1,079
G.O. Bonds, Trunk Highway Bonds, Series 2019-B, 5.00% 2020	2,980	3,041
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040	90	92
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2013-A, AMT, 3.00% 2031	395	405
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-B, 4.00% 2038	145	154
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 2045	1,545	1,644
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-A, AMT, 4.00% 2041	2,895	3,049
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-B, 3.50% 2046	2,645	2,801
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-E, AMT, 3.50% 2046	520	547
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2016-E, 4.00% 2047	870	926
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 2048	4,735	5,138
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-B, 4.00% 2048	2,800	3,055
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049	12,935	14,313
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2019-B, 4.25% 2049	4,865	5,439
City of Minneapolis, Metropolitan Airports Commission, Airport Rev. and Rev. Ref. Bonds, Series 2019-B, AMT, 5.00% 2021	5,000	5,180
Regents of the University of Minnesota, G.O. Bonds, Series 2011-D, 5.00% 2028 (preref. 2021)	1,180	1,268
Regents of the University of Minnesota, G.O. Rev. Ref. Bonds, Series 2017B, 5.00% 2021	3,640	3,914
		53,399
Mississippi 0.28%
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	1,471
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	1,266
Gaming Tax Rev. Bonds, Series 2019-A, 5.00% 2024	1,000	1,179
Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 2026	2,925	3,543
Home Corp., Single Family Mortgage Rev. Bonds, Series 2017-C, AMT, 4.00% 2046	1,975	2,113
Home Corp., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2048	3,095	3,414
		12,986
Missouri 0.32%
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Saint Luke’s Health System, Inc.), Series 2016, 5.00% 2025	1,500	1,829
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041	3,085	3,244
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2017-B, 3.25% 2047	3,049	3,260
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2018-A, 4.25% 2049	1,635	1,807

Limited Term Tax-Exempt Bond Fund of America — Page 17 of 38

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Bonds, notes & other debt instruments (continued) Missouri (continued)	Principal amount (000)	Value (000)
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2019-A, 4.25% 2047	$1,945	$2,171
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-B-2, 4.00% 2045	2,160	2,311
		14,622
Montana 0.14%
Board of Housing, Single Family Mortgage Bonds, Series 2015-B-2, AMT, 3.50% 2042	475	497
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044	1,305	1,380
Board of Housing, Single Family Mortgage Bonds, Series 2019-A, 4.25% 2045	4,125	4,579
		6,456
Nebraska 0.66%
County of Douglas, Hospital Auth. No. 2 (Methodist Health System), Health Facs. Rev. Ref. Bonds, Series 2015, 5.00% 2026	1,155	1,384
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043	405	413
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-E, 3.00% 2043	40	40
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044	790	833
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-A, 3.50% 2045	2,120	2,227
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-C, 3.50% 2045	4,220	4,391
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046	2,470	2,617
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046	2,315	2,378
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2017-B, AMT, 3.50% 2040	4,510	4,785
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2048	1,955	2,125
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 2048	3,595	3,929
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2019-B, AMT, 4.00% 2049	4,955	5,433
		30,555
Nevada 1.39%
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-A, 5.00% 2026	2,460	3,051
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-C, 5.00% 2024	2,500	2,931
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-C, 5.00% 2027	3,045	3,841
Clark County School Dist., Limited Tax G.O. Building Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2027	4,000	5,061
Clark County School Dist., Limited Tax Various Purpose G.O. Bonds, Series 2016-F, 5.00% 2026	2,470	3,063
County of Clark, Airport System Rev. Ref. Bonds, Series 2017-C, AMT, 5.00% 2021	3,500	3,699
County of Clark, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2019-E, 5.00% 2029	5,000	6,617
County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2010, 1.875% 2031 (put 2020)	14,035	14,046
County of Clark, Rev. Ref. Bonds (Jet Aviation Fuel Tax), Series 2013-A, AMT, 5.00% 2021	1,035	1,094
County of Clark, Rev. Ref. Bonds (Jet Aviation Fuel Tax), Series 2013-A, AMT, 5.00% 2022	2,810	3,069
County of Clark, Rev. Ref. Bonds (Jet Aviation Fuel Tax), Series 2013-A, AMT, 5.00% 2023	1,000	1,109
County of Clark, Rev. Ref. Bonds (Jet Aviation Fuel Tax), Series 2013-A, AMT, 5.00% 2027	2,500	2,764
City of Henderson, Local Improvement Dist. No. T-14 (Anthem), Local Improvement Bonds, Series 2017, 2.375% 2022	1,035	1,056
City of Henderson, Local Improvement Dist. No. T-14 (Anthem), Local Improvement Bonds, Series 2017, 2.50% 2023	1,085	1,119
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Local Improvement Bonds, Series 2017, 2.00% 2022	955	969
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Local Improvement Bonds, Series 2017, 2.25% 2024	550	567
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Local Improvement Bonds, Series 2017, 2.50% 2025	580	607
Housing Division, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2049	2,000	2,219

Limited Term Tax-Exempt Bond Fund of America — Page 18 of 38

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Bonds, notes & other debt instruments (continued) Nevada (continued)	Principal amount (000)	Value (000)
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 2025	$2,185	$2,595
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 2027	1,200	1,443
City of North Las Vegas, Special Improvement Dist. No. 60 (Aliante), Local Improvement Rev. Ref. Bonds, Series 2016, 2.125% 2020	1,625	1,640
County of Washoe, Gas and Water Facs. Rev. Ref. Bonds (Sierra Pacific Power Co. Projects), Series 2016-B, 3.00% 2036 (put 2022)	1,500	1,563
		64,123
New Hampshire 0.13%
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2024	1,250	1,460
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2025	1,250	1,501
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2026	1,250	1,536
Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2027	1,250	1,522
		6,019
New Jersey 3.11%
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), Series 2017, Assured Guaranty Municipal insured, 5.00% 2023	1,000	1,121
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), Series 2017, Assured Guaranty Municipal insured, 5.00% 2024	1,000	1,157
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), Series 2017, Assured Guaranty Municipal insured, 5.00% 2026	1,000	1,219
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2024	1,500	1,727
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2025	1,000	1,177
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2026	1,000	1,201
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-XX, 5.00% 2024	2,990	3,442
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-XX, 5.00% 2025	8,000	9,418
Econ. Dev. Auth., Transportation Project Sublease Rev. Ref. Bonds (New Jersey Transit Corp. Projects), Series 2017-B, 5.00% 2026	4,800	5,806
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Ramapo College of New Jersey Issue), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2026	1,375	1,699
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Ramapo College of New Jersey Issue), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2027	1,000	1,259
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Stockton University Issue), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2025	3,000	3,553
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Stockton University Issue), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2026	2,885	3,492
Health Care Facs. Fncg. Auth., Rev. Bonds (Princeton HealthCare System Issue), Series 2016-A, 5.00% 2025	1,340	1,620
Health Care Facs. Fncg. Auth., Rev. Bonds (Princeton HealthCare System Issue), Series 2016-A, 5.00% 2027	1,250	1,550
Health Care Facs. Fncg. Auth., Rev. Bonds (St. Joseph’s Healthcare System Obligated Group Issue), Series 2016, 5.00% 2022	1,500	1,625
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series 2017-A, 5.00% 2025	1,000	1,210
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series 2017-A, 5.00% 2026	900	1,119
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series 2017-A, 5.00% 2027	1,150	1,462
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1-A, AMT, 5.00% 2021	4,000	4,281
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2026	1,905	2,280
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Georgia King Village Project), Series 2018-E, 2.45% 2021 (put 2020)	2,815	2,839
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Pilgram Baptist Village I & II), Series 2019-E, 1.50% 2022 (put 2021)	4,175	4,198
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Riverside Village Family Apartments Phase 1 Project), Series 2019-F, 1.35% 2022	2,215	2,228

Limited Term Tax-Exempt Bond Fund of America — Page 19 of 38

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Bonds, notes & other debt instruments (continued) New Jersey (continued)	Principal amount (000)	Value (000)
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048	$8,815	$9,854
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2019-C, 4.75% 2050	7,000	7,935
South Jersey Transportation Auth., Transportation System Rev. Ref. Bonds, Series 2012, 5.00% 2020	1,500	1,542
South Jersey Transportation Auth., Transportation System Rev. Ref. Bonds, Series 2012, 5.00% 2022	5,200	5,721
South Jersey Transportation Auth., Transportation System Rev. Ref. Bonds, Series 2012-A, 5.00% 2023	1,500	1,650
South Jersey Transportation Auth., Transportation System Rev. Ref. Bonds, Series 2012-A, 5.00% 2024	2,500	2,749
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2022	2,440	2,643
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2026	3,000	3,613
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2027	3,140	3,859
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2028	3,000	3,752
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2029	3,450	4,292
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2014-A, 5.00% 2020	4,000	4,096
Transportation Trust Fund Auth., Federal Highway Reimbursement Rev. Ref. Bonds, Series 2018-A, 5.00% 2028	3,000	3,578
Transportation Trust Fund Auth., Transportation System Bonds, Series 2011-A, 5.50% 2041 (preref. 2021)	8,825	9,378
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 5.00% 2028	2,000	2,488
Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Series 2006-A, 5.50% 2021	4,070	4,391
Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Series 2015-AA, 5.00% 2023	1,000	1,120
Turnpike Auth., Turnpike Rev. Bonds, Series 2017-C-5, (1-month USD-LIBOR x 0.70 + 0.46%) 1.706% 2028 (put 2021)1	10,000	10,013
		143,357
New Mexico 0.50%
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Co. Four Corners Project), Series 2005-B, 1.875% 2029 (put 2020)	480	480
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Co. Four Corners Project), Series 2011, 1.875% 2029 (put 2020)	3,000	3,002
Hospital Equipment Loan Council, Hospital System Rev. Bonds (Presbyterian Healthcare Services), Series 2019-A, 5.00% 2029	1,195	1,563
Hospital Equipment Loan Council, Hospital System Rev. Bonds (Presbyterian Healthcare Services), Series 2019-A, 5.00% 2030	1,110	1,440
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2016-A-2, Class I, AMT, 3.50% 2046	2,965	3,135
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2017-B-2, Class I, AMT, 3.75% 2048	1,355	1,458
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 2050	6,950	7,724
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-C-1, Class I, 4.00% 2050	3,765	4,174
		22,976
New York 5.77%
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2022	4,415	4,781
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2030	9,040	11,484
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.00% 2030	12,000	15,658
Energy Research and Dev. Auth., Pollution Control Rev. Bonds (New York State Electric & Gas Corp. Project), Series 2004-A, AMT, 2.375% 2027 (put 2020)	3,000	3,008
County of Erie, Industrial Dev. Agcy., School Fac. Rev. Bonds (City School Dist. of the City of Buffalo Project), Series 2011-A, 5.00% 2020	4,780	4,829
County of Erie, 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	2,798
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2025	1,670	1,761
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds (Climate Bond Certified), Series 2019-P, 1.55% 2023	5,330	5,350
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-H, 2.75% 2022	5,000	5,007
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.75%) 1.996% 2033 (put 2023)1	7,700	7,765
Metropolitan Transportation Auth., Hudson Rail Yards Trust Obligations, Series 2016-A, 5.00% 2046	2,180	2,184

Limited Term Tax-Exempt Bond Fund of America — Page 20 of 38

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Bonds, notes & other debt instruments (continued) New York (continued)	Principal amount (000)	Value (000)
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2020	$5,500	$5,682
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2020	3,250	3,351
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2024	5,000	5,935
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 1.39% 2044 (put 2022)1	7,750	7,755
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2027	3,150	3,766
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.52% 2039 (put 2020)1	5,500	5,501
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 1.908% 2032 (put 2021)1	1,400	1,404
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034	150	156
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046	2,525	2,684
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044	6,965	7,347
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045	3,670	3,853
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047	5,900	6,255
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 206, AMT, 4.00% 2037	2,415	2,585
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 217, 4.00% 2049	11,605	12,826
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 48, 2.625% 2041	160	163
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030	1,290	1,347
New York City G.O. Bonds, Fiscal 1994, Series 1994-A-4, 5.00% 2021	2,420	2,570
New York City G.O. Bonds, Fiscal 2014, Series 2014-G, 5.00% 2023	1,500	1,713
New York City G.O. Bonds, Fiscal 2014, Series 2014-I-1, 5.00% 2021	1,445	1,509
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2028	1,000	1,191
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2028	4,300	5,428
New York City G.O. Bonds, Fiscal 2020, Series 2019-B-1, 5.00% 2022	1,140	1,264
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021)	6,250	6,278
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2018-L-2, 2.75% 2050 (put 2023)	5,150	5,382
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2019-E-2, 1.75% 2059 (put 2023)	3,500	3,539
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2012, Series 2012-E-1, 5.00% 2023	1,200	1,300
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2015, Series 2015-C, 5.00% 2027	5,000	6,026
New York City Transitional Fin. Auth., Future Tax Secured Multi-Modal Rev. Ref. Bonds, Fiscal 2003, Series 2003-B, 5.00% 2022	1,750	1,822
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2003, Series 2003-A-1, 5.00% 2022	1,305	1,400
New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2020, Series 2002-1, 5.00% 2021	13,445	14,410
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 4.00% 2022	5,185	5,491
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2020	2,500	2,516
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2023	2,195	2,447
Port Auth., Consolidated Bonds, Series 207, AMT, 5.00% 2022	1,000	1,102
Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2020	4,790	4,911
Port Auth., Consolidated Rev. Ref. Bonds, Series 169, AMT, 5.00% 2020	5,000	5,143
Port Auth., Consolidated Rev. Ref. Bonds, Series 186, AMT, 5.00% 2023	5,000	5,705
Public Housing Capital Fund Rev. Trust I, Trust Certificates, Series 2012, 4.50% 20222	1,078	1,093
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2021	1,250	1,292
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2022	2,000	2,134

Limited Term Tax-Exempt Bond Fund of America — Page 21 of 38

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Bonds, notes & other debt instruments (continued) New York (continued)	Principal amount (000)	Value (000)
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, LP Project), Series 2015, AMT, 5.00% 2023	$1,045	$1,150
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2025	10,000	11,667
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2027	1,250	1,534
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2030	1,220	1,571
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-A-1, 5.00% 2020	5,525	5,551
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-A-2, 5.00% 2020	7,290	7,324
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-C, 5.00% 2024	6,725	7,582
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2020	1,000	1,005
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2029	1,500	1,741
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2028	4,510	5,565
		265,591
North Carolina 1.43%
G.O. Public Improvement Bonds (Connect NC), Series 2019-B, 5.00% 2021	13,835	14,595
G.O. Rev. Ref. Bonds, Series 2013-D, 4.00% 2021	2,355	2,453
G.O. Rev. Ref. Bonds, Series 2013-E, 5.00% 2020	14,110	14,252
Grant Anticipation Rev. Vehicle Bonds, Series 2019, 5.00% 2023	6,370	7,160
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 40, 4.25% 2047	975	1,077
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 41, 4.00% 2050	3,085	3,409
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 37-A, AMT, 3.50% 2039	3,075	3,221
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047	2,535	2,736
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 39-B, 4.00% 2048	2,730	2,982
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2021	1,080	1,130
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2022	1,540	1,672
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2023	1,700	1,909
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2030	850	1,124
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 2031	1,370	1,798
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 1.593% 2041 (put 2022)1	4,850	4,859
University of North Carolina at Greensboro, General Rev. Ref. Bonds, Series 2011, 5.00% 2036 (preref. 2021)	1,420	1,488
		65,865
North Dakota 0.54%
County of Burleigh, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2023 (preref. 2021)	1,435	1,516
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046	4,940	5,264
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042	500	517
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2014-A, 4.00% 2034	310	326
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-A, 4.00% 2038	445	468
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-B, 4.00% 2036	345	365
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-D, 4.00% 2046	4,030	4,281
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2016-B, AMT, 4.00% 2047	965	1,032
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-D, 4.00% 2048	5,455	5,904
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-F, 4.00% 2048	865	939
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-A, 4.25% 2049	2,150	2,387
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-F, 3.75% 2050	1,670	1,852
		24,851

Limited Term Tax-Exempt Bond Fund of America — Page 22 of 38

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Bonds, notes & other debt instruments (continued) Ohio 2.39%	Principal amount (000)	Value (000)
Air Quality Dev. Auth., Air Quality Rev. Ref. Bonds (American Electric Co. Project), Series 2005-A, AMT, 2.10% 2029 (put 2024)	$7,500	$7,642
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-B, 5.00% 2047 (put 2022)	9,425	10,245
County of Allen, Hospital Facs. Rev. Ref. and Improvement Bonds (Catholic Health Partners), Series 2012-A, 5.00% 2022	3,300	3,584
American Municipal Power, Inc., Combined Hydroelectric Project Rev. Bonds, Series 2018-A, 2.25% 2048 (put 2021)	2,300	2,322
City of Cleveland, Airport System Rev. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2026	1,850	2,197
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, Assured Guaranty Municipal insured, 5.00% 2021	2,345	2,433
County of Cuyahoga, Hospital Rev. Bonds (MetroHealth System), Series 2017, 5.00% 2025	950	1,097
County of Cuyahoga, Hospital Rev. Bonds (MetroHealth System), Series 2017, 5.00% 2026	1,000	1,182
County of Cuyahoga, Hospital Rev. Bonds (MetroHealth System), Series 2017, 5.00% 2027	1,500	1,807
County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2020	2,360	2,390
County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2021	1,000	1,051
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Neilan Park Apartments Program), Series 2019, 1.75% 2022 (put 2021)	1,210	1,220
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-D, 4.00% 2047	3,790	4,038
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-K, 3.50% 2046	3,130	3,319
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, 4.00% 2048	7,505	8,088
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.50% 2049	3,145	3,529
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, 3.75% 2050	5,030	5,644
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2017-B, AMT, 4.50% 2047	1,935	2,099
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2010-1, 5.00% 2028	5	5
Kent State University, Rev. General Receipts Bonds, Series 2016, 4.00% 2024	5,000	5,626
Major New State Infrastructure Project Rev. Bonds, Series 2019-1, 5.00% 2028	6,300	8,293
Major New State Infrastructure Project Rev. Bonds, Series 2019-1, 5.00% 2029	2,825	3,787
Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, Assured Guaranty Municipal insured, 5.00% 2024	1,360	1,589
Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, Assured Guaranty Municipal insured, 5.00% 2023	1,295	1,470
Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, Assured Guaranty Municipal insured, 5.00% 2023	1,000	1,118
Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, Assured Guaranty Municipal insured, 5.00% 2026	850	1,007
Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, Assured Guaranty Municipal insured, 5.00% 2027	500	590
Public Facs. Commission, Higher Education G.O. Bonds, Series 2015-C, 5.00% 2028	9,000	10,831
Turnpike and Infrastructure Commission, Rev. Ref. Bonds, Series 1998-A, National insured, 5.50% 2026	6,500	8,079
Water Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2002, AMT, 3.25% 2022	3,500	3,685
		109,967
Oklahoma 0.03%
Trustees of the Tulsa Airports Improvement Trust, General Airport Rev. Bonds, Series 2015-A, AMT, BAM insured, 5.00% 2021	1,355	1,422

Limited Term Tax-Exempt Bond Fund of America — Page 23 of 38

unaudited

Bonds, notes & other debt instruments (continued) Oregon 0.33%	Principal amount (000)	Value (000)
G.O. Bonds (Veteran’s Welfare Bonds Series 94), Series 2014-H, 4.00% 2044	$610	$630
Housing and Community Services Dept., Housing Dev. Rev. Bonds (SHA RAD Group II Apartment Projects), Series 2019-P, 1.45% 2023 (put 2022)	1,400	1,409
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2015-A, 3.50% 2036	3,100	3,255
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2016-A, 4.00% 2047	655	699
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-A, 4.00% 2047	5,865	6,342
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-A, 4.50% 2049	1,835	2,025
Port of Portland, Portland International Airport Rev. Bonds, Series 2010-20-C, AMT, 5.00% 2021	1,000	1,017
		15,377
Pennsylvania 4.71%
County of Allegheny, Airport Auth., Airport Rev. Bonds, Series 2012-A-1, AMT, 5.00% 2024	1,025	1,100
County of Allegheny, Hospital Dev. Auth., UPMC Rev. Bonds, Series 2019-A, 5.00% 2022	1,000	1,099
County of Chester, G.O. Bonds, Series 2011, 5.00% 2032 (preref. 2021)	2,505	2,690
Delaware River Joint Toll Bridge Commission, Bridge System Rev. Bonds, Series 2019-A, 5.00% 2029	1,000	1,332
Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2022	1,300	1,395
Delaware River Port Auth., Rev. Ref. Bonds (Port Dist. Project), Series 2012, 5.00% 2021	3,180	3,292
East Hempfield Township, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Willow Valley Communities Project), Series 2016, 5.00% 2021	650	697
East Hempfield Township, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Willow Valley Communities Project), Series 2016, 5.00% 2022	500	554
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2024	9,180	10,453
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2024	4,900	5,654
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2025	5,985	6,993
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2026	2,315	2,772
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2026	1,775	2,120
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds, (Waste Management, Inc. Project), Series 2017-A, AMT, 1.70% 2037 (put 2020)	4,000	4,009
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 2020	1,000	1,013
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 2021	1,625	1,706
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 2023	2,250	2,524
General Auth. of Southcentral Pennsylvania, Rev. Bonds (Wellspan Health Obligated Group), Series 2019-B, (SIFMA Municipal Swap Index + 0.60%) 1.54% 2049 (put 2024)1	4,520	4,520
Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series 2019, 5.00% 2027	1,200	1,525
Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series 2019, 5.00% 2028	1,300	1,685
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-117-A, AMT, 3.50% 2040	295	308
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-118-A, AMT, 3.50% 2040	3,430	3,545
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 2041	460	480
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 2046	4,805	5,039
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-121, 3.50% 2046	7,210	7,577
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046	6,950	7,445
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-123-A, AMT, 4.00% 2039	3,320	3,504
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2019-128-A, AMT, 4.75% 2033	8,390	9,265

Limited Term Tax-Exempt Bond Fund of America — Page 24 of 38

unaudited

Bonds, notes & other debt instruments (continued) Pennsylvania (continued)	Principal amount (000)	Value (000)
County of Lehigh, General Purpose Auth., Hospital Rev. Bonds (Lehigh Valley Health Network), Series 2019-A, 5.00% 2025	$1,000	$1,203
County of Lehigh, General Purpose Auth., Hospital Rev. Bonds (Lehigh Valley Health Network), Series 2019-A, 5.00% 2026	1,920	2,368
County of Luzerne, Industrial Dev. Auth., Rev. Ref. Bonds (Pennsylvania-American Water Co. Project), Series 2019, 2.45% 2039 (put 2029)	4,500	4,694
County of Montgomery, Higher Education and Health Auth., Hospital Rev. Bonds (Abington Memorial Hospital Obligated Group), Series 2012-A, 5.00% 2031 (preref. 2022)	1,900	2,077
County of Montgomery, Higher Education and Health Auth., Rev. Bonds, Series 2018-A, 1.66% 2051 (put 2023)1	2,800	2,800
County of Montgomery, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.00% 2021	2,000	2,066
County of Montgomery, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2026	1,000	1,167
County of Montgomery, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (PECO Energy Co. Project), Series 1994-B, 2.55% 2029 (Put 2020)	1,025	1,030
County of Montgomery, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (PECO Energy Co. Project), Series 1999-A, 2.50% 2030 (put 2020)	3,000	3,007
County of Montgomery, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (PECO Energy Co. Project), Series 2001-A, AMT, 2.70% 2034 (put 2020)	6,900	6,917
County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2012, 5.00% 2023	2,400	2,599
County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2012, 5.00% 2024	1,000	1,084
County of Northampton, General Purpose Auth., Hospital Rev. Bonds (St. Luke’s University Health Network Project), Series 2018-B, (1-month USD-LIBOR x 0.70 + 1.04%) 2.286% 2048 (put 2022)1	2,075	2,094
City of Philadelphia, Airport Rev. and Rev. Ref. Bonds, Series 2017-B, AMT, 5.00% 2022	1,300	1,421
City of Philadelphia, Airport Rev. and Rev. Ref. Bonds, Series 2017-B, AMT, 5.00% 2023	1,100	1,242
City of Philadelphia, Airport Rev. and Rev. Ref. Bonds, Series 2017-B, AMT, 5.00% 2025	1,700	2,036
City of Philadelphia, Airport Rev. and Rev. Ref. Bonds, Series 2017-B, AMT, 5.00% 2026	2,950	3,617
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2017, 5.00% 2023	1,000	1,109
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2017, 5.00% 2024	2,000	2,276
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2017, 5.00% 2025	2,000	2,329
City of Philadelphia, Industrial Dev. Auth., Rev. Bonds (Temple University), Series 2016-1, 5.00% 2028	1,000	1,184
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2024	5,000	5,834
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2025	3,000	3,605
Philadelphia School Dist., G.O. Bonds, Series 2019-A, National insured, 5.00% 2025	1,200	1,442
Philadelphia School Dist., G.O. Bonds, Series 2019-A, National insured, 5.00% 2026	2,000	2,453
Philadelphia School Dist., G.O. Green Bonds, Series 2019-B, 5.00% 2028	3,740	4,742
Philadelphia School Dist., G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2021	2,195	2,297
City of Pittsburgh, Urban Redev. Auth., Rev. Bonds (Crawford Square Apartments Project), Series 2018, 2.25% 2020 (put 2020)	3,240	3,242
Public School Building Auth., School Lease Rev. Bonds (Philadelphia School Dist. Project), Series 2012, 5.00% 2021	3,000	3,130
Public School Building Auth., School Lease Rev. Bonds (Philadelphia School Dist. Project), Series 2012, 5.00% 2022	2,250	2,431
Saint Mary Hospital Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-PA, 5.00% 2029	1,000	1,305
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2021	2,840	2,928
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2022	5,355	5,696
Transportation Auth., Rev. Ref. Bonds, Series 2017, 5.00% 2028	1,475	1,883

Limited Term Tax-Exempt Bond Fund of America — Page 25 of 38

unaudited

Bonds, notes & other debt instruments (continued) Pennsylvania (continued)	Principal amount (000)	Value (000)
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2026 (preref. 2021)	$1,805	$1,940
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2030 (preref. 2021)	1,130	1,214
Turnpike Commission, Turnpike Rev. Bonds, Series 2014-B-1, (SIFMA Municipal Swap Index + 0.98%) 1.92% 20211	8,775	8,858
Turnpike Commission, Turnpike Rev. Bonds, Series 2016, 5.00% 2022	5,000	5,443
Turnpike Commission, Turnpike Rev. Bonds, Series 2016-A-1, 5.00% 2027	1,060	1,307
Turnpike Commission, Turnpike Rev. Bonds, Series 2017-A-1, 5.00% 2028	1,500	1,908
Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2019, 5.00% 2030	1,250	1,609
County of York, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Philadelphia Electric Co. Project), Series 1993-A, 2.55% 2036 (put 2020)	10,700	10,758
		216,641
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	3,845	3,889
Rhode Island 0.62%
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2022	1,000	1,094
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2023	2,500	2,831
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2016, 5.00% 2023	2,000	2,236
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2016, 5.00% 2024	2,350	2,704
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	2,378
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-1, 4.00% 2033	635	662
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-2, 4.00% 2032	420	432
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 68-C, AMT, 3.50% 2039	2,510	2,627
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2020	1,250	1,289
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2021	1,400	1,495
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 3.50% 2025	3,000	3,158
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 3.625% 2026	1,000	1,052
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2017-A, AMT, 4.00% 2025	2,005	2,236
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2017-A, AMT, 4.00% 2026	4,000	4,437
		28,631
South Carolina 0.99%
County of Charleston, G.O. Capital Improvement Transportation Sales Tax Bonds, Series 2011, 5.00% 2024 (preref. 2021)	1,255	1,345
City of Columbia, Waterworks and Sewer System Rev. Bonds, Series 2019-A, 5.00% 2027	450	570
City of Columbia, Waterworks and Sewer System Rev. Bonds, Series 2019-A, 5.00% 2029	500	663
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2016-B-2, AMT, 4.00% 2043	1,535	1,637
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-A, 4.00% 2047	2,710	2,898
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-B, 4.00% 2047	1,670	1,800
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2018-A, 4.50% 2048	2,980	3,296
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 2036	1,630	1,756
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-A, 5.00% 2021	515	551
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2026	2,650	2,882
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2026 (preref. 2022)	2,350	2,569
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028	3,225	3,496
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028 (preref. 2022)	3,080	3,368
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2022	4,250	4,712
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-C, 5.00% 2021	4,430	4,743
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-C, 5.00% 2022	1,000	1,109

Limited Term Tax-Exempt Bond Fund of America — Page 26 of 38

unaudited

Bonds, notes & other debt instruments (continued) South Carolina (continued)	Principal amount (000)	Value (000)
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-A, 5.00% 2028	$2,455	$2,986
County of Richland, Environmental Improvement Rev. Ref. Bonds, Series 2014-A, AMT, 3.875% 2023	4,900	5,246
		45,627
South Dakota 0.43%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-A, AMT, 3.00% 2030	310	317
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-E, AMT, 4.00% 2044	310	324
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-E, 4.00% 2044	205	216
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 2045	745	792
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-B, 3.50% 2046	900	949
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 2046	8,775	9,276
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048	3,160	3,533
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2019-B, 4.00% 2049	2,185	2,409
Housing Dev. Auth., Homeownership Mortgage Rev. Ref. Bonds, Series 2012-D, AMT, 4.00% 2029	440	452
Housing Dev. Auth., Multi Family Rev. Bonds (Meadowland Apartments), Series 2019, 1.54% 2022 (put 2021)	1,500	1,505
		19,773
Tennessee 0.65%
Town of Greeneville, Health and Educational Facs. Board, Multi Family Housing Rev. Bonds (People RD Portfolio Project), Series 2019, 1.45% 2022 (put 2021)	1,505	1,511
Housing Dev. Agcy., Homeownership Program Bonds, Series 2015-A, 3.50% 2045	505	536
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Series 2011-1-A, AMT, 4.50% 2031	45	46
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Series 2012-1-A, AMT, 4.50% 2038	185	192
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-1-C, 3.00% 2038	945	971
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043	580	607
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, AMT, 4.00% 2045	210	222
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045	395	418
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 3.75% 2050	3,505	3,908
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, AMT, 4.00% 2046	535	570
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-A, AMT, 3.50% 2047	1,265	1,336
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-B, 3.50% 2047	145	154
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042	2,700	2,915
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2A, AMT, 4.00% 2042	2,780	2,990
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2-B, 4.00% 2042	2,060	2,227
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-1, 4.25% 2050	2,980	3,319
County of Knox, Health, Educational and Housing Fac. Board, Collateralized Multi Family Housing Rev. Bonds (Clear Springs Apartments Project), Series 2019, 1.80% 2022 (put 2021)	725	731
County of Knox, Health, Educational and Housing Fac. Board, Hospital Rev. Ref. Bonds (Covenant Health), Series 2012-A, 5.00% 2022	3,320	3,559
County of Knox, Health, Educational and Housing Fac. Board, Hospital Rev. Ref. Bonds (Covenant Health), Series 2012-A, 5.00% 2023	1,000	1,108
City of Lewisburg, Industrial Dev. Board, Multi Family Housing Bonds (Lewisburg Summit Apartments Project), Series 2019, 1.55% 2022 (put 2022)	870	878
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2021	1,580	1,640
		29,838
Texas 11.42%
Abilene Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2025	2,000	2,399
Alamo Community College Dist., Limited Tax and Rev. Ref. Bonds, Series 2017, 5.00% 2028	8,625	10,975
Aldine Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2013, 5.00% 2020	1,495	1,497
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2027	1,310	1,653
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2027	500	629

Limited Term Tax-Exempt Bond Fund of America — Page 27 of 38

unaudited

Bonds, notes & other debt instruments (continued) Texas (continued)	Principal amount (000)	Value (000)
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2030	$850	$1,105
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2031	630	816
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 2.75% 2026	790	812
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2033	585	673
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2034	605	694
Austin Convention Enterprises, Convention Center Hotel Rev. Ref. Bonds, Series 2017-A, 5.00% 2026	1,200	1,431
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030	2,960	3,583
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2017, 5.00% 2026	1,625	2,038
County of Bexar, Combination Tax and Rev. Certificates of Obligation, Series 2013-B, 5.00% 2025 (preref. 2023)	4,710	5,358
County of Bexar, Combination Tax and Rev. Certificates of Obligation, Series 2013-B, 5.00% 2043 (preref. 2023)	1,500	1,707
County of Bexar, Hospital Dist., Certificates of Obligation, Series 2020, 2.00% 2022	1,150	1,176
County of Bexar, Hospital Dist., Certificates of Obligation, Series 2020, 5.00% 2023	710	796
County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2025	1,260	1,508
County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2026	4,455	5,482
County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2031	2,000	2,537
County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2022	1,000	1,083
County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2023	900	1,009
Birdville Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023	2,385	2,667
Boerne Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2029	1,305	1,719
Boerne Public Fac. Corp., Housing Rev. Bonds (LIV at Boerne Senior Apartments), Series 2018, 2.75% 2022 (put 2021)	1,205	1,239
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2022	1,760	1,907
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2025	6,500	7,777
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2030	2,650	3,491
City of Brownsville, Utilities System Rev. Ref. Bonds, Series 2015, 5.00% 2021	1,500	1,593
Canyon Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2024	1,390	1,613
Canyon Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2025	1,875	2,244
Canyon Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2026	3,940	4,856
Canyon Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2027	2,145	2,707
Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (Mission Trail at El Camino Real Apartments), Series 2019, 2.10% 2037 (put 2022)	2,995	3,037
Carroll Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2026	1,000	1,233
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2015-B, 5.00% 2045 (put 2021)	1,900	1,929
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2024	1,000	1,148
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2025	1,000	1,185
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2026	1,500	1,830
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 2027	3,000	3,798
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2018, 5.00% 2025	1,490	1,801
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2026	3,800	4,707
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2028	2,535	3,265
Conroe Independent School Dist., Unlimited Rev. Ref. Bonds, Series 2019, 5.00% 2022	1,660	1,798
Corpus Christi Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2027	1,000	1,281
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2031	785	1,014
Cypress-Fairbanks Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016, 5.00% 2025	2,125	2,553
Cypress-Fairbanks Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2024	3,100	3,604
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2016, 5.00% 2021	1,585	1,653
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2015-B-2, 2.125% 2040 (put 2021)	3,000	3,053

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Bonds, notes & other debt instruments (continued) Texas (continued)	Principal amount (000)	Value (000)
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds, Series 2013-A, AMT, 5.00% 2026	$1,000	$1,105
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2011-C, 5.00% 2022	1,430	1,475
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2012-B, 5.00% 2021	2,500	2,577
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2014-A, AMT, 5.25% 2026	2,000	2,299
City of Dallas, Housing Fin. Corp., Multi Family Rev. Bonds (Palladium Redbird), Series 2019, 1.50% 2023 (put 2022)	2,500	2,516
City of Dallas, Housing Fin. Corp., Multi Family Rev. Notes (Estates at Shiloh), Series 2019, 1.51% 2037 (put 2023)	4,885	4,923
Dallas Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 5.00% 2022	2,000	2,167
Deer Park Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2030	3,605	4,724
City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 2028	7,320	9,143
Eagle Mountain-Saginaw Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2028	1,000	1,300
Eagle Mountain-Saginaw Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2030	1,000	1,289
Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017-D, 1.50% 2042 (put 2021)	2,875	2,896
Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017-E, 5.00% 2027	6,955	8,805
Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2021	4,640	4,934
G.O. Bonds, Water Financial Assistance Rev. Ref. Bonds (Water Infrastructure Fund), Series 2019-E-1, 5.00% 2021	3,060	3,249
G.O. Bonds, Water Financial Assistance Rev. Ref. Bonds (Water Infrastructure Fund), Series 2019-E-2, 2.25% 2029	9,500	9,555
G.O. Bonds, Water Financial Assistance Rev. Ref. Bonds, Series 2019-C-1, 5.00% 2021	1,500	1,593
Galena Park Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2027	1,500	1,911
Hallsville Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 5.00% 2022	3,000	3,248
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series 2014-A, 5.00% 2025	2,850	3,359
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series 2020, 5.00% 2023	1,000	1,119
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children’s Hospital), Series 2019-B, 5.00% 2041 (put 2024)	4,440	5,231
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Health System), Series 2013-B, (SIFMA Municipal Swap Index + 0.90%) 1.84% 20221	1,885	1,907
County of Harris, Flood Control Dist., Contract Tax Rev. Ref. Bonds, Series 2019-A, 5.00% 2022	5,435	6,026
County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2024	3,000	3,544
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021	12,505	12,550
County of Harris, Toll Road Rev. Ref. Bonds, Series 2016-A, 5.00% 2027	1,500	1,868
County of Harris, Unlimited Tax Rev. Ref. Bonds, Series 2019-A, 5.00% 2021	2,000	2,137
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2019-A, 4.75% 2049	1,960	2,220
City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-A, AMT, 5.00% 2028	1,000	1,277
City of Houston, Airport System Rev. Ref. Bonds, Series 2011-B, 5.00% 2025	1,000	1,057
City of Houston, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 2026	5,010	6,164
City of Houston, Combined Utility System Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2025	3,430	4,210
City of Houston, Combined Utility System Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2027	4,500	5,631
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2015-A, 5.00% 2036	3,315	3,951
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2018-C, (1-month USD-LIBOR x 0.70 + 0.36%) 1.515% 2034 (put 2021)1	4,350	4,355
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 2028	500	656

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Bonds, notes & other debt instruments (continued) Texas (continued)	Principal amount (000)	Value (000)
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 2029	$490	$654
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 2030	650	862
City of Houston, Downtown Redev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2027	2,010	2,427
City of Houston, Higher Education Fin. Corp., Higher Education Rev. Bonds (Rice University Project), Series 2010-A, 5.00% 2040 (preref. 2020)	3,275	3,313
City of Houston, Memorial City Redev. Auth., Tax Increment Contract Rev. and Rev. Ref. Bonds, Series 2019, Assured Guaranty Municipal insured, 5.00% 2028	1,000	1,264
City of Houston, Public Improvement Rev. Ref. Bonds, Series 2017-A, 5.00% 2022	2,255	2,446
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2014-A-1B, 2.20% 2039 (put 2020)	8,920	8,955
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2017, 3.00% 2021	10,580	10,815
Hurst-Euless-Bedford Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 4.00% 2021	1,495	1,567
Hurst-Euless-Bedford Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2026	1,250	1,565
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2022	3,480	3,770
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2027	6,000	7,587
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2030	3,130	4,114
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), Series 2015, 5.00% 2021	800	845
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), Series 2015, 5.00% 2022	1,000	1,092
Kileen Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022	3,350	3,629
Lake Travis Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2025	1,050	1,263
Lake Travis Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2026	1,110	1,375
Love Field Airport Modernization Corp., General Airport Rev. Bonds, Series 2017, AMT, 5.00% 2026	1,000	1,238
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2020, 5.00% 2027	6,975	8,810
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2020, 5.00% 2030	1,900	2,530
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2020, 5.00% 2031	3,000	3,981
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2018, 5.00% 2024	2,250	2,628
Lufkin Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2018, 5.00% 2027	2,095	2,678
Mansfield Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2010, 5.00% 2020	5,890	5,897
County of Matagorda, Navigation Dist. No. 1, Pollution Control Rev. Ref. Bonds (Central Power and Light Co. Project), Series 1996, AMT, 1.75% 2030 (put 2020)	3,600	3,610
Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-B, (SIFMA Municipal Swap Index + 0.55%) 1.49% 20271	2,620	2,599
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2021	4,000	4,279
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2022	2,800	3,098
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2023	2,000	2,217
New Braunfels Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2020, 0% 2023	5,305	5,141
New Hope Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Children’s Health System of Texas Project), Series 2017-A, 5.00% 2028	1,500	1,895
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2022	645	700
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2023	500	557
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2024	625	714
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2027	1,230	1,415
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2028	1,440	1,650

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Bonds, notes & other debt instruments (continued) Texas (continued)	Principal amount (000)	Value (000)
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University Project), Series 2015-A, 5.00% 2030	$800	$896
North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2026	5,000	6,067
North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 2.375% 2047 (put 2022)	3,500	3,607
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2026	1,600	1,849
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2027	1,000	1,153
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2028	2,000	2,432
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2019-A, 5.00% 2027	1,000	1,253
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2019-A, 5.00% 2028	3,315	4,243
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2019-A, 5.00% 2029	2,000	2,606
Northside Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2028	2,525	3,242
Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2007-A, 5.00% 2021	2,780	2,932
Northwest Independent School Dist., Unlimited Tax Bonds, Series 2019, 5.00% 2023	530	595
County of Nueces, Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2029	740	957
Pasadena Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2029	1,825	2,409
Pflugerville Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 5.00% 2022	3,170	3,434
Pflugerville Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 5.00% 2023	1,715	1,925
Plainview Independent School Dist., Unlimited Tax School Building Bonds, Series 2020-B, 1.50% 2050 (put 2023)	8,000	8,123
Plano Independent School Dist., Unlimited Tax School Building Bonds, Series 2016, 5.00% 2021	5,465	5,698
Public Fin. Auth., G.O. Rev. Ref. Bonds, Series 2011, 5.00% 2020	3,955	4,063
Richardson Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2020	1,000	1,001
Richardson Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2020	2,000	2,003
City of San Antonio, Airport System Rev. Ref. Bonds, Series 2012, AMT, 4.00% 2021	1,000	1,041
City of San Antonio, Airport System Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 2028	1,250	1,592
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-D, 3.00% 2045 (put 2020)	3,075	3,125
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2018, 2.75% 2048 (put 2022)	1,675	1,751
City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds, Series 2012, AMT, 5.00% 2020	1,680	1,707
City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds, Series 2012, AMT, 5.00% 2021	1,770	1,866
City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 2029	1,000	1,295
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2025	875	1,060
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2026	1,000	1,245
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2027	1,000	1,274
Spring Branch Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2019, 5.00% 2027	1,725	2,189
Spring Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2024	1,500	1,772
Spring Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2031	1,385	1,781
County of Tarrant, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Baylor Scott & White Health Project), Series 2016-A, 5.00% 2029	5,020	6,099
County of Tarrant, Health Facs. Dev. Corp., Hospital Rev. Bonds (Cook Children’s Medical Center Project), Series 2010-A, 4.50% 2022	500	501
Texas City Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2019, 5.00% 2025	1,500	1,827
Board of Regents of Texas A&M University System, Permanent University Fund Bonds, Series 2012-A, 5.00% 2021	1,500	1,587
Board of Regents of Texas A&M University System, Rev. Fncg. System Bonds, Series 2015-B, 5.00% 2025 (preref. 2023)	1,600	1,815
Board of Regents of Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 2026	1,425	1,762
Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2015-C, 5.00% 2025	1,000	1,173
Transportation Commission, First Tier Rev. Ref. Put Bonds (State Highway Fund), Series 2016-B, 4.00% 2026 (put 2021)	2,000	2,102
Trinity River Auth., Regional Wastewater System Rev. Improvement and Rev. Ref. Bonds, Series 2019, 5.00% 2021	1,000	1,060

Limited Term Tax-Exempt Bond Fund of America — Page 31 of 38

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Bonds, notes & other debt instruments (continued) Texas (continued)	Principal amount (000)	Value (000)
Trinity River Auth., Regional Wastewater System Rev. Improvement and Rev. Ref. Bonds, Series 2019, 5.00% 2022	$1,250	$1,377
Trinity River Auth., Regional Wastewater System Rev. Improvement and Rev. Ref. Bonds, Series 2019, 5.00% 2027	1,250	1,603
United Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2025	1,030	1,250
United Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2026	1,420	1,768
United Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2027	1,490	1,893
Board of Regents of the University of Houston System, Consolidated Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 2026	2,620	3,232
Board of Regents of the University of Houston System, Consolidated Rev. and Rev. Ref. Bonds, Series 2017-C, 5.00% 2028	2,500	3,055
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	1,942
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	1,512
Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2016-J, 5.00% 2020	1,500	1,533
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2016-I, 5.00% 2021	5,670	6,029
Water Dev. Board, State Revolving Fund, Rev. Bonds, Series 2018, 5.00% 2030	2,760	3,493
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2023	4,085	4,615
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2023	3,595	4,133
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2029	6,935	8,965
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2019-A, 5.00% 2026	2,195	2,765
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2019-A, 5.00% 2026	1,850	2,301
County of Williamson, Limited Tax Rev. Ref. and Park Bonds, Series 2020, 5.00% 2023	1,590	1,783
County of Williamson, Unlimited Tax Road Bonds, Series 2020, 4.00% 2023	2,300	2,511
		525,686
Utah 0.08%
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045	3,480	3,731
Vermont 0.21%
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2017-A, AMT, 4.00% 2047	2,620	2,821
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2018-A, 4.00% 2048	1,470	1,595
Student Assistance Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 5.00% 2022	400	434
Student Assistance Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 5.00% 2023	1,150	1,286
Student Assistance Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 5.00% 2024	850	977
Student Assistance Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 5.00% 2025	875	1,032
Student Assistance Corp., Education Loan Rev. Bonds, Series 2019-A, AMT, 5.00% 2025	1,300	1,533
		9,678
Virginia 1.50%
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 5.00% 2024 (preref. 2023)	2,650	2,975
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2017-A, 5.00% 2020	1,320	1,320
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2019-A, 5.00% 2020	10,215	10,215

Limited Term Tax-Exempt Bond Fund of America — Page 32 of 38

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Bonds, notes & other debt instruments (continued) Virginia (continued)	Principal amount (000)	Value (000)
Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing Project), Series 2018-A, 5.00% 2030	$1,000	$1,212
G.O. Bonds, Series 2015-A, 5.00% 2026	11,795	14,378
G.O. Bonds, Series 2016-B, 5.00% 2021	3,080	3,250
G.O. Rev. Ref. Bonds, Series 2013-B, 5.00% 2021	4,900	5,170
G.O. Rev. Ref. Bonds, Series 2019-B, 5.00% 2021	7,035	7,423
Town of Louisa, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project), Series 2008-A, 1.90% 2035 (put 2023)	3,000	3,064
City of Richmond, Public Utility Rev. and Rev. Ref. Bonds, Series 2016-A, 5.00% 2028	5,500	6,756
County of Wise, Industrial Dev. Auth., Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2009-A, 2.15% 2040 (put 2020)	11,500	11,570
County of Wise, Industrial Dev. Auth., Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 1.875% 2040 (put 2020)	1,760	1,764
		69,097
Washington 2.76%
Econ. Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, 2.125% 20202	4,250	4,254
Energy Northwest, Columbia Generating Station Electric Rev. Ref. Bonds, Series 2014-A, 5.00% 2021	2,250	2,380
G.O. Bonds, Series 2010-E, 5.00% 2022 (preref. 2020)	5	5
G.O. Bonds, Series 2012-D, 5.00% 2023	5,015	5,423
G.O. Bonds, Series 2017-D, 5.00% 2028	5,000	6,299
G.O. Bonds, Series 2019-C, 5.00% 2031	5,000	6,518
G.O. Rev. Ref. Bonds, Series 2012-R-C, 5.00% 2020	4,680	4,760
G.O. Rev. Ref. Bonds, Series 2016-R-B, 5.00% 2029	10,205	12,474
G.O. Rev. Ref. Bonds, Series 2020-R-A, 5.00% 2022	1,595	1,721
G.O. Rev. Ref. Bonds, Series 2020-R-A, 5.00% 2026	2,500	3,092
G.O. Rev. Ref. Bonds, Series 2020-R-B, 5.00% 2022	2,750	2,967
G.O. Rev. Ref. Bonds, Series 2020-R-B, 5.00% 2026	2,500	3,092
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-N, 2.00% 2044 (put 2020)	5,000	5,021
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 1.94% 2035 (put 2021)1	15,100	15,123
Health Care Facs. Auth., Rev. Bonds (Kadlec Regional Medical Center), Series 2012, 5.00% 2042 (preref. 2021)	2,805	3,012
Health Care Facs. Auth., Rev. Ref. Bonds (PeaceHealth), Series 2014-A, 5.00% 2026	1,000	1,161
Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2012-B, 5.00% 2042 (put 2021)	1,000	1,065
Health Care Facs. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2018-B, 5.00% 2027	2,000	2,538
Housing Fin. Commission, Homeownership Program Bonds, Series 2011-A, 4.50% 2029	80	81
Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% 20222	540	575
Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% 20242	610	688
Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% 20262	1,325	1,566
Housing Fin. Commission, Single Family Program Bonds, Series 2014-2A-R, AMT, 3.50% 2044	275	284
Housing Fin. Commission, Single Family Program Bonds, Series 2019-1-N, 4.00% 2049	3,315	3,659
Housing Fin. Commission, Single Family Program Rev. Ref. Bonds, Series 2015-A-R, AMT, 3.50% 2038	635	660
Motor Vehicle Fuel Tax G.O. Bonds, Series 2012-E, 5.00% 2021	1,120	1,166
City of Seattle, Municipal Light and Power Improvement Rev. Ref. Bonds, Series 2010-B, 5.00% 2021	2,205	2,205
City of Seattle, Municipal Light and Power Improvement Rev. Ref. Bonds, Series 2018-C-2, (SIFMA Municipal Swap Index + 0.49%) 1.43% 2046 (put 2023)1	4,500	4,518
Port of Seattle, Rev. Bonds, Series 2017-C, AMT, 5.00% 2025	2,500	2,978
Port of Seattle, Rev. Bonds, Series 2017-C, AMT, 5.00% 2026	2,500	3,050
Port of Seattle, Rev. Bonds, Series 2017-C, AMT, 5.00% 2027	2,500	3,120

Limited Term Tax-Exempt Bond Fund of America — Page 33 of 38

unaudited

Bonds, notes & other debt instruments (continued) Washington (continued)	Principal amount (000)	Value (000)
Port of Seattle, Rev. Bonds, Series 2018-A, AMT, 5.00% 2025	$5,250	$6,254
Port of Seattle, Rev. Bonds, Series 2018-A, AMT, 5.00% 2028	4,750	5,891
Port of Seattle, Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2022	1,825	1,999
Port of Seattle, Rev. Ref. Bonds, Series 2015-C, AMT, 5.00% 2029	1,000	1,160
Port of Seattle, Special Fac. Rev. Ref. Bonds (SEATAC Fuel Facs. LLC), Series 2013, AMT, 5.00% 2022	1,000	1,089
Port of Seattle, Special Fac. Rev. Ref. Bonds (SEATAC Fuel Facs. LLC), Series 2013, AMT, 5.00% 2023	1,100	1,238
County of Skagit, Public Hospital Dist. No. 1 (Skagit Regional Health), Hospital Rev. Improvement and Rev. Ref. Bonds, Series 2016, 4.00% 2026	2,300	2,647
Spokane School Dist., Unlimited Tax G.O. Bonds, Series 2011, 5.00% 2030 (preref. 2021)	1,000	1,076
		126,809
West Virginia 0.44%
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Appalachian Power Co. - Amos Project), Series 2009-B, 2.625% 2042 (put 2022)	6,250	6,446
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Appalachian Power Co. - Amos Project), Series 2011-A, AMT, 1.70% 2041 (put 2020)	2,900	2,906
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Appalachian Power Co. - Amos Project), Series 2015-A, 2.55% 2040 (put 2024)	1,250	1,312
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Wheeling Power Co. - Mitchell Project), Series 2013-A, AMT, 3.00% 2037 (put 2022)	5,200	5,383
County of Harrison, Solid Waste Disposal Rev. Ref. Bonds (Monongahela Power Co. Project), Series 2018-A, AMT, 3.00% 2037 (put 2021)	4,000	4,105
		20,152
Wisconsin 2.88%
G.O. Bonds, Series 2013-A, 5.00% 2025 (preref. 2022)	9,250	10,105
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023)	12,385	14,008
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2018-B, 5.00% 2038 (put 2023)	11,000	12,079
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 1.49% 2054 (put 2023)1	5,200	5,231
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-4, (SIFMA Municipal Swap Index + 0.65%) 1.59% 2054 (put 2024)1	4,000	4,042
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-3, 5.00% 2043 (put 2020)	10,310	10,443
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-5, 5.00% 2033 (put 2024)	4,565	5,383
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2019-A, 5.00% 2021	2,435	2,610
Health and Educational Facs. Auth., Rev. Bonds (Children’s Hospital of Wisconsin, Inc.), Series 2008-B, 5.375% 2037 (preref. 2020)	2,000	2,003
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% 2026	1,000	1,212
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% 2027	1,000	1,205
Health and Educational Facs. Auth., Rev. Ref. Bonds (ProHealth Care, Inc. Obligated Group), Series 2015, 5.00% 2031	1,650	1,898
Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2017-A, 2.69% 2047	6,365	6,618
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2015-A, AMT, 4.00% 2045	4,090	4,301
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2016-A, AMT, 3.50% 2046	5,570	5,830
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 2048	5,665	6,082
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2018-B, 4.00% 2048	3,240	3,489
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2019-A, 4.25% 2049	18,015	20,089
Housing and Econ. Dev. Auth., Housing Rev. Bonds, Series 2017-A, 1.95% 2047 (put 2020)	3,625	3,629
County of Milwaukee, Airport Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2023	1,475	1,692

Limited Term Tax-Exempt Bond Fund of America — Page 34 of 38

unaudited

Bonds, notes & other debt instruments (continued) Wisconsin (continued)	Principal amount (000)	Value (000)
County of Milwaukee, Airport Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2024	$1,550	$1,833
Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2017-A-3, AMT, 1.53% 2027 (put 2021)	8,000	8,000
Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2030	630	780
		132,562
Wyoming 0.17%
Community Dev. Auth., Housing Rev. Bonds, Series 2015-3, 3.00% 2044	370	382
Community Dev. Auth., Housing Rev. Bonds, Series 2015-6, 4.00% 2045	2,140	2,248
Community Dev. Auth., Housing Rev. Bonds, Series 2019-1, 4.00% 2048	4,905	5,393
		8,023
Total bonds, notes & other debt instruments(cost: $3,841,828,000)		3,974,574
Short-term securities 15.95%
State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1985, 1.19% 20251	14,000	14,000
State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1993-B, 1.18% 20331	5,000	5,000
State of California, Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-A, AMT, 1.45% 2023 (put 2020)2,4	18,600	18,600
State of California, City of Stockton, Public Fncg. Auth., Wastewater Bond Anticipation Notes, Series 2019, 1.40% 2022	2,000	2,005
State of Florida, City of Gainesville, Utilities System Rev. Bonds, Series 2019-C, 1.18% 20471	12,500	12,500
State of Florida, Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2012, AMT, 1.55% 2026 (put 2020)4	2,500	2,500
State of Idaho, Health Facs. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-ID, 1.75% 2048 (put 2020)4	2,310	2,310
State of Idaho, Tax Anticipation Notes, Series 2019, 3.00% 6/30/2020	6,000	6,049
State of Illinois, City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 1/1/2021	300	310
State of Indiana, Bond Bank, Advanced Funding Program Notes, Series 2020-A, 3.00% 1/11/2021	3,000	3,047
State of Indiana, Indianapolis Local Public Improvement Bond Bank, Notes (Fieldhouse Project), Series 2019-B, 1.45% 2021	5,075	5,076
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2010-B, 1.19% 20401	10,885	10,885
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2011, 1.19% 20511	5,120	5,120
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 1.19% 20221	23,470	23,470
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2010-A, 1.19% 20351	1,500	1,500
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008, 1.18% 20431	3,490	3,490
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 1.20% 20431	27,500	27,500
State of Maryland, County of Baltimore, Rev. Bonds (Riverwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2021	650	668
State of Maryland, Community Dev. Administration, Dept. of Housing and Community Dev., Multi Family Housing Dev. Rev. Bonds (Somerset Extension), Series 2019-H, 1.795% 2022	2,445	2,457
State of Massachusetts, City of Boston, Water and Sewer Utility IAM Commercial Paper, Series 2020-A, 1.20% 3/3/2020	1,000	1,000
State of Massachusetts, Health and Educational Facs. Auth., IAM Commercial Paper (Harvard University Issue), Series 2020-EE, 1.00% 5/18/2020	10,000	10,000

Limited Term Tax-Exempt Bond Fund of America — Page 35 of 38

unaudited

Short-term securities (continued)	Principal amount (000)	Value (000)
State of Michigan, Fin. Auth., State Aid Rev. Bonds, Series 2019-A, 2.00% 8/20/2020	$3,000	$3,016
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds, (Air Products and Chemicals, Inc. Project), Series 2007, 1.20% 20421	9,630	9,630
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 1.19% 20301	52,000	52,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-D, 1.19% 20301	9,650	9,650
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-E, 1.20% 20301	2,500	2,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 1.19% 20301	3,050	3,050
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-G, 1.20% 20351	2,500	2,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 1.19% 20351	12,750	12,750
State of New Hampshire, Health and Education Facs. Auth., Rev. Ref. Bonds (Dartmouth College Issue), Series 2007-B, 1.18% 20411	6,000	6,000
State of New Hampshire, National Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Emerald Renewable Diesel LLC Project), Series 2019, AMT, 2.00% 2049 (put 2020)2,4	15,200	15,257
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-B-1, 5.00% 5/15/2020	2,000	2,022
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-B-1, 5.00% 2022	1,750	1,905
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-1, 5.00% 2022	13,070	14,343
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-2, 4.00% 7/1/2020	4,000	4,047
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2022	18,765	19,829
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-5, 1.18% 20351	16,315	16,315
State of New York, New York City G.O. Bonds, Fiscal 2013, Series 2013-F-3, 1.18% 20421	46,345	46,345
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2007, Series 2006-CC-1, 0.94% 20381	10,000	10,000
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2011, Series 2011-FF-1, 1.18% 20441	2,500	2,500
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, 1.18% 20501	12,000	12,000
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2016, Series 2016-AA-1, 1.18% 20481	7,150	7,150
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-4, 1.18% 20451	24,000	24,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-4, 1.18% 20451	3,000	3,000
State of New York, Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2003-B-1, 1.17% 20331	5,660	5,660
State of New York, Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds (MTA Bridges and Tunnels), Series 2005-B-4C, 1.18% 20311	6,100	6,100
State of Ohio, County of Franklin, Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-OH, 1.25% 2046 (put 2020)4	4,180	4,180
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2019-F, 1.13% 20521	23,780	23,780
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds, (Republic Services, Inc. Project), Series 2014, AMT, 1.35% 2044 (put 2020)4	10,950	10,954
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds, (Waste Management, Inc. Project), Series 2013, AMT, 1.45% 2045 (put 2020)4	15,255	15,255

Limited Term Tax-Exempt Bond Fund of America — Page 36 of 38

unaudited

Short-term securities (continued)	Principal amount (000)	Value (000)
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 1.15% 20481	$47,875	$47,875
State of South Carolina, Public Service Auth., Rev. Obligations (Santee Cooper), Series 2019-A, 0.98% 20361	2,000	2,000
State of Tennessee, City of Lewisburg, Industrial Dev. Board, Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. of Tennessee Project), Series 2012, AMT, 1.95% 2035 (put 2020)4	3,875	3,875
State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2004, Bank of America LOC, 1.22% 20341	1,230	1,230
State of Texas, Grand Parkway Transportation Corp., Bond Anticipation Notes, Series 2018, 5.00% 2023	7,000	7,792
State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 1.19% 20241	2,000	2,000
State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1995, 1.19% 6/1/20201	14,800	14,800
State of Texas, County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series 2019-C-1, (SIFMA Municipal Swap Index + 0.42%) 1.36% 2049 (put 2022)1,4	7,200	7,201
State of Texas, County of Harris, Flood Control Dist., IAM Commercial Paper, Series 2020-H, 1.05% 5/5/2020	3,725	3,725
State of Texas, County of Harris, Flood Control Dist., IAM Commercial Paper, Series 2020-H, 1.20% 3/12/2020	4,100	4,100
State of Texas, County of Harris, Industrial Dev. Corp., Pollution Control Rev. Bonds (Exxon Project), Series 1984-A, 1.19% 20241	5,300	5,300
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, Series 2019, 5.00% 6/26/2020	4,500	4,571
State of Texas, Lower Neches Valley Auth. Industrial Dev. Corp., Rev. Bonds (ExxonMobil Project), Series 2011, 1.17% 20381	24,595	24,595
State of Texas, Port Arthur Navigation Dist. Industrial Dev. Corp., Rev. Bonds, (Air Products Project), Series 2005, 1.20% 20401	11,500	11,500
State of Texas, Tax and Rev. Anticipation Notes, Series 2019, 4.00% 8/27/2020	11,710	11,909
State of Texas, Regents of the University of Colorado, University Enterprise Rev. IAM Commercial Paper, Series 2020-A-1, 1.06% 6/3/2020	4,810	4,810
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020, 1.00% 5/19/2020	5,000	5,000
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2020, 1.20% 2/6/2020	5,500	5,500
State of Texas, County of York, Natural Rural Utilities Corp., Pollution Control Rev. IAM Commercial Paper, Series 2000, 1.27% 2/3/2020	10,000	10,000
State of Wisconsin, Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2017-A-1, AMT, 1.45% 2023 (put 2020)4	11,500	11,500
State of Wisconsin, Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2017-A-2, AMT, 1.53% 2025 (put 2020)4	4,000	4,000
State of Wyoming, County of Sublette, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 1.19% 20441	15,000	15,000
State of Wyoming, County of Sublette, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, AMT, 1.24% 20441	17,850	17,850
State of Wyoming, County of Uinta, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 1992, 1.19% 20221	5,000	5,000
Total short-term securities(cost: $733,760,000)		734,358
Total investment securities 102.29%(cost: $4,575,588,000)		4,708,932
Other assets less liabilities (2.29%)		(105,428)
Net assets 100.00%		$4,603,504

Limited Term Tax-Exempt Bond Fund of America — Page 37 of 38

unaudited

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount5(000)	Value at 1/31/20206(000)	Unrealized appreciation (depreciation) at 1/31/2020 (000)
2 Year U.S. Treasury Note Futures	Long	1,673	April 2020	$334,600	$361,969	$1,358
5 Year U.S. Treasury Note Futures	Long	2,438	April 2020	243,800	293,341	3,637
10 Year Ultra U.S. Treasury Note Futures	Short	201	March 2020	(20,100)	(29,277)	(724)
						$4,271

1	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
2	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $49,400,000, which represented 1.07% of the net assets of the fund.
3	Step bond; coupon rate may change at a later date.
4	For short-term securities, the mandatory put date is considered to be the maturity date.
5	Notional amount is calculated based on the number of contracts and notional contract size.
6	Value is calculated based on the notional amount and current market price.

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

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

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

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

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

American Funds Distributors, Inc., member FINRA.

© 2020 Capital Group. All rights reserved.

MFGEFPX-043-0320O-S73168 Limited Term Tax-Exempt Bond Fund of America — Page 38 of 38

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	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/ Kristine M. Nishiyama____________________

Kristine M. Nishiyama, Executive Vice President and

Principal Executive Officer

Date: March 31, 2020

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

By__/s/ Kristine M. Nishiyama_________________

Kristine M. Nishiyama, Executive Vice President and

Principal Executive Officer

Date: March 31, 2020

By ___/s/ Brian C. Janssen    __________

Brian C. Janssen, Treasurer and

Principal Financial Officer

Date: March 31, 2020