American High-Income Municipal Bond F3 NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-08576

American High-Income Municipal Bond Fund

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2018

Steven I. Koszalka

American High-Income Municipal Bond Fund

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Funds Short-Term Tax-Exempt Bond Fund^®

Limited Term Tax-Exempt Bond Fund of America^®

The Tax-Exempt Bond Fund of America^®

American High-Income Municipal Bond Fund^®

The Tax-Exempt Fund of California^®

American Funds Tax-Exempt Fund of New York^®

Semi-annual reports for the six months
ended January 31, 2018

Invest in
municipal bonds
for tax-advantaged
income.

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 one of the nation’s largest mutual fund families, American Funds, from Capital Group. For more than 85 years, Capital has invested with a long-term focus based on thorough research and attention to risk.

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

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

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

Reflecting 2.50% maximum sales charge
American Funds Short-Term Tax-Exempt Bond Fund		–1.04	%		0.16	%		0.88	%		0.59	%
Limited Term Tax-Exempt Bond Fund of America		0.19			0.90			2.71			0.59

Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		1.56			2.32			3.93			0.53
American High-Income Municipal Bond Fund		4.41			4.05			4.80			0.67
The Tax-Exempt Fund of California		1.98			2.64			4.32			0.60
American Funds Tax-Exempt Fund of New York		1.32			1.85			3.40			0.73	^†

*	Applicable only to American Funds Tax-Exempt Fund of New York, which began operations on 11/1/10. All other funds reflect 10-year results.
^†	The net expense ratio for American Funds Tax-Exempt Fund of New York is 0.69% as of the prospectus dated October 1, 2017.

For other share class results, visit americanfunds.com.

The 10-year investment result for American Funds Short-Term Tax-Exempt Bond Fund includes the fund’s results as a money market fund through the date of its conversion (August 7, 2009) to a short-term tax-exempt bond fund, and therefore is not representative of the fund’s results had it operated as a short-term tax-exempt bond fund for the full term of that period. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. The investment adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt Fund of New York. Investment results 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, 2018, unless modified or terminated by the fund’s board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit americanfunds.com for more information.

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

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

Contents
1	Letter to investors
11	Investment portfolios
48	Financial statements
56	Notes to financial statements
70	Financial highlights

Fellow investors:

This report covers the results of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York for the six months ended January 31, 2018.

The municipal bond market experienced swings in volatility during the first half of the funds’ fiscal year, as investors contended with clear signs that the global economy was heating up. The market was also pressured by a surprisingly high level of issuance, particularly in December as issuers rushed to close deals due to uncertainty around proposed tax-exempt financing provisions in the new tax law. Against this backdrop, total returns ranged from 2.20% for American High-Income Municipal Bond Fund to –0.25% for American Funds Short-Term Tax-Exempt Bond Fund. (See pages 4 through 10 for fund specific results and information.)

Economic and market overview The municipal bond market rallied along with the broader fixed income markets during the initial weeks of the fiscal year as mounting international tensions drove demand for perceived safe haven assets. In August, the yield on the benchmark 10-year U.S. Treasury note fell to 2.12%, its lowest level of the year, after North Korea fired a ballistic missile over Japan. Municipal bonds rose with the broader fixed income market.

By September, however, the broader tax-exempt market switched course amid investor optimism over improving economic growth and an announcement by the Federal Reserve that it would begin normalizing its balance sheet in October. Chair Janet Yellen also indicated that the Fed was likely to continue its rate hikes. For the remainder of the period, municipal bond market returns vacillated as investors focused much of their attention on the strengthening economy and tax reform implications.

The municipal market rallied briefly in December, fueled by stipulations in the tax legislation impacting tax-exempt bonds. One provision eliminated the tax-exempt status for advance refunding bonds, which local governments utilize to reduce their interest rate expenses. As a result, after months of relatively modest volume, municipal bond issuance set a new single-month record in December. The $62.5 billion in offerings eclipsed the old record of $54.7 billion set in December 1985 just prior to the last comprehensive tax overhaul.

Despite the flood of issuance, the municipal bond market posted solid gains at the end of December. Those gains were reversed in the closing weeks of the period, however, as economic data in the U.S., Europe and Japan showed a clear global acceleration trend.

The U.S. economy grew at an annualized rate of 3.2% in the third quarter of 2017, significantly greater than the 2.2% per-year average since the 2008–2009 financial crisis. However, inflation remained muted despite expectations that the new tax legislation and President Donald Trump’s plans to reduce regulations and increase infrastructure spending would push rates higher. Core inflation, excluding volatile food and energy prices, stayed below 2% for the period amid tepid wage growth and lackluster productivity gains. Meanwhile, the U.S. unemployment rate stood at 4.1% in December, a 17-year low.

American Funds Tax-Exempt Funds

In general, municipal bonds of lower credit quality recorded the strongest gains of the period, while the broader investment-grade municipal market was modestly negative. Longer term bonds tended to outpace those with shorter maturities. Given the quickening growth of the U.S. economy and the likelihood of rising interest rates going forward, most of the funds covered in this report entered the period with a conservative approach, maintaining a relatively short duration position. This helped mitigate the impact of the bouts of heightened volatility throughout the first half of the fiscal year. Select investments in credit and curve positioning when fund managers believed they had identified value unrecognized by the market also helped the funds outpace their primary benchmarks.

Looking ahead

Municipal bonds rallied substantially in 2017. Given the momentum in the global economy, the probability that rates will continue to climb and the relatively high valuations across the municipal market, we expect more muted returns going forward. Therefore, we maintain our relatively cautious approach, focusing on minimizing risk in part by maintaining relatively neutral duration positioning.

That being said, we believe that in the current low-yield environment we may continue to uncover potentially compelling investment opportunities, given our focus on revenue bond issuers in sectors such as transportation, public power, housing and education, which are not directly affected by the long-term liability issues facing state and local governments.

What’s more, we do not expect the new tax law to have a significant negative impact on the municipal bond market. The after-tax income potential of municipals remains appealing even after factoring in a lower effective top individual income tax rate. Reforms have reduced state and local tax deductions for many taxpayers. And while the new limits on deductions may leave some individuals feeling squeezed, it could potentially be favorable for municipal bonds issued in states with high income taxes like California and New York.

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

Sincerely,

Neil L. Langberg

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

Jerry H. Solomon

President, American Funds Tax-Exempt
Fund of New York

Karl J. Zeile

President, American High-Income
Municipal Bond Fund

March 19, 2018

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

2	American Funds Tax-Exempt Funds

Funds’ 30-day yields

Below is a summary of each fund’s 30-day yield and 12-month distribution rate for Class A shares as of February 28, 2018. Both measures reflect the 2.50%/3.75% maximum sales charge. Each fund’s 30-day yield is calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The SEC yield reflects the rate at which each fund is earning income on its current portfolio of securities while the distribution rate reflects the funds’ past dividends paid to shareholders. Accordingly, the funds’ SEC yields and distribution rates may differ. The equivalent taxable yield assumes a 40.8% tax rate.¹

Class A shares	SEC 30-day yield			Equivalent taxable yield			12-month distribution rate
Reflecting 2.50% maximum sales charge
American Funds Short-Term Tax-Exempt Bond Fund		1.35	%		2.28	%		1.23	%
Limited Term Tax-Exempt Bond Fund of America		1.54			2.60			1.99

Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		2.12			3.58			2.95
American High-Income Municipal Bond Fund		2.91			4.92			3.62
The Tax-Exempt Fund of California		1.66			3.62	²		2.88
American Funds Tax-Exempt Fund of New York		1.92	³		3.81	⁴		2.46

¹	Based on 2018 federal tax rates. For the year 2018, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
²	For investors in the 54.10% federal and California state tax bracket.
³	The SEC 30-day yield for American Funds Tax-Exempt Fund of New York is 2.02% with the fund’s reimbursement.
⁴	For investors in the 49.62% federal and New York state tax bracket.

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

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

The fund registered a total return of –0.25% for the first half of its fiscal year. This was slightly better than the –0.44% decline posted by the Bloomberg Barclays Municipal Short 1–5 Years Index, a market value-weighted index that includes investment-grade tax-exempt bonds (rated BBB/Baa and above) with maturities of one to five years. The fund trailed the –0.07% return of the Lipper Short Municipal Debt Funds Average, a peer group measure.

For the period the fund paid monthly dividends totaling 6 cents a share. This amounts to a federally tax-exempt income return of 0.64% for investors who reinvested dividends. This is equivalent to a taxable income return of 1.08% for investors in the 40.8%¹maximum federal tax bracket. A portion of the fund’s return also may be exempt from some state and local taxes.

In an environment that saw the market swing back and forth from gains to losses, the fund’s managers continued to seek relative stability. They maintained a focus on high-quality issues of shorter duration (the fund holds no BBB-rated bonds), but sought to participate in what they believed were attractive investment opportunities when market volatility rose. Returns for municipals were on the whole flat or modestly negative, but local government general obligation bonds and revenue bonds backing toll roads helped offset detractors. At the close of the period more than 80% of the fund’s assets were invested in revenue bonds.

The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Bloomberg Barclays source: Bloomberg Index Services Ltd. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper source: Thomson Reuters Lipper. 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 americanfunds.com.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 1.21% tax-exempt distribution rate³as of January 31, 2018.

	If your taxable income is …					... then your federal			The fund’s tax-exempt distribution rate of 1.21% is
Single			Joint			tax rate is …			equivalent to a taxable rate of ...
$	0 –	9,525	$	0 –	19,050		10.0	%		1.34	%
	9,526 –	38,700		19,051 –	77,400		12.0			1.38
	38,701 –	82,500		77,401 –	165,000		22.0			1.55
	82,501 –	157,500		165,001 –	250,000		24.0			1.59
	–			250,001 –	315,000		27.8	¹		1.68
	157,501 –	200,000		–			32.0			1.78
	–			315,001 –	400,000		35.8	¹		1.88
	200,001 –	500,000		400,001 –	600,000		38.8	¹		1.98
	Over 500,000		Over 600,000				40.8	¹		2.04

¹	For the year 2018, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income.
²	Based on 2018 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2018. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

Fund results shown are for Class A shares at net asset value. If a sales charge (maximum 2.50%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

4	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

The fund recorded a decline of –0.21% for the six months ended January 31, a result that exceeded the –0.77% total return of the Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index, a market value-weighted index that includes investment-grade tax-exempt bonds (rated BBB/Baa and above) with maturities of one to 10 years. By way of comparison, the fund also outpaced the –0.66% total return of the Lipper Short-Intermediate Municipal Debt Funds Average, a peer group measure.

The fund paid monthly dividends totaling about 16 cents a share for the period. Those individuals who reinvested dividends received a federally tax-exempt income return of 1.00%. This is equivalent to a taxable income return of 1.69% for investors in the 40.8%¹maximum federal tax bracket.

The fund’s managers focus primarily on investment-grade bonds. Given the expectation that rates will rise modestly going forward, the portfolio had been positioned fairly conservatively at the start of the fiscal year, which helped mitigate the impact of rising volatility during the six months.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 1.99% tax-exempt distribution rate³as of January 31, 2018.

If your taxable income is …							... then your federal			The fund’s tax-exempt distribution rate of 1.99% is
Single				Joint			tax rate is …			equivalent to a taxable rate of ...
$	0 –	9,525		$	0 –	19,050		10.0	%		2.21	%
	9,526 –	38,700			19,051 –	77,400		12.0			2.26
	38,701 –	82,500			77,401 –	165,000		22.0			2.55
	82,501 –	157,500			165,001 –	250,000		24.0			2.62
	–				250,001 –	315,000		27.8	¹		2.76
	157,501 –	200,000			–			32.0			2.93
	–				315,001 –	400,000		35.8	¹		3.10
	200,001 –	500,000			400,001 –	600,000		38.8	¹		3.25
	Over 500,000		Over 600,000					40.8	¹		3.36

¹	For the year 2018, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income.
²	Based on 2018 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2018. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

The fund generated a 0.66% total return during the six-month period ended January 31, outpacing the –0.19% decline of the Bloomberg Barclays Municipal Bond Index, a market value-weighted index designed to represent the long-term investment-grade (bonds rated BBB/Baa and above) tax-exempt bond market. The fund’s result also bested the 0.36% total return of the Lipper General & Insured Municipal Debt Funds Average, a peer group measure.

During the first half of its fiscal year, the fund paid monthly dividends totaling almost 20 cents a share, amounting to a federally tax-exempt income return of 1.52% for investors who reinvested dividends. This is equivalent to a taxable income return of 2.57% for investors in the 40.8%¹maximum federal tax bracket. The fund does not invest in bonds subject to the Alternative Minimum Tax (AMT).

The fund was positioned relatively conservatively at the start of the fiscal year, as the fund’s managers were focused on minimizing risk in an uncertain environment. This approach proved to be beneficial, as the fund generated a positive return as the market modestly declined. At the close of the period about 93% of the portfolio consisted of revenue bonds. Among the largest concentrations were holdings backing hospital facilities and water and sewer initiatives.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.96% tax-exempt distribution rate³as of January 31, 2018.

If your taxable income is …						... then your federal			The fund’s tax-exempt distribution rate of 2.96% is
Single			Joint			tax rate is …			equivalent to a taxable rate of ...
$	0 –	9,525	$	0 –	19,050		10.0	%		3.29	%
	9,526 –	38,700		19,051 –	77,400		12.0			3.36
	38,701 –	82,500		77,401 –	165,000		22.0			3.79
	82,501 –	157,500		165,001 –	250,000		24.0			3.89
	–			250,001 –	315,000		27.8	¹		4.10
	157,501 –	200,000		–			32.0			4.35
	–			315,001 –	400,000		35.8	¹		4.61
	200,001 –	500,000		400,001 –	600,000		38.8	¹		4.84
	Over 500,000			Over 600,000			40.8	¹		5.00

¹	For the year 2018, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income.
²	Based on 2018 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2018. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

Fund results shown are for Class A shares at net asset value. If a sales charge (maximum 3.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

6	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

The fund produced a total return of 2.20% for the first half of its fiscal year, surpassing both the Bloomberg Barclays High Yield Municipal Bond Index (a market value-weighted index composed of municipal bonds rated below BBB/Baa), and the Lipper High Yield Municipal Debt Funds Average (a peer group measure), which returned 1.72% and 1.56%, respectively. The fund also exceeded the –0.19% return of the Bloomberg Barclays Municipal Bond Index, a measure of the investment-grade municipal market.

For the six months, the fund paid monthly dividends totaling about 30 cents a share, amounting to a federally tax-exempt income return of 1.89% for investors who reinvested dividends. This is equivalent to a taxable income return of 3.19% for investors in the 40.8%¹maximum federal tax bracket. A portion of the fund’s return also may be exempt from some state and local taxes.

Over a period that saw high-yield municipal bonds outpace the broader tax-exempt market, the fund’s return was particularly solid. Holdings of bonds backing hospitals and senior living facilities posted some of the strongest returns.

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Bloomberg Barclays source: Bloomberg Index Services Ltd. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper source: Thomson Reuters Lipper. 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 americanfunds.com.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 3.60% tax-exempt distribution rate³as of January 31, 2018.

If your taxable income is …						... then your federal			The fund’s tax-exempt distribution rate of 3.60% is
Single			Joint			tax rate is …			equivalent to a taxable rate of ...
$	0 –	9,525	$	0 –	19,050		10.0	%		4.00	%
	9,526 –	38,700		19,051 –	77,400		12.0			4.09
	38,701 –	82,500		77,401 –	165,000		22.0			4.62
	82,501 –	157,500		165,001 –	250,000		24.0			4.74
	–			250,001 –	315,000		27.8	¹		4.99
	157,501 –	200,000		–			32.0			5.29
	–			315,001 –	400,000		35.8	¹		5.61
	200,001 –	500,000		400,001 –	600,000		38.8	¹		5.88
	Over 500,000			Over 600,000			40.8	¹		6.08

¹	For the year 2018, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income.
²	Based on 2018 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2018. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

The fund posted a total return of 0.78% for the six months ended January 31. This result bested the 0.28% total return of the Lipper California Municipal Debt Funds Average, a peer group measure. The fund also outpaced the –0.18% decline of the Bloomberg Barclays California Municipal Index, a market value-weighted index that includes only investment-grade tax-exempt bonds (rated BBB/Baa and above) of issuers within the state of California.

For the period, the fund paid monthly dividends totaling almost 26 cents a share. Those investors who reinvested dividends received an income return of 1.48%. This is equivalent to a taxable income return of 3.22% for investors in the 54.1%¹effective combined federal and California tax bracket.

The California economy remains strong, growing at a 2.5% annual rate in 2017, outpacing the national growth rate of 2.4%. With tax reform reducing the state and local tax deduction for some California taxpayers, municipal bonds may have increased appeal for residents in higher income tax brackets.

Tax-exempt yields vs. taxable yields

Find your estimated 2018 taxable income below to determine your combined federal and California tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.87% tax-exempt distribution rate³at January 31, 2018.

If your taxable income is …							... then your combined federal and California			The fund’s tax-exempt distribution rate of 2.87% is
Single				Joint			state tax rate is …			equivalent to a taxable rate of ...
$	0 –	8,223		$	0 –	16,446		11.00	%		3.22	%
	8,224 –	9,525			16,447 –	19,050		12.00			3.26
	9,526 –	19,495			19,051 –	38,990		14.00			3.34
	19,496 –	30,769			38,991 –	61,538		16.00			3.42
	30,770 –	38,700			61,539 –	77,400		18.00			3.50
	38,701 –	42,711			77,401 –	85,422		28.00			3.99
	42,712 –	53,980			85,423 –	107,960		30.00			4.10
	53,981 –	82,500			107,961 –	165,000		31.30			4.18
	82,501 –	157,500			165,001 –	250,000		33.30			4.30
	–				250,001 –	315,000		37.10	¹		4.56
	157,501 –	200,000			–			41.30			4.89
	–				315,001 –	400,000		45.10	¹		5.23
	200,001 –	275,738			400,001 –	551,476		48.10	¹		5.53
	275,739 –	330,884			551,477 –	600,000		49.10	¹		5.64
	330,885 –	500,000			–			50.10	¹		5.75
	–				600,001 –	661,768		51.10	¹		5.87
	500,001 –	551,473			661,769 –	1,000,000		52.10	¹		5.99
	551,474 –	1,000,000			1,000,001 –	1,102,946		53.10	¹		6.12
	Over 1,000,000		Over 1,102,946					54.10	¹		6.25

¹	For the year 2018, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 54.10% marginal tax rate on their investment income.
²	Based on 2018 federal and 2017 California state tax rates. (State rates from 1.0% to 13.3% are individually calculated for each bracket. The federal brackets are expanded to include additional state brackets.) The effective combined tax rates paid by California residents may be lower than those shown due to the availability of income tax deductions.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2018. Capital gains distributions, if any, are added back at the maximum offering price to determine the rate.

8	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

The fund recorded a total return of 0.13% for the first half of its fiscal year, outpacing the Bloomberg Barclays New York Municipal Index, a market value-weighted index that includes only investment-grade tax-exempt bonds (rated BBB/Baa and above) of issuers within the state of New York, which fell –0.43%. The Lipper New York Municipal Debt Funds Average, a peer group measure, also lagged, posting a –0.34% total return.

The fund paid monthly dividends totaling about 13 cents a share for the six months. This represents an income return of 1.25% for those who reinvested dividends. For investors in the 49.62%¹combined effective federal, New York state and New York City tax bracket, this is equivalent to a taxable income return of 2.48%.

Revenue bonds supporting senior living facilities and airport-related credits were beneficial to the fund’s return.

Tax-exempt yields vs. taxable yields

Find your estimated 2018 taxable income below to determine your combined federal and New York state tax rate,^2,3then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.43% tax-exempt distribution rate⁴at January 31, 2018.

If your taxable income is …							... then your combined federal and New York			The fund’s tax-exempt distribution rate of 2.43% is
Single				Joint			state tax rate is …			equivalent to a taxable rate of ...
$	0 –	8,500		$	0 –	17,150		14.00	%		2.83	%
	8,501 –	9,525			17,151 –	19,050		14.50			2.84
	9,526 –	11,700			19,051 –	23,600		16.50			2.91
	11,701 –	13,900			23,601 –	27,900		17.25			2.94
	13,901 –	21,400			27,901 –	43,000		17.90			2.96
	21,401 –	38,700			43,001 –	77,400		18.45			2.98
	38,701 –	80,650			77,401 –	161,550		28.45			3.40
	80,651 –	82,500			161,551 –	165,000		28.65			3.41
	82,501 –	157,500			165,001 –	250,000		30.65			3.50
	–				250,001 –	315,000		34.45	¹		3.71
	157,501 –	200,000			–			38.65			3.96
	–				315,001 –	323,200		42.45	¹		4.22
	–				323,201 –	400,000		42.65	¹		4.24
	200,001 –	215,400			–			45.45	¹		4.45
	215,401 –	500,000			400,001 –	600,000		45.65	¹		4.47
	500,001 –	1,077,550			600,001 –	2,155,350		47.65	¹		4.64
	Over 1,077,550		Over 2,155,350					49.62	¹		4.82

¹	For the year 2018, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 49.62% marginal tax rate on their investment income.
²	Income generated by the fund’s investments is also generally exempt from New York City taxes, offering additional tax advantages to New York City residents.
³	Based on 2018 federal and 2017 New York state tax rates. (State rates from 4.00% to 8.82% are individually calculated for each bracket. The federal brackets are expanded to include additional state brackets.) The effective combined tax rates paid by New York residents may be lower than those shown due to the availability of income tax deductions.
⁴	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2018. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

American Funds Tax-Exempt Funds

Results at a glance

For periods ended January 31, 2018, with distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime^*
American Funds Short-Term Tax-Exempt Bond Fund (Class A shares)		1.14	%		0.62	%		—			1.21	%
Bloomberg Barclays Municipal Short 1–5 Years Index		1.07			1.05			—			1.66
Lipper Short Municipal Debt Funds Average		1.02			0.54			—			1.12

Limited Term Tax-Exempt Bond Fund of America (Class A shares)		1.91			1.28			2.76	%		3.87
Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index		1.83			1.65			3.03			4.10
Lipper Short-Intermediate Municipal Debt Funds Average		1.11			0.93			2.19			3.38

The Tax-Exempt Bond Fund of America (Class A shares)		4.07			2.77			4.08			6.42
Bloomberg Barclays Municipal Bond Index		3.52			2.69			4.20			—	^†
Lipper General & Insured Municipal Debt Funds Average		3.88			2.46			3.84			6.20

American High-Income Municipal Bond Fund (Class A shares)		7.01			4.45			4.99			5.56
Bloomberg Barclays Municipal Bond Index		3.52			2.69			4.20			5.30
Bloomberg Barclays High Yield Municipal Bond Index		7.16			3.92			5.04			—	^†
Lipper High Yield Municipal Debt Funds Average		6.30			3.74			4.26			5.02

The Tax-Exempt Fund of California (Class A shares)		4.39			3.06			4.49			5.50
Bloomberg Barclays California Municipal Index		3.55			3.01			4.49			—	^†
Lipper California Municipal Debt Funds Average		4.26			3.03			4.22			5.50

American Funds Tax-Exempt Fund of New York (Class A shares)		3.41			2.30			—			3.75
Bloomberg Barclays New York Municipal Index		3.22			2.71			—			3.56
Lipper New York Municipal Debt Funds Average		3.11			2.20			—			3.25

*	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.

10	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund	unaudited
Summary investment portfolio January 31, 2018

Portfolio quality summary*

Percent of net assets

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

Bonds, notes & other debt instruments 94.93%	Principal amount (000)				Value (000)
Alabama 2.00%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021)		$	7,500	$	7,934
Other securities					11,714
					19,648

California 9.54%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.06% 2045 (put 2023)¹			6,600		6,713
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2007-E-3, (SIFMA Municipal Swap Index + 0.70%) 1.86% 2047 (put 2019)¹			3,000		3,013
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-A-1, (SIFMA Municipal Swap Index + 0.90%) 2.06% 2045 (put 2023)¹			1,250		1,271
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-G, (SIFMA Municipal Swap Index + 0.60%) 1.76% 2034 (put 2020)¹			2,000		2,009
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-D, (3-month USD-LIBOR x 0.70 + 0.55%) 1.736% 2045 (put 2021)¹			500		503
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-E, 1.375% 2053 (put 2020)			5,000		4,959
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Pacific Gas and Electric Company), Series 2008-F, 1.75% 2026 (put 2022)			6,070		5,980
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2011-N, 5.00% 2020			3,700		3,991
Other securities					65,102
					93,541

Connecticut 1.99%
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Credit Group), Series 1999-B, 1.65% 2029 (put 2019)			1,410		1,409
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044			725		767
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-E-1, 3.50% 2046			1,195		1,251
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 2047			1,980		2,108
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D, 4.00% 2047			700		747
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2012-F-2, AMT, 2.75% 2035			440		445
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2014-D-1, 4.00% 2044			1,995		2,073
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044			2,755		2,854

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Connecticut (continued)
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045		$	1,705	$	1,775
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2016-A-1, 4.00% 2045			1,215		1,293
Other securities					4,811
					19,533

Florida 3.32%
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2019			7,450		7,792
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2015-D, 5.00% 2020			5,500		5,926
Other securities					18,844
					32,562

Georgia 1.65%
County of Floyd, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Company Plant Hammond Project), 2.35% 2022 (put 2020)			4,000		3,983
Other securities					12,211
					16,194

Illinois 10.47%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020			6,300		6,747
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 4.00% 2021			3,000		3,193
Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 1998-B, 1.65% 2025 (put 2019)			10,390		10,401
Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 2001-B-1, 1.10% 2036 (put 2018)			6,250		6,249
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), (SIFMA Municipal Swap Index + 1.00%) 2.16% 2050 (put 2025)¹			5,525		5,484
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2002-A, Assured Guaranty Municipal insured, 5.50% 2023			3,620		4,067
Regional Transportation Auth., G.O. Ref. Bonds, Series 2017-A, 5.00% 2023			5,000		5,686
Other securities					60,809
					102,636

Indiana 1.91%
Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2001, AMT, 1.75% 2031 (put 2015)			500		500
Health and Educational Facs. Fncg. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2001-A-2, 4.00% 2036 (put 2019)			1,500		1,539
Hobart Building Corp. (Lake County), First Mortgage Bonds, Series 2006, National insured, 6.50% 2029 (preref. 2020)			6,000		6,552
Other securities					10,101
					18,692

Kentucky 0.52%
State Property and Buildings Commission, Rev. Ref. Bonds (Project No. 112), Series 2016-B, 5.00% 2022			4,500		5,063


Maine 0.67%
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2015-E-1, AMT, 3.50% 2035			4,140		4,294
Other securities					2,286
					6,580

Maryland 2.61%
County of Montgomery, G.O. Consolidated Public Improvement Rev. Ref. Bonds, Series 2017-C, 5.00% 2020			7,000		7,620
University System, Auxiliary Fac. and Tuition Rev. Bonds, Series 2017-B, 5.00% 2021			4,500		4,964
Other securities					13,017
					25,601

12	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)			Value (000)
Massachusetts 2.71%
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 167, 4.00% 2043		$	985	$	1,019
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044			620		642
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 172, 4.00% 2045			1,090		1,142
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 181, 4.00% 2044			835		881
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 2046			880		920
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 160, AMT, 3.75% 2034			270		275
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 162, 2.75% 2041			310		313
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 165, 2.65% 2041			1,025		1,035
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044			665		691
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 177, AMT, 4.00% 2039			3,720		3,904
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 188, AMT, 4.00% 2043			850		906
Other securities					14,792
					26,520

Michigan 3.27%
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Ascension Health Senior Credit Group), Series 2010-F3, 1.40% 2047 (put 2018)			1,500		1,500
Other securities					30,552
					32,052

Minnesota 1.30%
Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program), Series 2011-G, 4.25% 2035			355		363
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040			525		536
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2013-A, AMT, 3.00% 2031			605		612
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038			905		945
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 2045			7,075		7,424
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-A, AMT, 4.00% 2041			730		767
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-E, AMT, 3.50% 2046			765		796
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2016-E, 4.00% 2047			225		238
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 2048			1,000		1,072
					12,753

Nebraska 1.42%
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019)			6,700		7,075
Other securities					6,828
					13,903

Nevada 1.53%
County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010, 1.875% 2031 (put 2020)			5,500		5,495
Other securities					9,491
					14,986

New Jersey 2.00%
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2014-PP, 5.00% 2019			4,000		4,145
Other securities					15,501
					19,646

New Mexico 0.95%
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company
Four Corners Project), Series 2005-A, 1.875% 2029 (put 2020)			2,000		1,998
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company Four Corners Project), Series 2005-B, 1.875% 2029 (put 2020)			2,250		2,248
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company Four Corners Project), Series 2011, 1.875% 2029 (put 2020)			2,000		1,998
Other securities					3,056
					9,300

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
New York 9.41%
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2017-F, 5.00% 2023		$	3,500	$	4,049
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2023			5,000		5,733
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 4.00% 2019			750		783
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2020			2,000		2,178
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 1.61% 2044 (put 2022)¹			4,000		3,995
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.74% 2039 (put 2020)¹			6,250		6,257
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 1.759% 2032 (put 2021)¹			4,000		4,030
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043			1,530		1,591
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034			2,510		2,588
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046			2,780		2,969
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044			920		963
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045			595		623
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047			2,450		2,565
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030			1,910		1,983
New York City G.O. Bonds, Series 2008-J-4, (SIFMA Municipal Swap Index + 0.55%) 1.71% 2025¹			8,000		8,000
New York City G.O. Bonds, Series 2012-I, 5.00% 2018			1,000		1,018
New York City G.O. Bonds, Series 2014-A, 5.00% 2020			1,500		1,623
New York City G.O. Bonds, Series 2014-A-6, (SIFMA Municipal Swap Index + 0.50%) 1.66% 2031¹			2,500		2,500
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021			5,250		5,226
Thruway Auth., General Rev. Junior Indebtedness Obligations, Series 2013-A, 5.00% 2019			4,700		4,905
Other securities					28,648
					92,227

North Dakota 1.08%
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2016-B, AMT, 4.00% 2047			4,320		4,577
Other securities					6,054
					10,631

Ohio 1.84%
Water Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management Inc. Project), Series 2002, AMT, 1.70% 2022 (put 2018)			2,500		2,502
Other securities					15,546
					18,048

Pennsylvania 4.15%
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2013, AMT, 1.20% 2045 (put 2018)¹			1,310		1,310
Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2017-A, 4.00% 2018			5,030		5,131
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-117-A, AMT, 3.50% 2040			1,415		1,464
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-118-A, AMT, 3.50% 2040			5,830		6,011
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 2041			750		773
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 2046			850		882
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046			3,030		3,210
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-123-A, AMT, 4.00% 2039			1,610		1,718
Other securities					20,153
					40,652

14	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)			Value (000)
South Carolina 1.10%
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 2022		$	3,395	$	3,843
Other securities					6,948
					10,791

Tennessee 1.57%
Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-1-C, 4.50% 2037			610		634
Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-2-C, 4.00% 2038			430		443
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2011-1-A, AMT, 4.50% 2031			1,030		1,076
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2012-1-A, AMT, 4.50% 2038			500		519
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-1-C, 3.00% 2038			990		1,007
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043			995		1,032
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-1-A, AMT, 4.00% 2039			1,460		1,506
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, AMT, 4.00% 2045			1,145		1,202
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045			860		897
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 4.00% 2046			405		433
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-B, 3.50% 2047			855		894
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042			1,455		1,552
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-B-2, 4.00% 2042			2,570		2,749
Other securities					1,492
					15,436

Texas 10.15%
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2013-B, 3.00% 2032 (put 2019)			5,000		5,100
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2017-A-2, 2.50% 2036 (put 2019)			4,000		4,050
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2017, 5.00% 2020			6,000		6,398
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-A, (SIFMA Municipal Swap Index + 0.80%) 1.96% 2050 (put 2019)¹			4,095		4,101
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2012-C, 1.95% 2038 (put 2019)			2,380		2,382
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2017-A, 5.00% 2019			6,000		6,190
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, 5.00% 2018			2,000		2,000
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2009-A, 5.25% 2024 (preref. 2019)			1,100		1,142
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2012-C, 2.00% 2027 (put 2018)			1,625		1,629
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-A, 2.25% 2033 (put 2019)			9,000		9,090
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-B, 2.00% 2033 (put 2021)			3,040		3,047
Transportation Commission, G.O. Mobility Fund Bonds, Series 2014-B, (SIFMA Municipal Swap Index + 0.38%) 1.54% 2041 (put 2018)¹			6,500		6,502
Other securities					47,927
					99,558

Washington 3.16%
Econ. Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, 2.125% 2020²			5,000		4,990
Various Purpose G.O. Rev. Ref. Bonds, Series 2018-R-C, 5.00% 2021			5,000		5,556
Other securities					20,385
					30,931

Wisconsin 3.28%
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2013-B-2, 4.00% 2043 (put 2019)			1,000		1,030
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2013-B-3, 5.00% 2043 (put 2020)			4,500		4,817
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2013-B-1, 1.375% 2038 (put 2019)			2,150		2,137
Health and Educational Facs. Auth., Rev. Bonds (Children’s Hospital of Wisconsin, Inc.), Series 2008-B, 5.375% 2037 (preref. 2020)			7,000		7,520

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Wisconsin (continued)
Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2015-A, AMT, 4.00% 2045		$	2,995	$	3,135
Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2016-A, AMT, 3.50% 2046			5,895		6,112
Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2017-C, 4.00% 2048			1,200		1,282
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		1,499
Other securities					4,666
					32,198

Other states & U.S. territories 11.33%
Other securities					111,197

Total bonds, notes & other debt instruments (cost: $934,478,000)					930,879

Short-term securities 3.98%
State of New York, New York City G.O. Bonds, Series 2008-J-5, 0.97% 2028¹			1,000		1,000
State of New York, New York City G.O. Bonds, Series 2008-L-3, 0.97% 2036¹			1,315		1,315
State of New York, Triborough Bridge and Tunnel Auth., General Rev. Bonds (Anticipation Notes), Series 2017-A-3, 2.00% 2/15/2018			1,000		1,000
State of New York, Triborough Bridge and Tunnel Auth., General Rev. Bonds (Anticipation Notes), Series 2017-A-6, 2.00% 2/15/2018			3,000		3,000
State of Texas, Tax and Rev. Anticipation Notes, Series 2017, 4.00% 8/30/2018			22,000		22,339
Other securities					10,380

Total short-term securities (cost: $39,084,000)					39,034
Total investment securities 98.91% (cost: $973,562,000)					969,913
Other assets less liabilities 1.09%					10,712

Net assets 100.00%				$	980,625

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

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

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $6,890,000, which represented .70% of the net assets of the fund.

Key to abbreviations

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

16	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 93.91%	Principal amount (000)		Value (000)
Alabama 1.22%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021)	$	14,500	$	15,338
Other securities				34,075
				49,413
California 9.71%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.06% 2045 (put 2023)¹		20,500		20,850
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2007-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.06% 2047 (put 2023)¹		3,500		3,560
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2007-E-3, (SIFMA Municipal Swap Index + 0.70%) 1.86% 2047 (put 2019)¹		1,000		1,004
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.26% 2045 (put 2024)¹		2,500		2,573
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-G, (SIFMA Municipal Swap Index + 0.60%) 1.76% 2034 (put 2020)¹		2,500		2,511
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-H, (SIFMA Municipal Swap Index + 0.70%) 1.86% 2034 (put 2021)¹		10,480		10,575
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-D, (3-month USD-LIBOR x 0.70 + 0.55%) 1.736% 2045 (put 2021)¹		3,000		3,021
Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, (3-month USD-LIBOR + 0.67%) 1.855% 2027¹		11,870		11,489
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2011-N, 5.00% 2020		15,425		16,638
Other securities				320,134
				392,355

Florida 5.91%
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2022		10,200		11,459
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2015-D, 5.00% 2020		14,750		15,892
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 2048		11,900		12,737
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021		11,600		12,810
Other securities				186,182
				239,080

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Georgia 2.69%
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2023)	$	15,000	$	16,235
Municipal Electric Auth., Project One Bonds, Series 2008-D, 5.75% 2019 (preref. 2018)		11,840		12,051
Municipal Electric Auth., Project One Bonds, Series 2011-A, 5.00% 2021		11,490		12,420
Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2018		10,930		11,187
Other securities				56,900
				108,793

Illinois 11.81%
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2026		11,805		12,837
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 5.00% 2019		2,785		2,875
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2012-B, AMT, 5.00% 2024		2,000		2,204
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2013-A, AMT, 5.00% 2022		3,055		3,390
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 2026		4,000		4,723
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.25% 2029		1,500		1,799
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2025		6,170		6,771
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2021		10,000		10,848
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2023		5,000		5,646
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 4.00% 2020		8,000		8,317
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2019		2,000		2,061
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2013-B, AMT, 5.00% 2022		3,000		3,329
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 2022		10,500		11,728
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2028		10,590		12,439
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), (SIFMA Municipal Swap Index + 1.00%) 2.16% 2050 (put 2025)¹		11,625		11,539
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, 5.00% 2023		4,500		5,070
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, 5.00% 2024		5,000		5,709
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, 5.00% 2025		5,000		5,767
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.125% 2019		6,500		6,781
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2020		6,525		7,007
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.375% 2021		1,000		1,105
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 (preref. 2021)		12,925		14,513
Regional Transportation Auth., G.O. Ref. Bonds, Series 2017-A, 5.00% 2027		10,000		11,809
Regional Transportation Auth., G.O. Ref. Bonds, Series 2017-A, 5.00% 2028		10,000		11,719
Other securities				307,331
				477,317

Maryland 1.57%
County of Montgomery, G.O. Consolidated Public Improvement Bonds, Series 2017-A, 5.00% 2022		13,500		15,470
Other securities				47,856
				63,326

Michigan 3.97%
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047		19,380		20,139
Other securities				140,376
				160,515

18	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Nebraska 1.03%
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019)		$	11,135	$	11,759
Other securities					29,942
					41,701

Nevada 2.00%
County of Clark, Highway Rev. Ref. Bonds (Motor Vehicle Fuel Tax), Series 2011, 5.00% 2020			12,320		13,299
County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010, 1.875% 2031 (put 2020)			18,150		18,133
Other securities					49,392
					80,824

New York 7.84%
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2023			16,000		18,346
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2020			5,500		6,027
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018			1,880		1,941
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2020			3,250		3,540
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2024			5,000		5,854
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 1.61% 2044 (put 2022)¹			7,750		7,740
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2027			3,150		3,658
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.74% 2039 (put 2020)¹			12,250		12,263
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 1.759% 2032 (put 2021)¹			1,400		1,411
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2018			1,105		1,137
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2020			7,000		7,624
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028 (preref. 2023)			3,000		3,514
New York City G.O. Bonds, Series 2008-J-4, (SIFMA Municipal Swap Index + 0.55%) 1.71% 2025¹			8,825		8,825
New York City G.O. Bonds, Series 2014-A, 5.00% 2025			3,000		3,514
New York City G.O. Bonds, Series 2014-G, 5.00% 2023			1,500		1,731
New York City G.O. Bonds, Series 2015-C, 5.00% 2028			1,000		1,162
New York City G.O. Bonds, Series 2017-A, 5.00% 2026			5,000		5,981
New York City G.O. Bonds, Series 2017-C, 5.00% 2026			3,500		4,187
New York City G.O. Bonds, Series 2017-C, 5.00% 2027			5,000		6,002
New York City G.O. Bonds, Series 2017-C, 5.00% 2028			4,300		5,138
New York City G.O. Bonds, Series 2012-I, 5.00% 2020			5,000		5,409
Other securities					201,953
					316,957

Pennsylvania 5.74%
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2014, AMT, 1.55% 2044 (put 2018)			13,500		13,500
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-121, 3.50% 2046			10,460		10,887
Other securities					207,716
					232,103

South Dakota 0.39%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 2046			10,675		11,137
Other securities					4,441
					15,578

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Texas 8.08%
County of Brazoria, Brazos River Harbor Navigation Dist., Environmental Facs. Rev. Ref. Bonds (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033		$	13,040	$	13,487
County of Harris, Cultural Education Facs. Fin. Corp., Medical Facs. Rev. Ref. Bonds (Baylor College of Medicine), (1-month USD-LIBOR x 0.70 + 0.80%) 1.895% 2045 (put 2020)¹			13,000		13,005
County of Harris, Toll Road Rev. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.70%) 1.86% 2021 (put 2018)¹			13,500		13,505
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2017-A, 5.00% 2019			16,000		16,508
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-A, 2.25% 2033 (put 2019)			16,000		16,161
Other securities					254,121
					326,787

Virginia 0.50%
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		11,555
Other securities					8,623
					20,178

Washington 3.15%
Various Purpose G.O. Bonds, Series 2012-D, 5.00% 2023			5,015		5,627
Various Purpose G.O. Bonds, Series 2017-D, 5.00% 2027			7,000		8,440
Various Purpose G.O. Bonds, Series 2017-D, 5.00% 2028			5,000		5,984
Various Purpose G.O. Rev. Ref. Bonds, Series 2018-R-C, 5.00% 2022			19,000		21,606
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 2.16% 2035 (put 2021)¹			15,100		15,032
Other securities					70,600
					127,289

Wisconsin 2.19%
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2013-B-3, 5.00% 2043 (put 2020)			10,310		11,037
Transportation Rev. Ref. Bonds, Series 2017-2, 5.00% 2022			10,450		11,848
Other securities					65,666
					88,551

Other states & U.S. territories 26.11%
Other securities					1,054,648

Total bonds, notes & other debt instruments (cost: $3,768,914,000)					3,795,415

Short-term securities 6.19%
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2017-S-2, 1.10% 2/6/2018			5,000		5,000
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2017-S-2, 1.10% 2/7/2018			7,325		7,325
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2009-E-1, JPMorgan Chase LOC, 0.08% 2043¹			15,745		15,745
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 0.94% 2022¹			1,000		1,000
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 0.98% 2019¹			6,930		6,930
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2017-B, 2.00% 5/21/2018			10,000		10,021
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2017-C, 2.00% 6/25/2018			2,000		2,006
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-K, 0.99% 2035¹			7,500		7,500
State of Missouri, Health and Educational Facs. Auth., Medical Research Facs. Rev. Bonds (Stowers Institute for Medical Research), Tender Option Bond Trust, Series DBE-7001, 1.61% 2045^1,2			18,000		18,000
State of Missouri, Health and Educational Facs. Auth., Medical Research Facs. Rev. Bonds (Stowers Institute for Medical Research), Tender Option Bond Trust, Series DBE-7003, 1.61% 2045^1,2			15,000		15,000

20	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-A-1 4.00% 2019		$	8,500	$	8,811
State of New York, New York City G.O. Bonds, Fiscal 2012, Series 2011-A-3, 0.99% 2035¹			3,550		3,550
State of New York, New York City G.O. Bonds, Series 2008-J-5, 0.97% 2028¹			11,515		11,515
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2015-A-4, 0.97% 2041¹			16,000		16,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2003-C-5, 0.97% 2031¹			3,000		3,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-3, 1.00% 2045¹			3,000		3,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 1.00% 2045¹			6,000		6,000
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2017-A, 5.00% 9/28/2018			12,000		12,286
State of Texas, County of Harris, Industrial Dev. Corp., Pollution Control Rev. Bonds (Exxon Project), Series 1984-A, 0.94% 2024¹			5,000		5,000
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, Series 2017, 2.50% 6/29/2018			10,000		10,049
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, Series 2017, 3.00% 6/29/2018			5,000		5,034
State of Texas, County of Jefferson, Port Arthur Navigation Dist., Pollution Control Rev. Ref. Bonds (Texaco Inc. Project), Series 1994, 0.95% 2024¹			5,000		5,000
State of Texas, Tax and Rev. Anticipation Notes, Series 2017, 4.00% 8/30/2018			28,000		28,432
Other securities					44,071

Total short-term securities (cost: $250,392,000)					250,275
Total investment securities 100.10% (cost: $4,019,306,000)					4,045,690
Other assets less liabilities (0.10)%					(3,974	)

Net assets 100.00%				$	4,041,716

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

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $54,467,000, which represented 1.35% of the net assets of the fund.

Key to abbreviations

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America	unaudited
Summary investment portfolio January 31, 2018

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 88.41%	Principal amount (000)		Value (000)
Alabama 1.42%
City of Birmingham, Water Works Board, Water Rev. Ref. Bonds, Series 2016-B, 5.00% 2043	$	26,200	$	29,853
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021)		40,000		42,312
Other securities				183,786
				255,951

California 8.26%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.26% 2045 (put 2024)¹		30,850		31,751
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053		24,000		28,227
Other securities				1,424,643
				1,484,621

Colorado 1.96%
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042		29,815		31,794
Other securities				320,520
				352,314

Delaware 0.18%
Transportation Auth., Rev. Bonds (U.S. 301 Project), 5.00% 2055		25,455		28,356
Other securities				3,259
				31,615

District of Columbia 1.47%
Water and Sewer Auth., Public Utility Rev. Green Bonds, Series 2017-A, 5.00% 2052		24,900		28,477
Other securities				235,464
				263,941

Florida 6.52%
Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2035		27,350		30,586
Other securities				1,140,323
				1,170,909

Georgia 2.49%
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2023)		42,500		46,000
Other securities				401,302
				447,302

22	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
Illinois 12.60%
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2014, 5.25% 2049	$	27,500	$	30,630
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, 5.00% 2051		33,585		36,010
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2046		28,935		31,415
Fin. Auth., Rev. Bonds (The Cable Foundation), Series 2016-A, 5.00% 2045		26,575		29,039
Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043		32,250		35,436
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2027		1,305		1,481
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2028		1,000		1,131
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2029		3,000		3,385
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2030		7,100		7,989
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2032		1,000		1,119
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2033		2,200		2,456
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2038		34,430		38,353
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2038		2,500		2,827
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2039		3,000		3,391
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2036		2,000		2,260
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2037		1,500		1,692
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2040		9,500		10,680
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2033		5,000		5,727
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2035		3,055		3,482
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2036		2,000		2,275
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2037		1,900		2,156
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2041		16,980		19,192
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2017-A, 5.00% 2038		4,000		4,589
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2017-A, 5.00% 2039		3,000		3,439
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2017-A, 5.00% 2042		21,955		25,068
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 4.50% 2027		6,000		6,284
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2025		10,000		10,654
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2028		10,000		10,644
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2031		4,000		4,247
Other securities				1,926,916
				2,263,967

Kansas 0.50%
University of Kansas Hospital Auth., Health Facs. and Improvement Rev. Bonds (University of Kansas Health System), Series 2017-A, 5.00% 2047		44,550		50,003
Other securities				40,046
				90,049

Kentucky 0.77%
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)		34,400		37,371
Other securities				101,806
				139,177

Louisiana 1.67%
Public Facs. Auth., Rev. Ref. Bonds (Ochsner Clinic Foundation Project), Series 2017, 5.00% 2046		25,895		28,455
Other securities				271,638
				300,093

Michigan 3.10%
Hospital Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047		32,600		35,388
Other securities				522,427
				557,815

Nebraska 0.61%
Omaha Public Power Dist., Electric System Rev. Bonds, Series 2017-A, 5.00% 2042		36,000		41,856
Other securities				68,501
				110,357

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York 6.71%
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2021	$	5,000	$	5,626
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018		1,450		1,497
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2011-D, 5.00% 2036 (preref. 2021)		6,000		6,739
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-B, 5.00% 2044		13,000		14,534
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 1.61% 2044 (put 2022)¹		7,500		7,491
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2040		8,000		9,012
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2045		20,000		22,419
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.74% 2039 (put 2020)¹		13,000		13,014
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 2035		6,000		6,917
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.00% 2032		1,500		1,752
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 1.759% 2032 (put 2021)¹		2,000		2,015
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2023		3,405		3,797
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2023 (preref. 2021)		1,595		1,792
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2024		8,000		9,141
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2029		7,000		7,899
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2032		3,105		3,484
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2030		10,000		11,260
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028 (preref. 2023)		3,000		3,514
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2027		1,500		1,122
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2029		1,500		1,041
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Capital Appreciation Bonds, Series 2017-C-2, 0% 2032		5,000		3,059
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-A-2, 5.00% 2030		1,000		1,175
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 2023		8,810		10,200
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 2024		4,330		5,069
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2034		2,500		2,645
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2035		5,000		5,258
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2036		3,000		3,147
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2026		10,000		11,909
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2028		5,500		6,624
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2029		6,000		7,184
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2030		1,000		1,190
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2031		1,000		1,186
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2033		1,000		1,178
New York City G.O. Bonds, Fiscal 2017, Series 2016-A-1, 5.00% 2030		740		870

24	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
New York City G.O. Bonds, Fiscal 2017, Series 2016-A-1, 5.00% 2037	$	2,000	$	2,306
New York City G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2032		1,500		1,760
New York City G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2034		1,000		1,166
New York City G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2037		2,500		2,896
New York City G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2038		1,500		1,734
New York City G.O. Bonds, Fiscal 2017, Series 2016-B-1, 5.00% 2041		1,500		1,730
New York City G.O. Bonds, Fiscal 2018, Series 2017-C, 5.00% 2026		1,500		1,794
New York City G.O. Bonds, Fiscal 2018, Series 2017-C, 5.00% 2029		4,800		5,771
New York City G.O. Bonds, Fiscal 2018, Series 2017-C, 5.00% 2030		8,075		9,661
New York City G.O. Bonds, Fiscal 2018, Series 2017-C, 5.00% 2031		3,620		4,317
New York City G.O. Bonds, Fiscal 2018, Series B-1, 5.00% 2035		2,950		3,461
New York City G.O. Bonds, Series 2008-J-4, (SIFMA Municipal Swap Index + 0.55%) 1.71% 2025¹		2,350		2,350
New York City G.O. Bonds, Series 2013-F-1, 5.00% 2037		3,000		3,363
New York City G.O. Bonds, Series 2013-H, 5.00% 2023		2,475		2,856
New York City G.O. Bonds, Series 2013-J, 5.00% 2023		500		577
New York City G.O. Bonds, Series 2014-A, 5.00% 2024		5,500		6,446
New York City G.O. Bonds, Series 2014-G, 5.00% 2023		2,500		2,884
New York City G.O. Bonds, Series 2014-J, 5.00% 2030		2,000		2,314
New York City G.O. Bonds, Series 2015-A, 5.00% 2026		8,000		9,462
New York City G.O. Bonds, Series 2015-C, 5.00% 2028		1,000		1,162
New York City G.O. Bonds, Series 2015-C, 5.00% 2030		10,000		11,582
New York City G.O. Bonds, Series 2015-C, 5.00% 2032		3,500		4,039
New York City G.O. Bonds, Series 2015-C, 5.00% 2033		1,000		1,152
New York City G.O. Bonds, Series 2015-D, 5.00% 2030		2,560		2,965
New York City G.O. Bonds, Series 2017-A, 5.00% 2026		10,500		12,561
New York City G.O. Bonds, Series 2017-A, 5.00% 2027		1,500		1,810
New York City G.O. Bonds, Series 2017-A, 5.00% 2028		1,000		1,205
New York City G.O. Bonds, Series 2017-C, 5.00% 2026		5,000		5,981
New York City G.O. Bonds, Series 2017-C, 5.00% 2028		2,200		2,629
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011, Series D, 5.00% 2024		1,000		1,094
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2012, Series E-1, 5.00% 2037		2,000		2,207
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2012, Series F-1, 5.00% 2039		1,000		1,109
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013, Series F-1, 5.00% 2028		1,500		1,700
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013, Series F-1, 5.00% 2036		1,000		1,124
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2016-A-1, 5.00% 2035		1,000		1,154
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2016-A-1, 5.00% 2040		14,170		16,226
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 2031		3,750		4,418
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series B-1, 5.00% 2033		10,000		11,751
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series B-1, 5.00% 2045		2,500		2,886
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2014-D-1, 5.00% 2036		500		570
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-C, 5.00% 2027		7,250		8,581
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2017-E-1, 5.00% 2043		2,500		2,873
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2017-F-1, 5.00% 2039		1,750		2,023
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2017-F-1, 5.00% 2042		10,500		12,111
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2014-A-1, 5.00% 2037		2,500		2,871
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2034		8,000		9,354

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2036	$	4,000	$	4,665
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2037		2,000		2,330
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-1, 5.00% 2031		5,000		5,822
New York City Transitional Fin. Auth., Future Tax Secured Subordinate Bonds, Series 2017-A-2, 5.00% 2035		10,000		11,687
New York City Transitional Fin. Auth., Multi-Modal Rev. Ref. Bonds, Series 2011-B, 5.00% 2020		1,500		1,600
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2040		35,250		41,596
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2041		31,500		37,141
Other securities			��	712,525
				1,206,112

Ohio 2.45%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 5.875% 2047		43,995		42,740
Other securities				397,488
				440,228

Pennsylvania 3.84%
County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2016, 5.00% 2036		26,650		29,907
Other securities				660,199
				690,106

Texas 8.30%
G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2009-A, 5.00% 2028		1,500		1,527
G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2011-A, 5.00% 2021		1,400		1,555
G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2013-B, 5.00% 2026		1,600		1,843
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Bonds, Series 2013-B, 5.00% 2053		32,800		36,518
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2021 (preref. 2018)		1,125		1,132
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2028 (preref. 2018)		6,375		6,414
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2028 (preref. 2018)		625		629
Transportation Commission, G.O. Mobility Fund Bonds, Series 2014-A, 5.00% 2044		15,000		17,130
Transportation Commission, G.O. Mobility Fund Bonds, Series 2014-B, (SIFMA Municipal Swap Index + 0.38%) 1.54% 2041 (put 2018)¹		1,500		1,501
Transportation Commission, Highway Improvement G.O. Bonds, Series 2016, 5.00% 2043		10,020		11,540
Water Dev. Board, State Water Implementation Rev. Bonds, Series 2017-A, 5.00% 2042		34,675		40,316
Other securities				1,371,347
				1,491,452

Virginia 2.56%
City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), 5.33% 2045²		41,100		43,654
Other securities				416,172
				459,826

Washington 2.92%
Various Purpose G.O. Rev. Ref. Bonds, Series 2018-R-D, 5.00% 2035		26,605		31,190
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 2.16% 2035 (put 2021)¹		49,750		49,527
Other securities				444,855
				525,572

26	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
Wisconsin 1.76%
General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 (preref. 2019)	$	52,960	$	55,960
Other securities				260,378
				316,338

Other states & U.S. territories 18.32%
Other securities				3,290,469

Total bonds, notes & other debt instruments (cost: $15,550,753,000)				15,888,214

Short-term securities 12.13%
State of Alabama, County of Tuscaloosa, Industrial Dev. Auth., Tax Exempt Gulf Opportunity Zone Bonds (Hunt Refining Project), Series 2011-A, 1.07% 2028^1,2		31,000		31,000
State of Arizona, Health Facs. Auth., Rev. Bonds (Banner Health), Series 2015-B, 0.97% 2046¹		39,980		39,980
State of Arizona, Health Facs. Auth., Rev. Ref. Bonds (Banner Health), Series 2008-F, 1.09% 2029¹		14,500		14,500
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-A, 0.91% 2052¹		4,000		4,000
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-B, 0.90% 2052¹		25,300		25,300
State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-C, JPMorgan Chase LOC, 0.92% 2026¹		57,000		57,000
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2017-S-2, 1.10% 2/6/2018		8,290		8,290
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2017-S-2, 1.10% 2/7/2018		12,000		12,000
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2018-S-1, 1.26% 3/8/2018		2,795		2,795
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2018-S-1, 1.26% 3/13/2018		9,900		9,900
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-A, 0.98% 2044¹		42,900		42,900
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-B, Wells Fargo LOC, 0.98% 2044¹		1,400		1,400
State of Illinois, Joliet Regional Port Dist., Marine Terminal Rev. Ref. Bonds (Exxon Project), Series 1989, 0.94% 2024¹		13,700		13,700
State of Illinois, Toll Highway Auth., Toll Highway Senior Priority Rev. Bonds, Series 2007-A-2d, 1.15% 2030¹		28,000		28,000
State of Indiana, Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-A-3, 1.11% 2039¹		39,950		39,950
State of Indiana, Fin. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2008-E-7, 1.02% 2033¹		9,650		9,650
State of Indiana, Hospital Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-D-1, 1.13% 2034¹		49,400		49,400
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2010-B, 0.94% 2040¹		66,140		66,140
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2011, 0.94% 2051¹		14,818		14,818
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 0.94% 2022¹		49,925		49,925
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2010-A, 0.94% 2035¹		112,350		112,350
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 0.98% 2019¹		1,910		1,910
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 0.98% 2043¹		37,000		37,000
State of Maryland, Econ. Dev. Corp., Multi-Modal Rev. Bonds (Howard Hughes Medical Institute Project), Series 2008-A, 1.04% 2043¹		1,700		1,700
State of Maryland, County of Montgomery, Consolidated Public Improvement Bond Anticipation Notes, Series 2009-B, 1.29% 3/13/2018		45,900		45,900

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Short-term securities (continued)	Principal amount (000)		Value (000)
State of Maryland, County of Montgomery, Consolidated Public Improvement Bond Anticipation Notes, Series 2010-B, 1.25% 3/14/2018	$	3,250	$	3,250
State of Maryland, County of Montgomery, G.O. Bonds, Series 2017-E, 0.95% 2037¹		44,000		44,000
State of Michigan, Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Ascension Health Senior Credit Group), Series 2016-E-2, 1.08% 2047¹		2,400		2,400
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 2007, 0.98% 2042¹		47,750		47,750
State of Minnesota, City of Rochester, Health Care Facs. Rev. Commercial Paper (Mayo Clinic), Series 2018, 1.31% 2/12/2018		30,000		30,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 0.99% 2035¹		6,810		6,810
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 0.95% 2030¹		90,725		90,725
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-E, 0.99% 2030¹		6,090		6,090
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-B, 0.99% 2030¹		14,800		14,800
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-F, 0.99% 2030¹		13,405		13,405
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-D, 1.04% 2030¹		4,700		4,700
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-G, 0.96% 2035¹		4,780		4,780
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 0.95% 2035¹		56,625		56,625
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-K, 0.99% 2035¹		33,535		33,535
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 0.96% 2035¹		17,300		17,300
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-A, 0.96% 2035¹		1,300		1,300
State of Mississippi, County of Jackson, Port Fac. Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 1993, 0.96% 2023¹		9,000		9,000
State of Missouri, Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2008-C4, 1.08% 2026¹		28,510		28,510
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-A-1 4.00% 2019		35,000		36,282
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-E-2, 1.10% 2050¹		30,595		30,595
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-E-3, 1.10% 2050¹		6,755		6,755
State of New York, New York City G.O. Bonds, Fiscal 2006, Series 2005-F-3, 1.15% 2035¹		23,350		23,350
State of New York, New York City G.O. Bonds, Fiscal 2012, Series 2011-A-3, 0.99% 2035¹		13,100		13,100
State of New York, New York City G.O. Bonds, Fiscal 2014, Series 2013-D-3, 1.00% 2038¹		15,850		15,850
State of New York, New York City G.O. Bonds, Series 2006-H-1, 1.00% 2036¹		20,150		20,150
State of New York, New York City G.O. Bonds, Series 2006-L-5, 0.97% 2035¹		7,000		7,000
State of New York, New York City G.O. Bonds, Series 2008-J-5, 0.97% 2028¹		23,630		23,630
State of New York, New York City G.O. Bonds, Series 2012-G-3, 1.10% 2042¹		5,050		5,050
State of New York, New York City G.O. Bonds, Series 2012-G-4, 1.10% 2042¹		21,110		21,110
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2015-A-4, 0.97% 2041¹		36,480		36,480
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2015-A-5, 0.98% 2041¹		17,700		17,700
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2010-F-5, 1.07% 2035¹		13,350		13,350
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-3, 1.00% 2045¹		1,700		1,700
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-4, 0.97% 2045¹		3,250		3,250
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 1.00% 2045¹		12,335		12,335

28	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
State of New York, New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2003, Series 2002-1-C, 1.00% 2022¹	$	2,155	$	2,155
State of Texas, Gulf Coast Industrial Dev. Auth., Rev. Bonds (ExxonMobil Project), Series 2012, 0.95% 2041¹		8,000		8,000
State of Texas, County of Harris, Industrial Dev. Corp., Pollution Control Rev. Bonds (Exxon Project), Series 1984-A, 0.94% 2024¹		13,200		13,200
State of Texas, County of Harris, Industrial Dev. Corp., Pollution Control Rev. Bonds (Exxon Project), Series 1984-A, 0.94% 2024¹		5,600		5,600
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, Series 2017, 2.00% 6/29/2018		4,500		4,513
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, Series 2017, 2.50% 6/29/2018		4,000		4,020
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, Series 2017, 3.00% 6/29/2018		28,000		28,193
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, Series 2017, 4.00% 6/29/2018		2,000		2,022
State of Texas, Lower Neches Valley Auth. Industrial Dev. Corp., Rev. Bonds (ExxonMobil Project), Series 2011, 0.98% 2038¹		28,135		28,135
State of Texas, Lower Neches Valley Auth. Industrial Dev. Corp., Rev. Bonds (ExxonMobil Project), Series 2011, 0.98% 2051¹		23,655		23,655
State of Texas, County of Jefferson, Port Arthur Navigation Dist., Pollution Control Rev. Ref. Bonds (Texaco Inc. Project), Series 1994, 0.95% 2024¹		16,800		16,800
State of Texas, Port Arthur Navigation Dist. Industrial Dev. Corp., Rev. Bonds (Air Products Project), Series 2005, 0.98% 2040¹		24,600		24,600
State of Texas, Tax and Rev. Anticipation Notes, Series 2017, 4.00% 8/30/2018		177,500		180,237
State of Virginia, County of Loudoun, Industrial Dev. Auth., Multi-Modal Rev. Bonds (Howard Hughes Medical Institute Issue), Series 2003-D, 1.06% 2038¹		12,000		12,000
State of Virginia, County of Loudoun, Industrial Dev. Auth., Multi-Modal Rev. Bonds (Howard Hughes Medical Institute Issue), Series 2003-F, 1.04% 2038¹		28,590		28,590
State of Wyoming, County of Lincoln, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 0.94% 2044¹		36,950		36,950
State of Wyoming, County of Sublette, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 0.94% 2044¹		6,120		6,120
Other securities				332,377

Total short-term securities (cost: $2,179,693,000)				2,179,342
Total investment securities 100.54% (cost: $17,730,446,000)				18,067,556
Other assets less liabilities (0.54)%				(96,422	)

Net assets 100.00%			$	17,971,134

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

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		³	Value at 1/31/2018 (000)		⁴	Unrealized depreciation at 1/31/2018 (000)
30 Year Ultra U.S. Treasury Bond Futures	Short	650	March 2018	$	(65,000	)	$	(105,260	)		$	(553	)
5 Year U.S. Treasury Note Futures	Long	3,350	April 2018		335,000			384,282				(623	)
											$	(1,176	)

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $392,818,000, which represented 2.19% 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.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Key to abbreviations

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

30	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund	unaudited
Summary investment portfolio January 31, 2018

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 96.05%	Principal amount (000)		Value (000)
Arizona 2.40%
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools East Mesa and Cadence Campuses), Series 2017-A, 4.00% 2022¹	$	15,000	$	14,755
Other securities				132,208
				146,963

Colorado 4.87%
City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), Series 2017, AMT, 5.00% 2032		8,905		9,662
Health Facs. Auth., Rev. Ref. Bonds (Frasier Meadows), Series 2017-A, 5.25% 2047		14,230		15,563
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041		14,800		16,106
Other securities				256,804
				298,135

District of Columbia 1.13%
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Bonds, Series 2006-A, 0% 2046		243,500		35,833
Other securities				33,593
				69,426

Florida 5.77%
Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2013-A, 6.00% 2033		11,930		13,128
North Broward Hospital Dist., Rev. Bonds (Broward Health), Series 2017-B, 5.00% 2042		17,500		18,801
County of Palm Beach, Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2016, 5.00% 2032		11,675		13,216
Other securities				308,122
				353,267

Georgia 1.99%
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. - Vogtle Project), Series 2017-C, 4.125% 2045		22,550		22,578
Other securities				99,146
				121,724

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Illinois 14.84%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Alternate Rev.), Series 2015-C, 5.25% 2039	$	15,040	$	15,607
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-F, 5.00% 2018		800		815
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-F, 5.00% 2018 (escrowed to maturity)		200		206
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2011-A, 5.50% 2039		1,625		1,672
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2016-B, 6.50% 2046		6,650		7,620
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-A, 7.00% 2046¹		23,560		28,446
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2030		2,000		2,095
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2044		5,000		5,136
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036		10,000		10,281
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046		5,000		5,152
City of Chicago, Board of Education, Unlimited Tax G.O. Ref. Bonds (Dedicated Rev.), Series 2008-C, 5.25% 2025		1,500		1,512
City of Chicago, Board of Education, Unlimited Tax G.O. Ref. Bonds (Dedicated Rev.), Series 2013-A-3, (SIFMA Municipal Swap Index + 0.83%) 1.99% 2036 (put 2018)²		3,250		3,242
City of Chicago, Board of Education, Unlimited Tax G.O. Ref. Bonds (Dedicated Rev.), Series 2017-B, 6.75% 2030¹		3,500		4,231
City of Chicago, Board of Education, Unlimited Tax G.O. Ref. Bonds (Dedicated Rev.), Series 2017-B, 7.00% 2042¹		26,185		31,826
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2008-C, 5.00% 2029		1,580		1,585
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2021		2,000		2,114
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2024		2,000		2,137
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2025		4,000		4,277
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% 2018		585		596
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-F, 5.00% 2024		2,000		2,137
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2041		13,000		14,281
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1998-B-1, National insured, 0% 2031		5,060		2,676
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1999-A, Capital Appreciation Bonds, National insured, 0% 2025		1,015		727
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1999-A, Capital Appreciation Bonds, National insured, 0% 2031		2,170		1,148
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1999-A, National insured, 0% 2018		2,135		2,093
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1999-A, National insured, 0% 2024		2,070		1,571
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		12,405		12,512
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042		7,580		7,651
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		5,560		6,528
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, 5.00% 2051		21,750		23,320
Fin. Auth., Rev. Bonds (Friendship Village Schaumburg), 5.125% 2045		18,750		18,440

32	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)		Value (000)
Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043	$	16,510	$	18,141
G.O. Bonds, Series 2012-A, 5.00% 2028		1,000		1,038
G.O. Bonds, Series 2013, 5.00% 2021		860		905
G.O. Bonds, Series 2013, 5.00% 2023		685		731
G.O. Bonds, Series 2013, 5.50% 2026		2,000		2,174
G.O. Bonds, Series 2013, 5.50% 2033		3,665		3,890
G.O. Bonds, Series 2013, 5.50% 2038		1,000		1,059
G.O. Bonds, Series 2014, 5.00% 2026		2,025		2,164
G.O. Bonds, Series 2014, 5.00% 2027		2,000		2,123
G.O. Bonds, Series 2014, 5.00% 2039		13,575		14,073
G.O. Bonds, Series 2014, 5.00% 2039		4,100		4,255
G.O. Bonds, Series 2016, 4.00% 2032		7,000		6,777
G.O. Bonds, Series 2016, 5.00% 2025		1,000		1,064
G.O. Bonds, Series 2016, 5.00% 2028		1,500		1,590
G.O. Bonds, Series 2016, 5.00% 2038		1,000		1,053
G.O. Bonds, Series 2016, 5.00% 2041		2,125		2,225
G.O. Bonds, Series 2017, 5.00% 2033		4,000		4,226
G.O. Bonds, Series 2017-A, 5.00% 2018		1,000		1,019
G.O. Bonds, Series 2017-A, 5.00% 2035		1,000		1,060
G.O. Bonds, Series 2017-A, 5.00% 2036		3,000		3,179
G.O. Bonds, Series 2017-C, 5.00% 2029		7,500		8,000
G.O. Bonds, Series 2017-D, 5.00% 2026		10,000		10,708
G.O. Bonds, Series 2017-D, 5.00% 2027		7,000		7,502
G.O. Bonds, Series 2017-D, 5.00% 2028		4,500		4,807
G.O. Ref. Bonds, Series 2012, 5.00% 2025		1,750		1,845
G.O. Ref. Bonds, Series 2016, 5.00% 2030		3,000		3,162
G.O. Rev. Ref. Bonds, Series 2012, 4.00% 2025		405		406
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028		3,000		3,192
G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2030		750		772
Various Purpose G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2026		3,000		3,197
Other securities				569,051
				908,607

Massachusetts 2.49%
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2046		14,253		14,830
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2016-A, 4.68% 2021¹		13,930		14,018
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 3.50% 2033		25,325		24,733
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2017-A, AMT, 3.625% 2032		15,000		15,016
Other securities				83,874
				152,471

Michigan 3.04%
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A, 6.00% 2048		13,540		13,520
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-D, AMT, 5.00% 2028		12,000		13,368
Other securities				159,453
				186,341

New Jersey 3.82%
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, (SIFMA Municipal Swap Index + 1.60%) 2.76% 2028²		13,500		13,298
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.125% 2023		3,500		3,879
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 2029		16,300		17,853
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT, 5.625% 2030		3,750		4,265
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 2033		3,500		3,926

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New Jersey (continued)
Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012, AMT, 5.75% 2027	$	4,500	$	5,011
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2014-A, 5.00% 2039		12,650		13,765
Other securities				172,002
				233,999

New York 3.56%
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049		13,360		14,322
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		13,148
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050		16,950		18,651
Other securities				171,854
				217,975

Ohio 4.52%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 5.875% 2030		1,000		973
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 5.875% 2047		101,605		98,706
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 6.50% 2047		19,960		19,959
Other securities				156,929
				276,567

Oklahoma 0.71%
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2001-B, AMT, 5.50% 2035		15,875		17,197
Other securities				26,505
				43,702

Pennsylvania 5.40%
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2012-A, 5.625% 2042		12,320		13,479
Other securities				316,862
				330,341

Puerto Rico 2.28%
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2036		13,850		15,365
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		13,380		13,927
Other securities				110,131
				139,423

Texas 8.09%
County of Brazoria, Brazos River Harbor Navigation Dist., Environmental Facs. Rev. Ref. Bonds (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033		24,835		25,687
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), 5.00% 2048		12,830		13,135
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.50% 2030		9,300		10,305
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.625% 2038		3,000		3,328
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-B-1, AMT, 5.00% 2030		3,000		3,324
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-C, AMT, 5.00% 2020		8,485		8,997
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 4.75% 2024		5,500		6,055

34	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount (000)		Value (000)
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 5.00% 2029	$	6,745	$	7,415
Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, Series 2002-A, AMBAC insured, 0% 2028		21,800		15,798
Tyler Health Facs. Dev. Corp., Hospital Rev. Ref. and Improvement Bonds (East Texas Medical Center Regional Healthcare System Project), Series 2007-A, 5.375% 2037		15,570		15,134
Other securities				386,085
				495,263

Utah 0.57%
Hideout Local Dist. No. 1, Special Assessment Bonds, Series 2017, 6.75% 2037¹		27,800		27,800
Other securities				7,186
				34,986

Virginia 1.85%
City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), 5.33% 2045¹		27,900		29,634
Other securities				83,355
				112,989

Wisconsin 2.70%
Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2016-A, AMT, 3.50% 2046		17,905		18,565
Other securities				146,922
				165,487

Other states & U.S. territories 26.02%
Other securities				1,590,928

Total bonds, notes & other debt instruments (cost: $5,717,465,000)				5,878,594

Short-term securities 4.81%
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-A, 0.91% 2052²		25,000		25,000
State of Illinois, City of Chicago, Board of Education, Tax Anticipation Notes (Educational Purpose), Series 2017-D, (1-month USD-LIBOR x 0.70 + 2.75%) 3.845% 4/2/2018^1,2		15,000		15,000
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2010-A, 0.94% 2035²		19,000		19,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-B, 0.99% 2030²		1,000		1,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-B, 0.99% 2030²		5,400		5,400
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-F, 0.99% 2030²		6,000		6,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-K, 0.99% 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-L, 0.96% 2035²		5,000		5,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-A, 0.96% 2035²		7,100		7,100
State of New York, New York City G.O. Bonds, Fiscal 2012, Series 2011-A-3, 0.99% 2035²		6,350		6,350
State of New York, New York City G.O. Bonds, Fiscal 2014, Series 2013-D-3, 1.00% 2038²		2,660		2,660
State of New York, New York City G.O. Bonds, Series 2006-H-1, 1.00% 2036²		14,335		14,335
State of New York, New York City G.O. Bonds, Series 2008-L-3, 0.97% 2036²		5,200		5,200
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2015-A-4, 0.97% 2041²		15,000		15,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2003-C-5, 0.97% 2031²		7,340		7,340

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Short-term securities (continued)	Principal amount (000)		Value (000)
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-3, 1.00% 2045²	$	2,900	$	2,900
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 1.00% 2045²		4,255		4,255
State of New York, New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2003, Series 2002-1-C, 1.00% 2022²		9,060		9,060
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2017-A, 5.00% 9/28/2018		17,000		17,405
State of Texas, County of Harris, Industrial Dev. Corp., Pollution Control Rev. Bonds (Exxon Project), Series 1984-A, 0.94% 2024²		2,000		2,000
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, Series 2017, 3.00% 6/29/2018		17,600		17,721
State of Texas, County of Jefferson, Port Arthur Navigation Dist., Pollution Control Rev. Ref. Bonds (Texaco Inc. Project), Series 1994, 0.95% 2024²		8,000		8,000
State of Texas, Tax and Rev. Anticipation Notes, Series 2017, 4.00% 8/30/2018		41,000		41,632
Other securities				54,298

Total short-term securities (cost: $294,810,000)				294,656
Total investment securities 100.86% (cost: $6,012,275,000)				6,173,250
Other assets less liabilities (0.86)%				(52,536	)

Net assets 100.00%			$	6,120,714

“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 $683,927,000, which represented 11.17% of the net assets of the fund.
²	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

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

See Notes to Financial Statements

36	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California	unaudited
Summary investment portfolio January 31, 2018

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 95.02%	Principal amount (000)			Value (000)
California 93.91%
State issuers 35.05%
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 4.00% 2034		$	2,000	$	2,124
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 4.00% 2035			10,000		10,598
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 4.00% 2037			6,645		7,013
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 4.00% 2049 (put 2021)			5,000		5,367
Trustees of the California State University, Systemwide Rev. Ref. Bonds, Series 2012-A, 5.00% 2027			3,000		3,427
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2031			8,615		9,420
Various Purpose G.O. Bonds, Series 2009, 6.00% 2038			7,000		7,340
Various Purpose G.O. Bonds, Series 2009, 6.00% 2039			2,000		2,145
Various Purpose G.O. Bonds, Series 2009, 6.50% 2033			5,000		5,281
Various Purpose G.O. Bonds, Series 2011, 5.25% 2028			5,000		5,622
Various Purpose G.O. Bonds, Series 2011, 5.25% 2028			2,000		2,244
Various Purpose G.O. Bonds, Series 2013, (SIFMA Municipal Swap Index + 0.38%) 1.54% 2027 (put 2027)¹			4,000		4,005
Various Purpose G.O. Bonds, Series 2013-E, (1-month USD-LIBOR + 0.83%) 1.925% 2029¹			1,500		1,501
Various Purpose G.O. Bonds, Series 2015, 5.25% 2032			5,000		5,938
Various Purpose G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2026			2,680		3,236
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2005-A, AMBAC insured, 0% 2027			3,460		2,625
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026			11,000		8,683
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007-A-1, 5.75% 2047			19,450		19,636
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2032			3,250		3,791
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2033			2,765		3,209
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2045			2,500		2,862
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.25% 2031			2,000		2,218
Health Facs. Fncg. Auth., Rev. Ref. Bonds (El Camino Hospital), Series 2015-A, 5.00% 2040			8,700		9,648
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2031			5,000		5,988
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2034			12,000		14,156
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics), Series 2010-B, 5.25% 2031 (preref. 2020)			8,000		8,808
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2008-A, 5.25% 2022			2,000		2,042
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2033			1,000		1,162
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2034			2,000		2,318

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California (continued)
State issuers (continued)
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2035		$	2,000	$	2,313
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 4.00% 2038			9,165		9,509
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 2035			1,000		1,169
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016-B-2, 5.00% 2041			6,975		8,047
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, (1-month USD-LIBOR x 0.70 + 0.50%) 1.597% 2047 (put 2019)¹			10,000		10,053
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project) Series 2017-A, AMT, 2.00% 2044 (put 2020)			7,000		6,990
Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, (3-month USD-LIBOR + 0.67%) 1.855% 2027¹			8,105		7,845
Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One, Series 2010-A, 5.00% 2025 (preref. 2020)			6,000		6,478
Public Works Board, Lease Rev. Bonds (Regents of the University of California, Various University of California Projects), Series 2009-E, 5.00% 2024 (preref. 2019)			2,500		2,605
Public Works Board, Lease Rev. Bonds (Regents of the University of California, Various University of California Projects), Series 2009-E, 5.00% 2034 (preref. 2019)			1,500		1,563
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2014, 5.00% 2044			8,500		9,438
Statewide Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2016-A, 4.00% 2046			10,395		10,698
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2012-A, 5.00% 2042			6,500		7,177
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 5.25% 2024			1,000		1,087
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 6.00% 2042			4,500		4,946
Statewide Communities Dev. Auth., Student Housing Rev. Custodial Bonds, Series 2017, 4.305% 2032			8,750		9,384
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2034			2,500		2,918
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2035			7,500		8,736
Regents of the University of California, Limited Project Rev. Bonds, Series 2017-M, 5.00% 2047			2,695		3,112
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2037			1,585		1,655
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2038			1,000		1,042
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, (3-month USD-LIBOR + 0.67%) 1.619% 2037¹			5,000		4,455
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, (3-month USD-LIBOR + 0.74%) 1.689% 2043¹			8,000		6,851
Dept. of Veterans Affairs, Veterans G.O. Ref. Bonds, Series 2016-CN, 3.50% 2045			9,385		9,785
Other securities					478,876
					779,139

City & county issuers 58.86%
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2025			1,700		1,967
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2026			6,375		7,353
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2034			2,000		2,280
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2036			1,000		1,134
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2037			3,790		4,287
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2035			2,500		2,637
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2037			2,000		2,100
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2036			1,500		1,715
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2035			7,350		7,967
Baldwin Park Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2031			6,420		6,898

38	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.06% 2045 (put 2023)¹		$	2,000	$	2,034
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.26% 2045 (put 2024)¹			7,900		8,131
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-G, (SIFMA Municipal Swap Index + 0.60%) 1.76% 2034 (put 2020)¹			2,750		2,762
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-H, (SIFMA Municipal Swap Index + 0.70%) 1.86% 2034 (put 2021)¹			4,000		4,036
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-B, 2.85% 2047 (put 2025)			1,000		1,035
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-D, (3-month USD-LIBOR x 0.70 + 0.55%) 1.736% 2045 (put 2021)¹			4,000		4,028
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-F-1, 5.00% 2056			5,000		5,676
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.125% 2039 (preref. 2019)			2,000		2,088
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.625% 2044 (preref. 2019)			1,670		1,753
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-C, 1.875% 2047 (put 2019)			1,250		1,255
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-F-1, 5.00% 2054			5,000		5,604
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 2028			4,500		5,586
Certs. of Part., Palomar Pomerado Health, 6.00% 2030 (preref. 2020)			1,500		1,678
Certs. of Part., Palomar Pomerado Health, 6.00% 2041 (preref. 2020)			3,710		4,149
Certs. of Part., Palomar Pomerado Health, 6.75% 2039 (preref. 2019)			3,500		3,821
Chabot-Las Positas Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 2034			9,940		10,611
Coachella Valley Unified School Dist., G.O. Bonds, 2005 Election, Series 2016-E, Assured Guaranty Municipal insured, 4.00% 2045			6,555		6,804
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053			7,500		8,821
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2014-A, 6.00% 2049			5,800		6,835
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2010-B, 5.00% 2035			1,000		1,067
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-A, AMT, 5.00% 2027			1,250		1,452
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-A, AMT, 5.00% 2029			1,560		1,794
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 4.00% 2034			1,000		1,044
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2035			2,000		2,284
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2042			1,000		1,130
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2029			1,450		1,689
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2031			2,395		2,765
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2033			500		574
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2036			1,000		1,139
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2030			1,000		1,176
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2032			1,000		1,167
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2033			1,000		1,163
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2034			1,250		1,449

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
City & county issuers (continued)
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2035	$	1,000	$	1,157
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2036		1,400		1,616
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2037		1,260		1,451
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-B, 5.00% 2042		500		580
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2009-A, 5.25% 2029		2,000		2,096
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2010-A, 5.00% 2029		2,000		2,149
Oxnard Unified School Dist., G.O. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2045		6,770		7,773
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2041		6,110		7,010
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2034		970		1,098
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-B, 4.00% 2030		1,000		1,071
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-B, 4.00% 2031		1,000		1,068
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2028		3,000		2,156
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2029		9,350		6,440
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2031		3,000		1,896
Pasadena Unified School Dist., G.O. Bonds, 2008 Election, Series 2016, 4.00% 2032		5,000		5,369
Pasadena Unified School Dist., G.O. Bonds, 2008 Election, Series 2016, 4.00% 2034		5,040		5,353
Pasadena Unified School Dist., G.O. Bonds, 2008 Election, Series 2016, 4.00% 2035		15,940		16,882
Pasadena Unified School Dist., G.O. Bonds, 2008 Election, Series 2016, 4.00% 2036		2,250		2,378
Pollution Control Fncg. Auth., Rev. Bonds (San Jose Water Company Project), Series 2016, AMT, 4.75% 2046		11,475		12,466
Poway Unified School Dist., School Facs. Improvement Dist. No. 2007-1, G.O. Bonds, 2008 Election, 4.00% 2035		12,850		6,801
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%) 1.522% 2035¹		13,500		12,994
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041		10,825		12,206
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-A, 4.90% 2029		5,000		5,285
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E, 6.00% 2039		3,000		3,165
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		4,496
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2017-B, 5.00% 2047		2,000		2,310
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Issue 34-E, AMT, 5.75% 2019 (preref. 2018)		3,500		3,537
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2010-F, 5.00% 2040		3,000		3,186
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		2,864
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		1,117
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		1,113
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		1,640
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		2,274
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		3,398

40	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. Ref. Bonds, Series 2017-D, AMT, 5.00% 2027		$	1,000	$	1,190
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2016-A, 4.00% 2037			6,575		6,893
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.50% 2030			8,000		8,832
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-2, 5.25% 2034			4,900		5,355
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2020			2,080		2,221
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2035			2,000		2,295
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2037			1,000		1,143
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2041			1,500		1,706
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-B, 5.00% 2047			1,500		1,724
Southwestern Community College Dist., G.O. Bonds, 2016 Election, Series 2017-A, 4.00% 2047			13,500		14,108
Stockton Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2031			7,800		9,034
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046			7,800		7,814
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, BAM insured, 4.00% 2032			7,500		7,995
City of Whittier, Health Fac. Rev. Bonds (PIH Health), Series 2014, 5.00% 2044			10,000		10,947
Other securities					935,909
					1,308,499

Puerto Rico 0.65%
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033			7,150		7,442
Other securities					6,916
					14,358

Other U.S. territories 0.46%
Other securities					10,156

Total bonds, notes & other debt instruments (cost: $2,052,004,000)					2,112,152

Short-term securities 3.82%
Various Purpose G.O. Bonds, Series 2004-A-4, 0.65% 2034¹			5,000		5,000
Various Purpose G.O. Commercial Paper, Series 2018-A-8, 1.32% 3/2/2018			15,000		15,000
County of Los Angeles, Tax and Rev. Anticipation Notes, 5.00% 6/29/2018			13,945		14,169
Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-C, JPMorgan Chase LOC, 0.92% 2026¹			7,000		7,000
Regents of the University of California, Commercial Paper, Series 2018-A, 1.25% 3/12/2018			15,000		15,000
Regents of the University of California, Commercial Paper, Series 2018-A, 1.32% 3/6/2018			8,000		8,000
Dept. of Water Resources, Water Rev. Commercial Paper, Series 2018-2, 1.30% 2/2/2018			2,900		2,900
Dept. of Water Resources, Water Rev. Commercial Paper, Series 2018-2, 1.30% 2/5/2018			10,038		10,038
Other securities					7,900

Total short-term securities (cost: $85,014,000)					85,007
Total investment securities 98.84% (cost: $2,137,018,000)					2,197,159
Other assets less liabilities 1.16%					25,785

Net assets 100.00%				$	2,222,944

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

“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 $71,819,000, which represented 3.23% 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.

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

Key to abbreviations

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

42	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York	unaudited
Summary investment portfolio January 31, 2018

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 92.61%	Principal amount (000)		Value (000)
New York 90.45%
State issuers 44.92%
Dev. Auth., Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2032	$	500	$	585
Dormitory Auth., Columbia University Rev. Bonds, Series 2017-A, 5.00% 2047		500		665
Dormitory Auth., Icahn School of Medicine at Mount Sinai Rev. Bonds, Series 2015-A, 5.00% 2031		500		563
Dormitory Auth., Icahn School of Medicine at Mount Sinai Rev. Bonds, Series 2015-A, 5.00% 2035		1,000		1,119
Dormitory Auth., Icahn School of Medicine at Mount Sinai Rev. Bonds, Series 2015-A, 5.00% 2040		250		277
Dormitory Auth., Mount Sinai School of Medicine of New York University, Rev. Ref. Bonds, Series 2010-A, 5.00% 2021		1,000		1,073
Dormitory Auth., New School Rev. Bonds, Series 2010, 5.25% 2021 (preref. 2020)		500		543
Dormitory Auth., New School Rev. Bonds, Series 2010, 5.50% 2040 (preref. 2020)		500		546
Dormitory Auth., New School Rev. Bonds, Series 2015-A, 5.00% 2032		1,000		1,152
Dormitory Auth., New School Rev. Bonds, Series 2016-A, 5.00% 2035		500		569
Dormitory Auth., New York School Dist. Rev. Bonds, Series 2017-A, 5.00% 2025		1,000		1,188
Dormitory Auth., North Shore-Long Island Jewish Obligated Group Rev. Bonds, Series 2011-A, 5.00% 2032 (preref. 2021)		1,500		1,655
Dormitory Auth., NYU Hospitals Center Rev. Bonds, 5.00% 2022		200		226
Dormitory Auth., NYU Hospitals Center Rev. Bonds, 5.00% 2034		1,000		1,130
Dormitory Auth., NYU Hospitals Center Rev. Bonds, Series 2011-A, 6.00% 2040 (preref. 2020)		1,000		1,103
Dormitory Auth., NYU Hospitals Center Rev. Bonds, Series 2016-A, 5.00% 2033		400		456
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2008, 6.25% 2037 (preref. 2018)		1,000		1,040
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 2032¹		600		654
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2017, 5.00% 2031¹		1,000		1,105
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2011-A, 5.00% 2024		25		28
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2011-A, 5.00% 2024 (preref. 2021)		475		531
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2013-E, Assured Guaranty Municipal insured, 5.00% 2022		1,000		1,141
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2016-A, 5.00% 2022		1,000		1,136
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2016-A, 5.00% 2033		1,000		1,159
Dormitory Auth., Skidmore College Rev. Bonds, Series 2011-A, 5.50% 2041		1,110		1,233
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-E, 5.00% 2032		750		868

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
State issuers (continued)
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2039	$	365	$	419
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2041		750		867
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2017-B, 5.00% 2033		1,000		1,177
Dormitory Auth., State University of New York Dormitory Facs., Lease Rev. Bonds, Series 2010-A, 5.00% 2035		1,000		1,072
Dormitory Auth., State University of New York Dormitory Facs., Rev. Bonds, Series 2017-A, 5.00% 2030		750		888
Dormitory Auth., State University of New York Dormitory Facs., Rev. Bonds, Series 2017-A, 5.00% 2032		500		587
Environmental Facs. Corp., Rev. Green Bonds (Revolving Funds), Series 2016-B, 4.00% 2036		1,950		2,088
Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2012, AMT, 1.20% 2030 (put 2018)²		1,500		1,500
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2033		1,000		1,166
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2035		2,000		2,320
Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2011-A, 5.75% 2047		435		478
Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2011-A, 5.75% 2047 (preref. 2021)		565		633
Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2012-A, 5.25% 2047		955		1,030
Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2012-A, 5.25% 2047 (preref. 2021)		45		50
Liberty Dev. Corp., Liberty Rev. Bonds (Goldman Sachs Headquarters Issue), Series 2005, 5.25% 2035		1,000		1,246
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.15% 2034¹		1,250		1,373
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2031		1,500		1,660
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049		1,500		1,608
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, (SIFMA Municipal Swap Index + 1.00%) 2.16% 2020²		2,000		2,026
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2031 (preref. 2022)		1,000		1,149
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-1, 5.00% 2039		250		284
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.74% 2039 (put 2020)²		500		501
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 2035		1,750		2,018
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.25% 2030		280		334
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.25% 2057		750		869
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 1.759% 2032 (put 2021)²		600		604
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2034		1,000		1,058
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2028		1,500		1,806
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043		415		431
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034		510		526
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 194, AMT, 3.50% 2035		620		642
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046		1,830		1,954
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044		845		884
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045		300		314
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047		1,000		1,047
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 206, AMT, 4.00% 2037		685		729
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 46, 5.00% 2029		35		35
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, 4.00% 2047		1,715		1,827
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030		895		929
Mortgage Agcy., Homeowner Mortgage Rev. Ref. Bonds, Series 45, 4.50% 2029		125		127
Mortgage Agcy., Homeowner Mortgage Rev. Ref. Bonds, Series 48, 2.625% 2041		435		440
Port Auth., Consolidated Bonds, Series 166, 5.00% 2031		1,000		1,093

44	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount (000)			Value (000)
Port Auth., Consolidated Bonds, Series 205, 5.00% 2047		$	1,000	$	1,165
Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2025			1,000		1,090
Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2034			500		549
Port Auth., Consolidated Rev. Ref. Bonds, Series 186, AMT, 5.00% 2044			500		558
Power Auth., Rev. Ref. Bonds, Series 2011-A, 5.00% 2038			1,500		1,665
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2020			500		533
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2026			500		538
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		2,660
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2010-A-1, 5.00% 2019			1,000		1,062
Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds (MTA Bridges and Tunnels), Series 2018-A, 5.00% 2046			1,000		1,169
Urban Dev. Corp., Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2027			1,500		1,745
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2032			1,000		1,161
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2035			300		345
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (State Facs. and Equipment), Series 2009-B-1, 5.25% 2038 (preref. 2019)			1,000		1,043
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2040			2,250		2,655
Other securities					23,012
					104,484

City & county issuers 45.53%
Brooklyn Arena Local Dev. Corp., Pilot Rev. Ref. Bonds (Brooklyn Events Center LLC), Series 2016-A, 5.00% 2030			500		572
Brooklyn Arena Local Dev. Corp., Pilot Rev. Ref. Bonds (Brooklyn Events Center LLC), Series 2016-A, 5.00% 2042			1,500		1,686
Brooklyn Arena Local Dev. Corp., Pilot Rev. Ref. Bonds (Brooklyn Events Center LLC), Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2034			240		252
Buffalo and Erie County Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.00% 2023			1,600		1,825
Buffalo and Erie County Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.00% 2040			1,050		1,141
Buffalo and Erie County Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.25% 2035			500		559
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		1,540
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2019			485		495
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2021			525		547
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2022			545		568
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 5.50% 2043			1,000		1,031
Village of Dobbs Ferry, Local Dev. Corp., Rev. Bonds (Mercy College Project), Series 2014, 5.00% 2039			1,625		1,844
Village of Dobbs Ferry, Local Dev. Corp., Rev. Bonds (Mercy College Project), Series 2014, 5.00% 2044			500		566
Various Purpose G.O. Bonds, Series 2014-A, 5.00% 2028			1,250		1,429
Various Purpose G.O. Bonds, Series 2016-A, 5.00% 2027			500		583
Various Purpose G.O. Bonds, Series 2016-B, 5.00% 2025			1,000		1,166
Town of Hempstead, Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2027			1,300		1,425
Long Island Power Auth., Electric System General Rev. Bonds, Series 2011-A, 5.00% 2038 (preref. 2021)			500		553
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-A, 5.00% 2044			740		830
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.65%) 1.745% 2033 (put 2018)²			1,000		1,001
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2035			1,215		1,378

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
New York (continued)
City & county issuers (continued)
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2038		$	750	$	846
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.88%) 1.975% 2033 (put 2018)²			300		300
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2035			1,000		1,153
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2047			1,500		1,708
County of Nassau, G.O. General Improvement Bonds, Series 2016-B, 5.00% 2023			750		857
County of Nassau, G.O. General Improvement Ref. Bonds, Series 2016-A, 5.00% 2030			1,795		2,068
New York City G.O. Bonds, Fiscal 2017, Series 2016-A-1, 5.00% 2034			1,000		1,160
New York City G.O. Bonds, Fiscal 2018, Series 2017-C, 5.00% 2031			1,000		1,193
New York City G.O. Bonds, Fiscal 2018, Series 2017-C, 5.00% 2032			1,720		2,045
New York City G.O. Bonds, Fiscal 2018, Series B-1, 5.00% 2035			1,000		1,173
New York City G.O. Bonds, Series 2008-J-4, (SIFMA Municipal Swap Index + 0.55%) 1.71% 2025²			1,500		1,500
New York City G.O. Bonds, Series 2008-L-1, 5.00% 2023 (preref. 2018)			1,000		1,006
New York City G.O. Bonds, Series 2015-A, 5.00% 2026			1,000		1,183
New York City G.O. Bonds, Series 2015-C, 5.00% 2033			1,000		1,152
New York City G.O. Bonds, Series 2016-C, 5.00% 2031			1,000		1,163
New York City G.O. Bonds, Series 2017-A, 5.00% 2027			1,500		1,810
New York City G.O. Bonds, Series 2017-C, 5.00% 2028			1,000		1,195
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2015-H, 2.95% 2045 (put 2026)			750		748
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-A-1-A, 3.80% 2037			885		898
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-1, 3.45% 2037			1,000		976
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021			400		398
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		746
New York City Housing Dev. Corp., Multi Family Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048			1,670		1,700
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2011-EE, 5.375% 2043			1,000		1,100
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2014-EE, 5.00% 2045			500		569
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2015-HH, 5.00% 2039			500		573
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2017-DD, 5.00% 2047			1,000		1,150
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2018-BB-1, 5.00% 2046			1,250		1,443
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Series 2017-EE, 5.00% 2033			750		882
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Series 2017-EE, 5.00% 2036			750		875
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011, Series 2011-C, 5.25% 2025			700		768
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011, Series 2011-C, 5.25% 2025 (preref. 2020)			300		329
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 2032			1,000		1,175
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series B-1, 5.00% 2045			750		866
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-C, 5.00% 2027			750		888
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2017-E-1, 5.00% 2043			1,000		1,149
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2017-F-1, 5.00% 2039			750		867
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2017-F-1, 5.00% 2042			1,965		2,266
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2010, Series D, 5.00% 2023			1,000		1,075

46	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount (000)			Value (000)
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-C, 5.00% 2026		$	1,000	$	1,197
County of Onondaga, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2030			1,750		1,950
Town of Southold, Local Dev. Corporation, Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2045			1,500		1,567
County of Suffolk, Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 5.875% 2030			1,000		1,091
County of Westchester, Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030			130		142
County of Westchester, Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030 (preref. 2020)			870		971
County of Westchester, Health Care Corp., Rev. Bonds, Series 2011-A, 5.00% 2021			100		110
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2034			1,150		1,260
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2046			1,000		1,069
Other securities					32,586
					105,887

Other U.S. Territories 2.16%
Other securities					5,028

Total bonds, notes & other debt instruments (cost: $210,741,000)					215,399

Short-term securities 6.82%
Dormitory Auth., Higher Education Commercial Paper, Series 2017-2-C, 1.08% 3/5/2018			6,000		6,000
Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-A-1 4.00% 2019			1,500		1,555
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2013-AA-2, 1.00% 2050²			3,300		3,300
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-3, 1.00% 2045²			1,000		1,000
Triborough Bridge and Tunnel Auth., General Rev. Bonds (Anticipation Notes), Series 2017-A-3, 2.00% 2018			2,000		2,000
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2005-B-2, 0.98% 2032²			2,000		2,000

Total short-term securities (cost: $15,854,000)					15,855
Total investment securities 99.43% (cost: $226,595,000)					231,254
Other assets less liabilities 0.57%					1,322

Net assets 100.00%				$	232,576

“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 $5,618,000, which represented 2.42% of the net assets of the fund.
²	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

Key to abbreviations

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial statements

Statements of assets and liabilities

at January 31, 2018

	American Funds Short-Term Tax-Exempt Bond Fund			Limited Term Tax-Exempt Bond Fund of America
Assets:
Investment securities in unaffiliated issuers, at value	$	969,913		$	4,045,690
Cash		452			1,165
Restricted cash pledged for futures contracts		—			—
Receivables for:
Sales of investments		—			17
Sales of fund’s shares		5,640			18,083
Interest		7,781			34,672
Other		114			498
		983,900			4,100,125

Liabilities:
Payables for:
Purchases of investments		1,500			45,883
Repurchases of fund’s shares		1,298			10,334
Dividends on fund’s shares		50			558
Investment advisory services		300			786
Services provided by related parties		93			702
Trustees’ deferred compensation		34			145
Variation margin on futures contracts		—			—
Other		—			1
		3,275			58,409
Net assets at January 31, 2018	$	980,625		$	4,041,716

Net assets consist of:
Capital paid in on shares of beneficial interest	$	986,481		$	4,014,736
Undistributed net investment income		88			209
Accumulated net realized (loss) gain		(2,295	)		387
Net unrealized (depreciation) appreciation		(3,649	)		26,384
Net assets at January 31, 2018	$	980,625		$	4,041,716

Investment securities in unaffiliated issuers, at cost	$	973,562		$	4,019,306

See Notes to Financial Statements

48	American Funds Tax-Exempt Funds

unaudited

(dollars in thousands)

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

$	18,067,556		$	6,173,250		$	2,197,159		$	231,254
	37,919			384			1,453			670
	743			—			—			—

	6,058			11,592			—			299
	346,656			20,603			3,859			1,322
	155,895			59,349			27,333			2,198
	2,205			918			303			30
	18,617,032			6,266,096			2,230,107			235,773

	605,595			87,128			1,204			2,680
	29,802			53,993			4,032			281
	2,741			1,667			750			115
	2,989			1,484			554			65
	2,983			995			479			46
	655			114			143			1
	1,130			—			—			—
	3			1			1			9
	645,898			145,382			7,163			3,197
$	17,971,134		$	6,120,714		$	2,222,944		$	232,576

$	17,675,587		$	6,008,405		$	2,189,295		$	227,921
	12,488			11,036			1,393			12
	(10,795	)		(59,702	)		(27,885	)		(16	)
	293,854			160,975			60,141			4,659
$	17,971,134		$	6,120,714		$	2,222,944		$	232,576

$	17,730,446		$	6,012,275		$	2,137,018		$	226,595

American Funds Tax-Exempt Funds

Statements of assets and liabilities

at January 31, 2018

		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	$	751,177	$	3,100,937
	Shares outstanding		74,666		199,026
	Net asset value per share	$	10.06	$	15.58
Class C:	Net assets			$	23,381
	Shares outstanding		Not applicable		1,500
	Net asset value per share			$	15.58
Class T:	Net assets	$	10	$	10
	Shares outstanding		1		1
	Net asset value per share	$	10.06	$	15.58
Class F-1:	Net assets	$	8,224	$	80,689
	Shares outstanding		818		5,179
	Net asset value per share	$	10.06	$	15.58
Class F-2:	Net assets	$	55,265	$	374,864
	Shares outstanding		5,493		24,060
	Net asset value per share	$	10.06	$	15.58
Class F-3:	Net assets	$	34,893	$	156,043
	Shares outstanding		3,468		10,015
	Net asset value per share	$	10.06	$	15.58
Class R-6:	Net assets	$	131,056	$	305,792
	Shares outstanding		13,027		19,626
	Net asset value per share	$	10.06	$	15.58

See Notes to Financial Statements

50	American Funds Tax-Exempt Funds

unaudited

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

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

$	10,109,158	$	3,904,328	$	1,684,004	$	181,404
	785,487		247,388		96,179		16,992
$	12.87	$	15.78	$	17.51	$	10.68
$	463,139	$	230,567	$	79,340	$	11,954
	35,986		14,609		4,531		1,120
$	12.87	$	15.78	$	17.51	$	10.68
$	10	$	10	$	10	$	10
	1		1		1		1
$	12.87	$	15.78	$	17.51	$	10.68
$	434,250	$	212,228	$	73,389	$	3,121
	33,741		13,447		4,191		292
$	12.87	$	15.78	$	17.51	$	10.68
$	1,935,795	$	700,845	$	237,599	$	14,397
	150,412		44,407		13,570		1,349
$	12.87	$	15.78	$	17.51	$	10.68
$	4,534,170	$	578,052	$	148,602	$	21,690
	352,308		36,627		8,487		2,032
$	12.87	$	15.78	$	17.51	$	10.68
$	494,612	$	494,684
	38,432		31,345		Not applicable		Not applicable
$	12.87	$	15.78

American Funds Tax-Exempt Funds

Statements of operations

for the six months ended January 31, 2018

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

Investment income:
Income:
Interest	$	9,354		$	51,609

*Fees and expenses:**
Investment advisory services		1,812			4,591
Distribution services		584			4,888
Transfer agent services		154			789
Administrative services		100			383
Reports to shareholders		17			64
Registration statement and prospectus		91			227
Trustees’ compensation		7			30
Auditing and legal		6			8
Custodian		2			6
Federal, state and local taxes		—	^†		193
Other		1			3
Total fees and expenses		2,774			11,182
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—
Total fees and expenses after waivers		2,774			11,182
Net investment income		6,580			40,427

Net realized (loss) gain and unrealized depreciation:
Net realized (loss) gain on investments in unaffiliated issuers		(196	)		1,006
Net unrealized depreciation on:
Investments in unaffiliated issuers		(8,899	)		(50,851	)
Futures contracts		—			—
Net realized (loss) gain and unrealized depreciation		(9,095	)		(49,845	)
Net (decrease) increase in net assets resulting from operations	$	(2,515	)	$	(9,418	)

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

See Notes to Financial Statements

52	American Funds Tax-Exempt Funds

unaudited

(dollars in thousands)

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

$	269,188		$	129,053		$	38,402		$	3,555

	16,631			8,384			3,221			370
	15,472			7,059			2,614			287
	3,199			1,511			354			40
	1,809			708			213			21
	236			92			35			4
	555			312			93			71
	128			33			21			1
	14			9			8			6
	19			8			3			—	†
	1,227			1,915			349			57
	60			4			2			10
	39,350			20,035			6,913			867

	7			1			—			—
	39,343			20,034			6,913			867
	229,845			109,019			31,489			2,688

	28,235			24,828			3,354			241

	(184,368	)		(11,644	)		(18,374	)		(2,827	)
	(1,176	)		—			—			—
	(156,133	)		13,184			(15,020	)		(2,586	)
$	73,712		$	122,203		$	16,469		$	102

American Funds Tax-Exempt Funds

Statements of changes in net assets

	American Funds Short-Term Tax-Exempt Bond Fund						Limited Term Tax-Exempt Bond Fund of America						The Tax-Exempt Bond Fund of America
	Six months ended January 31 2018*			Year ended July 31 2017			Six months ended January 31 2018*			Year ended July 31 2017			Six months ended January 31 2018*			Year ended July 31 2017
Operations:
Net investment income	$	6,580		$	10,022		$	40,427		$	78,699		$	229,845		$	436,115
Net realized (loss) gain		(196	)		(558	)		1,006			(294	)		28,235			(11,218	)
Net unrealized depreciation		(8,899	)		(3,763	)		(50,851	)		(66,254	)		(184,368	)		(434,509	)
Net (decrease) increase in net assets resulting from operations		(2,515	)		5,701			(9,418	)		12,151			73,712			(9,612	)

Dividends paid or accrued to shareholders from net investment income		(6,562	)		(9,997	)		(40,526	)		(78,498	)		(229,329	)		(432,228	)

Net capital share transactions		(9,488	)		222,373			228,667			179,550			3,656,029			1,095,007

Total (decrease) increase in net assets		(18,565	)		218,077			178,723			113,203			3,500,412			653,167

Net assets:
Beginning of period		999,190			781,113			3,862,993			3,749,790			14,470,722			13,817,555
End of period	$	980,625		$	999,190		$	4,041,716		$	3,862,993		$	17,971,134		$	14,470,722

Undistributed net investment income	$	88		$	70		$	209		$	308		$	12,488		$	11,972

*	Unaudited.

See Notes to Financial Statements

54	American Funds Tax-Exempt Funds

(dollars and shares 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 2018*			Year ended July 31 2017			Six months ended January 31 2018*			Year ended July 31 2017			Six months ended January 31 2018*			Year ended July 31 2017

$	109,019		$	198,585		$	31,489		$	62,351		$	2,688		$	5,206
	24,828			29,859			3,354			165			241			(257	)
	(11,644	)		(188,457	)		(18,374	)		(71,163	)		(2,827	)		(6,080	)

	122,203			39,987			16,469			(8,647	)		102			(1,131	)

	(110,019	)		(193,595	)		(31,891	)		(61,637	)		(2,755	)		(5,169	)
	595,024			574,599			114,798			122,984			23,780			8,850
	607,208			420,991			99,376			52,700			21,127			2,550

	5,513,506			5,092,515			2,123,568			2,070,868			211,449			208,899
$	6,120,714		$	5,513,506		$	2,222,944		$	2,123,568		$	232,576		$	211,449
$	11,036		$	12,036		$	1,393		$	1,795		$	12		$	79

American Funds Tax-Exempt Funds

Notes to financial statements

unaudited

1. Organization

American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California, which is presently the only series of The American Funds Tax-Exempt Series II, and American Funds Tax-Exempt Fund of New York (each a “fund” or collectively, the “funds”), are registered under the Investment Company Act of 1940 as open-end, diversified management investment companies.

Each fund’s investment objectives are as follows:

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

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

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

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

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

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

American Funds Short-Term Tax-Exempt Bond Fund has 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.

56	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.

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

3. Valuation

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

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

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

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

Exchange-traded futures are generally valued at the official settlement price of, or the last reported sale price on, the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued or, lacking any sales, at the last available bid price. Prices for each future are taken from the exchange or market on which the security trades.

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

American Funds Tax-Exempt Funds

addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

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

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

Classifications — The funds’ investment adviser classifies each fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At January 31, 2018, all of the investment securities held by each fund were classified as Level 2.

The Tax-Exempt Bond Fund of America

	Other investments*
	Level 1			Level 2		Level 3		Total
Liabilities:
Unrealized depreciation on futures contracts	$	(1,176	)	$	—	$	—	$	(1,176	)

*	Futures contracts are not included in the investment portfolio.

4. Risk factors

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

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

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

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

58	American Funds Tax-Exempt Funds

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

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

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the funds having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

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

Liquidity risk — Certain fund holdings may be deemed to be less liquid or illiquid because they cannot be readily sold without significantly impacting the value of the holdings. Liquidity risk may result from 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.

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

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

Investing in similar municipal bonds — Investing significantly in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries may make the funds more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the funds’ share price may increase.

Risks of investing in municipal bonds of issuers within the state of California — Because The Tax-Exempt Fund of California invests primarily in securities of issuers within the state of California, the fund is more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund that does not concentrate its investments in a single state. For example, in the past, California voters have passed amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities, and future voter initiatives may adversely affect California municipal bonds.

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

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

American Funds Tax-Exempt Funds

5. Certain investment techniques

Futures contracts — The Tax-Exempt Bond Fund of America 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 portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, or FCM, in a segregated account in the name of the FCM an amount of cash, U.S. government securities, suitable money market instruments, 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. When initial margin is deposited with brokers, a receivable is recorded in the fund’s statement of assets and liabilities.

On a daily basis, the 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, the fund segregates liquid assets equivalent to the 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 the fund’s statement of assets and liabilities. The 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 the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $400,000,000.

The following tables present the financial statement impacts resulting from the fund’s use of futures contracts as of, or for the six months ended, January 31, 2018 (dollars in thousands):

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Net unrealized appreciation*

—

Net unrealized depreciation*

1,176

Net realized gain

Net unrealized depreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

—

Net unrealized depreciation on futures contracts

(1,176

)

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

Collateral — The fund participates in a collateral program due to its use of futures contracts that calls for the fund to pledge highly liquid assets, such as cash or U.S. Treasury bills 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.

Restricted Cash — The fund held restricted cash in connection with investments in futures contracts. Restricted cash is held in a segregated account with the fund’s custodian and is reflected in the statement of assets and liabilities.

6. Taxation and distributions

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

60	American Funds Tax-Exempt Funds

As of and during the period ended January 31, 2018, 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 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.

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

Additional tax basis disclosures 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, 2017
Undistributed tax-exempt income	$	100		$	632		$	3,814		$	3,722		$	803		$	120
Post-October capital loss deferral*		—			—			(15,088	)		(7,929	)		(894	)		—
Capital loss carryforward:
No expiration		(2,090	)		(617	)		(6,847	)		—			—			(257	)
Expiring 2018		—			—			(15,752	)		(49,793	)		(30,345	)		—
Expiring 2019		—			—			—			(24,408	)		—			—
		(2,090	)		(617	)		(22,599	)		(74,201	)		(30,345	)		(257	)
As of January 31, 2018
Gross unrealized appreciation on investments		1,798			48,657			468,460			242,731			81,681			6,158
Gross unrealized depreciation on investments		(5,389	)		(21,972	)		(121,992	)		(68,737	)		(19,834	)		(1,461	)
Net unrealized (depreciation) appreciation on investments		(3,591	)		26,685			346,468			173,994			61,847			4,697
Cost of investments		973,504			4,019,005			17,719,912			5,999,256			2,135,312			226,557

*	This deferral is considered incurred in the subsequent year.

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

American Funds Short-Term Tax-Exempt Bond Fund

Share class	Six months ended January 31, 2018			Year ended July 31, 2017
Class A	$	4,845		$	8,379
Class T¹		—	²		—	²
Class F-1		47			110
Class F-2		326			836
Class F-3³		407			209
Class R-6⁴		937			463
Total	$	6,562		$	9,997

See end of tables for footnotes.

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Share class	Six months ended January 31, 2018			Year ended July 31, 2017
Class A	$	30,667		$	61,657
Class B⁵					1
Class C		151			367
Class T¹		—	²		—	²
Class F-1		798			1,696
Class F-2		3,854			7,195
Class F-3³		1,575			738
Class R-6		3,481			6,844
Total	$	40,526		$	78,498

The Tax-Exempt Bond Fund of America

Share class	Six months ended January 31, 2018			Year ended July 31, 2017
Class A	$	149,500		$	293,044
Class B⁵					28
Class C		5,186			11,413
Class T¹		—	²		—	²
Class F-1		6,450			14,529
Class F-2		31,436			93,190
Class F-3³		29,846			6,591
Class R-6		6,911			13,433
Total	$	229,329		$	432,228

American High-Income Municipal Bond Fund

Share class	Six months ended January 31, 2018			Year ended July 31, 2017
Class A	$	70,835		$	131,221
Class B⁵					15
Class C		3,436			7,065
Class T¹		—	²		—	²
Class F-1		4,234			8,811
Class F-2		12,816			29,151
Class F-3³		10,127			4,691
Class R-6		8,571			12,641
Total	$	110,019		$	193,595

The Tax-Exempt Fund of California

Share class	Six months ended January 31, 2018			Year ended July 31, 2017
Class A	$	24,474		$	49,273
Class B⁵					2
Class C		867			2,020
Class T¹		—	²		—	²
Class F-1		1,052			2,227
Class F-2		3,294			7,241
Class F-3³		2,204			874
Total	$	31,891		$	61,637

62	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Share class	Six months ended January 31, 2018			Year ended July 31, 2017
Class A	$	2,183		$	4,093
Class B⁵					—	²
Class C		103			233
Class T¹		—	²		—	²
Class F-1		38			57
Class F-2		172			626
Class F-3³		259			160
Total	$	2,755		$	5,169

¹	Class T shares began investment operations on April 7, 2017.
²	Amount less than one thousand.
³	Class F-3 shares began investment operations on January 27, 2017.
⁴	Class R-6 shares began investment operations on March 17, 2017.
⁵	Class B shares were fully liquidated on May 5, 2017.

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 average net asset levels increase. The agreement for each fund, except American Funds Short-Term Tax-Exempt Bond Fund, also provides for monthly fees accrued daily based on a series of decreasing rates on each fund’s monthly gross income.

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

	Rates						Net asset level (in billions)				Rates						Monthly gross income				Annualized rates for the six months ended
Fund	Beginning with			Ending with			Up to		In excess of		Beginning with			Ending with			Up to		In excess of		January 31, 2018
American Funds Short-Term Tax-Exempt Bond Fund		.390	%		.290	%	$	.20	$	1.2												.358	%
Limited Term Tax-Exempt Bond Fund of America		.300			.150			.06		1.0		3.00	%		2.50	%	$	3,333,333	$	3,333,333		.229
The Tax-Exempt Bond Fund of America		.300			.120			.06		10.0		3.00			2.00			3,333,333		8,333,333		.218
American High-Income Municipal Bond Fund		.300			.150			.06		3.0		3.00			2.50			3,333,333		3,333,333		.284
The Tax-Exempt Fund of California		.300			.180			.06		1.0		3.00			2.50			3,333,333		3,333,333		.292
American Funds Tax-Exempt Fund of New York		.300			.180			.06		1.0		3.00			2.50			3,333,333		3,333,333		.329

Investment advisory services waivers — During the six months ended January 31, 2018, CRMC voluntarily reduced the investment advisory services fee to a proposed rate of 0.115% on assets in excess of $15 billion for The Tax-Exempt Bond Fund of America and a proposed rate of 0.140% on assets in excess of $6 billion for American High-Income Municipal Bond Fund. For the six months ended January 31, 2018, total investment advisory services fees waived by CRMC were $7,000 for The Tax-Exempt Bond Fund of America and $1,000 for the American High-Income Municipal Bond Fund. The amounts waived had no impact on either fund’s annualized rate of average net assets.

American Funds Tax-Exempt Funds

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, 2018, 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	$	1,120
Limited-Term Tax-Exempt Bond Fund of America		257
The Tax-Exempt Bond Fund of America		8,089
American High-Income Municipal Bond Fund		—
The Tax-Exempt Fund of California		1,614
American Funds Tax-Exempt Fund of New York		60

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

Administrative services — Each fund has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to each of the funds’ Class A, C, T, F and R shares, if applicable. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to each fund’s shareholders. Under the agreements, Class A shares of each fund pay an annual fee of 0.01% and Class C, T, F and R shares of each fund, if applicable, pay an annual fee of 0.05% of their respective average daily net assets.

64	American Funds Tax-Exempt Funds

For the six months ended January 31, 2018, 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		$572		$120			$38
Class T		—		—	*		—	*
Class F-1		12		6			2
Class F-2		Not applicable		28			12
Class F-3		Not applicable		—	*		15
Class R-6		Not applicable		—			33
Total class-specific expenses		$584		$154			$100

Limited Term Tax-Exempt Bond Fund of America

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$4,661		$534			$155
Class C		122		5			6
Class T		—		—	*		—	*
Class F-1		105		49			21
Class F-2		Not applicable		200			89
Class F-3		Not applicable		1			35
Class R-6		Not applicable		—	*		77
Total class-specific expenses		$4,888		$789			$383

The Tax-Exempt Bond Fund of America

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$12,539		$1,692			$502
Class C		2,368		82			118
Class T		—		—	*		—	*
Class F-1		565		268			113
Class F-2		Not applicable		1,124			505
Class F-3		Not applicable		33			464
Class R-6		Not applicable		—	*		107
Total class-specific expenses		$15,472		$3,199			$1,809

American High-Income Municipal Bond Fund

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$5,597		$932			$192
Class C		1,169		59			58
Class T		—		—	*		—	*
Class F-1		293		141			59
Class F-2		Not applicable		367			165
Class F-3		Not applicable		12			127
Class R-6		Not applicable		—	*		107
Total class-specific expenses		$7,059		$1,511			$708

The Tax-Exempt Fund of California

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$2,108		$179			$84
Class C		411		9			21
Class T		—		—	*		—	*
Class F-1		95		43			19
Class F-2		Not applicable		123			54
Class F-3		Not applicable		—	*		35
Total class-specific expenses		$2,614		$354			$213

American Funds Tax-Exempt Fund of New York

Share class	Distribution services		Transfer agent services			Administrative services
Class A		$222		$29			$9
Class C		62		2			3
Class T		—		—	*		—	*
Class F-1		3		2			1
Class F-2		Not applicable		7			3
Class F-3		Not applicable		—	*		5
Total class-specific expenses		$287		$40			$21

*	Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of each fund, are treated as if invested in shares of the funds or other American Funds. These amounts represent general, unsecured liabilities of each fund and vary according to the total returns of the selected funds. Trustees’ compensation in the funds’ 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	$	4	$	3		$	7
Limited Term Tax-Exempt Bond Fund of America		19		11			30
The Tax-Exempt Bond Fund of America		68		60			128
American High-Income Municipal Bond Fund		24		9			33
The Tax-Exempt Fund of California		10		11			21
American Funds Tax-Exempt Fund of New York		1		—	*		1

*	Amount less than one thousand.

American Funds Tax-Exempt Funds

Affiliated officers and trustees — Officers and certain trustees of the funds are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the funds.

Security transactions with related funds — Each fund may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by each fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended January 31, 2018, the American Funds Short-Term Tax-Exempt Bond Fund engaged in such purchase and sale transactions with related funds in the amounts of $5,333,000 and $20,364,000, respectively.

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. The funds did not lend or borrow cash through the interfund lending program at any time during the six months ended January 31, 2018.

8. Capital share transactions

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

American Funds Short-Term Tax-Exempt Bond Fund

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

Six months ended January 31, 2018
Class A	$	157,096		15,534	$	4,639		459	$	(142,404	)		(14,098	)	$	19,331			1,895
Class T		—		—		—		—		—			—			—			—
Class F-1		1,371		135		47		5		(2,532	)		(250	)		(1,114	)		(110	)
Class F-2		20,878		2,065		321		32		(12,045	)		(1,191	)		9,154			906
Class F-3		28,991		2,854		261		26		(71,392	)		(7,043	)		(42,140	)		(4,163	)
Class R-6		12,862		1,271		937		93		(8,518	)		(843	)		5,281			521
Total net increase (decrease)	$	221,198		21,859	$	6,205		615	$	(236,891	)		(23,425	)	$	(9,488	)		(951	)

Year ended July 31, 2017
Class A	$	353,021		34,954	$	7,958		786	$	(305,749	)		(30,279	)	$	55,230			5,461
Class T²		10		1		—		—		—			—			10			1
Class F-1		4,274		423		109		11		(8,002	)		(792	)		(3,619	)		(358	)
Class F-2		67,272		6,658		696		69		(100,908	)		(9,989	)		(32,940	)		(3,262	)
Class F-3³		88,654		8,765		107		11		(11,612	)		(1,145	)		77,149			7,631
Class R-6⁴		128,242		12,674		463		45		(2,162	)		(213	)		126,543			12,506
Total net increase (decrease)	$	641,473		63,475	$	9,333		922	$	(428,433	)		(42,418	)	$	222,373			21,979

66	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

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

Six months ended January 31, 2018
Class A	$	446,997		28,445	$	29,242		1,863		$	(374,633	)		(23,846	)	$	101,606			6,462
Class C		2,332		148		145		9			(3,958	)		(251	)		(1,481	)		(94	)
Class T		—		—		—		—			—			—			—			—
Class F-1		17,401		1,106		765		49			(19,598	)		(1,247	)		(1,432	)		(92	)
Class F-2		153,301		9,743		3,304		211			(85,782	)		(5,464	)		70,823			4,490
Class F-3		66,012		4,197		1,257		80			(21,427	)		(1,366	)		45,842			2,911
Class R-6		29,775		1,893		3,481		221			(19,947	)		(1,270	)		13,309			844
Total net increase (decrease)	$	715,818		45,532	$	38,194		2,433		$	(525,345	)		(33,444	)	$	228,667			14,521

Year ended July 31, 2017
Class A	$	819,485		52,126	$	58,446		3,716		$	(841,769	)		(53,692	)	$	36,162			2,150
Class B⁵		12		1		1		—	⁶		(285	)		(18	)		(272	)		(17	)
Class C		9,630		614		356		22			(14,774	)		(941	)		(4,788	)		(305	)
Class T²		10		1		—		—			—			—			10			1
Class F-1		33,107		2,108		1,634		104			(39,802	)		(2,536	)		(5,061	)		(324	)
Class F-2		303,074		19,263		6,395		407			(285,439	)		(18,211	)		24,030			1,459
Class F-3³		119,294		7,604		564		36			(8,432	)		(536	)		111,426			7,104
Class R-6		57,602		3,639		6,843		435			(46,402	)		(2,970	)		18,043			1,104
Total net increase (decrease)	$	1,342,214		85,356	$	74,239		4,720		$	(1,236,903	)		(78,904	)	$	179,550			11,172

The Tax-Exempt Bond Fund of America

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

Six months ended January 31, 2018
Class A	$	1,043,195		80,177	$	139,521		10,747	$	(674,993	)		(51,889	)	$	507,723			39,035
Class C		49,547		3,808		4,934		380		(61,207	)		(4,702	)		(6,726	)		(514	)
Class T		—		—		—		—		—			—			—			—
Class F-1		53,055		4,075		6,210		478		(82,338	)		(6,328	)		(23,073	)		(1,775	)
Class F-2		490,351		37,692		29,815		2,297		(475,441	)		(36,622	)		44,725			3,367
Class F-3		3,120,506		240,738		29,081		2,242		(135,091	)		(10,395	)		3,014,496			232,585
Class R-6		112,006		8,617		6,916		533		(38	)		(3	)		118,884			9,147
Total net increase (decrease)	$	4,868,660		375,107	$	216,477		16,677	$	(1,429,108	)		(109,939	)	$	3,656,029			281,845

Year ended July 31, 2017
Class A	$	1,801,266		138,682	$	272,050		21,023	$	(1,585,561	)		(123,176	)	$	487,755			36,529
Class B⁵		13		1		26		2		(3,153	)		(243	)		(3,114	)		(240	)
Class C		109,851		8,427		10,867		840		(146,591	)		(11,359	)		(25,873	)		(2,092	)
Class T²		10		1		—		—		—			—			10			1
Class F-1		150,827		11,683		14,001		1,082		(204,796	)		(15,883	)		(39,968	)		(3,118	)
Class F-2		1,352,620		104,710		88,843		6,868		(2,321,994	)		(179,479	)		(880,531	)		(67,901	)
Class F-3³		1,572,043		121,144		6,300		486		(24,708	)		(1,907	)		1,553,635			119,723
Class R-6		130,180		10,032		13,380		1,034		(140,467	)		(10,934	)		3,093			132
Total net increase (decrease)	$	5,116,810		394,680	$	405,467		31,335	$	(4,427,270	)		(342,981	)	$	1,095,007			83,034

See end of tables for footnotes.

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

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

Six months ended January 31, 2018
Class A	$	439,758		27,673	$	66,250		4,175	$	(255,443	)		(16,076	)	$	250,565			15,772
Class C		27,530		1,733		3,228		203		(30,110	)		(1,894	)		648			42
Class T		—		—		—		—		—			—			—			—
Class F-1		35,811		2,253		4,120		260		(62,179	)		(3,912	)		(22,248	)		(1,399	)
Class F-2		246,619		15,509		11,437		721		(162,437	)		(10,244	)		95,619			5,986
Class F-3		189,712		11,939		8,764		552		(42,121	)		(2,646	)		156,355			9,845
Class R-6		105,509		6,639		8,576		540		—			—			114,085			7,179
Total net increase (decrease)	$	1,044,939		65,746	$	102,375		6,451	$	(552,290	)		(34,772	)	$	595,024			37,425

Year ended July 31, 2017
Class A	$	815,139		52,111	$	121,598		7,783	$	(703,450	)		(45,320	)	$	233,287			14,574
Class B⁵		40		3		14		1		(1,280	)		(82	)		(1,226	)		(78	)
Class C		52,474		3,341		6,638		425		(68,253	)		(4,390	)		(9,141	)		(624	)
Class T²		10		1		—		—		—			—			10			1
Class F-1		93,087		5,955		8,578		549		(140,908	)		(9,031	)		(39,243	)		(2,527	)
Class F-2		466,323		29,942		25,815		1,653		(634,923	)		(40,962	)		(142,785	)		(9,367	)
Class F-3³		429,111		27,652		3,948		252		(17,526	)		(1,122	)		415,533			26,782
Class R-6		105,522		6,754		12,642		810		—			—			118,164			7,564
Total net increase (decrease)	$	1,961,706		125,759	$	179,233		11,473	$	(1,566,340	)		(100,907	)	$	574,599			36,325

The Tax-Exempt Fund of California

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

Six months ended January 31, 2018
Class A	$	157,770		8,915	$	21,809		1,236		$	(124,796	)		(7,055	)	$	54,783			3,096
Class C		9,107		515		818		46			(12,978	)		(734	)		(3,053	)		(173	)
Class T		—		—		—		—			—			—			—			—
Class F-1		12,265		693		971		55			(14,964	)		(847	)		(1,728	)		(99	)
Class F-2		62,552		3,535		2,899		164			(26,141	)		(1,479	)		39,310			2,220
Class F-3		32,488		1,835		1,833		104			(8,835	)		(499	)		25,486			1,440
Total net increase (decrease)	$	274,182		15,493	$	28,330		1,605		$	(187,714	)		(10,614	)	$	114,798			6,484

Year ended July 31, 2017
Class A	$	287,913		16,331	$	43,825		2,495		$	(311,489	)		(17,845	)	$	20,249			981
Class B⁵		10		1		2		—	⁶		(265	)		(15	)		(253	)		(14	)
Class C		23,294		1,313		1,914		109			(35,926	)		(2,050	)		(10,718	)		(628	)
Class T²		10		1		—		—			—			—			10			1
Class F-1		24,944		1,415		2,083		119			(31,372	)		(1,788	)		(4,345	)		(254	)
Class F-2		181,621		10,368		6,173		352			(192,817	)		(11,070	)		(5,023	)		(350	)
Class F-3³		124,040		7,103		689		39			(1,665	)		(95	)		123,064			7,047
Total net increase (decrease)	$	641,832		36,532	$	54,686		3,114		$	(573,534	)		(32,863	)	$	122,984			6,783

68	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

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

Six months ended January 31, 2018
Class A	$	22,949		2,125	$	1,709			159		$	(10,268	)		(951	)	$	14,390			1,333
Class C		1,329		124		96			9			(1,856	)		(172	)		(431	)		(39	)
Class T		—		—		—			—			—			—			—			—
Class F-1		882		81		32			3			(303	)		(28	)		611			56
Class F-2		5,227		483		159			15			(1,967	)		(182	)		3,419			316
Class F-3		5,972		553		180			16			(361	)		(33	)		5,791			536
Total net increase (decrease)	$	36,359		3,366	$	2,176			202		$	(14,755	)		(1,366	)	$	23,780			2,202

Year ended July 31, 2017
Class A	$	45,146		4,195	$	3,108			289		$	(35,915	)		(3,349	)	$	12,339			1,135
Class B⁵		11		1		—	⁶		—	⁶		(27	)		(3	)		(16	)		(2	)
Class C		2,541		234		218			20			(3,764	)		(353	)		(1,005	)		(99	)
Class T²		10		1		—			—			—			—			10			1
Class F-1		1,134		105		42			4			(708	)		(66	)		468			43
Class F-2		7,639		709		500			47			(26,967	)		(2,540	)		(18,828	)		(1,784	)
Class F-3³		18,851		1,771		119			11			(3,088	)		(286	)		15,882			1,496
Total net increase (decrease)	$	75,332		7,016	$	3,987			371		$	(70,469	)		(6,597	)	$	8,850			790

¹	Includes exchanges between share classes of the fund.
²	Class T shares began investment operations on April 7, 2017.
³	Class F-3 shares began investment operations on January 27, 2017.
⁴	Class R-6 shares began investment operations on March 17, 2017.
⁵	Class B shares were fully liquidated on May 5, 2017.
⁶	Amount less than one thousand.

9. 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, 2018, as follows (dollars in thousands):

Fund	Purchases		Sales
American Funds Short-Term Tax-Exempt Bond Fund	$	205,158	$	174,510
Limited Term Tax-Exempt Bond Fund of America		706,684		503,237
The Tax-Exempt Bond Fund of America		3,737,559		1,761,484
American High-Income Municipal Bond Fund		1,353,237		762,441
The Tax-Exempt Fund of California		271,656		201,756
American Funds Tax-Exempt Fund of New York		39,271		29,528

10. Ownership concentration

At January 31, 2018, CRMC held aggregate ownership of 16% 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 13% of the outstanding shares of American Funds Short-Term Tax-Exempt Bond Fund. CRMC is the investment adviser to all of the funds.

American Funds Tax-Exempt Funds

Financial highlights

American Funds Short-Term Tax-Exempt Bond Fund

			(Loss) income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment 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:
1/31/2018^3,4	$	10.15	$	.07	$	(.10	)	$	(.03	)	$	(.06	)	$	—		$	(.06	)	$	10.06		(.25	)%⁵	$	751			.57	%⁶		1.27	%⁶
7/31/2017		10.22		.12		(.07	)		.05			(.12	)		—			(.12	)		10.15		.46			739			.59			1.15
7/31/2016		10.17		.10		.05			.15			(.10	)		—			(.10	)		10.22		1.51			688			.59			1.02
7/31/2015		10.25		.11		(.08	)		.03			(.11	)		—			(.11	)		10.17		.26			653			.58			1.04
7/31/2014		10.21		.11		.04			.15			(.11	)		—			(.11	)		10.25		1.43			737			.58			1.04
7/31/2013		10.32		.13		(.11	)		.02			(.13	)		—	⁷		(.13	)		10.21		.16			701			.59			1.21
Class T:
1/31/2018^3,4		10.15		.07		(.09	)		(.02	)		(.07	)		—			(.07	)		10.06		(.19	)^5,8		—	⁹		.47	^6,8		1.38	^6,8
7/31/2017^3,10		10.11		.04		.04			.08			(.04	)		—			(.04	)		10.15		.82	^5,8		—	⁹		.15	^5,8		.42	^5,8
Class F-1:
1/31/2018^3,4		10.15		.05		(.09	)		(.04	)		(.05	)		—			(.05	)		10.06		(.37	)⁵		8			.81	⁶		1.04	⁶
7/31/2017		10.22		.09		(.07	)		.02			(.09	)		—			(.09	)		10.15		.23			9			.82			.92
7/31/2016		10.17		.08		.05			.13			(.08	)		—			(.08	)		10.22		1.29			13			.81			.80
7/31/2015		10.25		.08		(.08	)		—			(.08	)		—			(.08	)		10.17		.05			9			.80			.83
7/31/2014		10.21		.08		.04			.12			(.08	)		—			(.08	)		10.25		1.19			14			.82			.80
7/31/2013		10.32		.10		(.11	)		(.01	)		(.10	)		—	⁷		(.10	)		10.21		(.08	)		30			.84			.96
Class F-2:
1/31/2018^3,4		10.15		.07		(.09	)		(.02	)		(.07	)		—			(.07	)		10.06		(.23	)⁵		56			.54	⁶		1.31	⁶
7/31/2017		10.22		.12		(.07	)		.05			(.12	)		—			(.12	)		10.15		.49			47			.57			1.17
7/31/2016		10.17		.11		.05			.16			(.11	)		—			(.11	)		10.22		1.55			80			.56			1.06
7/31/2015		10.25		.11		(.08	)		.03			(.11	)		—			(.11	)		10.17		.29			64			.55			1.08
7/31/2014		10.21		.11		.04			.15			(.11	)		—			(.11	)		10.25		1.47			46			.54			1.07
7/31/2013		10.32		.13		(.11	)		.02			(.13	)		—	⁷		(.13	)		10.21		.19			37			.56			1.23

70	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

			(Loss) income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment 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-3:
1/31/2018^3,4	$	10.15	$	.07	$	(.09	)	$	(.02	)	$	(.07	)	$	—	$	(.07	)	$	10.06		(.18)	%⁵	$	35		.43	%⁶		1.40	%⁶
7/31/2017^3,11		10.07		.07		.08			.15			(.07	)		—		(.07	)		10.15		1.49	⁵		77		.47	⁶		1.35	⁶
Class R-6:
1/31/2018^3,4		10.15		.07		(.09	)		(.02	)		(.07	)		—		(.07	)		10.06		(.17	)⁵		131		.43	⁶		1.42	⁶
7/31/2017^3,12		10.09		.05		.06			.11			(.05	)		—		(.05	)		10.15		1.20	⁵		127		.17	⁵		.51	⁵

	Six months ended January 31,		Year ended July 31
	2018^3,4,5		2017			2016			2015			2014			2013
Portfolio turnover rate for all share classes		19%		26	%		21	%		38	%		20	%		22	%

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	Amount less than $.01.
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	Class F-3 shares began investment operations on January 27, 2017.
¹²	Class R-6 shares began investment operations on March 17, 2017.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

Limited Term Tax-Exempt Bond Fund of America

			(Loss) income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/2018^3,4	$	15.77	$	.16	$	(.19	)	$	(.03	)	$	(.16	)	$	—		$	(.16	)	$	15.58		(.21)	%⁵	$	3,101			.60	%⁶		1.97	%⁶
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
7/31/2014		15.94		.40		.16			.56			(.40	)		—			(.40	)		16.10		3.56			2,615			.60			2.51
7/31/2013		16.36		.40		(.42	)		(.02	)		(.40	)		—	⁷		(.40	)		15.94		(.13	)		2,625			.60			2.45
Class C:
1/31/2018^3,4		15.77		.10		(.19	)		(.09	)		(.10	)		—			(.10	)		15.58		(.59	)⁵		23			1.34	⁶		1.23	⁶
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
7/31/2014		15.94		.28		.16			.44			(.28	)		—			(.28	)		16.10		2.80			38			1.34			1.78
7/31/2013		16.36		.28		(.42	)		(.14	)		(.28	)		—	⁷		(.28	)		15.94		(.87	)		49			1.34			1.72
Class T:
1/31/2018^3,4		15.77		.18		(.19	)		(.01	)		(.18	)		—			(.18	)		15.58		(.07	)^5,8		—	⁹		.33	^6,8		2.23	^6,8
7/31/2017^3,10		15.68		.12		.09			.21			(.12	)		—			(.12	)		15.77		1.32	^5,8		—	⁹		.10	^5,8		.74	^5,8
Class F-1:
1/31/2018^3,4		15.77		.15		(.19	)		(.04	)		(.15	)		—			(.15	)		15.58		(.25	)⁵		81			.67	⁶		1.90	⁶
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
7/31/2014		15.94		.39		.16			.55			(.39	)		—			(.39	)		16.10		3.49			105			.67			2.45
7/31/2013		16.36		.39		(.42	)		(.03	)		(.39	)		—	⁷		(.39	)		15.94		(.22	)		122			.69			2.37

72	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

			(Loss) income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/2018^3,4	$	15.77	$	.17	$	(.19	)	$	(.02	)	$	(.17	)	$	—		$	(.17	)	$	15.58		(.12	)%⁵	$	375		.42	%⁶		2.15	%⁶
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
7/31/2014		15.94		.43		.16			.59			(.43	)		—			(.43	)		16.10		3.75			183		.42			2.69
7/31/2013		16.36		.43		(.42	)		.01			(.43	)		—	⁷		(.43	)		15.94		.05			148		.42			2.64
Class F-3:
1/31/2018^3,4		15.77		.18		(.19	)		(.01	)		(.18	)		—			(.18	)		15.58		(.07	⁾⁵		156		.31	⁶		2.26	⁶
7/31/2017^3,11		15.59		.19		.18			.37			(.19	)		—			(.19	)		15.77		2.37	⁵		112		.30	⁶		2.36	⁶
Class R-6:
1/31/2018^3,4		15.77		.18		(.19	)		(.01	)		(.18	)		—			(.18	)		15.58		(.06	)⁵		306		.31	⁶		2.26	⁶
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
7/31/2014		15.94		.45		.16			.61			(.45	)		—			(.45	)		16.10		3.86			133		.31			2.80
7/31/2013		16.36		.45		(.42	)		.03			(.45	)		—	⁷		(.45	)		15.94		.16			132		.31			2.72

	Six months ended
	January 31,		Year ended July 31
	2018^3,4,5		2017			2016			2015			2014			2013
Portfolio turnover rate for all share classes		14%		27	%		16	%		19	%		9	%		13	%

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	Amount less than $.01.
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	Class F-3 shares began investment operations on January 27, 2017.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

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 (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/2018^3,4	$	12.98	$	.20	$	(.11	)	$	.09		$	(.20	)	$	12.87		.66	%⁵	$	10,109			.54	%⁶		2.99	%⁶
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
7/31/2014		12.44		.45		.48			.93			(.45	)		12.92		7.60			6,772			.56			3.57
7/31/2013^3,7		13.08		.40		(.64	)		(.24	)		(.40	)		12.44		(1.93	)⁵		6,984			.55	⁶		3.35	⁶
Class C:
1/31/2018^3,4		12.98		.14		(.11	)		.03			(.14	)		12.87		.25	⁵		463			1.33	⁶		2.20	⁶
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
7/31/2014		12.44		.35		.48			.83			(.35	)		12.92		6.75			325			1.35			2.79
7/31/2013^3,7		13.08		.31		(.64	)		(.33	)		(.31	)		12.44		(2.64	)⁵		375			1.34	⁶		2.56	⁶
Class T:
1/31/2018^3,4		12.98		.21		(.11	)		.10			(.21	)		12.87		.77	^5,8		—	⁹		.33	^6,8		3.20	^6,8
7/31/2017^3,10		12.85		.14		.13			.27			(.14	)		12.98		2.07	^5,8		—	⁹		.10	^5,8		1.06	^5,8
Class F-1:
1/31/2018^3,4		12.98		.19		(.11	)		.08			(.19	)		12.87		.59	⁵		434			.67	⁶		2.87	⁶
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
7/31/2014		12.44		.43		.48			.91			(.43	)		12.92		7.46			1,389			.68			3.46
7/31/2013^3,7		13.08		.39		(.64	)		(.25	)		(.39	)		12.44		(2.05	)⁵		1,659			.68	⁶		3.21	⁶

74	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 (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/2018^3,4	$	12.98	$	.20	$	(.11	)	$	.09		$	(.20	)	$	12.87		.72	%⁵	$	1,936		.41	%⁶		3.12	%⁶
7/31/2017		13.40		.42		(.42	)		—	¹¹		(.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
7/31/2014		12.44		.46		.48			.94			(.46	)		12.92		7.74			662		.42			3.70
7/31/2013^3,7		13.08		.42		(.64	)		(.22	)		(.42	)		12.44		(1.81	)⁵		327		.42	⁶		3.49	⁶
Class F-3:
1/31/2018^3,4		12.98		.21		(.11	)		.10			(.21	)		12.87		.78	⁵		4,534		.30	⁶		3.22	⁶
7/31/2017^3,12		12.75		.22		.23			.45			(.22	)		12.98		3.54	⁵		1,555		.29	⁶		3.34	⁶
Class R-6:
1/31/2018^3,4		12.98		.21		(.11	)		.10			(.21	)		12.87		.78	⁵		495		.30	⁶		3.23	⁶
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
7/31/2014		12.44		.48		.48			.96			(.48	)		12.92		7.86			165		.31			3.81
7/31/2013^3,7		13.08		.43		(.64	)		(.21	)		(.43	)		12.44		(1.71	)⁵		115		.31	⁶		3.58	⁶

Six months ended
January 31,

Year ended
July 31

For the period
9/1/2012 to

2018^3,4,5

2017

2016

2015

2014

7/31/2013^3,5,7

Portfolio turnover rate for all share classes

12%

20%

13%

14%

10%

16%

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	In 2013, the fund changed its fiscal year-end from August to July.
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.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

American High-Income Municipal Bond Fund

			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:
1/31/2018^3,4	$	15.73	$	.29	$	.06		$	.35		$	(.30	)	$	15.78		2.20	%⁵	$	3,904			.71	%⁶		3.66	%⁶
7/31/2017		16.21		.60		(.49	)		.11			(.59	)		15.73		.76			3,645			.67			3.86
7/31/2016		15.40		.63		.79			1.42			(.61	)		16.21		9.45			3,519			.67			4.02
7/31/2015		15.22		.64		.17			.81			(.63	)		15.40		5.34			2,700			.68			4.13
7/31/2014		14.48		.68		.73			1.41			(.67	)		15.22		9.99			2,357			.68			4.59
7/31/2013		15.13		.63		(.65	)		(.02	)		(.63	)		14.48		(.25	)		2,246			.69			4.14
Class C:
1/31/2018^3,4		15.73		.23		.06			.29			(.24	)		15.78		1.82	⁵		231			1.46	⁶		2.91	⁶
7/31/2017		16.21		.48		(.49	)		(.01	)		(.47	)		15.73		.00			229			1.43			3.10
7/31/2016		15.40		.52		.79			1.31			(.50	)		16.21		8.62			247			1.43			3.26
7/31/2015		15.22		.52		.17			.69			(.51	)		15.40		4.55			182			1.44			3.37
7/31/2014		14.48		.56		.73			1.29			(.55	)		15.22		9.12			161			1.48			3.80
7/31/2013		15.13		.52		(.65	)		(.13	)		(.52	)		14.48		(1.02	)		161			1.46			3.37
Class T:
1/31/2018^3,4		15.73		.31		.06			.37			(.32	)		15.78		2.34	^5,7		—	⁸		.45	^6,7		3.93	^6,7
7/31/2017^3,9		15.50		.20		.23			.43			(.20	)		15.73		2.77	^5,7		—	⁸		.12	^5,7		1.28	^5,7
Class F-1:
1/31/2018^3,4		15.73		.28		.06			.34			(.29	)		15.78		2.17	⁵		212			.78	⁶		3.59	⁶
7/31/2017		16.21		.59		(.49	)		.10			(.58	)		15.73		.68			234			.75			3.77
7/31/2016		15.40		.62		.79			1.41			(.60	)		16.21		9.37			282			.74			3.95
7/31/2015		15.22		.62		.17			.79			(.61	)		15.40		5.27			207			.75			4.06
7/31/2014		14.48		.66		.73			1.39			(.65	)		15.22		9.87			178			.79			4.49
7/31/2013		15.13		.62		(.65	)		(.03	)		(.62	)		14.48		(.35	)		172			.79			4.04

76	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

			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:
1/31/2018^3,4	$	15.73	$	.30	$	.06		$	.36	$	(.31	)	$	15.78		2.30	%⁵	$	701		.53	%⁶		3.85	%⁶
7/31/2017		16.21		.63		(.49	)		.14		(.62	)		15.73		.93			605		.50			4.05
7/31/2016		15.40		.66		.79			1.45		(.64	)		16.21		9.65			775		.48			4.18
7/31/2015		15.22		.66		.17			.83		(.65	)		15.40		5.53			321		.49			4.32
7/31/2014		14.48		.70		.73			1.43		(.69	)		15.22		10.15			223		.53			4.71
7/31/2013		15.13		.66		(.65	)		.01		(.66	)		14.48		(.09	)		126		.52			4.31
Class F-3:
1/31/2018^3,4		15.73		.31		.06			.37		(.32	)		15.78		2.35	⁵		578		.42	⁶		3.96	⁶
7/31/2017^3,10		15.30		.32		.43			.75		(.32	)		15.73		4.96	⁵		421		.37	⁶		4.04	⁶
Class R-6:
1/31/2018^3,4		15.73		.31		.06			.37		(.32	)		15.78		2.35	⁵		495		.42	⁶		3.96	⁶
7/31/2017		16.21		.64		(.49	)		.15		(.63	)		15.73		1.05			380		.38			4.16
7/31/2016		15.40		.68		.79			1.47		(.66	)		16.21		9.76			269		.38			4.31
7/31/2015		15.22		.68		.17			.85		(.67	)		15.40		5.64			188		.39			4.42
7/31/2014		14.48		.72		.73			1.45		(.71	)		15.22		10.27			108		.42			4.82
7/31/2013		15.13		.68		(.65	)		.03		(.68	)		14.48		.02			58		.40			4.44

	Six months ended
	January 31,		Year ended July 31
		2018^3,4,5		2017		2016		2015		2014		2013
Portfolio turnover rate for all share classes		14%		30	%	21	%	23	%	24	%	25	%

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

Financial highlights (continued)

The Tax-Exempt Fund of California

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/2018^3,4	$	17.63	$	.26	$	(.12	)	$	.14		$	(.26	)	$	17.51		.78	%⁵	$	1,684			.62	%⁶		2.87	%⁶
7/31/2017		18.21		.54		(.59	)		(.05	)		(.53	)		17.63		(.22	)		1,641			.60			3.05
7/31/2016		17.62		.57		.58			1.15			(.56	)		18.21		6.65			1,678			.60			3.17
7/31/2015		17.52		.60		.09			.69			(.59	)		17.62		3.98			1,386			.62			3.38
7/31/2014		16.72		.63		.80			1.43			(.63	)		17.52		8.72			1,265			.63			3.72
7/31/2013^3,7		17.54		.59		(.82	)		(.23	)		(.59	)		16.72		(1.45	)⁵		1,250			.63	⁶		3.64	⁶
Class C:
1/31/2018^3,4		17.63		.19		(.12	)		.07			(.19	)		17.51		.38	⁵		79			1.41	⁶		2.08	⁶
7/31/2017		18.21		.40		(.59	)		(.19	)		(.39	)		17.63		(1.00	)		83			1.39			2.26
7/31/2016		17.62		.43		.58			1.01			(.42	)		18.21		5.82			97			1.39			2.38
7/31/2015		17.52		.46		.09			.55			(.45	)		17.62		3.16			78			1.40			2.59
7/31/2014		16.72		.50		.80			1.30			(.50	)		17.52		7.87			76			1.42			2.94
7/31/2013^3,7		17.54		.46		(.82	)		(.36	)		(.46	)		16.72		(2.16	)⁵		87			1.42	⁶		2.85	⁶
Class T:
1/31/2018^3,4		17.63		.27		(.11	)		.16			(.28	)		17.51		.89	^5,8		—	⁹		.42	^6,8		3.07	^6,8
7/31/2017^3,10		17.42		.18		.21			.39			(.18	)		17.63		2.24	^5,8		—	⁹		.12	^5,8		1.02	^5,8
Class F-1:
1/31/2018^3,4		17.63		.24		(.11	)		.13			(.25	)		17.51		.72	⁵		73			.75	⁶		2.74	⁶
7/31/2017		18.21		.51		(.58	)		(.07	)		(.51	)		17.63		(.35	)		76			.73			2.93
7/31/2016		17.62		.55		.58			1.13			(.54	)		18.21		6.52			83			.73			3.04
7/31/2015		17.52		.58		.09			.67			(.57	)		17.62		3.85			63			.74			3.26
7/31/2014		16.72		.61		.80			1.41			(.61	)		17.52		8.59			65			.76			3.60
7/31/2013^3,7		17.54		.56		(.82	)		(.26	)		(.56	)		16.72		(1.58	)⁵		74			.77	⁶		3.50	⁶

78	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/2018^3,4	$	17.63	$	.27	$	(.12	)	$	.15		$	(.27	)	$	17.51		.84	%⁵	$	238		.50	%⁶		2.98	%⁶
7/31/2017		18.21		.56		(.59	)		(.03	)		(.55	)		17.63		(.09	)		200		.48			3.18
7/31/2016		17.62		.60		.58			1.18			(.59	)		18.21		6.79			213		.48			3.29
7/31/2015		17.52		.62		.09			.71			(.61	)		17.62		4.10			134		.49			3.51
7/31/2014		16.72		.65		.80			1.45			(.65	)		17.52		8.85			110		.51			3.84
7/31/2013^3,7		17.54		.60		(.82	)		(.22	)		(.60	)		16.72		(1.35	)⁵		91		.51	⁶		3.77	⁶
Class F-3:
1/31/2018^3,4		17.63		.28		(.12	)		.16			(.28	)		17.51		.90	⁵		149		.39	⁶		3.10	⁶
7/31/2017^3,11		17.27		.29		.36			.65			(.29	)		17.63		3.79	⁵		124		.38	⁶		3.25	⁶

	Six months ended			Year ended												For the period
	January 31,			July 31												9/1/2012 to
	2018^3,4,5			2017			2016			2015			2014			7/31/2013^3,5,7
Portfolio turnover rate for all share classes		10	%		21	%		11	%		17	%		8	%		12	%

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	In 2013, the fund changed its fiscal year-end from August to July.
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	Class F-3 shares began investment operations on January 27, 2017.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

American Funds Tax-Exempt Fund of New York

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements²			Ratio of net income to average net assets²
Class A:
1/31/2018^4,5	$	10.80	$	.13	$	(.12	)	$	.01		$	(.13	)	$	10.68		.13	%^6,7	$	182			.75	%^7,8		.75	%^7,8		2.40	%^7,8
7/31/2017		11.12		.27		(.32	)		(.05	)		(.27	)		10.80		(.39	)⁷		169			.74	⁷		.69	⁷		2.55	⁷
7/31/2016		10.66		.28		.45			.73			(.27	)		11.12		6.95	⁷		161			.72	⁷		.69	⁷		2.54	⁷
7/31/2015		10.58		.32		.07			.39			(.31	)		10.66		3.65	⁷		124			.72	⁷		.67	⁷		2.91	⁷
7/31/2014		10.21		.31		.37			.68			(.31	)		10.58		6.83	⁷		102			.73	⁷		.63	⁷		3.07	⁷
7/31/2013		10.85		.31		(.64	)		(.33	)		(.31	)		10.21		(3.16	)⁷		100			.66	⁷		.59	⁷		2.88	⁷
Class C:
1/31/2018^4,5		10.80		.09		(.12	)		(.03	)		(.09	)		10.68		(.27	)⁶		12			1.55	⁸		1.55	⁸		1.61	⁸
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
7/31/2014		10.21		.22		.37			.59			(.22	)		10.58		5.89			8			1.60			1.51			2.19
7/31/2013		10.85		.21		(.64	)		(.43	)		(.21	)		10.21		(4.04	)		8			1.58			1.50			1.96
Class T:
1/31/2018^4,5		10.80		.15		(.12	)		.03			(.15	)		10.68		.24	^6,7		—	⁹		.55	^7,8		.55	^7,8		2.61	^7,8
7/31/2017^4,10		10.68		.09		.13			.22			(.10	)		10.80		2.02	^6,7		—	⁹		.19	^6,7		.15	^6,7		.87	^6,7
Class F-1:
1/31/2018^4,5		10.80		.13		(.12	)		.01			(.13	)		10.68		.10	⁶		3			.81	⁸		.81	⁸		2.35	⁸
7/31/2017		11.12		.27		(.32	)		(.05	)		(.27	)		10.80		(.38	)⁷		3			.73	⁷		.68	⁷		2.56	⁷
7/31/2016		10.66		.29		.45			.74			(.28	)		11.12		7.02	⁷		2			.65	⁷		.62	⁷		2.61	⁷
7/31/2015		10.58		.31		.07			.38			(.30	)		10.66		3.58	⁷		2			.80	⁷		.74	⁷		2.83	⁷
7/31/2014		10.21		.31		.37			.68			(.31	)		10.58		6.77	⁷		1			.77	⁷		.68	⁷		3.03	⁷
7/31/2013		10.85		.29		(.64	)		(.35	)		(.29	)		10.21		(3.36	)⁷		1			.86	⁷		.79	⁷		2.67	⁷

80	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 year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements²			Ratio of net income to average net assets²
Class F-2:
1/31/2018^4,5	$	10.80	$	.14	$	(.12	)	$	.02		$	(.14	)	$	10.68		.19	%⁶	$	14		.62	%⁸		.62	%⁸		2.54	%⁸
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
7/31/2014		10.21		.32		.37			.69			(.32	)		10.58		6.89			16		.66			.57			3.13
7/31/2013		10.85		.31		(.64	)		(.33	)		(.31	)		10.21		(3.14	)		14		.64			.57			2.90
Class F-3:
1/31/2018^4,5		10.80		.15		(.12	)		.03			(.15	)		10.68		.25	⁶		22		.51	⁸		.51	⁸		2.65	⁸
7/31/2017^4,11		10.58		.15		.22			.37			(.15	)		10.80		3.54	⁶		16		.58	⁸		.45	⁸		2.79	⁸

	Six months ended January 31,			Year ended July 31
	2018^4,5,6			2017		2016			2015			2014			2013
Portfolio turnover rate for all share classes		14	%		27%		14	%		42	%		25	%		23	%

¹	Based on average shares outstanding.
²	This column reflects the impact, if any, of certain reimbursements from CRMC. During some of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses.
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	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁸	Annualized.
⁹	Amount less than $1 million.
¹⁰	Class T shares began investment operations on April 7, 2017.
¹¹	Class F-3 shares began investment operations on January 27, 2017.

See Notes to Financial Statements

American Funds Tax-Exempt Funds

Expense example

unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (August 1, 2017, through January 31, 2018).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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.

82	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2017		1/31/2018		during period*		expense ratio
Class A – actual return	$	1,000.00	$	997.49	$	2.87		.57	%
Class A – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class T – actual return		1,000.00		998.09		2.37		.47
Class T – assumed 5% return		1,000.00		1,022.84		2.40		.47
Class F-1 – actual return		1,000.00		996.34		4.08		.81
Class F-1 – assumed 5% return		1,000.00		1,021.12		4.13		.81
Class F-2 – actual return		1,000.00		997.65		2.72		.54
Class F-2 – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class F-3 – actual return		1,000.00		998.20		2.17		.43
Class F-3 – assumed 5% return		1,000.00		1,023.04		2.19		.43
Class R-6 – actual return		1,000.00		998.27		2.17		.43
Class R-6 – assumed 5% return		1,000.00		1,023.04		2.19		.43

Limited Term Tax-Exempt Bond Fund of America

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2017		1/31/2018		during period*		expense ratio
Class A – actual return	$	1,000.00	$	997.87	$	3.02		.60	%
Class A – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class C – actual return		1,000.00		994.13		6.74		1.34
Class C – assumed 5% return		1,000.00		1,018.45		6.82		1.34
Class T – actual return		1,000.00		999.25		1.66		.33
Class T – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class F-1 – actual return		1,000.00		997.49		3.37		.67
Class F-1 – assumed 5% return		1,000.00		1,021.83		3.41		.67
Class F-2 – actual return		1,000.00		998.77		2.12		.42
Class F-2 – assumed 5% return		1,000.00		1,023.09		2.14		.42
Class F-3 – actual return		1,000.00		999.33		1.56		.31
Class F-3 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class R-6 – actual return		1,000.00		999.36		1.56		.31
Class R-6 – assumed 5% return		1,000.00		1,023.64		1.58		.31

The Tax-Exempt Bond Fund of America

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2017		1/31/2018		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,006.58	$	2.73		.54	%
Class A – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class C – actual return		1,000.00		1,002.55		6.71		1.33
Class C – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class T – actual return		1,000.00		1,007.67		1.67		.33
Class T – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class F-1 – actual return		1,000.00		1,005.93		3.39		.67
Class F-1 – assumed 5% return		1,000.00		1,021.83		3.41		.67
Class F-2 – actual return		1,000.00		1,007.24		2.07		.41
Class F-2 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class F-3 – actual return		1,000.00		1,007.79		1.52		.30
Class F-3 – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class R-6 – actual return		1,000.00		1,007.80		1.52		.30
Class R-6 – assumed 5% return		1,000.00		1,023.69		1.53		.30

See end of tables for footnote.

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2017		1/31/2018		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,022.01	$	3.62		.71	%
Class A – assumed 5% return		1,000.00		1,021.63		3.62		.71
Class C – actual return		1,000.00		1,018.17		7.43		1.46
Class C – assumed 5% return		1,000.00		1,017.85		7.43		1.46
Class T – actual return		1,000.00		1,023.40		2.30		.45
Class T – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class F-1 – actual return		1,000.00		1,021.66		3.97		.78
Class F-1 – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class F-2 – actual return		1,000.00		1,022.99		2.70		.53
Class F-2 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class F-3 – actual return		1,000.00		1,023.54		2.14		.42
Class F-3 – assumed 5% return		1,000.00		1,023.09		2.14		.42
Class R-6 – actual return		1,000.00		1,023.54		2.14		.42
Class R-6 – assumed 5% return		1,000.00		1,023.09		2.14		.42

The Tax-Exempt Fund of California

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2017		1/31/2018		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,007.84	$	3.14		.62	%
Class A – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class C – actual return		1,000.00		1,003.85		7.12		1.41
Class C – assumed 5% return		1,000.00		1,018.10		7.17		1.41
Class T – actual return		1,000.00		1,008.91		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		1,007.16		3.79		.75
Class F-1 – assumed 5% return		1,000.00		1,021.42		3.82		.75
Class F-2 – actual return		1,000.00		1,008.44		2.53		.50
Class F-2 – assumed 5% return		1,000.00		1,022.68		2.55		.50
Class F-3 – actual return		1,000.00		1,009.03		1.97		.39
Class F-3 – assumed 5% return		1,000.00		1,023.24		1.99		.39

American Funds Tax-Exempt Fund of New York

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2017		1/31/2018		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,001.25	$	3.78		.75	%
Class A – assumed 5% return		1,000.00		1,021.42		3.82		.75
Class C – actual return		1,000.00		997.27		7.80		1.55
Class C – assumed 5% return		1,000.00		1,017.39		7.88		1.55
Class T – actual return		1,000.00		1,002.41		2.78		.55
Class T – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class F-1 – actual return		1,000.00		1,000.98		4.09		.81
Class F-1 – assumed 5% return		1,000.00		1,021.12		4.13		.81
Class F-2 – actual return		1,000.00		1,001.92		3.13		.62
Class F-2 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class F-3 – actual return		1,000.00		1,002.47		2.57		.51
Class F-3 – assumed 5% return		1,000.00		1,022.63		2.60		.51

*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).

84	American Funds Tax-Exempt Funds

Offices of the funds and of the investment adviser

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

6455 Irvine Center Drive
Irvine, CA 92618-4518

Transfer agent for shareholder accounts

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

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

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

Counsel

Morgan, Lewis & Bockius LLP
300 South Grand Avenue, 22nd Floor
Los Angeles, CA 90071-3132

Custodians of assets

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

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

Independent registered public accounting firm

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

Principal underwriter

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

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

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

Complete January 31, 2018, portfolios of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York’s investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).

Each fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the funds. If used as sales material after March 31, 2018, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

Bloomberg^® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2018 S&P Dow Jones Indices LLC, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds from Capital Group

The Capital Advantage^®

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

	Aligned with investor success
	We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment experience, including 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 long-term track record
	Equity funds have beaten their Lipper peer indexes in 92% of 10-year periods and 99% of 20-year periods. Fixed income funds have beaten their Lipper indexes in 77% of 10-year periods and 80% of 20-year periods.²Fund management fees have been among the lowest in the industry.³

	¹	Portfolio manager experience as of December 31, 2017.
	²	Based on Class F-2 share results for rolling periods through December 31, 2017. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary. Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on Class A share results without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Please see americanfunds.com for more information on specific expense adjustments and the actual dates of first sale.
	³	On average, our management fees were in the lowest quintile 71% of the time, based on the 20-year period ended December 31, 2017, versus comparable Lipper categories, excluding funds of funds.

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

American High-Income Municipal Bond Fund®

Investment portfolio

January 31, 2018

unaudited

Bonds, notes & other debt instruments 96.05% Alabama 1.19%	Principal amount (000)	Value (000)
City of Birmingham, Special Care Facs. Fncg. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2016-B, 5.00% 2046	$500	$564
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021)	10,000	10,578
County of Houston, Health Care Auth., Series 2016-A, 5.00% 2030	5,000	5,543
County of Jefferson, Limited Obligation Ref. Bonds, Series 2017, 5.00% 2032	1,000	1,143
County of Jefferson, Limited Obligation Ref. Bonds, Series 2017, 5.00% 2033	2,000	2,274
County of Jefferson, Sewer Rev. Warrants, Capital Appreciation Bonds, Series 2013-E, 0% 2028	250	140
County of Jefferson, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2044	1,600	1,762
County of Jefferson, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.25% 2048	700	779
County of Jefferson, Sewer Rev. Warrants, Series 2013-D, 6.00% 2042	7,100	8,248
County of Jefferson, Sewer Rev. Warrants, Series 2013-D, 6.50% 2053	6,000	7,122
County of Jefferson, Sewer Rev. Warrants, Series 2013-D, 7.00% 2051	520	635
County of Jefferson, Sewer Rev. Warrants, Series 2013-E, 0% 2034	2,500	839
County of Jefferson, Sewer Rev. Warrants, Series 2013-E, 0% 2035	17,475	5,389
County of Jefferson, Sewer Rev. Warrants, Series 2013-E, 0% 2036	7,500	2,123
County of Jefferson, Sewer Rev. Warrants, Series 2013-F, 0% 20461	2,500	2,089
The Lower Alabama Gas Dist., Gas Project Rev. Bonds, Series 2016-A, 5.00% 2029	1,575	1,841
The Lower Alabama Gas Dist., Gas Project Rev. Bonds, Series 2016-A, 5.00% 2031	5,175	6,100
The Lower Alabama Gas Dist., Gas Project Rev. Bonds, Series 2016-A, 5.00% 2046	5,355	6,675
City of Montgomery, Medical Clinic Board, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), 5.00% 2033	2,500	2,729
City of Montgomery, Medical Clinic Board, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), 5.00% 2036	3,400	3,686
City of Phenix, Industrial Dev. Board, Environmental Improvement Rev. Ref. Bonds (MeadWestvaco-Mead Coated Board Project), Series 2012-A, AMT, 4.125% 2035	2,500	2,544
		72,803
Alaska 0.14%
Industrial Dev. and Export Auth., Power Rev. Ref. Bonds, AMT, 5.00% 2033	2,000	2,170
Industrial Dev. and Export Auth., Power Rev. Ref. Bonds, AMT, 5.00% 2034	2,000	2,162
International Airport System, Rev. Ref. Bonds, Series 2016-D, AMT, 5.00% 2019	2,950	3,108
International Airport System, Rev. Ref. Bonds, Series 2016-D, AMT, 5.00% 2020	1,000	1,082
		8,522
Arizona 2.40%
Town of Buckeye, Verrado Dist. 1 Community Facs. Dist., Dist. G.O. Ref. Bonds, Series 2013-A, 5.00% 2021	500	521
Town of Buckeye, Verrado Dist. 1 Community Facs. Dist., Dist. G.O. Ref. Bonds, Series 2013-A, 5.00% 2022	500	521
Town of Buckeye, Verrado Dist. 1 Community Facs. Dist., Dist. G.O. Ref. Bonds, Series 2013-B, 5.00% 2023	440	459
Town of Buckeye, Verrado Dist. 1 Community Facs. Dist., Dist. G.O. Ref. Bonds, Series 2013-B, 5.70% 2029	770	823
Town of Buckeye, Verrado Dist. 1 Community Facs. Dist., Dist. G.O. Ref. Bonds, Series 2013-B, 6.00% 2033	700	748
City of Glendale, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Glencroft Retirement Community Project), Series 2016, 4.25% 2026	740	731
City of Glendale, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Glencroft Retirement Community Project), Series 2016, 5.00% 2036	600	589
City of Glendale, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Glencroft Retirement Community Project), Series 2016, 5.25% 2046	1,545	1,516

American High-Income Municipal Bond Fund — Page 1 of 63

unaudited

Bonds, notes & other debt instruments Arizona (continued)	Principal amount (000)	Value (000)
City of Glendale, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Glencroft Retirement Community Project), Series 2016, 5.25% 2051	$900	$875
City of Goodyear, Estrella Mountain Ranch Community Facs. Dist., Special Assessment Rev. Bonds (Montecito Assessment Dist.), Series 2007, 5.70% 2027	424	425
City of Goodyear, Estrella Mountain Ranch Community Facs. Dist., Special Assessment Rev. Bonds (Montecito Assessment Dist.), Series 2007, 5.80% 2032	882	885
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, (3-month USD-LIBOR + 0.81%) 1.945% 20372	6,735	6,193
Health Facs. Auth., Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2013-A-1, (SIFMA Municipal Swap Index + 1.85%) 3.01% 2048 (put 2020)2	2,500	2,538
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-A, 5.00% 2028	1,680	1,907
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-B, 5.125% 20473	1,280	1,256
Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-B, 5.25% 20513	570	561
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.125% 20373	1,500	1,580
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.25% 20473	2,450	2,586
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.375% 20503	6,160	6,516
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 20373	675	708
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 20473	1,035	1,078
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 20513	2,100	2,172
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 4.00% 2027	2,600	2,622
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 2047	1,125	1,172
Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 2051	1,000	1,034
Industrial Dev. Auth., Education Rev. Bonds (Leman Academy of Excellence Projects), Series 2017-A, 5.00% 20373	1,350	1,319
Industrial Dev. Auth., Education Rev. Bonds (Leman Academy of Excellence Projects), Series 2017-A, 5.25% 20473	3,855	3,748
Industrial Dev. Auth., Education Rev. Bonds (Leman Academy of Excellence Projects), Series 2017-A, 5.25% 20523	2,500	2,380
County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Paradise Schools Projects), Series 2016, 5.00% 20363	2,500	2,596
County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Paradise Schools Projects), Series 2016, 5.00% 20473	4,540	4,662
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2015, 5.00% 20353	6,055	6,317
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2015, 5.00% 20453	5,500	5,696
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2016-A, 5.00% 20353	1,500	1,565
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2016-A, 5.00% 20463	7,100	7,349
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional School Phoenix Campus), Series 2017-B, 4.00% 20223	7,250	7,146
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools East Mesa and Cadence Campuses), Series 2017-A, 4.00% 20223	15,000	14,755
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series 2014-A, 5.75% 20243	1,250	1,355
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series 2014-A, 6.50% 20343	1,560	1,757
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series 2014-A, 6.75% 20443	6,500	7,223
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series 2015, 5.00% 20353	1,590	1,648

American High-Income Municipal Bond Fund — Page 2 of 63

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Bonds, notes & other debt instruments Arizona (continued)	Principal amount (000)	Value (000)
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series 2015, 5.00% 20453	$2,250	$2,313
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series 2016-A, 5.00% 20413	10,000	10,379
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series 2016-A, 5.00% 20463	2,500	2,581
City of Phoenix, Industrial Dev. Auth., Lease Rev. Bonds (Rowan University Project), Series 2012, 5.00% 2042	6,160	6,717
City of Phoenix, Industrial Dev. Auth., Lease Rev. Bonds (Rowan University Project), Series 2012, 5.25% 2034	5,000	5,548
County of Pima, Industrial Dev. Auth., Education Rev. Fac. (American Leadership Academy), 5.00% 20473	4,000	4,002
County of Pima, Industrial Dev. Auth., Education Rev. Fac. (American Leadership Academy), 5.00% 20523	565	557
City of Tempe, Industrial Dev. Auth., Rev. Bonds (Mirabella at ASU Project), Series 2017-A, 6.00% 20373	700	720
City of Tempe, Industrial Dev. Auth., Rev. Bonds (Mirabella at ASU Project), Series 2017-A, 6.125% 20473	1,900	1,956
City of Tempe, Industrial Dev. Auth., Rev. Ref. Bonds (Friendship Village of Tempe), Series 2012-A, 5.00% 2019	500	523
City of Tempe, Industrial Dev. Auth., Rev. Ref. Bonds (Friendship Village of Tempe), Series 2012-A, 6.25% 2042	1,000	1,066
University Medical Center Corp. (Tucson), Hospital Rev. Bonds, Series 2009, 6.50% 2039 (preref. 2019)	1,000	1,069
		146,963
Arkansas 0.02%
Dev. Fin. Auth., Health Care Rev. Bonds (Baptist Memorial Health Care), Series 2015-B-3, (SIFMA Municipal Swap Index + 1.55%) 2.71% 2044 (put 2022)2	1,000	1,010
California 6.64%
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2035	2,250	2,373
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, Series 2016, 4.00% 2030	115	118
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, Series 2016, 5.00% 2027	100	113
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, Series 2016, 5.00% 2031	150	166
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, Series 2016, 5.00% 2032	160	176
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, Series 2016, 5.00% 2033	320	351
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, Series 2016, 5.00% 2034	135	148
City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.50% 2030 (preref. 2020)	3,070	3,386
City of Anaheim, Public Fncg. Auth., Lease Rev. Bonds (Anaheim Convention Center Expansion Project), Series 2014-A, 5.00% 2046	2,000	2,266
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Ref. Bonds (Odd Fellows Home of California), Series 2012-A, 5.00% 2032	1,000	1,127
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2011, 6.00% 2031	1,250	1,393
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-A, 5.00% 2047	3,500	3,745
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2023	400	462
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2035	4,500	4,878
City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, Series 2007, 5.00% 2020	785	796

American High-Income Municipal Bond Fund — Page 3 of 63

unaudited

Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, Series 2007, 5.00% 2037	$3,640	$3,683
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.26% 2045 (put 2024)2	1,500	1,544
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 3.70% 2024	600	624
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 3.80% 2025	650	674
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 3.90% 2026	625	646
Center Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, BAM insured, 0% 2029	1,000	675
Center Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, BAM insured, 0% 2030	1,000	655
Center Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, BAM insured, 0% 2031	2,000	1,254
City of Cerritos, Public Fncg. Auth., Rev. Bonds (Los Coyotes Redev. Project Loan), Series 1993-A, AMBAC insured, 6.50% 2023	955	1,135
City of Cerritos, Public Fncg. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2020	2,500	2,557
City of Cerritos, Public Fncg. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2022	2,000	2,045
Certs. of Part., Palomar Pomerado Health, 6.00% 2030 (preref. 2020)	2,500	2,796
Certs. of Part., Palomar Pomerado Health, 6.00% 2041 (preref. 2020)	2,290	2,561
Certs. of Part., Palomar Pomerado Health, 6.75% 2039 (preref. 2019)	1,500	1,637
City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2028	225	260
City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2031	345	393
City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 2004-C, 5.875% 2034	1,100	1,164
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2034	945	1,039
Corona-Norco Unified School Dist., Public Fin. Auth., Special Tax Rev. Bonds, Series 2016-05-1, 4.00% 2029	615	656
Corona-Norco Unified School Dist., Public Fin. Auth., Special Tax Rev. Bonds, Series 2016-05-1, 4.00% 2030	640	677
Corona-Norco Unified School Dist., Public Fin. Auth., Special Tax Rev. Bonds, Series 2016-05-1, 5.00% 2036	1,510	1,694
Duarte Unified School Dist., Capital Appreciation Bonds, 2010 Election, Series 2011-A, BAM insured, 0% 2036	5,520	2,582
Educational Facs. Auth., Ref. Rev. Bonds (Loyola Marymount University) Capital Appreciation Bonds, Series 2001-A, National insured, 0% 2036	4,585	2,254
Elk Grove Unified School Dist., Community Facs. Dist. No. 1, Special Tax Ref. Bonds, Series 2012, 4.00% 2033	4,000	4,124
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2030	2,080	2,308
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Assured Guaranty Municipal insured, 0% 2034	10,000	5,316
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Assured Guaranty Municipal insured, 0% 2035	1,000	508
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 0% 2042	5,000	1,710
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 0% 20421	1,250	1,108
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 5.75% 2046	3,000	3,455
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053	4,000	4,704
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-C, 6.50% 2043	3,500	4,153
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2005-A, AMBAC insured, 0% 2027	5,000	3,794
Grossmont Union High School Dist., G.O. Bonds, 2004 Election, 0% 2032	5,000	3,058
Hawthorne School Dist., Capital Appreciation Bonds, 2004 Election, Series 2008-C, Assured Guaranty insured, 0% 2038	6,750	2,913
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2024	225	258
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2028	1,220	1,373
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2032	540	596
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2033	580	639

American High-Income Municipal Bond Fund — Page 4 of 63

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Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2034	$350	$384
Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Ref. Bonds (Palomar Estates West), 5.00% 2036	1,000	1,053
City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 15-2, 5.00% 2033	590	653
City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 15-2, 5.00% 2034	615	682
City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 15-2, 5.00% 2035	375	415
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, 5.00% 2032	350	389
City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2024	310	344
City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2025	550	600
City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2026	350	380
City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2024	450	516
City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2025	1,265	1,464
City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2027	75	86
City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2031	2,920	3,275
City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2035	7,125	7,891
City of Lee Lake, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.125% 2035	1,000	1,091
City of Lee Lake, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2025	1,000	1,128
City of Lee Lake, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2026	2,000	2,244
City of Lee Lake, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-B, 5.375% 2035	735	796
City of Long Beach, Community College Dist., G.O. Bonds, 2008 Election, Series 2012-B, 0% 2034	1,250	700
City of Long Beach, Marina Rev. Bonds (Alamitos Bay Marina Project), Series 2015, 5.00% 2045	500	549
M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 2039	4,900	6,846
Mendocino-Lake Community College Dist., G.O. Bonds, 2006 Election, Series 2011-B, Assured Guaranty Municipal insured, 0% 2051	3,000	743
Moorpark Unified School Dist., G.O. Bonds, 2008 Election, Series 2011-B, Assured Guaranty Municipal insured, 0% 2036	4,500	2,156
Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 5.50% 2018	680	682
Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 6.50% 2028	9,750	9,791
Mountain View Shoreline Regional Park Community, Rev. Bonds, Series 2011-A, 5.75% 2040	1,500	1,687
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2020 (preref. 2019)	1,500	1,554
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2021 (preref. 2019)	1,500	1,554
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 5.00% 2036	750	824
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 5.00% 2046	1,745	1,895
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.25% 20353	2,035	2,244
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.50% 20453	5,600	6,202
Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-A, 5.25% 2039	1,200	1,313
Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-B, 5.875% 2049	1,000	1,094
Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.00% 2029 (preref. 2019)	1,420	1,578
Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.50% 2039 (preref. 2019)	1,000	1,120
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 2041 (preref. 2021)3	2,500	2,989
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2026	1,065	1,229
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2030	2,505	2,832
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2017-A, AMT, 2.00% 2044 (put 2020)	3,000	2,996
City of Murrieta, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 4.00% 2034	1,965	1,989
Newport-Mesa Unified School Dist., G.O. Bonds, 2005 Election, Series 2011, 0% 2038	4,000	1,941
City of Norco, Community Facs. Dist. No. 2001-1 (Norco Ridge Ranch), Special Tax Ref. Bonds, Series 2006, AMBAC insured, 4.875% 2033	2,000	2,006
Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, (3-month USD-LIBOR + 0.67%) 1.855% 20272	12,060	11,673
Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2029	2,000	2,180

American High-Income Municipal Bond Fund — Page 5 of 63

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Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Ref. Bonds, Series A, 5.25% 2045	$575	$651
City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, Series 2007, 5.05% 2027	1,820	1,842
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2041	2,000	2,295
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 2027	2,160	2,456
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 2036	500	552
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 2039	1,000	1,098
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2029	2,750	1,894
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2030	9,000	5,935
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2031	2,500	1,580
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2035	3,175	3,515
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2041	1,725	1,896
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds, Series 2017, AMT, 8.00% 20393	5,000	5,492
Pollution Control Fncg. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-A, AMT, 1.22% 2023 (put 2018)3	500	500
Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (Poseidon Resources (Channelside) LP Desalination Project), Series 2012 Plant Bonds, AMT, 5.00% 20453	7,000	7,559
Pomona Unified School Dist., G.O. Bonds, 2008 Election, Series 2016-G, Assured Guaranty Municipal insured, 0% 2032	1,925	1,143
Pomona Unified School Dist., G.O. Bonds, 2008 Election, Series 2016-G, Assured Guaranty Municipal insured, 0% 2034	1,000	543
Pomona Unified School Dist., G.O. Bonds, 2008 Election, Series 2016-G, Assured Guaranty Municipal insured, 0% 2035	3,500	1,818
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2030	1,350	1,509
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2031	1,200	1,337
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2036	1,500	1,645
Public Fin. Auth., University Housing Rev. Bonds (NCCD - Claremont Properties LLC - Claremont Colleges Project), Series 2017-A, 5.00% 20473	1,545	1,680
Public Works Board, Lease Rev. Bonds (Regents of the University of California), Series 2008-A, 5.00% 2033 (preref. 2018)	50	50
Public Works Board, Lease Rev. Bonds (Trustees of the California State University), Series 2013-H, 5.00% 2024 (preref. 2023)	20	23
Public Works Board, Lease Rev. Bonds (Trustees of the California State University), Series 2013-H, 5.00% 2029 (preref. 2023)	5	6
Public Works Board, Lease Rev. Bonds (Trustees of the California State University, Various California State University Projects), Series 2011-B, 5.00% 2031 (preref. 2021)	5	6
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.125% 2029 (preref. 2019)	6,000	6,491
City of Rancho Cordova, Community Facs. Dist. No. 2003-1 (Sunridge Anatolia), Special Tax Bonds, Series 2016, 4.00% 2037	500	524
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2013, 5.50% 2039	3,120	3,445
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2014, 5.00% 2035	425	465
County of Riverside Redev. Agcy., Tax Allocation Bonds (Jurupa Valley Redev. Project Area), Series 2011-B, 0% 2039	4,000	1,689
City of Roseville, Westpark Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2026	500	578
City of Roseville, Westpark Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2027	230	264
City of Roseville, Westpark Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2029	1,000	1,136
City of Roseville, Westpark Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2031	595	671
City of Roseville, Westpark Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2033	500	560
City of Roseville, Westpark Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2030	455	515
County of Sacramento, Water Fncg. Auth., Rev. Ref. Bonds (Water Agcy. Zones 40 and 41), Series 2007-B, FGIC-National insured, (3-month USD-LIBOR + 0.55%) 1.542% 20342	5,000	4,890
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041	10,290	11,603

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Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
City of San Diego, Community Facs. Dist. No. 4 (Black Mountain Ranch Villages), Special Tax Bonds, 5.00% 2027	$355	$405
City of San Diego, Community Facs. Dist. No. 4 (Black Mountain Ranch Villages), Special Tax Bonds, 5.00% 2028	790	895
City of San Diego, Community Facs. Dist. No. 4 (Black Mountain Ranch Villages), Special Tax Bonds, 5.00% 2029	245	276
City of San Diego, Community Facs. Dist. No. 4 (Black Mountain Ranch Villages), Special Tax Bonds, 5.00% 2030	245	275
San Diego Unified School Dist., G.O. Bonds, Election 2008, Series 2017-K-2, 0% 2031	2,250	1,432
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-A, 4.90% 2029	3,000	3,171
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E, 5.25% 2032	3,500	3,663
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6 (Mission Bay South Public Improvements), Special Tax Ref. Bonds, Series 2013-A, 5.00% 2029	1,300	1,443
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6 (Mission Bay South Public Improvements), Special Tax Ref. Bonds, Series 2013-A, 5.00% 2031	1,140	1,260
City and County of San Francisco, Redev. Fin. Auth. (Mission Bay South Redev. Project), Tax Allocation Rev. Bonds, Series 2009-D, 6.625% 2039 (preref. 2019)	1,000	1,077
City and County of San Francisco, Redev. Fin. Auth. (Mission Bay South Redev. Project), Tax Allocation Rev. Bonds, Series 2011-D, 7.00% 2041 (preref. 2021)	1,000	1,160
City and County of San Francisco, Redev. Fin. Auth. (Mission Bay South Redev. Project), Tax Allocation Rev. Bonds, Series 2016-C, 5.00% 2031	665	773
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 7 (Hunters Point Shipyard Phase One Improvements), Special Tax Ref. Bonds, Series 2014, 5.00% 2044	1,000	1,088
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2014-A, 5.00% 2034	2,200	2,490
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.75% 2034	4,000	4,427
City of Santa Ana, Redev. Agcy., Tax Allocation Bonds, Series 2011-A, 6.25% 2024	1,500	1,704
City of Santa Ana, Redev. Agcy., Tax Allocation Bonds, Series 2011-A, 6.75% 2028	810	927
Santa Ana Unified School Dist., G.O. Bonds, 2008 Election, Series 2009-B, Assured Guaranty insured, 0% 2034	10,000	5,515
City of Santa Clara, Redev. Agcy., 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2024 (preref. 2021)	1,700	1,285
City of Santa Clara, Redev. Agcy., 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2025 (preref. 2021)	4,000	2,787
Community of Santaluz, Facs. Dist. No. 2, Improvement Area No. 1, Special Tax Ref. Bonds, Series 2011-A, 5.10% 2030	925	1,011
Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1 (Saugus Union School Dist.), Special Tax Rev. Bonds, 5.00% 2035	1,725	1,912
Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1 (Saugus Union School Dist.), Special Tax Rev. Bonds, 5.00% 2036	1,780	1,972
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2013-A-1, 7.375% 2043 (preref. 2022)	6,000	7,149
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 4.00% 20273	1,000	1,023
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 20443	2,000	2,110
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2016-A, 5.00% 20463	1,600	1,653
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2017-A, 5.125% 20473	750	784
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2017-A, 5.25% 20523	250	262
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00% 20373	360	377
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00% 20473	1,470	1,529
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2015-A, 6.375% 20463	7,100	8,041

American High-Income Municipal Bond Fund — Page 7 of 63

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Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2015-A, 6.375% 20463	$1,250	$1,416
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% 20473	1,985	2,054
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% 20523	1,350	1,387
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 4.00% 20213	370	389
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 4.00% 20223	385	409
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 4.00% 20233	400	427
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 4.00% 20243	420	450
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 4.00% 20253	235	251
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00% 20493	1,000	1,091
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Ref. Bonds, 3.00% 2027	100	99
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Ref. Bonds, 3.00% 2028	120	117
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Ref. Bonds, 3.125% 2030	175	167
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Ref. Bonds, 3.125% 2031	460	436
Southern California Logistics Airport Auth., Tax Allocation Parity Bonds (Southern California Logistics Airport Project), Series 2005-A, RADIAN insured, 4.50% 2030	120	120
Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.00% 2028	2,500	2,909
Statewide Communities Dev. Auth., Insured Senior Living Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging - Fountainview at Gonda), Series 2014-B, 3.00% 2021	35	35
Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-A, 6.125% 2033	1,000	1,159
Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-A, 6.375% 2043	2,700	3,117
Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-B, 3.50% 2018	200	202
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.125% 2023	1,250	1,340
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2014-A, 5.25% 2044	5,000	5,420
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 6.00% 2042	1,500	1,649
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2042	1,000	1,091
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 5.625% 2032	1,000	1,083
Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West), Series 2010, 6.00% 2029	2,000	2,130
Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West), Series 2010, 6.25% 2039	2,500	2,652
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00% 20323	720	797
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, 5.00% 20463	3,750	3,975
Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 7.00% 20293	1,500	1,625
Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 7.25% 20413	4,500	4,887
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (University of California, Irvine East Campus Apartments, CHF-Irvine, LLC), Series 2016, 5.00% 2040	1,150	1,298
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (University of California, Irvine East Campus Apartments, CHF-Irvine, LLC, Phase I), Series 2011, 5.375% 2038	1,000	1,075
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (University of California, Irvine East Campus Apartments, CHF-Irvine, LLC, Phase II), Series 2008, 6.00% 2040 (preref. 2018)	1,000	1,013
Statewide Communities Dev. Auth., Student Housing Rev. Custodial Bonds, Series 2017, 4.305% 2032	8,750	9,384

American High-Income Municipal Bond Fund — Page 8 of 63

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Bonds, notes & other debt instruments California (continued)	Principal amount (000)	Value (000)
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (University of California, Irvine East Campus Apartments, CHF-Irvine, LLC, Phase I), Series 2011, 5.125% 2031	$2,000	$2,151
City of Thousand Oaks, Community Facs. Dist. No. 1994-1, (Marketplace Public Pedestrian, Traffic Circulation and Parking Facs.) Special Tax Ref. Bonds, Series 2012, 5.00% 2022	1,095	1,151
Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.625% 2029 (preref. 2019)	1,000	1,039
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds (Grant), Series 2016-A, Assured Guaranty Municipal insured, 0% 2036	10,000	4,757
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2037	2,300	2,402
Walnut Valley Unified School Dist., Capital Appreciation Bonds, 2007 Election, Series 2011-B, BAM insured, 0% 2036	5,655	2,697
City of West Hollywood, Community Dev. Commission, Tax Allocation Bonds (East Side Redev. Project), Series 2011-A, 7.50% 2042	1,950	2,320
		406,381
Colorado 4.87%
County of Adams, Amber Creek Metropolitan Dist., Limited Tax G.O. Bonds, Series 2017-B, 7.75% 20474	515	514
County of Adams, Amber Creek Metropolitan Dist., Limited Tax G.O. Ref. and Improvement Bonds, Series 2017-A, 5.00% 2037	750	748
County of Adams, Amber Creek Metropolitan Dist., Limited Tax G.O. Ref. and Improvement Bonds, Series 2017-A, 5.125% 2047	575	573
County of Adams, Brighton Crossing Metropolitan Dist. No. 4, Limited Tax G.O. Bonds (Convertible to Unlimited Tax), Series 2017-A, 4.00% 2027	515	510
County of Adams, Brighton Crossing Metropolitan Dist. No. 4, Limited Tax G.O. Bonds (Convertible to Unlimited Tax), Series 2017-A, 5.00% 2037	530	546
County of Adams, Brighton Crossing Metropolitan Dist. No. 4, Limited Tax G.O. Bonds (Convertible to Unlimited Tax), Series 2017-A, 5.00% 2047	1,225	1,253
County of Adams, Brighton Crossing Metropolitan Dist. No. 4, Limited Tax G.O. Bonds, Series 2017-B, 7.00% 2047	670	660
County of Adams, Clear Creek Station Metropolitan Dist., Limited Tax G.O. Ref. and Improvement Bonds, Series 2017-A, 4.375% 2032	790	800
County of Adams, Clear Creek Station Metropolitan Dist., Limited Tax G.O. Ref. and Improvement Bonds, Series 2017-A, 5.00% 2047	4,750	4,817
County of Adams, Clear Creek Station Metropolitan Dist., Subordinate Limited Tax G.O. Bonds, Series 2017-B, 7.375% 20474	500	503
County of Arapahoe, Copperleaf Metropolitan Dist. No. 2, Limited Tax G.O. Bonds, 5.25% 2030	500	527
County of Arapahoe, Copperleaf Metropolitan Dist. No. 2, Limited Tax G.O. Bonds, 5.75% 2045	1,450	1,525
County of Arapahoe, Cornerstar Metropolitan Dist., Limited Tax G.O. Ref. Bonds (Convertible to Unlimited Tax), Series 2017-A, 4.50% 2027	1,000	1,037
County of Arapahoe, Gardens of Havana Metropolitan Dist. No. 3, Special Rev. Ref. Bonds, Series 2017-A, 4.625% 2027	2,690	2,810
City of Arvada, Leyden Ranch Metropolitan Dist., G.O. Tax Bonds, Series 2017-A, 5.125% 2047	1,135	1,174
City of Arvada, Leyden Ranch Metropolitan Dist., G.O. Tax Bonds, Series 2017-B, 7.00% 2047	500	494
City of Arvada, Leyden Rock Metropolitan Dist. No. 10, Limited Tax G.O. Bonds, Series 2017-C, 10.75% 2049	1,026	1,013
City of Arvada, Leyden Rock Metropolitan Dist. No. 10, Limited Tax G.O. Rev. Ref. and Improvement Bonds (Convertible to Unlimited Tax), Series 2016-A, 4.00% 2025	1,000	1,018
City of Arvada, Leyden Rock Metropolitan Dist. No. 10, Limited Tax G.O. Rev. Ref. and Improvement Bonds (Convertible to Unlimited Tax), Series 2016-A, 4.375% 2033	750	749
City of Arvada, Leyden Rock Metropolitan Dist. No. 10, Limited Tax G.O. Rev. Ref. and Improvement Bonds (Convertible to Unlimited Tax), Series 2016-A, 5.00% 2045	2,250	2,293
City of Arvada, Leyden Rock Metropolitan Dist. No. 10, Limited Tax G.O. Rev. Ref. and Improvement Bonds (Convertible to Unlimited Tax), Series 2016-B, 7.25% 20454	500	493
City of Arvada, Westown Metropolitan Dist., Limited Tax G.O. Bonds (Convertible to Unlimited Tax), Series 2017-A, 5.00% 2047	1,400	1,383
City of Aurora, Cross Creek Metropolitan Dist. No. 2, Limited Tax G.O. Ref. Bonds, Series 2006, 6.125% 20372	3,830	3,793

American High-Income Municipal Bond Fund — Page 9 of 63

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Bonds, notes & other debt instruments Colorado (continued)	Principal amount (000)	Value (000)
City of Aurora, Forest Trace Metropolitan Dist. No. 3, Limited Tax G.O. Bonds (Convertible to Unlimited Tax), Series 2016-A, 5.00% 2046	$2,920	$2,854
City of Aurora, Forest Trace Metropolitan Dist. No. 3, Limited Tax G.O. Bonds, Series 2016-B, 7.25% 20464	683	636
City of Aurora, International Center Metropolitan Dist. No. 3, Limited Tax G.O. Rev. Ref. and Improvement Bonds (Convertible to Unlimited Tax), Series 2016, 4.625% 2031	635	607
City of Aurora, International Center Metropolitan Dist. No. 3, Limited Tax G.O. Rev. Ref. and Improvement Bonds (Convertible to Unlimited Tax), Series 2016, 5.00% 2046	3,140	2,970
City of Aurora, Southlands Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017-A-1, 5.00% 2037	1,000	1,077
City of Aurora, Southlands Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017-A-1, 5.00% 2047	1,000	1,067
City of Aurora, Southlands Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017-A-2, 5.00% 2037	400	431
City of Aurora, Tallyn’s Reach Metropolitan Dist. No. 3, Limited Tax G.O. Ref. and Improvement Bonds, Series 2007, 5.20% 2036	3,225	3,229
City of Aurora, Tallyn’s Reach Metropolitan Dist. No. 3, Limited Tax G.O. Ref. and Improvement Bonds, Series 2013, 5.00% 2033	504	535
City of Aurora, Tallyn’s Reach Metropolitan Dist. No. 3, Limited Tax G.O. Ref. and Improvement Bonds, Series 2013, 5.125% 2038	2,070	2,183
City of Aurora, Tallyn’s Reach Metropolitan Dist. No. 3, Limited Tax G.O. Ref. and Improvement Bonds, Series 2016-A, 6.75% 20384	720	721
City and County of Broomfield, Lambertson Farms Metropolitan Dist. No. 1, Improvement Rev. Ref. Bonds, 5.75% 2046	4,450	4,485
City and County of Broomfield, Lambertson Farms Metropolitan Dist. No. 1, Improvement Rev. Ref. Bonds, 6.00% 2050	3,700	3,729
City and County of Broomfield, Midcities Metropolitan Dist. No. 2, Special Rev. Ref. Bonds, Series 2016-B, 7.75% 20464	1,445	1,441
City and County of Broomfield, Palisade Metropolitan Dist. No. 2, Limited Tax G.O. and Rev. Bonds, Series 2016, 4.375% 2031	900	881
City and County of Broomfield, Palisade Metropolitan Dist. No. 2, Limited Tax G.O. and Rev. Bonds, Series 2016, 5.00% 2046	3,000	3,027
Town of Castle Rock, Promenade at Castle Rock Metropolitan Dist. No. 1 G.O. Bonds, Series 2015-A, 5.75% 2039	9,300	9,813
City of Centennial, Southglenn Metropolitan Dist., Special Rev. Ref. Bonds, 5.00% 2030	1,570	1,638
City of Centennial, Southglenn Metropolitan Dist., Special Rev. Ref. Bonds, 5.00% 2036	810	831
City of Centennial, Southglenn Metropolitan Dist., Special Rev. Ref. Bonds, 5.00% 2046	2,100	2,138
City of Centennial, Southglenn Metropolitan Dist., Special Rev. Ref. Bonds, Series 2016, 3.50% 2026	500	488
Colorado Bridge Enterprise, Rev. Bonds (Central 70 Project), Series 2017, AMT, 4.00% 2051	6,000	6,034
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2024	1,000	1,127
City and County of Denver, Belleview Station Metropolitan Dist. No. 2, G.O. Rev. Ref. and Improvement Bonds, Series 2017, 4.50% 2029	1,295	1,311
City and County of Denver, Belleview Station Metropolitan Dist. No. 2, G.O. Rev. Ref. and Improvement Bonds, Series 2017, 5.00% 2036	605	618
City and County of Denver, Belleview Station Metropolitan Dist. No. 2, G.O. Rev. Ref. and Improvement Bonds, Series 2017, 5.125% 2046	2,375	2,421
City and County of Denver, Central Platte Valley Metropolitan Dist., G.O. Ref. Bonds, Series 2013-A, 5.625% 2038	1,315	1,480
City and County of Denver, Central Platte Valley Metropolitan Dist., G.O. Ref. Bonds, Series 2013-A, 6.00% 2038	1,250	1,443
City and County of Denver, Central Platte Valley Metropolitan Dist., G.O. Ref. Bonds, Series 2014, 5.00% 2043	1,250	1,325
City and County of Denver, Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2034	2,500	2,835
City and County of Denver, Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2016, 5.00% 2040	1,000	1,121
City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), Series 2017, AMT, 5.00% 2032	8,905	9,662
City of Denver, Health and Hospital Auth., Healthcare Rev. Ref. Bonds, Series 2007-B, (3-month USD-LIBOR + 1.10%) 2.092% 20332	4,740	4,350
City of Denver, Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2024	2,000	2,268

American High-Income Municipal Bond Fund — Page 10 of 63

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Bonds, notes & other debt instruments Colorado (continued)	Principal amount (000)	Value (000)
E-470 Public Highway Auth., Rev. Bonds, Capital Appreciation Bonds, Series 2000-B, National insured, 0% 2031	$1,325	$846
E-470 Public Highway Auth., Rev. Bonds, Capital Appreciation Bonds, Series 2006-B, National insured, 0% 2037	5,065	2,112
E-470 Public Highway Auth., Rev. Bonds, Series 2010, 0% 2040	3,600	1,475
E-470 Public Highway Auth., Rev. Bonds, Series 2017-B, (1-month USD-LIBOR x 0.67 + 1.05%) 2.096% 2039 (put 2021)2	1,000	1,016
E-470 Public Highway Auth., Rev. Bonds, Series 2017-A, (1-month USD-LIBOR x 0.67 + 0.90%) 1.95% 2039 (put 2019)2	500	501
Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), Series 2008, 5.375% 2028	1,000	1,019
Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), Series 2008, 5.50% 2038	1,000	1,019
Harmony Technology Park, Metropolitan Dist., Limited Tax G.O. Bonds (Convertible to Unlimited Tax), 5.00% 2047	5,270	5,253
Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2013, 8.00% 2043	11,100	12,820
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2028	1,500	1,727
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2032	1,360	1,538
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2037	2,300	2,567
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2042	2,100	2,333
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2017, 5.00% 2047	3,500	3,874
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2025	500	549
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042	11,055	11,789
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2013, 5.625% 2043	4,690	5,292
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2030	3,000	3,361
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2032	1,500	1,670
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2033	100	111
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2036	2,360	2,603
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2045	1,000	1,095
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-A, 5.00% 2041	1,000	1,127
Health Facs. Auth., Rev. Bonds (Ralston Creek at Arvada Project), Series 2017-A, 5.75% 2047	6,000	6,071
Health Facs. Auth., Rev. Bonds (Ralston Creek at Arvada Project), Series 2017-A, 6.00% 2052	6,500	6,678
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.00% 20425	2,500	1,748
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.125% 20475	5,500	3,845
Health Facs. Auth., Rev. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.00% 2030 (preref. 2020)	350	390
Health Facs. Auth., Rev. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.25% 2040 (preref. 2020)	975	1,094
Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series 2017-B, 3.125% 2027	1,250	1,241

American High-Income Municipal Bond Fund — Page 11 of 63

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Bonds, notes & other debt instruments Colorado (continued)	Principal amount (000)	Value (000)
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighbourhoods Project), Series 2016, 5.00% 2026	$750	$824
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighbourhoods Project), Series 2016, 5.00% 2031	1,100	1,175
Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighbourhoods Project), Series 2016, 5.00% 2037	2,500	2,637
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2012-A, 5.00% 2033	4,750	5,092
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.50% 2028	525	602
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.75% 2036	1,000	1,151
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2029	1,500	1,669
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2035	2,500	2,741
Health Facs. Auth., Rev. Ref. Bonds (Frasier Meadows), Series 2017-A, 5.00% 2027	455	512
Health Facs. Auth., Rev. Ref. Bonds (Frasier Meadows), Series 2017-A, 5.25% 2031	2,395	2,694
Health Facs. Auth., Rev. Ref. Bonds (Frasier Meadows), Series 2017-A, 5.25% 2032	850	953
Health Facs. Auth., Rev. Ref. Bonds (Frasier Meadows), Series 2017-A, 5.25% 2037	2,300	2,544
Health Facs. Auth., Rev. Ref. Bonds (Frasier Meadows), Series 2017-A, 5.25% 2047	14,230	15,563
High Performance Transportation Enterprise, C-470 Express Lanes Rev. Bonds, Series 2017, 5.00% 2051	3,250	3,537
City of Lakewood, Plaza Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2013, 5.00% 20203	1,500	1,595
City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017, 5.00% 20213	1,500	1,629
City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017, 5.00% 20223	1,900	2,084
Mountain Shadows Metropolitan Dist., Limited Tax G.O. Rev. Ref. and Improvement Bonds, 5.00% 2035	2,000	2,063
Mountain Shadows Metropolitan Dist., Limited Tax G.O. Rev. Ref. and Improvement Bonds, 5.00% 2046	1,000	1,015
Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2026	2,700	3,136
Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2027	3,500	4,043
Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2045	750	837
Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.25% 2028	2,000	2,521
Public Fin. Auth., Rev. Bonds (Denver International Airport Great Hall Project), Series 2017, AMT, 5.00% 2037	1,125	1,256
Public Fin. Auth., Rev. Bonds (Denver International Airport Great Hall Project), Series 2017, AMT, 5.00% 2049	2,000	2,209
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2034	1,700	1,855
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041	14,800	16,106
Town of Snowmass Village, Base Village Metropolitan Dist. No. 2, Limited Tax G.O. Rev. Ref. Bonds, Series 2016-A, 5.50% 2036	4,750	4,861
Town of Snowmass Village, Base Village Metropolitan Dist. No. 2, Limited Tax G.O. Rev. Ref. Bonds, Series 2016-A, 5.75% 2046	2,585	2,645
City of Thornton, Big Dry Creek Metropolitan Dist., G.O. Bonds, Series 2017, 7.75% 20474	644	649
City of Thornton, Big Dry Creek Metropolitan Dist., G.O. Bonds, Series 2017-A, 5.75% 2047	2,415	2,434
Town of Vail, Solaris Metropolitan Dist. No. 3, Limited Tax G.O. Rev. Ref. Bonds (Convertible to Unlimited Tax), Series 2016-A, 5.00% 2036	1,335	1,390
Town of Vail, Solaris Metropolitan Dist. No. 3, Limited Tax G.O. Rev. Ref. Bonds (Convertible to Unlimited Tax), Series 2016-A, 5.00% 2046	2,880	2,972
Town of Vail, Solaris Metropolitan Dist. No. 3, Limited Tax G.O. Rev. Ref. Bonds, Series 2016-B, 7.00% 20464	1,500	1,483
County of Weld, Vista Ridge Metropolitan Dist., Limited Tax G.O. Rev. Ref. Bonds, Series 2006-B, 0% 2040 (preref. 2021)	2,220	2,885
		298,135
Connecticut 0.99%
Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.625% 2030	1,055	1,107
Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.75% 2043	7,600	7,926
Harbor Point Infrastructure Improvement Dist., Special Obligation Rev. Ref. Bonds (Harbor Point Project), Series 2017, 5.00% 20393	11,055	12,073
Health and Educational Facs. Auth., Rev Bonds, Healthcare Fac. Expansion Issue (Church Home of Hartford Incorporated Project), Series 2016-A, 5.00% 20463	1,000	1,029
Health and Educational Facs. Auth., Rev Bonds, Healthcare Fac. Expansion Issue (Church Home of Hartford Incorporated Project), Series 2016-A, 5.00% 20533	1,640	1,680
Health and Educational Facs. Auth., Rev Bonds, Healthcare Fac. Expansion Issue (Church Home of Hartford Incorporated Project), Series 2016-B-2, 2.875% 20203	1,400	1,400

American High-Income Municipal Bond Fund — Page 12 of 63

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Bonds, notes & other debt instruments Connecticut (continued)	Principal amount (000)	Value (000)
Health and Educational Facs. Auth., Rev. Bonds (Hartford Healthcare Issue), Series 2011-A, 5.00% 2032	$250	$268
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2029	350	409
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2030	400	465
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2031	400	462
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2032	450	517
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2033	350	401
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2034	750	856
Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2017-A, AMT, 4.00% 2030	1,010	1,009
Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2017-A, AMT, 4.00% 2031	1,000	994
Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2017-A, AMT, 4.125% 2032	1,000	999
Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2017-A, AMT, 4.125% 2033	500	497
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-B-2, AMT, 3.50% 2039	1,970	2,035
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-F-2, AMT, 3.50% 2039	1,180	1,228
Mohegan Tribe of Indians, Fin. Auth., Tribal Econ. Dev. Bonds, Series 2015-A, 6.75% 20453,6	7,105	7,626
Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Bonds, Series 2015-C, 6.25% 20303	4,500	4,865
Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Bonds, Series 2016-A, 5.50% 20263	6,940	7,336
Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2015, 7.00% 20453	4,895	5,179
		60,361
Delaware 0.00%
Housing Auth., Single Family Mortgage Rev. Ref. Bonds, Series 2009-A-1, 5.45% 2040	90	91
District of Columbia 1.13%
Dulles Toll Road Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Convertible Capital Appreciation Bonds, Series 2010-B, 0% 20441	5,000	6,253
Dulles Toll Road Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Series 2009-B, Assured Guaranty insured, Capital Appreciation Bonds, 0% 2035	5,000	2,523
Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Bonds, Capital Appreciation Bonds, Series 2009-B, Assured Guaranty Municipal insured, 0% 2040	18,255	7,309
Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Bonds, Capital Appreciation Bonds, Series 2010-A, Assured Guaranty Municipal insured, 0% 2037	10,000	4,590
Rev. Bonds (Friendship Public Charter School, Inc. Issue), Series 2016-A, 5.00% 2036	3,395	3,768
Rev. Bonds (Friendship Public Charter School, Inc. Issue), Series 2016-A, 5.00% 2041	1,545	1,706
Rev. Bonds (Friendship Public Charter School, Inc. Issue), Series 2016-A, 5.00% 2046	4,170	4,590
Rev. Bonds (Ingleside Rock Creek), Series 2017-A, 5.00% 2032	1,000	1,054
Rev. Bonds (Ingleside Rock Creek), Series 2017-A, 5.00% 2052	1,750	1,800
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Bonds, Series 2006-A, 0% 2046	243,500	35,833
		69,426
Florida 5.77%
County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Ref. Bonds (Oak Hammock at the University of Florida, Inc. Project), Series 2012-A, 8.00% 2032	500	588
County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Ref. Bonds (Oak Hammock at the University of Florida, Inc. Project), Series 2012-A, 8.00% 2042	2,000	2,332
County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Ref. Bonds (Oak Hammock at the University of Florida, Inc. Project), Series 2012-A, 8.00% 2046	1,500	1,742

American High-Income Municipal Bond Fund — Page 13 of 63

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Bonds, notes & other debt instruments Florida (continued)	Principal amount (000)	Value (000)
County of Alachua, Health Facs. Auth., Health Facs. Rev. Bonds (Shands HealthCare Project), Series 2007-A, (3-month USD-LIBOR x 0.67 + 0.87%) 1.862% 20372	$1,745	$1,592
County of Alachua, Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Shands HealthCare Project), Series 2014-A, 5.00% 2044	3,700	4,037
City of Atlantic Beach, Health Care Facs. Rev. and Rev. Ref. Bonds (Fleet Landing Project), Series 2013-A, 5.00% 2022	100	111
City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2013-B, 5.625% 2043	1,000	1,106
County of Brevard, Educational Facs. Auth., Demand Rev. Bonds (Florida Institute of Technology Project), Series 2014, 5.00% 2032	2,470	2,726
County of Brevard, Educational Facs. Auth., Demand Rev. Bonds (Florida Institute of Technology Project), Series 2014, 5.00% 2039	750	817
County of Broward, Airport System Rev. Ref. Bonds, Series 2012-P-1, AMT, 5.00% 2023	4,000	4,488
County of Broward, Airport System Rev. Ref. Bonds, Series 2013-A, 5.25% 2043	2,000	2,258
County of Broward, Airport System Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2034	2,000	2,262
County of Broward, Airport System Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2035	2,000	2,256
City of Cape Coral, Health Facs. Auth., Senior Housing Rev. Bonds (Gulf Care, Inc. Project), 6.00% 20453	7,000	7,596
Capital Trust Agcy., Educational Facs. Rev. (Renaissance Charter School), 5.125% 20373	5,225	5,029
Capital Trust Agcy., Educational Facs. Rev. (Renaissance Charter School), 5.25% 20473	10,000	9,558
Capital Trust Agcy., Educational Facs. Rev. (Viera Charter Schools Inc. Project), Series 2017-A, 5.00% 20373	350	353
Capital Trust Agcy., Educational Facs. Rev. (Viera Charter Schools Inc. Project), Series 2017-A, 5.00% 20473	1,785	1,782
Capital Trust Agcy., Educational Facs. Rev. (Viera Charter Schools Inc. Project), Series 2017-A, 5.00% 20523	895	879
Central Florida Expressway Auth., Rev. Ref. Bonds, Series 2017, 5.00% 2039	1,000	1,169
Championsgate Community Dev. Dist., Capital Improvement Rev. Bonds, Series 1998-A, 6.25% 2020	1,020	1,023
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 20243	1,000	1,120
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 20303	7,000	7,755
Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2013-A, 5.50% 2028	1,435	1,556
Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2013-A, 6.00% 2033	11,930	13,128
Dev. Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc.), Series 2017, AMT, 5.00% 2029 (put 2022)3	8,330	8,677
County of Escambia, Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project), Series 2010-A, 5.75% 2029	5,250	5,668
City of Fort Myers, Paseo Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 20205	920	—
City of Fort Myers, Paseo Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2006, 5.00% 20215	1,385	—
City of Fort Myers, Paseo Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2011-A-1, 5.40% 2036	350	351
City of Fort Myers, Paseo Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2011-A-2, 0% 2036	2,685	1,036
City of Freeport, Magnolia Creek Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2007-B, 5.60% 20245	4,255	853
Halifax Hospital Medical Center, Hospital Rev. Ref. Bonds, Series 2016, 5.00% 2028	1,000	1,128
Halifax Hospital Medical Center, Hospital Rev. Ref. Bonds, Series 2016, 5.00% 2030	2,750	3,073
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Ringling College), 5.00% 2042	2,000	2,194
County of Hillsborough, Harbor Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2002, 6.75% 2034	3,330	3,346
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2015, 4.875% 2035	495	506
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2015, 4.875% 2045	2,140	2,156
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lakewood National and Polo Run Project), Series 2017, 5.25% 2037	1,000	1,064

American High-Income Municipal Bond Fund — Page 14 of 63

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Bonds, notes & other debt instruments Florida (continued)	Principal amount (000)	Value (000)
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lakewood National and Polo Run Project), Series 2017, 5.375% 2047	$1,100	$1,168
County of Lee, Airport Rev. Ref. Bonds, Series 2010-A, AMT, Assured Guaranty insured, 5.00% 2022	1,860	1,963
County of Lee, Airport Rev. Ref. Bonds, Series 2011-A, AMT, 5.375% 2032	9,935	10,910
County of Lee, Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Project), Series 2011-B, 6.50% 2031	2,600	2,973
County of Martin, Health Facs. Auth., Hospital Rev. Bonds (Martin Memorial Medical Center), Series 2012, 5.50% 2042	8,445	9,236
County of Martin, Health Facs. Auth., Hospital Rev. Bonds (Martin Memorial Medical Center), Series 2015, 5.00% 2045	500	529
County of Martin, Health Facs. Auth., Hospital Rev. Ref. Bonds (Martin Memorial Medical Center), Series 2012-B, 3.74% 2023	250	264
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2024	2,000	2,239
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2033	5,000	5,642
County of Miami-Dade, Educational Facs. Auth., Rev. Ref. Bonds (University of Miami Issue), Series 2007-B, AMBAC insured, 5.25% 2024	1,000	1,159
County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2016-A, 5.00% 2030	1,225	1,418
County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2016-A, 5.00% 2032	1,140	1,311
County of Miami-Dade, Miami World Center Community Dev. Dist., Special Assessment Bonds, Series 2017, 4.00% 2023	1,000	1,024
County of Miami-Dade, Miami World Center Community Dev. Dist., Special Assessment Bonds, Series 2017, 4.75% 2027	750	785
County of Miami-Dade, Miami World Center Community Dev. Dist., Special Assessment Bonds, Series 2017, 5.125% 2039	1,000	1,050
County of Miami-Dade, Miami World Center Community Dev. Dist., Special Assessment Bonds, Series 2017, 5.25% 2049	2,000	2,121
City of Miami Beach, Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2021	1,000	1,100
City of Miami Beach, Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2022	1,750	1,957
City of Miami Beach, Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2023	2,250	2,482
City of Miami Beach, Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2014, 5.00% 2039	1,500	1,605
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2029	1,910	2,194
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2030	1,500	1,715
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2035	2,000	2,239
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2035	1,000	1,105
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2040	1,000	1,109
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-C, 5.00% 2030	2,500	2,813
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-C, 5.00% 2040	1,935	2,120
Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Infrastructure Project), Series 2014-B, 5.00% 2037	1,735	1,829
Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Parking Garage Project), Series 2014-A, 4.25% 2024	2,745	2,839
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2012, AMT, 1.22% 2026 (put 2018)2	1,950	1,950
North Broward Hospital Dist., Rev. Bonds (Broward Health), Series 2017-B, 5.00% 2035	3,225	3,506
North Broward Hospital Dist., Rev. Bonds (Broward Health), Series 2017-B, 5.00% 2036	4,000	4,338
North Broward Hospital Dist., Rev. Bonds (Broward Health), Series 2017-B, 5.00% 2042	17,500	18,801
North Broward Hospital Dist., Rev. Bonds (Broward Health), Series 2017-B, 5.00% 2048	11,500	12,297
County of Orange, Grove Resort Community Dev. Dist., Special Assessment Rev. Bonds, Series 2017-B, 5.75% 2029	1,020	1,028
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Bonds (Presbyterian Retirement Communities Project), Series 2014, 5.00% 2026	1,965	2,214

American High-Income Municipal Bond Fund — Page 15 of 63

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Bonds, notes & other debt instruments Florida (continued)	Principal amount (000)	Value (000)
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2015, 5.00% 2035	$1,500	$1,653
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2015, 5.00% 2040	3,000	3,286
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2015, 5.00% 2045	4,300	4,695
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2016, 5.00% 2036	4,100	4,535
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2016, 5.00% 2041	4,380	4,826
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2016, 5.00% 2047	6,280	6,900
County of Orange, Health Facs. Auth., Hospital Rev. Ref. Bonds (Orlando Health Obligated Group), Series 2016-A, 5.00% 2033	1,240	1,402
County of Palm Beach, Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2016, 5.00% 2032	11,675	13,216
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespaces Communities, Inc.), Series 2015-C, 5.00% 2028	1,875	2,134
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespaces Communities, Inc.), Series 2016-B, 5.00% 2036	1,250	1,393
City of Palm Coast, Palm Coast Park Community Dev. Dist., Special Assessment Bonds, Series 2006, 5.70% 2037	3,130	3,115
City of Palm Coast, Town Center at Palm Coast Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2005, 6.00% 2036	3,075	3,080
County of Pasco, Meadow Pointe IV Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 20365	1,035	52
County of Pasco, Meadow Pointe IV Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2012-A-1, 6.00% 2036	155	152
County of Pasco, Meadow Pointe IV Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2012-A-2, 6.25% 2038	285	298
County of Pasco, Meadow Pointe IV Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2012-B, 6.81% 2020	170	171
County of Polk, Lake Ashton II Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2005-A, 5.375% 2036	2,190	2,016
City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 2039	2,250	2,433
City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 2044	3,170	3,401
City of Port St. Lucie, Utility System Rev. Ref. Bonds, Series 2016, 4.00% 2036	2,000	2,068
City of St. Cloud, Gramercy Farms Community Dev. Dist., Special Assessment Bonds, Series 2007-B, 5.10% 20245	10,260	—
City of St. Cloud, Gramercy Farms Community Dev. Dist., Special Assessment Ref. Bonds, Series 2011, 0% 2039	40,170	8,665
City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, 6.375% 20235	1,165	815
City of St. Cloud, Stevens Plantation Improvement Project Dependent Special Dist., Rev. Bonds, Series 2003, 6.375% 20235	2,035	1,424
County of St. Johns, Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2010-A, 5.875% 2040 (preref. 2020)	3,625	4,002
County of St. Johns, Marshall Creek Community Dev. Dist., Special Assessment Bonds, Series 2002, 5.00% 2032	3,280	3,221
County of St. Johns, Marshall Creek Community Dev. Dist., Special Assessment Bonds, Series 2016, 6.32% 2045	220	210
County of St. Johns, Tolomato Community Dev. Dist., Special Assessment Bonds, Series 2006, 5.40% 2037	1,000	1,001
County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-A, 5.00% 2037	800	876

American High-Income Municipal Bond Fund — Page 16 of 63

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Bonds, notes & other debt instruments Florida (continued)	Principal amount (000)	Value (000)
County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-A, 5.00% 2042	$1,600	$1,748
County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-A, 5.00% 2047	2,450	2,669
County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-A, 5.00% 2052	4,500	4,879
County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-B-1, 3.30% 2023	1,500	1,499
County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-B-2, 2.70% 2022	1,100	1,098
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2047	6,000	6,755
City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2015-A, 5.00% 2040	1,350	1,458
City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2016-A, 5.00% 2041	1,250	1,355
City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2016-A, 5.00% 2055	10,000	10,722
City of Tampa, Rev. Ref. Bonds (University of Tampa Project), 5.00% 2045	3,945	4,362
Village Community Dev. Dist. No. 6, Rev. Ref. Bonds, Series 2017, BAM insured, 4.00% 2037	2,330	2,366
County of Volusia, Educational Facs. Auth., Educational Facs. Rev. Bonds (Stetson University, Inc. Project), Series 2015, 5.00% 2045	1,000	1,142
County of Volusia, Educational Facs. Auth., Educational Facs. Rev. Ref. Bonds (Embry-Riddle Aeronautical University, Inc. Project), Series 2015-B, 5.00% 2030	1,500	1,689
County of Volusia, Educational Facs. Auth., Educational Facs. Rev. Ref. Bonds (Embry-Riddle Aeronautical University, Inc. Project), Series 2015-B, 5.00% 2031	1,520	1,709
West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), Series 2005, 5.80% 20365	5,835	4,493
City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2016, 3.75% 2031	2,000	1,975
City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2016, 4.125% 2037	2,000	1,960
		353,267
Georgia 1.99%
City of Atlanta, Dev. Auth., Senior Health Care Facs. Rev. Bonds (Georgia Proton Treatment Center Project), Series 2017-A1, 6.75% 2035	9,665	9,874
City of Atlanta, Dev. Auth., Senior Health Care Facs. Rev. Bonds (Georgia Proton Treatment Center Project), Series 2017-A1, 7.00% 2040	11,500	11,830
City of Atlanta, Dev. Auth., Student Housing Rev. Bonds (ADA/CAU Partners, Inc. Project at Clark Atlanta University), Series 2004-A, ACA insured, 6.25% 2024	1,695	1,690
City of Atlanta, Dev. Auth., Student Housing Rev. Bonds (ADA/CAU Partners, Inc. Project at Clark Atlanta University), Series 2004-A, ACA insured, 6.25% 2036	140	140
City of Atlanta, Tax Allocation Bonds (Beltline Project), Series 2008-B, 7.375% 2031 (preref. 2019)	2,500	2,635
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. - Vogtle Project), Series 2017-C, 4.125% 2045	22,550	22,578
County of Clayton, Dev. Auth., Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2009-A, 8.75% 2029	5,000	5,693
County of Cobb, Dev. Auth., Parking and Dining Hall Lease Rev. Ref. Bonds (Kennesaw State University Real Estate Foundations Projects), Series 2017, 5.00% 2033	1,000	1,149
Counties of DeKalb, Newton and Gwinnett, Joint Dev. Auth., Rev. Bonds (GGC Foundation, LLC Project), Series 2009, 6.00% 2029 (preref. 2019)	1,850	1,967
County of DeKalb, Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), Series 2010, 6.00% 2030	9,615	10,418

American High-Income Municipal Bond Fund — Page 17 of 63

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Bonds, notes & other debt instruments Georgia (continued)	Principal amount (000)	Value (000)
County of DeKalb, Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), Series 2010, 6.125% 2040	$8,565	$9,231
County of Fulton, Dev. Auth., Rev. Bonds (TUFF CAUB LLC Project), Series 2007-A, 5.25% 2028	3,215	3,122
County of Hall and City of Gainesville, Dev. Auth., Retirement Community Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2009-A-2, 6.375% 2029 (preref. 2019)	710	770
County of Hall and City of Gainesville, Hospital Auth., Rev. Anticipation Certificates (Northeast Georgia Health System, Inc. Project), Series 2010-A, 5.00% 2030	460	485
County of Hall and City of Gainesville, Hospital Auth., Rev. Anticipation Certificates (Northeast Georgia Health System, Inc. Project), Series 2010-A, 5.00% 2030 (preref. 2020)	1,540	1,643
Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project), 6.00% 2034 (preref. 2018)	2,500	2,543
Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project), 6.00% 2034 (preref. 2018)	920	936
Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project), Series 2009-A, 5.50% 2039	3,500	3,674
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2016-B-2, AMT, 3.50% 2039	2,795	2,911
Counties of Macon and Bibb, Urban Dev. Auth., Rev. Bonds (Academy for Classical Education, Inc.), Series 2017, 5.75% 20373	1,200	1,247
Counties of Macon and Bibb, Urban Dev. Auth., Rev. Bonds (Academy for Classical Education, Inc.), Series 2017, 5.875% 20473	1,680	1,743
Counties of Macon and Bibb, Urban Dev. Auth., Rev. Bonds (Academy for Classical Education, Inc.), Series 2017, 6.00% 20523	1,530	1,571
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2023	1,000	1,158
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2026	1,000	1,197
City of Marrietta, Dev. Auth., Rev. Bonds (Life University, Inc. Project), Series 2017-A, 5.00% 20373	2,500	2,675
City of Marrietta, Dev. Auth., Rev. Bonds (Life University, Inc. Project), Series 2017-A, 5.00% 20473	2,500	2,634
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2015-A, 5.00% 2060	3,190	3,427
Municipal Electric Auth., Series 2015-A, 5.50% 2060	2,000	2,241
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2014, 5.00% 2029	1,000	1,115
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2014, 5.00% 2044	2,000	2,177
State Road and Tollway Auth., Toll Rev. Convertible CABS (I-75 S Expressway Lanes Project), Series 2014-A, 0% 20243	2,115	1,523
State Road and Tollway Auth., Toll Rev. Convertible CABS (I-75 S Expressway Lanes Project), Series 2014-A, 0% 20343	3,495	1,248
State Road and Tollway Auth., Toll Rev. Convertible CABS (I-75 S Expressway Lanes Project), Series 2014-B, 0% 20491,3	6,755	4,479
		121,724
Guam 0.57%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 5.00% 2021	8,000	8,443
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.25% 2034	1,500	1,700
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.375% 2043	7,990	9,214
Business Privilege Tax Bonds, Series 2012-B-1, 5.00% 2032	2,000	2,104
Business Privilege Tax Bonds, Series 2015-D, 5.00% 2030	2,000	2,194
Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031	1,000	1,106
Limited Obligation (Section 30) Bonds, Series 2016-A, 5.00% 2018	950	974
Power Auth., Rev. Ref. Bonds, Series 2017-A, 5.00% 2032	2,600	2,888
Power Auth., Rev. Ref. Bonds, Series 2017-A, 5.00% 2033	540	598
Power Auth., Rev. Ref. Bonds, Series 2017-A, 5.00% 2034	1,445	1,594
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2010, 5.625% 2040 (preref. 2020)	500	547

American High-Income Municipal Bond Fund — Page 18 of 63

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Bonds, notes & other debt instruments Guam (continued)	Principal amount (000)	Value (000)
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.00% 2028	$1,250	$1,349
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.50% 2043	1,750	1,935
		34,646
Hawaii 0.26%
Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A, 8.75% 2029 (preref. 2019)	890	995
Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A, 9.00% 2044 (preref. 2019)	3,250	3,667
Hawaiian Electric Co., Inc., Special Purpose Rev. Ref. Bonds (Dept. of Budget and Fin.), AMT, 4.00% 2037	9,800	10,141
Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series 2010-B, 5.75% 2040	1,000	1,075
		15,878
Idaho 0.16%
Health Facs. Auth., Rev. Bonds (Kootenai Health Project), Series 2014-A, 4.375% 2034	2,420	2,500
Health Facs. Auth., Rev. Bonds (Kootenai Health Project), Series 2014-A, 4.75% 2044	7,015	7,314
		9,814
Illinois 14.84%
Village of Bolingbrook, Special Service Area No. 2005-1, Special Tax Bonds (Forest City Project), Series 2005, 5.90% 2027	6,000	6,006
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2016-A, 4.00% 2028	4,685	4,930
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Alternate Rev.), Series 2015-C, 5.25% 2039	15,040	15,607
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-F, 5.00% 2018	800	815
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-F, 5.00% 2018 (escrowed to maturity)	200	206
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2011-A, 5.50% 2039	1,625	1,672
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2016-B, 6.50% 2046	6,650	7,620
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-A, 7.00% 20463	23,560	28,446
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2030	2,000	2,095
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2044	5,000	5,136
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036	10,000	10,281
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046	5,000	5,152
City of Chicago, Board of Education, Unlimited Tax G.O. Ref. Bonds (Dedicated Rev.), Series 2008-C, 5.25% 2025	1,500	1,512
City of Chicago, Board of Education, Unlimited Tax G.O. Ref. Bonds (Dedicated Rev.), Series 2013-A-3, (SIFMA Municipal Swap Index + 0.83%) 1.99% 2036 (put 2018)2	3,250	3,242
City of Chicago, Board of Education, Unlimited Tax G.O. Ref. Bonds (Dedicated Rev.), Series 2017-B, 6.75% 20303	3,500	4,231
City of Chicago, Board of Education, Unlimited Tax G.O. Ref. Bonds (Dedicated Rev.), Series 2017-B, 7.00% 20423	26,185	31,826
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2008-C, 5.00% 2029	1,580	1,585
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2021	2,000	2,114
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2024	2,000	2,137
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2025	4,000	4,277
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% 2018	585	596

American High-Income Municipal Bond Fund — Page 19 of 63

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Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-F, 5.00% 2024	$2,000	$2,137
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2030	5,000	5,578
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2031	7,500	8,346
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2032	5,000	5,552
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2041	13,000	14,281
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2027	1,810	2,087
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2028	1,750	2,008
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2029	2,500	2,855
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2031	855	969
City of Chicago, G.O. Bonds (City Colleges of Chicago Capital Improvement Project), Series 1999, Capital Appreciation Bonds, National insured, 0% 2031	3,000	1,717
City of Chicago, G.O. Bonds (Library), Series 2008-D, 5.00% 2039	265	268
City of Chicago, G.O. Bonds (Neighborhoods Alive 21 Program), Series 2002-B, 5.00% 2019	1,700	1,741
City of Chicago, G.O. Bonds, Series 2003-B, 5.00% 2024	1,000	1,090
City of Chicago, G.O. Bonds, Series 2011-A, 5.00% 2040	970	989
City of Chicago, G.O. Bonds, Series 2011-A, 5.25% 2035	500	515
City of Chicago, G.O. Bonds, Series 2012-C, 5.00% 2023	360	385
City of Chicago, G.O. Bonds, Series 2014-A, 5.25% 2029	3,400	3,672
City of Chicago, G.O. Bonds, Series 2017-A, 5.75% 2033	465	525
City of Chicago, G.O. Project and Ref. Bonds, Series 2005-D, 5.50% 2040	1,000	1,075
City of Chicago, G.O. Project and Ref. Bonds, Series 2008-C, 5.00% 2024	100	102
City of Chicago, G.O. Project and Ref. Bonds, Series 2009-C, 5.00% 2040	440	445
City of Chicago, G.O. Project and Ref. Bonds, Series 2014-A, 5.00% 2022	100	108
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2003-B, 5.00% 2019	1,000	1,024
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.00% 2035	2,540	2,651
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2014-A, 5.25% 2030	4,885	5,268
City of Chicago, G.O. Project and Rev. Ref. Bonds, Series 2017-A, 6.00% 2038	9,400	10,760
City of Chicago, G.O. Ref. Bonds, Capital Appreciation Bonds, Series 2008-C, 0% 2031	2,000	1,076
City of Chicago, G.O. Ref. Bonds, Capital Appreciation Bonds, Series 2008-C, 0% 2032	725	369
City of Chicago, G.O. Ref. Bonds, Series 2003-B, 5.00% 2022	1,000	1,080
City of Chicago, G.O. Ref. Bonds, Series 2015-A, 5.375% 2029	1,000	1,091
City of Chicago, G.O. Ref. Bonds, Series 2015-C, 5.00% 2024	2,520	2,747
City of Chicago, G.O. Ref. Bonds, Series 2016-C, 5.00% 2027	3,105	3,391
City of Chicago, G.O. Ref. Bonds, Series 2016-C, 5.00% 2035	1,570	1,652
City of Chicago, G.O. Ref. Bonds, Series 2017-A, 5.625% 2029	2,000	2,282
City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.50% 2025	1,000	1,144
City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.50% 2026	1,680	1,914
City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.75% 2038	1,000	1,148
City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.75% 2043	4,250	4,862
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-A, 5.75% 2039	515	568
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-A, 5.75% 2039 (preref. 2021)	2,070	2,312
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 2052	2,500	2,799
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2026	3,500	3,824
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2023	5,000	5,646
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2032	4,745	5,280
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2033	1,220	1,354
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2034	3,000	3,321
City of Chicago, Sales Tax Rev. Ref. Bonds, Series 2002, 5.00% 2032 (preref. 2025)	145	172

American High-Income Municipal Bond Fund — Page 20 of 63

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Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1998-B-1, National insured, 0% 2031	$5,060	$2,676
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1999-A, Capital Appreciation Bonds, National insured, 0% 2025	1,015	727
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1999-A, Capital Appreciation Bonds, National insured, 0% 2031	2,170	1,148
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1999-A, National insured, 0% 2018	2,135	2,093
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1999-A, National insured, 0% 2024	2,070	1,571
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	12,405	12,512
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042	7,580	7,651
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	5,560	6,528
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, 5.00% 2051	21,750	23,320
City of Chicago, Wastewater Transmission Rev. Bonds (Second Lien), Series 2017-A, 5.00% 2037	3,000	3,291
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, 5.00% 2042	6,000	6,376
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2020	460	485
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2024	1,000	1,130
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998-A, National insured, 0% 2026	560	420
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2023	1,000	1,115
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 2028	1,000	1,138
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 2029	1,000	1,133
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 2030	700	790
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2023	2,500	2,827
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2024	2,000	2,282
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2027	1,750	1,997
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2022	250	279
City of Chicago, Water Rev. Bonds, Series 2014, 5.00% 2033	6,200	6,872
City of Chicago, Water Rev. Bonds, Series 2016-A-1, 5.00% 2031	1,000	1,123
City of Chicago, Water Rev. Ref. Bonds, Series 2012, 5.00% 2042	1,700	1,827
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2029	1,500	1,691
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2044	500	545
City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, Assured Guaranty Municipal insured, 5.00% 2035	2,290	2,610
City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, Assured Guaranty Municipal insured, 5.00% 2038	5,000	5,672
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Rev. Ref. Bonds, Series 2003-A, FGIC-National insured, 6.00% 2033	3,300	4,210
County of Cook, Community College Dist. No. 508 (City Colleges of Chicago), Series 2016-A, BAM insured, 5.00% 2047	7,100	7,763
County of Cook, Community College Dist. No. 508 (City Colleges of Chicago), Unlimited Tax G. O. Bonds, Series 2013, 5.25% 2043	3,000	3,133
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2021	290	320
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2028	3,000	3,463
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2031	3,500	3,973
County of Cook, G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2026	350	406
County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), Series 2006, 5.625% 2036	4,733	4,748
Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), Series 2017, 5.00% 2037	1,500	1,578
Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), Series 2017, 5.00% 2047	3,180	3,315
Fin. Auth., Rev. Bonds (Benedictine University Project), Series 2013-A, 6.25% 2033	1,000	1,082

American High-Income Municipal Bond Fund — Page 21 of 63

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Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
Fin. Auth., Rev. Bonds (Centegra Health System), Series 2014-A, 5.00% 2042	$1,000	$1,047
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2036	7,330	8,457
Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 2041	1,000	1,126
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2032	1,000	1,100
Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 2035	3,460	3,777
Fin. Auth., Rev. Bonds (Franciscan Communities, Inc.), Series 2013-A, 5.125% 2043	2,405	2,534
Fin. Auth., Rev. Bonds (Friendship Village Schaumburg), 5.00% 2037	5,000	4,910
Fin. Auth., Rev. Bonds (Friendship Village Schaumburg), 5.125% 2045	18,750	18,440
Fin. Auth., Rev. Bonds (Hospital Sisters Services, Inc. Obligated Group), Series 2012-C, 5.00% 2020	230	248
Fin. Auth., Rev. Bonds (Lifespace Communities), Series 2015-A, 5.00% 2045	3,500	3,816
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2034	3,600	3,976
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2040	12,000	13,109
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2046	11,840	12,855
Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 2033	1,800	1,997
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-A, 4.00% 2047	500	518
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-A, 5.00% 2030	320	378
Fin. Auth., Rev. Bonds (Northwestern Memorial Hospital), Series 2009-B, 5.75% 2030 (preref. 2019)	130	138
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2012-A, 5.00% 2028	1,500	1,631
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 4.125% 2037	1,000	1,024
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2025	1,060	1,235
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2026	1,000	1,173
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2026	1,000	1,164
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2028	2,240	2,590
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2029	3,000	3,446
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2030	1,500	1,717
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2031	1,645	1,873
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-B, (1-month USD-LIBOR x 0.70 + 1.35%) 2.445% 2036 (put 2021)2	800	804
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2027	1,875	2,147
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2029	9,000	10,225
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2030	1,000	1,131
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2032	4,500	5,049
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2034	1,265	1,410
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2036	3,820	4,239
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2041	2,000	2,205
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 3.75% 2034	250	244
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2041	1,760	1,761
Fin. Auth., Rev. Bonds (Rehabilitation Institute of Chicago), Series 2013-A, 6.00% 2043	2,300	2,574
Fin. Auth., Rev. Bonds (Rosalind Franklin University Research Building Project), Series 2017-C, 5.00% 2049	1,250	1,347
Fin. Auth., Rev. Bonds (Rosalind Franklin University Research Building Project), Series 2017-C, 5.00% 2046	900	972
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2032	1,100	1,238
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2038	1,500	1,666
Fin. Auth., Rev. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2035	1,500	1,621
Fin. Auth., Rev. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2044	5,500	5,873
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2032	2,000	2,177
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2033	2,000	2,167
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2035	2,000	2,158
Fin. Auth., Rev. Bonds (Swedish Covenant Hospital), Series 2016-A, 5.00% 2037	1,750	1,881
Fin. Auth., Rev. Bonds (The Cable Foundation), Series 2016-A, 5.00% 2045	6,830	7,463
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2034	1,000	1,144
Fin. Auth., Rev. Ref. Bonds (Bradley University Project), Series 2017-C, 5.00% 2032	1,250	1,405
Fin. Auth., Rev. Ref. Bonds (Christian Homes Inc.), 5.00% 2031	1,875	2,011
Fin. Auth., Rev. Ref. Bonds (Christian Homes Inc.), 5.00% 2036	1,000	1,058
Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Hospital), Series 2009-A, 6.00% 2039 (preref. 2019)	4,500	4,811
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System Obligated Group), Series 2010-A, 6.00% 2039	2,620	2,777

American High-Income Municipal Bond Fund — Page 22 of 63

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Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System Obligated Group), Series 2010-A, 6.00% 2039 (preref. 2020)	$5,135	$5,639
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2035	5,450	6,018
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2045	2,000	2,189
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 (preref. 2019)	9,705	10,624
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 (preref. 2019)	125	137
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2010-A, 6.00% 2028 (preref. 2020)	1,250	1,369
Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 4.125% 2037	8,710	8,825
Fin. Auth., Rev. Ref. Bonds (Southern Illinois Healthcare Enterprises, Inc.), Series 2017-C, 5.00% 2026	250	290
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025	1,995	2,131
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025 (preref. 2020)	1,005	1,084
Fin. Auth., Student Housing and Academic Fac. Rev. Bonds (CHF-Chicago, LLC - University of Illinois at Chicago Project), Series 2017-A, 5.00% 2037	1,475	1,603
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	2,578
Fin. Auth., Student Housing and Academic Fac. Rev. Bonds (CHF-Chicago, LLC - University of Illinois at Chicago Project), Series 2017-A, 5.00% 2050	4,290	4,624
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2023	775	813
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2024	815	856
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2025	730	766
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2030	2,465	2,501
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2035	700	693
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2047	11,500	10,994
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 5.75% 2021	2,000	2,146
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.00% 2024	1,000	1,080
Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, LLC - Illinois State University Project), Series 2011, 7.00% 2043 (preref. 2021)	6,765	7,858
Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043	16,510	18,141
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), 5.125% 2020	6,210	6,460
G.O. Bonds, Series 2012-A, 5.00% 2028	1,000	1,038
G.O. Bonds, Series 2013, 5.00% 2021	860	905
G.O. Bonds, Series 2013, 5.00% 2023	685	731
G.O. Bonds, Series 2013, 5.50% 2026	2,000	2,174
G.O. Bonds, Series 2013, 5.50% 2033	3,665	3,890
G.O. Bonds, Series 2013, 5.50% 2038	1,000	1,059
G.O. Bonds, Series 2014, 5.00% 2026	2,025	2,164
G.O. Bonds, Series 2014, 5.00% 2027	2,000	2,123
G.O. Bonds, Series 2014, 5.00% 2039	13,575	14,073
G.O. Bonds, Series 2014, 5.00% 2039	4,100	4,255
G.O. Bonds, Series 2016, 4.00% 2032	7,000	6,777
G.O. Bonds, Series 2016, 5.00% 2025	1,000	1,064
G.O. Bonds, Series 2016, 5.00% 2028	1,500	1,590
G.O. Bonds, Series 2016, 5.00% 2038	1,000	1,053
G.O. Bonds, Series 2016, 5.00% 2041	2,125	2,225
G.O. Bonds, Series 2017, 5.00% 2033	4,000	4,226

American High-Income Municipal Bond Fund — Page 23 of 63

unaudited

Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
G.O. Bonds, Series 2017-A, 5.00% 2018	$1,000	$1,019
G.O. Bonds, Series 2017-A, 5.00% 2035	1,000	1,060
G.O. Bonds, Series 2017-A, 5.00% 2036	3,000	3,179
G.O. Bonds, Series 2017-C, 5.00% 2029	7,500	8,000
G.O. Bonds, Series 2017-D, 5.00% 2026	10,000	10,708
G.O. Bonds, Series 2017-D, 5.00% 2027	7,000	7,502
G.O. Bonds, Series 2017-D, 5.00% 2028	4,500	4,807
G.O. Ref. Bonds, Series 2012, 5.00% 2025	1,750	1,845
G.O. Ref. Bonds, Series 2016, 5.00% 2030	3,000	3,162
G.O. Rev. Ref. Bonds, Series 2012, 4.00% 2025	405	406
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028	3,000	3,192
G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2030	750	772
Various Purpose G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2026	3,000	3,197
Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-B, AMT, 3.50% 2046	4,810	5,019
Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-C, 3.50% 2046	4,195	4,372
Board of Trustees of the Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2025	3,000	3,474
Board of Trustees of the Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2026	1,150	1,343
Village of Lincolnshire, Special Service Area No. 1, Special Tax Bonds (Sedgebrook Project), Series 2004, 6.25% 2034	1,559	1,562
Village of Manhattan, Special Service Area No. 2007-6, Special Tax Bonds (Groebe Farm-Stonegate Project), Series 2007, 5.75% 20225	1,900	342
Village of Manhattan, Special Service Area No. 2007-6, Special Tax Bonds (Groebe Farm-Stonegate Project), Series 2007, 6.125% 20405	5,000	900
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2030	2,370	1,407
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 2030 (escrowed to maturity)	130	92
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2012-B, 0% 2050	3,630	730
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2012-B, 0% 2051	9,050	1,719
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Series 2002-A, National insured, 0% 2032	8,860	4,545
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Series 2002-A, National insured, 0% 2033	5,000	2,430
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Series 2002-A, National insured, 0% 2034	10,000	4,712
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Series 2012-A, 5.00% 2042	1,500	1,571
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2002-A, Assured Guaranty Municipal insured, 5.50% 2023	270	303
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2012-B, Assured Guaranty Municipal insured, 0% 2051	7,055	1,498
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1996-A, National insured, 0% 2025	2,535	1,938
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-A, 0% 2056	26,160	3,837
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-B, 0% 2054	28,500	4,666
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2043	800	269
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2046	3,300	960

American High-Income Municipal Bond Fund — Page 24 of 63

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Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2010-B-2, 5.00% 2050	$5,850	$6,005
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2010-E, Assured Guaranty Municipal insured, 5.00% 2027	3,500	2,467
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2028	500	534
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, 5.00% 2052	420	438
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2012-B, Assured Guaranty Municipal insured, 0% 2041	3,525	1,223
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2015-B, 5.00% 2035	3,000	3,249
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2015-B, 5.00% 2040	4,000	4,293
Village of Montgomery, Special Assessment Improvement Ref. Bonds (Lakewood Creek Project), Series 2006, RADIAN insured, 4.70% 2030	694	696
Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2031	1,000	1,147
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2006-A, National insured, 5.25% 2019	500	516
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2008-A, 5.50% 2023	500	579
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2012-B-1, 5.00% 2019	1,795	1,842
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2012-B-1, 5.00% 2020	1,890	1,983
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2012-B-1, 5.00% 2022	750	809
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2012-B-1, 5.00% 2023	300	324
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2012-B-1, 5.00% 2027	2,205	2,307
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, Series 2012-B-1, 5.00% 2032	2,945	3,027
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Hospital Sisters Services, Inc. Obligated Group), Series 2017-A, 5.00% 2028	550	639
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.625% 2048 (preref. 2023)	7,000	9,110
Sports Facs. Auth., Sports Facs. Ref. Bonds (State Tax Supported), Series 2014, Assured Guaranty Municipal insured, 5.25% 2032	1,000	1,100
Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2014, Assured Guaranty Municipal insured, 5.25% 2030	6,000	6,645
Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2014, Assured Guaranty Municipal insured, 5.25% 2031	2,500	2,758
City of Springfield, Electric Rev. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2040	1,000	1,103
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2040	5,000	5,621
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2033	1,000	1,145
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2041	5,750	6,499
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2016-A, 4.00% 2034	2,110	2,150
Board of Trustees of the University of Illinois, Rev. Ref. Certs. of Part., Series 2016-A, 5.00% 2020	120	127
Board of Trustees of the University of Illinois, Series 2014-C, 5.00% 2023	775	864
Board of Trustees of the University of Illinois, University of Illinois Auxiliary Facs. System Rev. Bonds, Series 2014-A, 5.00% 2024	480	542
Board of Trustees of the University of Illinois, University of Illinois Auxiliary Facs. System Rev. Ref. Bonds, Series 2013-A, 5.00% 2026	750	828

American High-Income Municipal Bond Fund — Page 25 of 63

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Bonds, notes & other debt instruments Illinois (continued)	Principal amount (000)	Value (000)
Board of Trustees of the University of Illinois, University of Illinois Auxiliary Facs. System Rev. Ref. Bonds, Series 2016-A, 5.00% 2025	$1,000	$1,133
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2036	5,000	5,108
Village of Volo, Special Service Areas No. 3 and 6 (Symphony Meadows/Lancaster Falls Projects), Special Tax Rev. Ref. Bonds, Assured Guaranty Municipal insured, 3.125% 2027	1,130	1,094
Village of Volo, Special Service Areas No. 3 and 6 (Symphony Meadows/Lancaster Falls Projects), Special Tax Rev. Ref. Bonds, Assured Guaranty Municipal insured, 4.00% 2036	1,250	1,255
Village of Volo, Special Service Areas No. 3 and 6 (Symphony Meadows/Lancaster Falls Projects), Special Tax Rev. Ref. Bonds, Assured Guaranty Municipal insured, 5.00% 2034	5,000	5,561
United City of Yorkville, Special Tax Rev. Ref. Bonds (Special Service Area Nos. 2005-108 and 2005-109), Assured Guaranty Municipal insured, 4.00% 2036	4,830	4,818
United City of Yorkville, Special Tax Rev. Ref. Bonds (Special Service Area Nos. 2005-108 and 2005-109), Assured Guaranty Municipal insured, 5.00% 2032	4,343	4,856
		908,607
Indiana 1.46%
Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-B, 6.00% 2039	9,000	9,613
Fin. Auth., Health Facs. Rev. Bonds (Good Samaritan Hospital Project), Series 2016-A, 5.50% 2041	2,000	2,185
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-A, 5.00% 2051	1,500	1,653
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2032	9,050	9,226
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2039	10,435	10,548
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2035	3,000	3,259
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2044	7,225	7,762
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2048	250	268
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.25% 2051	3,410	3,686
Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2016-A, 5.25% 2046	2,100	2,322
Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 7.00% 2043	3,705	4,208
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), 5.00% 2036	3,730	4,166
Gary/Chicago International Airport Auth., Airport Dev. Zone Rev. Bonds, Series 2014, AMT, 5.00% 2019	760	782
Gary/Chicago International Airport Auth., Airport Dev. Zone Rev. Bonds, Series 2014, AMT, 5.00% 2039	2,500	2,726
Gary/Chicago International Airport Auth., Airport Dev. Zone Rev. Bonds, Series 2014, AMT, 5.25% 2034	1,000	1,117
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2031	4,000	4,317
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (The Methodist Hospitals, Inc.), Series 2014-A, 5.00% 2028	750	822
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-A-2, AMT, 3.50% 2038	3,855	4,019
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-A-2, AMT, 4.00% 2039	940	992
City of Indianapolis, Airport Auth., Special Fac. Rev. Bonds (United Air Lines, Inc., Indianapolis Maintenance Center Project), Series 1995-A, AMT, 6.50% 20315	3,500	—
City of Indianapolis, Local Public Improvement, Bond Bank Rev. Ref. Bonds (Indianapolis Airport Auth. Project), Series 2016-A-1, AMT, 5.00% 2030	1,115	1,273
County of Jasper, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-C, National insured, 5.85% 2019	1,000	1,044
County of Knox, Econ. Dev. Rev. and Ref. Bonds (Good Samaritan Hospital Project), Series 2012-A, 5.00% 2023	1,000	1,082
County of Knox, Econ. Dev. Rev. and Ref. Bonds (Good Samaritan Hospital Project), Series 2012-A, 5.00% 2025	1,570	1,683
City of Valparaiso, Exempt Facs. Rev Bonds (Pratt Paper, LLC Project), Series 2013, AMT, 7.00% 2044	3,080	3,658

American High-Income Municipal Bond Fund — Page 26 of 63

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Bonds, notes & other debt instruments Indiana (continued)	Principal amount (000)	Value (000)
City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America Inc. Project), AMT, 5.00% 2045 (put 2022)	$3,000	$3,394
City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America Inc. Project), Series 2016-A, AMT, 5.00% 2046 (put 2023)	3,000	3,406
		89,211
Iowa 0.32%
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.00% 2019	2,695	2,787
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.25% 2025	7,500	7,939
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.50% 2022	2,000	2,036
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.875 20263	2,320	2,450
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2016-A, 5.00% 2036	1,250	1,394
Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2005-C, 5.625% 2046	3,215	3,215
		19,821
Kansas 0.36%
Dev. Fin. Auth., Rev. Ref. Bonds (Lifespace Communities, Inc.), Series 2010-S, 5.00% 2030	1,920	2,016
City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.125% 2029 (preref. 2019)	250	268
City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.25% 2039 (preref. 2019)	750	805
City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2017-A, 5.00% 2043	4,000	4,132
City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), Series 2007, 5.50% 2039	5,250	5,254
City of Wichita, Sales Tax Special Obligation Rev. Bonds (K-96 Greenwich Star Bond Project), Series 2017, 3.00% 2023	1,250	1,257
City of Wichita, Sales Tax Special Obligation Rev. Bonds (K-96 Greenwich Star Bond Project), Series 2017, 4.20% 2027	5,000	5,012
Unified Government of Wyandotte County, Special Obligation Improvement Rev. Ref. Bonds (Wyandotte Plaza Redev. Project), 4.00% 2028	845	852
Unified Government of Wyandotte County, Special Obligation Improvement Rev. Ref. Bonds (Wyandotte Plaza Redev. Project), 5.00% 2034	2,125	2,142
		21,738
Kentucky 1.32%
City of Ashland, Medical Center Rev. Bonds (Ashland Hospital Corp. d/b/a King’s Daughters Medical Center Project), Series 2016-A, 5.00% 2028	1,260	1,393
City of Ashland, Medical Center Rev. Bonds (Ashland Hospital Corp. d/b/a King’s Daughters Medical Center Project), Series 2016-A, 5.00% 2040	5,400	5,778
Econ. Dev. Fin. Auth., Healthcare Facs. Rev. Ref. Bonds (Rosedale Green Project), 5.50% 2035	1,750	1,762
Econ. Dev. Fin. Auth., Healthcare Facs. Rev. Ref. Bonds (Rosedale Green Project), 5.75% 2045	5,765	5,858
Econ. Dev. Fin. Auth., Healthcare Facs. Rev. Ref. Bonds (Rosedale Green Project), 5.75% 2050	2,650	2,685
Econ. Dev. Fin. Auth., Hospital Rev. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.625% 2027	500	510
Econ. Dev. Fin. Auth., Hospital Rev. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.625% 2027 (preref. 2018)	500	511
Econ. Dev. Fin. Auth., Hospital Rev. Bonds (Baptist Healthcare System Obligated Group), Series 2017-B, 5.00% 2034	2,720	3,016
Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.375% 2024	995	1,015
Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.375% 2024 (preref. 2018)	1,005	1,026
Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2017-B, 5.00% 2041	7,750	8,475

American High-Income Municipal Bond Fund — Page 27 of 63

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Bonds, notes & other debt instruments Kentucky (continued)	Principal amount (000)	Value (000)
Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2017-B, 5.00% 2046	$5,565	$6,053
Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), Series 2008-A-1, Assured Guaranty insured, 5.75% 2028 (preref. 2018)	2,500	2,537
Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), Series 2008-A-1, Assured Guaranty insured, 6.00% 2033 (preref. 2018)	1,000	1,016
Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), Series 2008-A-1, Assured Guaranty insured, 6.00% 2042 (preref. 2018)	2,000	2,031
Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Ref. Bonds (Louisville Arena Auth., Inc.), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2045	10,000	11,045
Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Ref. Bonds (Louisville Arena Auth., Inc.), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2047	1,500	1,653
Higher Education Student Loan Corp., Student Loan Rev. Bonds, Series 2017-A, AMT, 3.00% 2029	2,800	2,821
Counties of Louisville and Jefferson Metro Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series 2016-A, 5.00% 2029	2,300	2,649
City of Paducah, Electric Plant Board, Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2026	1,100	1,264
City of Paducah, Electric Plant Board, Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2028	500	570
City of Paducah, Electric Plant Board, Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2035	1,500	1,673
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)	6,600	7,170
Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project), Series 2013-A, 5.75% 2049	1,885	2,096
Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project), Series 2013-A, 6.00% 2053	5,500	6,178
		80,785
Louisiana 1.55%
Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2015-B, AMT, 5.00% 2031	2,160	2,428
Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2015-B, AMT, 5.00% 2035	1,785	1,982
Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2015-B, AMT, 5.00% 2040	9,000	9,915
Aviation Board, General Airport Rev. Ref. Bonds, Series 2017-D-2, AMT, 5.00% 2030	300	346
Aviation Board, General Airport Rev. Ref. Bonds, Series 2017-D-2, AMT, 5.00% 2031	400	459
Aviation Board, General Airport Rev. Ref. Bonds, Series 2017-D-2, AMT, 5.00% 2032	500	571
Aviation Board, General Airport Rev. Ref. Bonds, Series 2017-D-2, AMT, 5.00% 2033	1,100	1,251
Aviation Board, General Airport Rev. Ref. Bonds, Series 2017-D-2, AMT, 5.00% 2035	1,220	1,379
Aviation Board, General Airport Rev. Ref. Bonds, Series 2017-D-2, AMT, 5.00% 2036	1,000	1,128
Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2016-A, 5.00% 2025	5,000	5,847
Parish of Jefferson, Hospital Dist. No. 1 (West Jefferson Medical Center), Hospital Rev. Ref. Bonds, Series 2011-A, 6.00% 2039 (preref. 2021)	2,365	2,651
Juban Crossing Econ. Dev. Dist., Rev. Ref. Bonds (Drainage Projects), Series 2015-B, 7.00% 20443	3,130	3,248
Juban Crossing Econ. Dev. Dist., Rev. Ref. Bonds (Drainage Projects), Series 2015-C, 7.00% 20443	10,600	11,001
Juban Crossing Econ. Dev. Dist., Rev. Ref. Bonds (Road Projects), Series 2015-A, 7.00% 20443	3,000	3,114
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-1, 6.50% 2035	5,750	6,405
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-2, 6.50% 2035	2,850	3,175
Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Ragin’ Cajun Facilities, Inc. Project), Series 2017, Assured Guaranty Municipal insured, 5.00% 2039	1,000	1,121
Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Westlake Chemical Corp. Projects), Series 2017, 3.50% 2032	5,000	5,012
City of New Orleans, Sewerage Service Rev. and Ref. Bonds, Series 2015, 5.00% 2045	500	557
Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties LLC - Louisiana State University Greenhouse Dist. Phase II Project), Series 2017, 5.00% 2042	2,000	2,222

American High-Income Municipal Bond Fund — Page 28 of 63

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Bonds, notes & other debt instruments Louisiana (continued)	Principal amount (000)	Value (000)
Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties LLC - Louisiana State University Greenhouse Dist. Phase II Project), Series 2017, 5.00% 2052	$800	$877
Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties LLC - Louisiana State University Nicholson Gateway Project), Series 2016-A, 5.00% 2051	10,180	11,075
Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties LLC - Louisiana State University Nicholson Gateway Project), Series 2016-A, 5.00% 2056	1,000	1,086
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), 5.00% 2032	890	1,002
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), 5.00% 2032 (preref. 2026)	10	12
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), 5.00% 2033	1,620	1,818
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), 5.00% 2033 (preref. 2026)	15	18
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), 5.00% 2047	2,500	2,734
Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 6.00% 2029	2,000	2,119
Public Facs. Auth., Rev. Ref. Bonds (Entergy Louisiana, LLC Project), Series 2016-B, 3.50% 2030	500	506
Public Facs. Auth., Rev. Ref. Bonds (Nineteenth Judicial Dist. Court Building Project), Assured Guaranty Municipal insured, 5.25% 2051	1,000	1,101
Parish of St. Charles, Gulf Opportunity Zone Rev. Bonds (Valero Project), Series 2010, 4.00% 2040 (put 2022)	5,500	5,862
St. Tammany Public Trust Fncg. Auth., Rev. Ref. Bonds (Christwood Project), 5.00% 2024	625	682
St. Tammany Public Trust Fncg. Auth., Rev. Ref. Bonds (Christwood Project), 5.25% 2037	1,750	1,876
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2026	140	141
		94,721
Maine 0.45%
Fin. Auth., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2005-R-3, AMT, 5.25% 20253	2,000	2,144
Health and Higher Educational Facs. Auth., Rev. Bonds (Eastern Maine Healthcare Systems Obligated Group Issue), Series 2016-A, 5.00% 2041	1,800	1,893
Health and Higher Educational Facs. Auth., Rev. Bonds (Eastern Maine Healthcare Systems Obligated Group Issue), Series 2016-A, 5.00% 2046	1,000	1,048
Health and Higher Educational Facs. Auth., Rev. Bonds (Eastern Maine Medical Center Obligated Group Issue), Series 2013, 5.00% 2027	485	519
Health and Higher Educational Facs. Auth., Rev. Bonds (Eastern Maine Medical Center Obligated Group Issue), Series 2013, 5.00% 2043	5,970	6,149
Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2036	4,000	4,361
Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2041	3,375	3,685
Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 7.00% 2041	1,500	1,657
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2014-C-1, AMT, 3.50% 2044	2,450	2,514
City of Portland, General Airport Rev. Ref. Bonds, Series 2016, 5.00% 2031	1,090	1,217
City of Portland, General Airport Rev. Ref. Bonds, Series 2016, 5.00% 2034	1,000	1,104
City of Portland, General Airport Rev. Ref. Bonds, Series 2016, 5.00% 2035	1,000	1,103
		27,394
Maryland 1.33%
County of Baltimore, Rev. Bonds (Oak Crest Village, Inc. Fac.), 5.00% 2037	2,100	2,370
Mayor and City Council of Baltimore, Special Obligation Ref. Bonds, Series 2017-A, 4.00% 2027	475	494
Mayor and City Council of Baltimore, Special Obligation Ref. Bonds, Series 2017-A, 4.50% 2033	3,900	4,070
Mayor and City Council of Baltimore, Special Obligation Ref. Bonds, Series 2017-A, 5.00% 2038	1,725	1,853
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-B, AMT, 3.25% 2044	815	836
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-D, AMT, 4.00% 2036	3,180	3,313
Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 2029	1,850	2,129
Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 2030	1,250	1,432
Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 2032	1,000	1,136
Econ. Dev. Corp., Special Obligation Bonds (Metro Centre at Owings Mills Project), Series 2017, 4.375% 2036	3,000	3,081
Econ. Dev. Corp., Special Obligation Bonds (Metro Centre at Owings Mills Project), Series 2017, 4.50% 2044	6,850	7,012

American High-Income Municipal Bond Fund — Page 29 of 63

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Bonds, notes & other debt instruments Maryland (continued)	Principal amount (000)	Value (000)
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Bowie State University Project), Series 2015, 3.00% 20203	$635	$633
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Bowie State University Project), Series 2015, 5.00% 20253	2,100	2,214
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Bowie State University Project), Series 2015, 5.00% 20293	1,680	1,756
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project), Series 2013, 5.00% 2033	1,000	1,084
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Morgan State University Project), Series 2012, 5.00% 2034	1,500	1,578
County of Frederick, Educational Facs. Project and Rev. Ref. Bonds (Mount Saint Mary’s University), Series 2017-A, 5.00% 20323	2,400	2,597
County of Frederick, Educational Facs. Project and Rev. Ref. Bonds (Mount Saint Mary’s University), Series 2017-A, 5.00% 20373	3,500	3,744
County of Frederick, Educational Facs. Project and Rev. Ref. Bonds (Mount Saint Mary’s University), Series 2017-A, 5.00% 20453	2,000	2,125
City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2006-A, 5.125% 2036	1,500	1,501
Health and Higher Educational Facs. Auth., Rev. Bonds (Adventist HealthCare Issue), Series 2016-A, 5.50% 2036	8,000	9,209
County of Howard, Retirement Community Rev. Bonds (Vantage House Fac.), Series 2017, 5.00% 2036	1,500	1,559
County of Howard, Special Obligation Bonds (Downtown Columbia), Series 2017-A, 4.00% 20283	550	567
County of Howard, Special Obligation Bonds (Downtown Columbia), Series 2017-A, 4.125% 20343	750	757
County of Howard, Special Obligation Bonds (Downtown Columbia), Series 2017-A, 4.375% 20393	1,000	1,015
County of Howard, Special Obligation Bonds (Downtown Columbia), Series 2017-A, 4.50% 20473	8,000	8,124
County of Prince George, Rev. Auth., Special Obligation Bonds (Suitland-Naylor Road Project), Series 2016, 5.00% 20463	2,500	2,481
County of Prince George, Special Obligation Bonds (National Harbor Project), Series 2004, 5.20% 2034	7,712	7,743
County of Prince George, Special Tax Dist. Bonds (Victoria Falls Project), Series 2005, 5.25% 2035	928	936
City of Rockville Mayor & Council, Econ. Dev. Rev. (Ingleside King Farm Project), Series 2017-B, 5.00% 2042	750	821
City of Rockville Mayor & Council, Econ. Dev. Rev. Bonds (Ingleside King Farm Project), Series 2017-C-3, 2.50% 2024	3,075	3,082
		81,252
Massachusetts 2.49%
Dev. Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Covanta Energy Project), Series 2012-B, 4.875% 20423	1,500	1,501
Dev. Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Covanta Energy Project), Series 2012-C, AMT, 5.25% 20423	9,250	9,257
Dev. Fin. Agcy., Rev. Bonds (Boston Medical Center Issue), Series 2015-D, 5.00% 2044	1,500	1,644
Dev. Fin. Agcy., Rev. Bonds (Emmanuel College Issue), Series 2016-A, 5.00% 2043	3,830	4,226
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2021	797	829
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2031	3,873	4,030
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2039	4,565	4,750
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2046	14,253	14,830
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-2, 5.50% 2046	831	831
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-B, 0% 2056	4,533	285
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2016-A, 4.68% 20213	13,930	14,018
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2016-B, 4.68% 20213	615	619
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2012-L, 5.00% 2041 (preref. 2021)	1,000	1,109
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2029	1,800	2,053
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2036	5,500	6,109
Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2017-L, 5.00% 2044	500	555
Dev. Fin. Agcy., Rev. Ref. Bonds (Emerson College Issue), Series 2010-A, 5.00% 2040	270	279
Dev. Fin. Agcy., Rev. Ref. Bonds (Emerson College Issue), Series 2010-A, 5.00% 2040 (preref. 2020)	2,995	3,190
Dev. Fin. Agcy., Rev. Ref. Bonds (Newbridge Charles Inc.), 5.00% 20373	1,500	1,637
Dev. Fin. Agcy., Rev. Ref. Bonds (Newbridge Charles Inc.), 5.00% 20473	1,500	1,627
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.00% 2024	535	567
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.00% 2024 (preref. 2019)	965	1,026

American High-Income Municipal Bond Fund — Page 30 of 63

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Bonds, notes & other debt instruments Massachusetts (continued)	Principal amount (000)	Value (000)
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.25% 2030	$360	$380
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.25% 2030 (preref. 2019)	640	683
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 2035	1,000	1,126
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.75% 2036	4,505	5,094
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.75% 2036 (preref. 2021)	5,475	6,237
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041	2,390	2,709
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041 (preref. 2021)	3,610	4,126
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 3.50% 2033	25,325	24,733
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 5.00% 2024	5,000	5,648
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2017-A, AMT, 3.625% 2032	15,000	15,016
Health and Educational Facs. Auth., Rev. Bonds (UMass Memorial Issue), Series 2010-G, 5.00% 2021	140	149
Health and Educational Facs. Auth., Rev. Ref. Bonds (Merrimack College), Series 2017, 5.00% 2047	1,250	1,358
Health and Educational Facs. Auth., Rev. Ref. Bonds (Northeastern University Issue), Series 2010-A, 5.00% 2035	1,800	1,923
Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 5.75% 2039	335	350
Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 5.75% 2039 (preref. 2019)	665	705
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 177, AMT, 4.00% 2039	3,145	3,300
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 188, AMT, 4.00% 2043	1,810	1,929
Port Auth., Special Facs. Rev. Bonds (Delta Air Lines, Inc. Project), Series 2001-A, AMT, AMBAC-FGIC insured, 5.00% 2027	2,000	2,033
		152,471
Michigan 3.04%
Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 6.00% 2038	35	36
Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 6.00% 2038 (preref. 2018)	360	371
City of Dearborn, Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Henry Ford Village, Inc. Project), 7.50% 20443	6,800	6,752
City of Dearborn, Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Henry Ford Village, Inc. Project), Series 2008, 7.00% 2038	2,500	2,418
City of Dearborn, Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Henry Ford Village, Inc. Project), Series 2008, 7.125% 2043	6,525	6,304
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2012-A, 5.25% 2039	4,850	5,277
Detroit School Dist., Unlimited Tax G.O. School Building and Site Improvement Ref. Bonds, Series 2012-A, 5.00% 2026	1,000	1,113
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Fin. Recovery Income Tax Local Project), Series 2014-F-1, 4.50% 2029	2,600	2,752
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2014-C-1, 5.00% 2044	2,625	2,868
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2014-C-6, 5.00% 2033	2,000	2,217
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	500	559
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	2,000	2,207
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	1,500	1,652
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-D-2, 5.00% 2034	1,000	1,103
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	1,000	1,106
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 4.00% 2030	2,550	2,610
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 4.00% 2031	1,000	1,021
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 5.00% 2021	1,500	1,638

American High-Income Municipal Bond Fund — Page 31 of 63

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Bonds, notes & other debt instruments Michigan (continued)	Principal amount (000)	Value (000)
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 5.00% 2022	$3,150	$3,491
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2010, 5.84% 2020	300	313
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2010, 7.375% 2035	1,550	1,692
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2010, 7.50% 2039	1,750	1,909
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.00% 2023	2,025	2,163
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 2028	4,000	4,249
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 2039	2,775	2,857
City of Grand Rapids, Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 4.00% 2027	2,770	2,812
City of Grand Rapids, Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 5.00% 2032	1,055	1,140
City of Grand Rapids, Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 5.00% 2037	600	641
City of Grand Rapids, Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 5.00% 2047	1,390	1,468
City of Grand Rapids, Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 5.00% 2052	2,370	2,493
Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-B, 5.00% 2046	6,000	6,646
Hospital Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047	1,400	1,520
Hospital Fin. Auth., Hospital Rev. Bonds (Trinity Health Credit Group), Series 2009-B, 5.00% 2048	2,000	2,153
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Crittenton Hospital Medical Center), Series 2012-A, 5.00% 2027 (preref. 2022)	500	562
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Crittenton Hospital Medical Center), Series 2012-A, 5.00% 2039 (preref. 2022)	2,270	2,552
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2009, 5.75% 2039 (preref. 2019)	4,500	4,830
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2037	5,000	5,623
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2041	2,005	2,245
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2027	1,090	1,211
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), 5.00% 2039	1,890	2,060
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), 5.50% 2026	1,250	1,490
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.35% 2034	3,000	2,954
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047	2,205	2,291
City of Kentwood, Econ. Dev. Corp. , Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2012, 5.125% 2032	1,000	1,001
City of Kentwood, Econ. Dev. Corp. , Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2012, 5.375% 2041	1,270	1,272
City of Kentwood, Econ. Dev. Corp. , Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2012, 5.625% 2041	4,750	5,119
City of Kentwood, Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2016, 5.00% 2037	4,750	5,084
City of Royal Oak, Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2009-V, 8.25% 2039 (preref. 2018)	2,000	2,079
City of Royal Oak, Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2014-D, 5.00% 2039	1,250	1,367
City of Saginaw, Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2010-H, 5.00% 2030	2,700	2,860
Strategic Fund, Limited Obligation Rev. Bonds (Detroit Renewable Power Project), Series 2013, AMT, 8.50% 20303	2,895	3,207
Strategic Fund, Limited Obligation Rev. Bonds (Detroit Thermal Project), Series 2013, AMT, 8.50% 20303	6,895	7,639
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-ET-2, 1.45% 2029 (put 2021)	1,950	1,894
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-KT, 5.625% 2020	1,800	1,951
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A, 6.00% 2048	13,540	13,520

American High-Income Municipal Bond Fund — Page 32 of 63

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Bonds, notes & other debt instruments Michigan (continued)	Principal amount (000)	Value (000)
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2008-A, 6.875% 2042	$5,440	$5,480
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-B, AMT, 5.00% 2037	2,000	2,180
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2014-C, AMT, 5.00% 2044	1,000	1,100
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2020	5,000	5,411
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-D, AMT, 5.00% 2028	12,000	13,368
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2030	3,000	3,394
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2032	1,000	1,125
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2033	2,000	2,243
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2034	1,500	1,678
		186,341
Minnesota 0.13%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2013-A, AMT, 3.00% 2031	550	556
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 2045	1,325	1,390
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-E, AMT, 3.50% 2046	3,885	4,041
City of St. Paul, Housing and Redev. Auth., Charter School Lease Rev. Bonds (Great River School Project), Series 2017-A, 4.75% 20293	250	258
City of St. Paul, Housing and Redev. Auth., Charter School Lease Rev. Bonds (Great River School Project), Series 2017-A, 5.25% 20333	140	147
City of St. Paul, Housing and Redev. Auth., Charter School Lease Rev. Bonds (Great River School Project), Series 2017-A, 5.50% 20523	1,600	1,672
		8,064
Mississippi 0.33%
Business Fin. Corp., Pollution Control Rev. Ref. Bonds (Mississippi Power Company Project), Series 2002, 5.15% 2028	3,250	3,260
Business Fin. Corp., Solid Waste Disposal, Rev. Bonds (Waste Pro USA, Inc. Project), Series 2017, AMT, 5.00% 2036 (put 2022)3	3,500	3,645
Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2034	1,000	1,128
Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2004-B-2, 2.05% 2022 (put 2018)3	1,000	1,000
Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2016-A, 5.00% 2046	5,000	5,360
County of Warren, Gulf Opportunity Zone Bonds (International Paper Co. Project), Series 2011-A, 5.375% 2035	5,100	5,674
		20,067
Missouri 1.46%
County of Cape Girardeau, Industrial Dev. Auth., Health Facs. Rev. Bonds (Southeast Missouri Hospital Association), Series 2016-A, 6.00% 2033	4,860	5,570
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), 5.00% 2040	1,650	1,754
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), 5.00% 2045	1,300	1,375
Health and Educational Facs. Auth., Rev. Ref. Bonds (St. Anthony’s Medical Center), Series 2015-B, 5.00% 2045	1,320	1,461
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2010, 5.50% 2042	2,000	2,093

American High-Income Municipal Bond Fund — Page 33 of 63

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Bonds, notes & other debt instruments Missouri (continued)	Principal amount (000)	Value (000)
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services Projects), Series 2011, 6.00% 2041	$1,000	$1,083
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2016-B, 5.00% 2035	1,100	1,206
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), 5.00% 2035	1,000	1,075
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, 5.00% 2030	250	278
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, 5.00% 2036	1,100	1,205
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, 5.00% 2046	825	896
City of Lee’s Summit, Industrial Dev. Auth., Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series 2007-A, 5.125% 2026	7,950	7,967
City of Lee’s Summit, Industrial Dev. Auth., Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series 2014-A, 5.25% 2039	1,250	1,328
City of Lee’s Summit, Special Obligation Tax Increment and Special Dist. Rev. Ref. and Improvement Bonds (Summit Fair Project), 3.50% 20233	1,550	1,541
City of Lee’s Summit, Special Obligation Tax Increment and Special Dist. Rev. Ref. and Improvement Bonds (Summit Fair Project), 4.00% 20273	1,850	1,823
Mova Rolla Transportation Dev Dist., Sales Tax Rev. Bonds, Series 2017, 3.75% 2029	2,810	2,873
Mova Rolla Transportation Dev Dist., Sales Tax Rev. Bonds, Series 2017, 4.50% 2036	750	781
Mova Rolla Transportation Dev Dist., Sales Tax Rev. Bonds, Series 2017, 4.625% 2042	3,000	3,116
City of St. Louis, Airport Rev. Bonds (Lambert-St. Louis International Airport), Series 2009-A-1, 6.625% 2034	3,000	3,200
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2026	2,500	3,026
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2027	3,275	4,042
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2028	2,400	2,997
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2029	1,000	1,261
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2030	2,000	2,544
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2031	3,000	3,846
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2012, AMT, 5.00% 2032	1,685	1,823
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2017-B, AMT, Assured Guaranty Municipal insured, 5.00% 2027	1,500	1,755
City of St. Louis, Industrial Dev. Auth., Fncg. Rev. (Ballpark Village Dev. Project), Series 2017-A, 4.75% 2047	1,000	1,030
City of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (St. Andrew’s Resources for Seniors Obligated Group), Series 2015-A, 5.00% 2025	1,780	1,908
City of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (St. Andrew’s Resources for Seniors Obligated Group), Series 2015-A, 5.00% 2035	1,260	1,330
City of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (St. Andrew’s Resources for Seniors Obligated Group), Series 2015-A, 5.125% 2045	4,200	4,425
County of St. Louis, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, 5.00% 2025	1,000	1,071
County of St. Louis, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, 5.00% 2030	1,000	1,043
County of St. Louis, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, 5.00% 2035	700	719
County of St. Louis, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, 5.125% 2045	2,000	2,057

American High-Income Municipal Bond Fund — Page 34 of 63

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Bonds, notes & other debt instruments Missouri (continued)	Principal amount (000)	Value (000)
County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (Friendship Village St. Louis Obligated Group), Series 2017, 5.00% 2048	$6,110	$6,761
County of St. Louis, Transportation Dev. Dist., Transportation Rev. Bonds (Missouri Bottom Road/Taussig Road), Series 2002, 7.20% 2033	3,300	2,101
County of Stoddard, Industrial Dev. Auth., Health Facs. Rev. Bonds (Southeast Missouri Hospital Association), Series 2016-B, 6.00% 2037	4,220	4,811
		89,175
Montana 0.04%
Board of Housing, Single Family Mortgage Bonds, Series 2017-B-1, AMT, 4.00% 2048	2,500	2,649
Nebraska 0.24%
Central Plains Energy Project, Gas Project Crossover Rev. Ref. Bonds (Project No. 3), Series 2017-A, 5.00% 2032	300	356
Central Plains Energy Project, Gas Project Crossover Rev. Ref. Bonds (Project No. 3), Series 2017-A, 5.00% 2042	3,300	4,062
County of Douglas, Hospital Auth. No. 2 (Methodist Health System), Health Facs. Rev. Ref. Bonds, Series 2015, 5.00% 2048	2,350	2,579
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2017-B, AMT, 3.50% 2040	1,875	1,961
Omaha Public Power Dist., Electric System Rev. Bonds, Series 2017-A, 5.00% 2042	5,000	5,813
		14,771
Nevada 1.01%
Dept. of Business and Industry, Charter School Rev. Bonds (Doral Academy of Nevada), Series 2017-A, 5.00% 20373	1,000	1,024
Dept. of Business and Industry, Charter School Rev. Bonds (Doral Academy of Nevada), Series 2017-A, 5.00% 20473	1,400	1,421
Dept. of Business and Industry, Environmental Improvement Rev. Bonds (Fulcrum Sierra Biofuels LLC Project), AMT, 5.875% 2027	5,000	5,392
Dept. of Business and Industry, Environmental Improvement Rev. Bonds (Fulcrum Sierra Biofuels LLC Project), AMT, 6.25% 2037	8,285	9,070
County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010, 1.875% 2031 (put 2020)	3,000	2,997
County of Clark, Rev. Ref. Bonds (Jet Aviation Fuel Tax), Series 2013-A, AMT, 5.00% 2027	2,415	2,670
County of Clark, Rev. Ref. Bonds (Jet Aviation Fuel Tax), Series 2013-A, AMT, 5.00% 2028	2,000	2,206
County of Clark, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Rev. Ref. Bonds, Series 2016, 2.50% 2020	460	461
County of Clark, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Rev. Ref. Bonds, Series 2016, 2.50% 2021	275	273
County of Clark, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Rev. Ref. Bonds, Series 2016, 2.75% 2022	385	372
County of Clark, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Rev. Ref. Bonds, Series 2016, 2.75% 2023	395	393
County of Clark, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Rev. Ref. Bonds, Series 2016, 3.00% 2024	410	409
County of Clark, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Rev. Ref. Bonds, Series 2016, 3.00% 2025	425	415
County of Clark, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Ref. Bonds, Series 2012, 5.00% 2020	1,195	1,256
County of Clark, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Ref. Bonds, Series 2012, 5.00% 2021	1,280	1,368
County of Clark, Special Improvement Dist. No. 151 (Summerlin-Mesa), Local Improvement Ref. Bonds, Series 2015, 4.00% 2020	1,190	1,225

American High-Income Municipal Bond Fund — Page 35 of 63

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Bonds, notes & other debt instruments Nevada (continued)	Principal amount (000)	Value (000)
City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), Limited Obligation Improvement Bonds, 5.00% 2018	$860	$860
City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), Limited Obligation Improvement Bonds, 5.00% 2019	1,095	1,088
City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), Limited Obligation Improvement Bonds, 5.125% 2025	2,680	2,562
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Bonds, Series 2009-A, 8.00% 2030 (preref. 2019)	4,000	4,347
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 2030	1,375	1,574
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 2031	1,465	1,669
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 2045	1,225	1,355
City of Las Vegas, Sales Tax Increment Rev. Bonds, Series 2016, 2.75% 20213	470	465
City of Las Vegas, Sales Tax Increment Rev. Bonds, Series 2016, 3.50% 20253	3,030	2,936
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds, Series 2013, 4.25% 2024	200	206
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds, Series 2013, 5.00% 2022	410	441
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds, Series 2013, 5.00% 2023	360	389
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds, Series 2013, 5.00% 2024	240	258
City of Las Vegas, Special Improvement Dist. No. 812 (Summerlin Village 24), Local Improvement Ref. Bonds, Series 2015, 4.00% 2022	1,110	1,151
City of Las Vegas, Special Improvement Dist. No. 812 (Summerlin Village 24), Local Improvement Ref. Bonds, Series 2015, 4.50% 2025	665	697
City of Las Vegas, Special Improvement Dist. No. 812 (Summerlin Village 24), Local Improvement Ref. Bonds, Series 2015, 5.00% 2026	700	751
City of Las Vegas, Special Improvement Dist. No. 812 (Summerlin Village 24), Local Improvement Ref. Bonds, Series 2015, 5.00% 2029	1,650	1,733
City of Las Vegas, Special Improvement Dist. No. 812 (Summerlin Village 24), Local Improvement Ref. Bonds, Series 2015, 5.00% 2035	1,625	1,665
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series 2017, 3.00% 2023	220	221
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series 2017, 3.00% 2024	165	163
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series 2017, 3.00% 2025	255	248
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series 2017, 3.25% 2026	250	243
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series 2017, 3.50% 2027	275	269
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series 2017, 3.50% 2028	250	242
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village), Series 2017, 4.00% 2033	635	618
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village), Series 2017, 4.25% 2037	350	344
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village), Series 2017, 4.375% 2042	500	492
City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village), Series 2017, 4.50% 2047	575	572
City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement Ref. Bonds, Series 2014, 5.00% 2026	945	1,000
City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement Ref. Bonds, Series 2014, 5.00% 2028	375	393
City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement Ref. Bonds, Series 2014, 5.00% 2029	665	692
City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement Ref. Bonds, Series 2014, 5.00% 2031	140	145

American High-Income Municipal Bond Fund — Page 36 of 63

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Bonds, notes & other debt instruments Nevada (continued)	Principal amount (000)	Value (000)
City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), Limited Obligation Improvement Bonds, 6.50% 2020 (preref. 2018)	$480	$494
City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), Limited Obligation Improvement Bonds, 6.75% 2027 (preref. 2018)	700	722
		61,957
New Hampshire 0.10%
Business Fin. Auth., Rev. Bonds (Elliot Hospital Obligated Group Issue), Series 2009-A, 6.125% 2039 (preref. 2019)	1,445	1,553
Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), Series 2007-A, 5.00% 2027	150	151
Health and Educational Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 2031	1,250	1,390
Health and Educational Facs. Auth., Rev. Bonds (Rivermead Issue), Series 2011-A, 6.875% 2041	2,625	2,869
		5,963
New Jersey 3.82%
Atlantic City, Tax Appeal Ref. Bonds, Series 2017-B, Assured Guaranty Municipal insured, 5.00% 2032	1,200	1,359
County of Camden, Improvement Auth., Health Care Redev. Project, Rev. Bonds (Cooper Health System Obligated Group Issue), Series 2013-A, 5.75% 2042	2,665	2,936
County of Camden, Improvement Auth., Health Care Redev. Project, Rev. Ref. Bonds (Cooper Health System Obligated Group Issue), Series 2014, 5.00% 2032	555	602
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, 5.25% 2039	2,500	2,666
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, 5.25% 2044	1,000	1,062
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2024	2,250	2,523
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2026	1,500	1,677
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2027	1,000	1,112
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2029	1,180	1,298
Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.00% 2037	7,050	7,330
Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.125% 2043	750	782
Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.375% 2043	7,725	8,580
Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.625% 2052	3,940	4,417
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2027	1,000	1,123
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2037	1,250	1,355
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2047	3,500	3,760
Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties LLC - Kean University Student Housing Project), Series 2017-A, 5.00% 2050	1,590	1,706
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	2,737
Econ. Dev. Auth., Rev. Ref. Bonds (Motor Vehicle Surcharges), Series 2017-A, BAM insured, 5.00% 2027	3,250	3,791
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	3,102
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2024	2,050	2,281

American High-Income Municipal Bond Fund — Page 37 of 63

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Bonds, notes & other debt instruments New Jersey (continued)	Principal amount (000)	Value (000)
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2030	$1,000	$1,085
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2035	3,750	4,014
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), Series 2015-A, 5.00% 2048	2,150	2,285
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2015-WW, 5.25% 2033	2,500	2,723
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2016-AAA, 5.50% 2031	2,000	2,290
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2034	1,500	1,617
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2035	1,000	1,077
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 2042	2,500	2,673
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, (SIFMA Municipal Swap Index + 1.60%) 2.76% 20282	13,500	13,298
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-XX, 5.00% 2021	125	134
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-XX, 5.00% 2025	10,500	11,666
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.125% 2023	3,500	3,879
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 2029	16,300	17,853
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT, 5.625% 2030	3,750	4,265
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 2033	3,500	3,926
Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012, AMT, 5.75% 2027	4,500	5,011
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Stockton University Issue), Series 2016-A, 5.00% 2027	3,000	3,410
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Stockton University Issue), Series 2016-A, 5.00% 2030	1,770	1,985
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Stockton University Issue), Series 2016-A, 5.00% 2031	2,100	2,347
Educational Facs. Auth., Rev. Bonds (Drew University Issue), Series 2003-C, National insured, 5.25% 2018 (escrowed to maturity)	1,000	1,016
County of Essex, Improvement Auth., Solid Waste Disposal Rev. Bonds (Covanta Project), AMT, 5.25% 20453	600	603
Health Care Facs. Fncg. Auth., Rev Bonds (Princeton Healthcare Systems Issue), Series 2016-A, 5.00% 2031	140	160
Health Care Facs. Fncg. Auth., Rev Bonds (Princeton Healthcare Systems Issue), Series 2016-A, 5.00% 2034	1,000	1,126
Health Care Facs. Fncg. Auth., Rev. and Rev. Ref. Bonds (Trinitas Regional Medical Center Obligated Group Issue), Series 2017-A, 5.00% 2024	1,000	1,138
Health Care Facs. Fncg. Auth., Rev. and Rev. Ref. Bonds (Trinitas Regional Medical Center Obligated Group Issue), Series 2017-A, 5.00% 2027	1,000	1,135
Health Care Facs. Fncg. Auth., Rev. and Rev. Ref. Bonds (Trinitas Regional Medical Center Obligated Group Issue), Series 2017-A, 5.00% 2030	500	558
Health Care Facs. Fncg. Auth., Rev. Bonds (AHS Hospital Corp. Issue), Series 2011, 6.00% 2041 (preref. 2021)	1,000	1,144
Health Care Facs. Fncg. Auth., Rev. Bonds (Princeton HealthCare System Issue), Series 2016-A, 5.00% 2022	210	234
Health Care Facs. Fncg. Auth., Rev. Bonds (St. Joseph’s Healthcare System Obligated Group Issue), Series 2016, 5.00% 2031	1,700	1,874
Health Care Facs. Fncg. Auth., Rev. Bonds (St. Joseph’s Healthcare System Obligated Group Issue), Series 2016, 5.00% 2035	500	545
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (RWJ Barnabas Health Obligated Group Issue), Series 2016-A, 5.00% 2043	950	1,061
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Peter’s University Hospital Obligated Group Issue), Series 2011, 6.00% 2026	2,000	2,152
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Peter’s University Hospital Obligated Group Issue), Series 2011, 6.25% 2035	3,110	3,360
Health Care Facs. Fncg. Auth., State Contract Rev. Ref. Bonds (Hospital Asset Transformation Program), Series 2017, 5.00% 2031	2,000	2,183
Health Care Facs. Fncg. Auth., State Contract Rev. Ref. Bonds (Hospital Asset Transformation Program), Series 2017, 5.00% 2036	2,000	2,160
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 3.75% 2026	745	759
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 4.00% 2020	3,000	3,139
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2021	1,500	1,640
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2022	1,000	1,110

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Bonds, notes & other debt instruments New Jersey (continued)	Principal amount (000)	Value (000)
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2015-1-A, AMT, 4.00% 2027	$4,000	$4,162
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 3.50% 2032	1,375	1,342
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 4.00% 2039	1,250	1,228
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2022	500	555
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2023	1,000	1,120
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2024	1,000	1,129
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 5.00% 2025	1,000	1,127
County of Salem, Pollution Control Fncg. Auth., Pollution Control Rev. Bonds (Philadelphia Electric Company Project), Series 1993-A, AMT, 2.50% 2025 (put 2019)	1,000	1,005
South Jersey Port Corp., Marine Terminal Rev. Bonds, Series 2017-B, AMT, 5.00% 2042	500	536
South Jersey Port Corp., Marine Terminal Rev. Bonds, Series 2017-B, AMT, 5.00% 2048	875	934
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2012-A, 5.00% 2026	1,920	2,122
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2012-A, 5.00% 2029	1,200	1,311
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2014-A, 5.00% 2025	400	457
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2014-A, 5.00% 2027	990	1,114
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2014-A, 5.00% 2033	2,300	2,541
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2014-A, 5.00% 2039	12,650	13,765
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041	8,770	8,680
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2009-A, 0% 2039	8,185	3,014
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2010-B, 0% 2027	960	642
Transportation Trust Fund Auth., Transportation System Bonds, Series 2006-C, Assured Guaranty Municipal insured, 0% 2034	11,000	5,483
Transportation Trust Fund Auth., Transportation System Bonds, Series 2006-C, National insured, 0% 2031	12,000	6,715
Transportation Trust Fund Auth., Transportation System Bonds, Series 2009-C, BAM insured, 0% 2032	1,260	691
Transportation Trust Fund Auth., Transportation System Bonds, Series 2010-A, BAM insured, 0% 2027	8,040	5,492
		233,999
New Mexico 0.16%
County of Dona Ana, Improvement Dist. Bonds (Santa Teresa Improvement Dist. - Airport Road Business Center, Phase III), Series 2001-A, 8.375% 2021	525	530
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company Four Corners Project), Series 2005-B, 1.875% 2029 (put 2020)	3,000	2,997
Hospital Equipment Loan Council, Rev. Ref. Bonds (Haverland Charter Lifestyle Group), Series 2012, 5.00% 2032	2,000	2,113
Hospital Equipment Loan Council, Rev. Ref. Bonds (Haverland Charter Lifestyle Group), Series 2012, 5.00% 2042	1,500	1,569
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2008-C, Class I, AMT, 6.95% 2039	45	45
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2009-D, Class I, 5.35% 2040	95	99
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2010-A, Class I, 4.625% 2025	215	222
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2016-A-2, Class I, AMT, 3.50% 2046	1,460	1,523
Mortgage Fin. Auth., Single Family Mortgage Program Rev. Ref. Bonds, Series 2012-B-1, Class I, AMT, 3.75% 2043	855	880
		9,978
New York 3.56%
Brooklyn Arena Local Dev. Corp., Pilot Rev. Ref. Bonds (Brooklyn Events Center LLC), Series 2016-A, 5.00% 2042	2,500	2,811
Buffalo and Erie County Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.00% 2040	600	652
Buffalo and Erie County Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.25% 2035	500	559

American High-Income Municipal Bond Fund — Page 39 of 63

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Bonds, notes & other debt instruments New York (continued)	Principal amount (000)	Value (000)
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 5.50% 2043	$500	$515
Build NYC Resource Corp., Rev. Ref. Bonds (Albert Einstein School of Medicine, Inc. Project), 5.50% 20453	3,300	3,592
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 3.75% 20203	730	744
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 4.50% 20253	450	501
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 5.00% 20353	1,150	1,262
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Series 2016-A, 0% 2048	5,000	1,495
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Series 2016-A, 0% 2051	10,000	2,580
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Series 2016-A, 0% 2052	5,000	1,227
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Series 2016-A, 0% 2054	16,000	3,608
Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), Series 2016-A, 0% 2055	10,000	2,150
Dormitory Auth., Culinary Institute of America Rev. Bonds, Series 2013, 5.50% 2033	500	571
Dormitory Auth., Icahn School of Medicine at Mount Sinai Rev. Bonds, Series 2015-A, 5.00% 2040	250	277
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2024	1,585	1,714
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2024 (preref. 2020)	5	5
Dormitory Auth., New School Rev. Bonds, Series 2015-A, 5.00% 2050	1,000	1,114
Dormitory Auth., North Shore-Long Island Jewish Obligated Group Rev. Bonds, Series 2011-A, 5.00% 2032 (preref. 2021)	4,000	4,414
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20313	500	546
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20323	500	545
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20333	1,200	1,303
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20343	1,200	1,300
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20353	1,000	1,081
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-C, 5.00% 2044	1,430	1,623
Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2017, AMT, 3.75% 2044 (put 2019)3	410	409
City of Glen Cove, Local Econ. Assistance Corp., Convertible Capital Appreciation Rev. Bonds (Garvies Point Public Improvement Project), Series 2016-C, 0% 20551	11,320	9,304
Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2011-A, 5.75% 2047	1,140	1,253
Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2011-A, 5.75% 2047 (preref. 2021)	350	392
Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2012-A, 5.25% 2047	2,390	2,577
Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2012-A, 5.25% 2047 (preref. 2021)	110	122
County of Jefferson, Civic Fac. Dev. Corp., Rev. Bonds (Samaritan Medical Center Project), Series 2017-A, 4.00% 2042	990	945
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 1, 5.00% 20443	7,450	8,017
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.15% 20343	7,500	8,237
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.375% 20403	3,160	3,473
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 3, 7.25% 20443	2,625	3,166
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.75% 2051	1,000	1,130
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049	13,360	14,322
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2029	10,000	11,974
County of Nassau, G.O. Bonds, Series 2016-A, 5.00% 2027	500	583
New York City Housing Dev. Corp., Multi Family Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048	1,600	1,629
New York City Housing Dev. Corp., Multi Family Rev. Bonds (8 Spruce Street), Series 2014-F, 4.50% 2048	10,250	10,662
New York City Industrial Dev. Agcy., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-A, AMT, 5.00% 2028	2,000	2,162
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2012, Series S-1-A, 5.00% 2032	750	826
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011 Series C, 5.00% 2039	1,000	1,082
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2014-D-1, 5.00% 2036	2,250	2,564
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2017-F-1, 5.00% 2034	750	876

American High-Income Municipal Bond Fund — Page 40 of 63

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Bonds, notes & other debt instruments New York (continued)	Principal amount (000)	Value (000)
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2014-A-1, 5.00% 2037	$1,000	$1,148
Niagara Area Dev. Corp., Solid Waste Disposal Fac. Rev. Ref. Bonds (Covanta Energy Project), Series 2012-A, AMT, 5.25% 20423	2,250	2,252
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2020	2,405	2,567
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2029	1,200	1,340
County of Onondaga, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2030	1,490	1,660
Onondaga Civic Dev. Corp., Rev. Ref. Bonds (St. Joseph’s Hospital Health Center Project), Series 2012, 5.00% 2042 (preref. 2022)	1,000	1,137
Port Auth., Consolidated Bonds, Series 207, AMT, 5.00% 2032	5,000	5,824
Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2036	2,650	2,933
Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2042	5,500	6,080
County of Rockland, G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2024	300	343
Tompkins County Dev. Corp., Rev. Bonds (Tompkins Cortland Community College Foundation, Inc. Project), Series 2013-A, 5.00% 2021	1,000	1,050
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2020	10,750	11,467
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	13,148
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	5,853
Transportation Dev. Corp., Special Facs. Bonds (Laguardia Airport Terminal B Redev. Project), Series 2016-A, AMT 4.00% 2031	2,250	2,348
Transportation Dev. Corp., Special Facs. Bonds (Laguardia Airport Terminal B Redev. Project), Series 2016-A, AMT 4.00% 2032	2,000	2,079
Transportation Dev. Corp., Special Facs. Bonds (Laguardia Airport Terminal B Redev. Project), Series 2016-A, AMT 4.00% 2033	4,500	4,660
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2041	3,250	3,559
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.00% 2046	3,300	3,600
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050	16,950	18,651
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2032	1,000	1,174
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2046	3,000	3,208
		217,975
North Carolina 0.35%
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2026 (escrowed to maturity)	1,000	1,272
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 37-A, AMT, 3.50% 2039	2,235	2,320
Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Lutheran Services for the Aging), Series 2012-A, 4.75% 2032	1,500	1,574
Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Pennybyrn at Maryfield), 5.00% 2020	725	771
Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Pennybyrn at Maryfield), 5.00% 2025	500	561
Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Pennybyrn at Maryfield), 5.00% 2030	1,900	2,047
Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Pennybyrn at Maryfield), 5.00% 2035	1,000	1,062

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Bonds, notes & other debt instruments North Carolina (continued)	Principal amount (000)	Value (000)
Medical Care Commission, Health System Rev. Ref. Bonds (Mission Health Combined Group), Series 2017, 5.00% 2035	$1,000	$1,157
Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project), Series 2008-A, 6.00% 2038 (preref. 2018)	2,230	2,247
Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project), Series 2017-B, 5.00% 2047	5,230	5,500
Medical Care Commission, Retirement Facs. First Mortgage, Rev. Ref. Bonds (Southminster), Series 2016, 5.00% 2031	2,450	2,689
		21,200
North Dakota 0.18%
County of Burleigh, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2031 (preref. 2021)	1,200	1,324
County of Burleigh, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2035 (preref. 2021)	500	552
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2016-B, AMT, 4.00% 2047	5,675	6,013
County of Ward, Health Care Facs. Rev. Bonds (Trinity Obligated Group), Series 2017-C, 5.00% 2043	2,900	3,146
		11,035
Ohio 4.52%
Air Quality Dev. Auth., Exempt Facs. Rev. Bonds (Pratt Paper (OH), LLC Project), Series 2017, AMT, 4.25% 20383	1,500	1,522
Air Quality Dev. Auth., Exempt Facs. Rev. Bonds (Pratt Paper (OH), LLC Project), Series 2017, AMT, 4.50% 20483	2,500	2,579
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project), Series 2009-C, 5.625% 2018	11,810	11,283
Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Bonds (Akron General Health System), Series 2012, 3.80% 2027 (preref. 2022)	1,770	1,854
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 5.875% 2030	1,000	973
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 5.875% 2047	101,605	98,706
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 6.50% 2047	19,960	19,959
County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.50% 2040 (preref. 2020)	2,330	2,571
County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.50% 2040 (preref. 2020)	1,710	1,880
County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2016, 5.00% 2045	2,560	2,844
City of Centerville, Health Care Improvement and Rev. Ref. Bonds, Series 2017, 5.25% 2037	3,250	3,496
City of Centerville, Health Care Improvement and Rev. Ref. Bonds, Series 2017, 5.25% 2047	3,695	3,920
City of Centerville, Health Care Improvement and Rev. Ref. Bonds, Series 2017, 5.25% 2050	2,400	2,537
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, 5.00% 2020	3,535	3,733
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2025	1,095	1,205
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2026	1,000	1,094
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2027	2,300	2,506
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2030	1,000	1,088
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2031	1,000	1,088
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2027	1,000	1,138
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2029	2,000	2,256
County of Cuyahoga, Hospital Rev. Bonds (Metrohealth System), Series 2017, 5.00% 2052	5,250	5,571
County of Cuyahoga, Hospital Rev. Bonds (Metrohealth System), Series 2017, 5.00% 2057	3,000	3,160
County of Cuyahoga, Hospital Rev. Bonds (Metrohealth System), Series 2017, 5.50% 2052	4,000	4,419
County of Cuyahoga, Hospital Rev. Bonds (Metrohealth System), Series 2017, 5.50% 2057	2,250	2,475

American High-Income Municipal Bond Fund — Page 42 of 63

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Bonds, notes & other debt instruments Ohio (continued)	Principal amount (000)	Value (000)
County of Franklin, Health Care Facs. Improvement Rev. Bonds (OPRS Communities), Series 2013-A, 6.125% 2040	$2,275	$2,520
County of Franklin, Health Care Facs. Improvement Rev. Bonds (Presbyterian Retirement Services Project), Series 2010-A, 5.625% 2026	2,850	3,023
County of Franklin, Health Care Facs. Rev. Bonds (OPRS Communities), Series 2016-C, 5.00% 2038	3,000	3,221
County of Franklin, Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-OH, 1.10% 2046 (put 2018)	5,000	5,000
County of Gallia, Hospital Facs. Rev. Ref. and Improvement Bonds (Holzer Health System Obligated Group Project), Series 2012-A, 8.00% 2042	8,180	9,456
County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2042	1,500	1,641
County of Hamilton, Healthcare Improvement and Rev. Ref. Bonds (Life Enriching Communities Project), Series 2016, 5.00% 2031	2,855	3,145
County of Hamilton, Healthcare Improvement and Rev. Ref. Bonds (Life Enriching Communities Project), Series 2016, 5.00% 2046	1,250	1,348
County of Hamilton, Healthcare Improvement and Rev. Ref. Bonds (Life Enriching Communities Project), Series 2016, 5.00% 2051	4,500	4,834
County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2011-A, 6.625% 2046 (preref. 2021)	1,000	1,137
County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2017-A, 5.00% 2052	1,125	1,212
County of Licking, Health Care Facs. Rev. Ref. Bonds (Kendal Granville), Series 2015-A, 6.00% 2050	3,560	3,787
County of Licking, Health Care Facs. Rev. Ref. Bonds (Kendal Granville), Series 2015-A, 6.125% 2042	8,500	9,151
County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00% 2033	1,435	1,523
County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00% 2044	2,000	2,103
County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00% 2048	4,000	4,198
Solid Waste Disposal Rev. Bonds (USG Corp. Project), Series 1997, AMT, 5.60% 2032	950	952
Southeastern Ohio Port Auth., Hospital Facs. Improvement Rev. Bonds (Memorial Health System Obligated Group Project), Series 2015, 5.00% 2020	350	367
Southeastern Ohio Port Auth., Hospital Facs. Improvement Rev. Bonds (Memorial Health System Obligated Group Project), Series 2017, 5.00% 2018	500	508
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2012, 5.75% 2032	7,305	7,948
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2012, 6.00% 2042	10,700	11,655
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2015, 5.00% 2035	850	894
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2015, 5.00% 2043	750	779
Tax-Exempt Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, 5.00% 2039	120	133
Tax-Exempt Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, 5.00% 2053	9,465	10,404
County of Warren, Healthcare Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2016-A, 5.00% 2040	1,575	1,771
		276,567
Oklahoma 0.71%
County of Comanche, Hospital Auth., Hospital Rev. Ref. Bonds, Series 2015, 5.00% 2025	1,500	1,625
County of Comanche, Hospital Auth., Hospital Rev. Ref. Bonds, Series 2015, 5.00% 2029	945	991
Fort Sill Apache Tribe, Econ. Dev. Auth., Gaming Enterprise Rev. Bonds, Series 2011-A, 8.50% 20263	6,615	7,642
City of Tulsa, Industrial Auth., Rev. Ref. Bonds (University of Tulsa), Series 2009, 6.00% 2027	1,285	1,374
Trustees of the Tulsa Airports Improvement Trust, General Airport Rev. Bonds, Series 2015-A, AMT, BAM insured, 5.00% 2023	1,785	2,001
Trustees of the Tulsa Airports Improvement Trust, General Airport Rev. Bonds, Series 2015-A, AMT, BAM insured, 5.00% 2035	1,000	1,093

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Bonds, notes & other debt instruments Oklahoma (continued)	Principal amount (000)	Value (000)
Trustees of the Tulsa Airports Improvement Trust, General Airport Rev. Bonds, Series 2015-A, AMT, BAM insured, 5.00% 2045	$2,480	$2,683
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2001-B, AMT, 5.50% 2035	15,875	17,197
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2013-B, AMT, 5.50% 2035	120	130
Trustees of the Tulsa Municipal Airport Trust, Series 2015, AMT, 5.00% 2035 (put 2025)	8,250	8,966
		43,702
Oregon 0.52%
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 3.00% 2018	380	383
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 3.00% 2018	150	150
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 3.00% 2019	445	450
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 3.00% 2019	340	343
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2020	460	478
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2020	450	464
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2021	485	507
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2021	235	244
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2022	370	388
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2023	260	271
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2024	250	260
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2024	225	235
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2025	230	238
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2025	155	160
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2026	200	206
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 4.00% 2026	200	205
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 5.00% 2032	700	763
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 5.00% 2037	1,000	1,079
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 5.00% 2047	5,200	5,548
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, 5.00% 2052	2,500	2,657
County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-B, 3.00% 2022	2,500	2,500
Facs. Auth., Rev. Bonds (University of Portland Projects), Series 2015-A, 5.00% 2045	1,500	1,667
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-E, AMT, 3.50% 2040	2,730	2,862

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Bonds, notes & other debt instruments Oregon (continued)	Principal amount (000)	Value (000)
City of Klamath Falls, Intercommunity Hospital Auth., Rev. Ref. Bonds (Sky Lakes Medical Center Project), Series 2016, 5.00% 2027	$200	$232
City of Klamath Falls, Intercommunity Hospital Auth., Rev. Ref. Bonds (Sky Lakes Medical Center Project), Series 2016, 5.00% 2028	265	307
City of Klamath Falls, Intercommunity Hospital Auth., Rev. Ref. Bonds (Sky Lakes Medical Center Project), Series 2016, 5.00% 2029	235	270
City of Klamath Falls, Intercommunity Hospital Auth., Rev. Ref. Bonds (Sky Lakes Medical Center Project), Series 2016, 5.00% 2030	200	228
City of Klamath Falls, Intercommunity Hospital Auth., Rev. Ref. Bonds (Sky Lakes Medical Center Project), Series 2016, 5.00% 2031	200	228
City of Klamath Falls, Intercommunity Hospital Auth., Rev. Ref. Bonds (Sky Lakes Medical Center Project), Series 2016, 5.00% 2032	270	307
County of Polk, Hospital Fac. Auth., Rev. Bonds (Dallas Retirement Village Project), Series 2015-A, 5.50% 2050	5,080	5,371
County of Yamhill, Hospital Auth., Rev. and Rev. Ref. Bonds (Friendsview Retirement Community), Series 2016-A, 5.00% 2036	625	675
County of Yamhill, Hospital Auth., Rev. and Rev. Ref. Bonds (Friendsview Retirement Community), Series 2016-A, 5.00% 2046	1,750	1,873
		31,549
Pennsylvania 5.40%
County of Allegheny, Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2007-A-1, (3-month USD-LIBOR x 0.67 + 0.82%) 1.742% 20372	6,000	5,766
City of Allentown, Dev. Auth., Rev. Bonds (Academy-Charter), Series 2017-A, 6.25% 20473	5,500	5,478
County of Chester, Health and Education Facs. Auth., Rev. Bonds (Simpson Senior Services Project), Series 2015-A, 5.00% 2030	1,000	1,045
County of Chester, Health and Education Facs. Auth., Rev. Bonds (Simpson Senior Services Project), Series 2015-A, 5.00% 2035	1,000	1,029
County of Chester, Health and Education Facs. Auth., Rev. Bonds (Simpson Senior Services Project), Series 2015-A, 5.25% 2045	3,860	4,005
County of Chester, Individual Dev. Auth., Rev. Bonds (Avon Grove Charter School Project), Series 2017-A, 5.00% 2047	1,160	1,215
County of Chester, Individual Dev. Auth., Rev. Bonds (Avon Grove Charter School Project), Series 2017-A, 5.00% 2051	645	670
County of Crawford, Hospital Auth., Rev. Bonds (Meadville Medical Center Project), Series 2016-A, 6.00% 2036	1,515	1,591
County of Crawford, Hospital Auth., Rev. Bonds (Meadville Medical Center Project), Series 2016-A, 6.00% 2046	7,500	7,808
County of Crawford, Hospital Auth., Rev. Bonds (Meadville Medical Center Project), Series 2016-A, 6.00% 2051	4,775	4,945
County of Cumberland, Municipal Auth., Rev. Bonds (Diakon Lutheran Social Ministries Project), Series 2016, 5.00% 2030	1,000	1,120
County of Cumberland, Municipal Auth., Rev. Bonds (Diakon Lutheran Social Ministries Project), Series 2016, 5.00% 2033	1,610	1,786
County of Dauphin, General Auth., Health System Rev. Bonds (Pinnacle Health System Project), Series 2016-A, 5.00% 2034	1,245	1,414
County of Dauphin, General Auth., Health System Rev. Bonds (Pinnacle Health System Project), Series 2016-A, 5.00% 2036	500	566
Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2023	2,420	2,711
City of Doylestown, Hospital Auth., Doylestown Hospital Rev. Bonds, Series 2016-A, 5.00% 2041	1,000	1,062
City of Doylestown, Hospital Auth., Doylestown Hospital Rev. Bonds, Series 2016-A, 5.00% 2046	7,370	7,805
East Hempfield Township, Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2013, 5.00% 2035	1,000	1,064
East Hempfield Township, Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2013, 5.00% 2045	2,750	2,906

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Bonds, notes & other debt instruments Pennsylvania (continued)	Principal amount (000)	Value (000)
East Hempfield Township, Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2014, 5.00% 2029	$730	$794
East Hempfield Township, Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2014, 5.00% 2034	875	936
East Hempfield Township, Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2014, 5.00% 2039	440	468
East Hempfield Township, Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2014, 5.00% 2046	2,850	3,020
East Hempfield Township, Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2015, 5.00% 2025	4,905	5,294
East Hempfield Township, Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2015, 5.00% 2030	825	899
East Hempfield Township, Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2015, 5.00% 2047	2,500	2,656
East Hempfield Township, Industrial Dev. Auth., Rev. Ref. Bonds (Willow Valley Communities Project), 5.00% 2027	500	581
East Hempfield Township, Industrial Dev. Auth., Rev. Ref. Bonds (Willow Valley Communities Project), 5.00% 2028	900	1,041
East Hempfield Township, Industrial Dev. Auth., Rev. Ref. Bonds (Willow Valley Communities Project), 5.00% 2029	300	345
Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (PPL Energy Supply, LLC Project), Series 2009-C, 5.00% 2037 (put 2020)	7,275	7,329
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2029	5,000	5,714
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2034	9,200	10,304
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2038	5,000	5,565
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2014, AMT, 1.55% 2044 (put 2018)	1,500	1,500
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2013, AMT, 1.20% 2045 (put 2018)2	4,340	4,340
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), Series 2010, 6.00% 2043 (preref. 2020)	6,700	7,402
Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania), Series 2011, 6.00% 2031	2,000	2,210
Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania), Series 2011, 6.25% 2043	4,690	5,185
Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania), Series 2012, 5.00% 2030	1,000	1,058
Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania), Series 2012, 5.00% 2044	4,260	4,449
Higher Educational Facs. Auth., Rev. Bonds (Thomas Jefferson University), Series 2015-A, 5.25% 2050	2,400	2,688
Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East Stroudsburg University of Pennsylvania), Series 2010, 5.00% 2031	4,925	5,164
Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East Stroudsburg University of Pennsylvania), Series 2010, 5.00% 2042	7,890	8,150
Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East Stroudsburg University of Pennsylvania), Series 2016-A, 5.00% 2026	570	627
Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East Stroudsburg University of Pennsylvania), Series 2016-A, 5.00% 2031	750	815
Higher Educational Facs. Auth., University of Pennsylvania Health System, Health System Rev. Bonds, Series 2017-A, 5.00% 2042	1,000	1,132
Higher Educational Facs. Auth., University of Pennsylvania Health System, Rev. Bonds, Series 2011-A, 5.75% 2041 (preref. 2021)	1,500	1,708

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Bonds, notes & other debt instruments Pennsylvania (continued)	Principal amount (000)	Value (000)
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-123-A, AMT, 4.00% 2039	$3,780	$4,034
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-124-A, AMT, 4.00% 2038	8,315	8,855
Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (Wesley Enhanced Living Obligated Group), Series 2017-A, 5.00% 2032	400	435
Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (Wesley Enhanced Living Obligated Group), Series 2017-A, 5.00% 2037	500	538
County of Lancaster, Hospital Auth., Health Center Rev. Bonds (Brethren Village Project), Series 2017, 5.00% 2030	600	665
County of Lancaster, Hospital Auth., Health Center Rev. Bonds (Brethren Village Project), Series 2017, 5.00% 2032	750	823
County of Lancaster, Hospital Auth., Health Center Rev. Bonds (Brethren Village Project), Series 2017, 5.25% 2041	1,000	1,101
Lancaster Industrial Dev. Auth., Rev. Bonds (Garden Spot Village Project), Series 2013, 5.75% 2035	1,000	1,121
County of Lycoming, Health System Rev. Bonds (Susquehanna Health System Project), Series 2009-A, 5.75% 2039	4,500	4,749
County of Montgomery, Higher Education and Health Auth. Rev. Ref. Bonds, Series 2017, 5.00% 2047	3,500	3,847
County of Montgomery, Higher Education and Health Auth., Hospital Rev. Bonds (Abington Memorial Hospital Obligated Group), Series 2012-A, 5.00% 2031 (preref. 2022)	520	589
County of Montgomery, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2028	1,500	1,666
County of Montgomery, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2036	4,980	5,395
County of Montgomery, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2045	10,575	11,370
County of Montgomery, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2046	2,060	2,214
County of Montgomery, Industrial Dev. Auth., Mortgage Rev. Bonds (Whitemarsh Continuing Care Retirement Community Project), Series 2008, 7.00% 2036 (preref. 2018)	2,000	2,000
County of Montgomery, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (PECO Energy Company Project), Series 1999-B, AMT, 2.70% 2034 (put 2020)	3,500	3,508
County of Montgomery, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (PECO Energy Company Project), Series 2001-A, AMT, 2.70% 2034 (put 2020)	2,000	2,005
County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2009-A-1, 6.25% 2029 (preref. 2019)	725	784
County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2016, 5.00% 2036	6,750	7,575
County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2012, 5.00% 2027	2,500	2,733
County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2012, 5.00% 2028	2,800	3,051
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Foulkeways at Gwynedd Project), Series 2016, 5.00% 2030	350	385
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Foulkeways at Gwynedd Project), Series 2016, 5.00% 2046	325	346
County of Northampton, General Purpose Auth., Hospital Rev. Bonds (St. Luke’s University Health Network Project), Series 2016-A, 5.00% 2046	1,000	1,090
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2012-A, 5.625% 2042	12,320	13,479
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2017, 5.00% 2027	1,500	1,687
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2017, 5.00% 2028	1,000	1,116
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2017, 5.00% 2030	2,730	3,019

American High-Income Municipal Bond Fund — Page 47 of 63

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Bonds, notes & other debt instruments Pennsylvania (continued)	Principal amount (000)	Value (000)
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2017, 5.00% 2031	$1,000	$1,102
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2017, 5.00% 2032	1,000	1,098
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2017, 5.00% 2033	1,000	1,093
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Ref. Bonds (Temple University Health System Obligated Group), Series 2012-A, 5.625% 2036	3,885	4,270
City of Philadelphia, Industrial Dev. Auth., Rev. Bonds (University of the Sciences), Series 2017, 5.00% 2047	4,925	5,479
Philadelphia School Dist., G.O. Bonds, Series 2011-E, 5.25% 2023	300	319
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2028	4,500	5,011
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2029	6,500	7,187
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2030	1,990	2,188
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2030 (preref. 2026)	10	12
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2036	1,000	1,079
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2037	1,500	1,614
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2038	1,000	1,073
Public Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Company), Series 2014, AMT, 5.50% 2044	4,500	4,767
Public School Building Auth., School Lease Rev. Ref. Bonds (School Dist. of Philadelphia Project), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2030	5,000	5,569
Reading School Dist. (Berks County), G.O. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2027	275	321
Reading School Dist. (Berks County), G.O. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2028	275	320
Reading School Dist. (Berks County), G.O. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2036	1,100	1,243
Reading School Dist. (Berks County), G.O. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2038	1,000	1,125
Scranton School Dist. (Lackawanna County), G.O. Bonds, Series 2017-E, BAM insured, 4.00% 2037	1,000	1,024
Scranton School Dist. (Lackawanna County), G.O. Bonds, Series 2017-E, BAM insured, 5.00% 2034	825	937
Scranton School Dist. (Lackawanna County), G.O. Bonds, Series 2017-E, BAM insured, 5.00% 2035	750	850
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2019	3,630	3,725
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2020	3,855	4,052
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2023	4,120	4,583
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2027	10,210	11,166
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-B, 4.00% 2033	650	656
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2017, AMT, 5.00% 2035	3,540	3,981
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2017, AMT, 5.00% 2038	3,450	3,856
Turnpike Commission, Turnpike Rev. Bonds, Series 2016-A-1, 5.00% 2046	1,000	1,120
Turnpike Commission, Turnpike Rev. Bonds, Series 2016-A-2, (1-month USD-LIBOR x 0.70 + 0.70%) 1.795% 20182	3,000	3,004
Turnpike Commission, Turnpike Rev. Bonds, Series 2017-B-1, 5.00% 2042	4,500	5,007
Turnpike Commission, Turnpike Rev. Bonds, Series 2017-B-2, Assured Guaranty Municipal insured, 5.00% 2033	1,000	1,147
County of Washington, Redev. Auth., Redev. Bonds (Victory Centre Project - Tanger Outlet Dev.), Series 2006-A, 5.45% 2035	4,820	4,823
		330,341
Puerto Rico 2.28%
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042	14,720	10,930
Electric Power Auth., Power Rev. Bonds, Series 2005-SS, Assured Guaranty Municipal insured, 5.00% 2030	80	80
Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 20285	500	179

American High-Income Municipal Bond Fund — Page 48 of 63

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Bonds, notes & other debt instruments Puerto Rico (continued)	Principal amount (000)	Value (000)
Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.25% 20285	$500	$179
Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 5.25% 20355	1,545	552
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 6.75% 20365	1,315	470
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 20405	675	241
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 20435	745	266
Electric Power Auth., Power Rev. Ref. Bonds, Series 2003-NN, National insured, 4.75% 2033	515	456
Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, Assured Guaranty Municipal insured, 3.65% 2024	105	105
Electric Power Auth., Power Rev. Ref. Bonds, Series CCC, 5.25% 20275	1,025	366
Electric Power Auth., Power Rev. Ref. Bonds, Series UU, Assured Guaranty Municipal insured, (3-month USD-LIBOR x 0.67 + 0.52%) 1.655% 20292	14,075	12,104
Electric Power Auth., Power Rev. Ref. Bonds, Series WW, 5.50% 20385	2,445	874
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2003-AA-1, Assured Guaranty Municipal insured, 4.95% 2026	545	564
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2007-CC, Assured Guaranty insured, 5.50% 2031	385	433
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2007-CC, Assured Guaranty Municipal insured, 5.25% 2032	820	905
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2007-CC, Assured Guaranty Municipal insured, 5.25% 2033	555	614
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2007-CC, Assured Guaranty Municipal insured, 5.50% 2029	210	236
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2005-L, Assured Guaranty insured, 5.25% 2019	1,000	1,030
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2034	5,550	6,151
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2036	13,850	15,365
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty Municipal insured, 5.50% 2026	585	653
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2002, 5.375% 2021	70	70
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2002, 5.50% 2031	600	565
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2006, 5.00% 2021	2,150	2,150
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2006, 5.00% 2036	215	188
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2012, 5.00% 2027	3,500	3,316
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2012, 5.125% 2032	3,250	2,933
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2012, 5.375% 2042	5,955	5,255
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2004, National insured, 4.25% 2024	550	550
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2018	2,500	2,526
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2019	1,500	1,532
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2020	3,485	3,586
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2021	2,385	2,467

American High-Income Municipal Bond Fund — Page 49 of 63

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Bonds, notes & other debt instruments Puerto Rico (continued)	Principal amount (000)	Value (000)
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2022	$1,000	$1,036
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2031	1,700	1,705
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), 4.00% 2024	300	237
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 3.00% 2018	855	831
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.00% 2023	960	778
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.00% 2026	795	575
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.125% 2027	995	733
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.375% 2031	1,025	711
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2020	50	45
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2042	1,980	1,300
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. Bonds (Inter American University of Puerto Rico Project), Series 2004, National insured, 4.50% 2029	2,220	2,176
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% 2018	630	637
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% 2021	2,170	2,305
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	13,380	13,927
Public Improvement G.O. Bonds, Series 2001-A, National insured, 5.50% 2020	650	654
Public Improvement G.O. Ref. Bonds, Series 2001-A, Assured Guaranty insured, 5.50% 2029	915	1,024
Public Improvement G.O. Ref. Bonds, Series 2007-A, Assured Guaranty insured, 5.50% 2020	3,095	3,115
Public Improvement G.O. Ref. Bonds, Series 2012-A, 5.00% 20415	5,405	1,365
Public Improvement G.O. Rev. Ref. Bonds, Series 2007-A, National insured, 5.50% 2018	75	76
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2007-A, AMBAC-BHAC insured, 0% 2054	815	141
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2007-A, National insured, 0% 2041	6,240	1,362
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2007-A, National insured, 0% 2042	8,350	1,727
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-A, Assured Guaranty Municipal insured, 0% 2024	180	131
University of Puerto Rico, University System Rev. Bonds, Series 2006-P, 5.00% 2025	90	60
University of Puerto Rico, University System Rev. Bonds, Series 2006-Q, 5.00% 2024	125	83
University of Puerto Rico, University System Rev. Bonds, Series 2006-Q, 5.00% 2025	255	169
University of Puerto Rico, University System Rev. Bonds, Series 2006-Q, 5.00% 2030	164	109
University of Puerto Rico, University System Rev. Bonds, Series 2006-Q, 5.00% 2036	1,780	1,179
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2019	1,730	1,181
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2020	550	364
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2021	155	103
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2022	1,755	1,163
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2023	5,665	3,753
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2024	4,060	2,690
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2026	1,135	752
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2030	2,175	1,441
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, National insured, 5.00% 2024	50	49
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, National insured, 5.00% 2025	60	58
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2018	1,855	1,582
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2018	860	734
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2019	2,490	1,699

American High-Income Municipal Bond Fund — Page 50 of 63

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Bonds, notes & other debt instruments Puerto Rico (continued)	Principal amount (000)	Value (000)
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2020	$7,130	$4,724
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2021	555	368
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2022	4,030	2,670
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2026	15	10
		139,423
Rhode Island 1.05%
Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 2030	500	577
Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 2041	500	560
Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Care New England Issue), Series 2013-A, 6.00% 2033 (preref. 2023)	1,250	1,515
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Care New England Issue), Series 2016-B, 5.00% 2031	11,410	12,274
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Care New England Issue), Series 2016-B, 5.00% 2036	11,450	12,121
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2016, 5.00% 2029	1,380	1,550
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2016, 5.00% 2033	1,000	1,105
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 68-C, AMT, 3.50% 2039	11,650	12,038
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 3.625% 2026	1,000	1,001
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 4.00% 2027	2,500	2,547
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 4.00% 2028	1,000	1,014
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2016-A, AMT, 3.125% 2027	1,500	1,451
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2016-A, AMT, 3.25% 2028	1,500	1,447
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2016-A, AMT, 3.375% 2029	2,815	2,725
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2017-A, AMT, 3.80% 2031	2,825	2,888
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2017-A, AMT, 4.00% 2027	2,950	3,026
Tobacco Settlement Fin. Corp., Tobacco Settlement Asset-Backed Bonds, Series 2007-A, 0% 2052	60,265	6,129
		63,968
South Carolina 1.06%
Connector 2000 Association Inc., Toll Road Rev. Bonds, Series 2011-A, 0% 2021	46	37
Connector 2000 Association Inc., Toll Road Rev. Bonds, Series 2011-A-1, 0% 2032	3,048	1,137
Connector 2000 Association Inc., Toll Road Rev. Bonds, Series 2011-A-1, 0% 2042	19,383	3,342
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2016-B-2, AMT, 4.00% 2043	4,860	5,185
Jobs-Econ. Dev. Auth., First Mortgage Health Care Facs., Rev. Ref. Bonds (The Lutheran Homes of South Carolina, Inc.), Series 2017, 5.00% 2037	1,860	1,958
Jobs-Econ. Dev. Auth., First Mortgage Health Care Facs., Rev. Ref. Bonds (The Lutheran Homes of South Carolina, Inc.), Series 2017, 5.00% 2042	1,855	1,942
Jobs-Econ. Dev. Auth., Health Facs. Rev. Ref. Bonds (Wesley Commons), Series 2016, 5.00% 20363	2,000	2,019
Jobs-Econ. Dev. Auth., Health Facs. Rev. Ref. Bonds (Wesley Commons), Series 2016, 5.00% 20413	6,000	6,008
Jobs-Econ. Dev. Auth., Residential Facs. Rev. (Episcopal Home Still Hopes), 5.00% 2047	5,700	5,925
Jobs-Econ. Dev. Auth., Residential Facs. Rev. (Episcopal Home Still Hopes), 5.00% 2052	5,055	5,227
Jobs-Econ. Dev. Auth., Student Housing Rev. Bonds (Coastal Housing Foundation, LLC Project), Series 2009-A, 6.50% 2042 (preref. 2020)	4,000	4,414
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2043	500	538
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.50% 2054	2,250	2,512
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-E, 5.25% 2055	8,920	9,974
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2041	3,000	3,373
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2013-B, 5.125% 2043	1,125	1,241
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2014-B, 5.00% 2038	3,000	3,296
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 2034	6,225	7,034
		65,162

American High-Income Municipal Bond Fund — Page 51 of 63

unaudited

Bonds, notes & other debt instruments South Dakota 0.14%	Principal amount (000)	Value (000)
Health and Educational Facs. Auth., Rev. Bonds (Sanford), Series 2014-B, 5.00% 2044	$800	$877
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-A, AMT, 4.00% 2044	1,550	1,628
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2017-E, AMT, 4.00% 2039	5,000	5,289
Housing Dev. Auth., Homeownership Mortgage Rev. Ref. Bonds, Series 2012-D, AMT, 4.00% 2029	760	789
		8,583
Tennessee 0.52%
City of Chattanooga, Hospital Auth., Hospital Rev. Ref. Bonds (Erlanger Health System), Series 2014, 5.00% 2039	4,315	4,665
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, AMT, 4.00% 2045	2,795	2,933
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-A, AMT, 3.50% 2047	3,580	3,728
City of Lewisburg, Industrial Dev. Board, Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. of Tennessee Project), Series 2012, AMT, 1.20% 2035 (put 2018)2	7,500	7,500
City of Memphis, Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.625% 2020	1,685	1,832
City of Memphis, Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.75% 2024	1,000	1,089
City of Memphis, Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.00% 2021	1,495	1,684
City of Memphis, Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.00% 2022	1,000	1,127
County of Shelby, Health, Educational and Housing Fac. Board, Residential Care Fac. Mortgage Rev. Ref. Bonds (Village at Germantown), Series 2012, 5.375% 2047	1,735	1,804
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2020	5,000	5,300
		31,662
Texas 8.09%
Arlington Higher Education Fin. Corp., Education Rev. Bonds (UME Preparatory Academy), Series 2017-A, 5.00% 2038	1,000	1,002
Arlington Higher Education Fin. Corp., Education Rev. Bonds (UME Preparatory Academy), Series 2017-A, 5.00% 2048	1,900	1,879
Arlington Higher Education Fin. Corp., Education Rev. Bonds (UME Preparatory Academy), Series 2017-A, 5.00% 2053	925	899
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 2.75% 2026	4,095	4,079
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 5.00% 2036	1,630	1,787
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 5.00% 2046	2,015	2,162
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 5.00% 2051	4,100	4,365
Austin Convention Enterprises, Convention Center Hotel Rev. Ref. Bonds, Series 2017-A, 5.00% 2030	1,600	1,870
City of Austin, Airport System Rev. Bonds, Series 2014, AMT, 5.00% 2044	2,750	3,034
Brazoria Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Brazosport Regional Health System), Series 2012, 5.25% 2032 (preref. 2022)	750	853
County of Brazoria, Brazos River Harbor Navigation Dist., Environmental Facs. Rev. Ref. Bonds (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033	24,835	25,687
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2010, 5.75% 2025 (preref. 2020)	1,000	1,078
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.00% 2041 (preref. 2021)	3,000	3,363
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.25% 2046 (preref. 2021)	2,200	2,482
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2040	1,295	1,433
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2045	1,000	1,103
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2016-B, 5.00% 2028	500	576
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds, Series 2012-D, AMT, 5.00% 2042	9,000	9,780
City of Decatur, Hospital Auth., Hospital Rev. Bonds (Wise Regional Health System), Series 2014-A, 5.00% 2034	1,500	1,593
City of Decatur, Hospital Auth., Hospital Rev. Bonds (Wise Regional Health System), Series 2014-A, 5.25% 2044	1,500	1,613
County of Fort Bend, Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-A, 4.75% 2038	4,500	4,666
County of Fort Bend, Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-B, 4.75% 2042	5,000	5,165

American High-Income Municipal Bond Fund — Page 52 of 63

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Bonds, notes & other debt instruments Texas (continued)	Principal amount (000)	Value (000)
County of Gregg, Health Facs. Dev. Corp., Hospital Rev. Bonds, (Good Shepherd Medical Center Project), Series 2012-C, 3.82% 2025	$4,245	$4,345
County of Gregg, Health Facs., Dev. Corp., Hospital Rev. Bonds (Good Shepherd Health System Obligated Group), Series 2012-C, 5.00% 2032	925	978
Gulf Coast Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (CITGO Petroleum Corp. Project), Series 1995, AMT, 4.875% 2025	4,000	4,163
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), 5.00% 2037	2,530	2,611
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), 5.00% 2048	12,830	13,135
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 5.00% 2033	275	283
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 5.00% 2038	510	523
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 5.00% 2043	1,240	1,269
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-B, 7.00% 2048 (preref. 2023)	3,800	4,693
County of Harris, Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Young Men’s Christian Assn. of the Greater Houston Area), Series 2013-A, 5.00% 2033	1,400	1,491
County of Harris, Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Young Men’s Christian Assn. of the Greater Houston Area), Series 2013-A, 5.00% 2038	3,500	3,716
County of Harris, Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), Series 2008-B, 7.25% 2035 (preref. 2018)	2,250	2,357
County of Harris, Industrial Dev. Corp., Solid Waste Disposal Rev. Bonds (Deer Park Refining Limited Partnership Project), Series 2006, 5.00% 2023 (preref. 2019)	1,000	1,056
County of Harris, North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 5.00% 2033	500	579
County of Harris, North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 5.00% 2034	1,250	1,443
County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2014-A, 0% 2042	1,000	343
County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2014-A, 0% 2050	1,500	337
County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2014-A, 5.00% 2053	1,000	1,103
County of Harrison, Health Facs. Dev. Corp., Hospital Rev. Bonds (Good Shepherd Health System), Series 2010, 5.25% 2028	2,625	2,747
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2009-A, 5.375% 2039	40	40
City of Houston, Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2032	1,000	1,092
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.50% 2030	9,300	10,305
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.625% 2038	3,000	3,328
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-B-1, AMT, 5.00% 2030	3,000	3,324
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-C, AMT, 5.00% 2020	8,485	8,997
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 4.75% 2024	5,500	6,055
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 5.00% 2029	6,745	7,415
City of Houston, Combined Utility System, Rev. Ref. Bonds, Series 2014-C, 5.00% 2025	1,670	1,946
City of Irving, Hospital Auth., Hospital Rev. Bonds (Baylor Scott & White Medical Center-Irving), Series 2017-A, 5.00% 2033	1,000	1,105
City of Irving, Hospital Auth., Hospital Rev. Bonds (Baylor Scott & White Medical Center-Irving), Series 2017-A, 5.00% 2044	2,320	2,520

American High-Income Municipal Bond Fund — Page 53 of 63

unaudited

Bonds, notes & other debt instruments Texas (continued)	Principal amount (000)	Value (000)
City of Irving, Hospital Auth., Hospital Rev. Bonds (Baylor Scott & White Medical Center-Irving), Series 2017-B, (SIFMA Municipal Swap Index + 1.11%) 2.26% 2044 (put 2023)2	$1,500	$1,500
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), 5.00% 2024	1,000	1,131
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), 5.00% 2025	1,000	1,138
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), 5.00% 2030	3,450	3,807
Love Field Airport Modernization Corp., Special Facs. Rev. Bonds (Southwest Airlines Co. - Love Field Modernization Program Project), Series 2010, 5.25% 2040	2,750	2,957
County of Matagorda, Navigation Dist. No. 1, Pollution Control Rev. Ref. Bonds (Central Power and Light Company Project), Series 1996, AMT, 1.75% 2030 (put 2020)	400	394
County of Matagorda, Navigation Dist. No. 1, Rev. Ref. Bonds (Houston Lighting & Power Co. Project), Series 1997, AMT, AMBAC insured, 5.125% 2028	3,280	3,835
Mission Econ. Dev. Corp., Rev. Bonds (Natgasoline Project), Series 2016-A, AMT, 5.75% 20313	2,000	2,088
Mission Econ. Dev. Corp., Rev. Bonds (Natgasoline Project), Series 2016-B, AMT, 5.75% 20313	10,830	11,305
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, AMT, 2.50% 2020	2,500	2,511
Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-B, (SIFMA Municipal Swap Index + 0.55%) 1.71% 20272	3,000	2,918
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2026	5,000	5,550
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2030	3,500	3,840
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2031	1,500	1,643
New Hope Cultural Education Facs. Fin. Corp., Education Rev. Bonds (Jubilee Academic Center Inc.), Series 2016-A, 5.00% 20363	8,710	8,785
New Hope Cultural Education Facs. Fin. Corp., Education Rev. Bonds (Jubilee Academic Center Inc.), Series 2016-A, 5.00% 20463	3,960	3,877
New Hope Cultural Education Facs. Fin. Corp., Education Rev. Bonds (Jubilee Academic Center Inc.), Series 2017-A, 5.00% 20373	2,000	2,009
New Hope Cultural Education Facs. Fin. Corp., Education Rev. Bonds (Jubilee Academic Center Inc.), Series 2017-A, 5.125% 20473	2,085	2,089
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (MRC Crestview Project), Series 2016, 5.00% 2031	850	902
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (MRC Crestview Project), Series 2016, 5.00% 2046	4,350	4,506
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (MRC Senior Living - The Langford Project), Series 2016-A, 5.375% 2036	500	504
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (MRC Senior Living - The Langford Project), Series 2016-A, 5.50% 2046	800	807
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (MRC Senior Living - The Langford Project), Series 2016-A, 5.50% 2052	1,150	1,155
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (MRC Senior Living - The Langford Project), Series 2016-B-2, 3.00% 2021	475	473
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes Inc Project), Series 2014, 5.50% 2043	3,700	3,963
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes Inc Project), Series 2014, 5.50% 2049	1,150	1,227
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes Inc. Project), Series 2014, 5.50% 2035	100	108
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2025	350	398
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2026	330	373
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2031	900	986

American High-Income Municipal Bond Fund — Page 54 of 63

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Bonds, notes & other debt instruments Texas (continued)	Principal amount (000)	Value (000)
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2040	$4,900	$5,280
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University-Corpus Christi Project), Series 2016-A, 5.00% 2031	1,615	1,743
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University-Corpus Christi Project), Series 2016-A, 5.00% 2036	2,540	2,657
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University-Corpus Christi Project), Series 2016-A, 5.00% 2048	5,050	5,249
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Island Campus, LLC - Texas A&M University-Corpus Christi Island Campus Project), Series 2017-A, 5.00% 2031	800	891
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Island Campus, LLC - Texas A&M University-Corpus Christi Island Campus Project), Series 2017-A, 5.00% 2032	855	953
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Island Campus, LLC - Texas A&M University-Corpus Christi Island Campus Project), Series 2017-A, 5.00% 2037	2,110	2,318
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Island Campus, LLC - Texas A&M University-Corpus Christi Island Campus Project), Series 2017-A, 5.00% 2042	1,625	1,781
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Stephenville II, LLC - Tarleton State University Project), Series 2014-A, 5.00% 2039	2,250	2,412
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University Project), Series 2014-A, 5.00% 2046	5,265	5,624
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	1,800	2,006
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% 2035	1,800	1,955
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% 2047	8,315	9,010
Newark Higher Education Fin. Corp., Education Rev. Bonds (Austin Achieve Public School, Inc.), Series 2017-A, 5.00% 2032	750	758
Newark Higher Education Fin. Corp., Education Rev. Bonds (Austin Achieve Public School, Inc.), Series 2017-A, 5.00% 2037	600	602
Newark Higher Education Fin. Corp., Education Rev. Bonds (Austin Achieve Public School, Inc.), Series 2017-A, 5.00% 2042	1,000	1,001
Newark Higher Education Fin. Corp., Education Rev. Bonds (Austin Achieve Public School, Inc.), Series 2017-A, 5.25% 2048	3,000	3,020
North Texas Tollway Auth., System Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-D, Assured Guaranty insured, 0% 2032	8,000	5,032
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028	560	583
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028 (preref. 2019)	1,220	1,270
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2034 (preref. 2021)	1,500	1,684
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2032	4,500	5,052
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2034	2,000	2,231
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2035	1,000	1,113
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2038	1,000	1,107
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2017-A, 5.00% 2039	10,000	11,491
Private Activity Bond Surface Transportation Corp., Rev. Bonds (Blueridge Transportation Group, LLC SH 288 Toll Lanes Project), Series 2016, AMT, 5.00% 2045	1,000	1,101
Private Activity Bond Surface Transportation Corp., Rev. Bonds (Blueridge Transportation Group, LLC SH 288 Toll Lanes Project), Series 2016, AMT, 5.00% 2050	1,850	2,031
Private Activity Bond Surface Transportation Corp., Rev. Bonds (Blueridge Transportation Group, LLC SH 288 Toll Lanes Project), Series 2016, AMT, 5.00% 2055	3,060	3,348
Public Fin. Auth., Texas Southern University, Rev. Fncg. System Bonds, Series 2016, BAM insured, 4.00% 2031	1,165	1,217
Red River Education Fin. Corp., Higher Education Rev. Bonds (Saint Edward’s University Project), Series 2016, 4.00% 2036	500	512
Red River Education Fin. Corp., Higher Education Rev. Bonds (Saint Edward’s University Project), Series 2016, 5.00% 2028	1,000	1,150

American High-Income Municipal Bond Fund — Page 55 of 63

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Bonds, notes & other debt instruments Texas (continued)	Principal amount (000)	Value (000)
Red River Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (MRC The Crossing Project), Series 2014-A, 7.75% 2044	$3,315	$3,836
Red River Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (MRC The Crossing Project), Series 2014-A, 8.00% 2049	3,355	3,919
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2020	1,000	1,086
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2027	1,360	1,634
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2012, 5.00% 2021	2,875	3,144
City of San Antonio, Airport System Rev. Ref. Bonds, AMT, 5.00% 2045	1,500	1,653
City of Sanger, Industrial Dev. Corp., Industrial Dev. Rev. Ref. Bonds (Texas Pellets Project), Series 2012-B, AMT, 8.00% 20385	3,110	675
County of Tarrant, Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Baylor Scott & White Health Project), Series 2008-A, 5.00% 2019 (preref. 2018)	660	672
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated Group), 4.00% 2027	9,890	9,984
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated Group), 4.00% 2031	5,500	5,438
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated Group), 5.00% 2037	6,000	6,290
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated Group), 5.00% 2045	12,125	12,642
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Barton Creek Senior Living Center, Inc. - Querencia Project), 5.00% 2024	1,610	1,816
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Barton Creek Senior Living Center, Inc. - Querencia Project), 5.00% 2030	1,650	1,791
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Barton Creek Senior Living Center, Inc. - Querencia Project), 5.00% 2040	1,350	1,425
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckingham Senior Living Community, Inc. Project), Series 2007, 5.75% 2037	11,170	10,975
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckner Senior Living), Series 2017-B-3, 3.875% 2022	2,750	2,755
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Northwest Senior Housing Corp.), Series 2017, 5.25% 2047	5,170	5,489
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckingham Senior Living Project), Series 2015-A, 5.25% 2035	900	906
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckingham Senior Living Project), Series 2015-A, 5.50% 2045	625	637
County of Tarrant, Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckingham Senior Living Project), Series 2015-B-2, 3.875% 2020	1,750	1,750
County of Tarrant, Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Trinity Terrace Project), Series 2015-A-1, 5.00% 2025	705	785
County of Tarrant, Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Trinity Terrace Project), Series 2015-A-1, 5.00% 2045	2,190	2,274
Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2015-C, 5.00% 2030	2,000	2,257
Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2015-C, 5.00% 2032	5,000	5,602
Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2015-C, 5.00% 2037	5,000	5,549
County of Travis, Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.00% 2030	460	519
County of Travis, Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.00% 2030 (preref. 2020)	2,410	2,746
County of Travis, Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.125% 2040 (preref. 2020)	3,750	4,285
Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, Capital Appreciation Bonds, Series 2002-A, AMBAC insured, 0% 2029	10,500	7,264
Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, Series 2002-A, AMBAC insured, 0% 2028	21,800	15,798

American High-Income Municipal Bond Fund — Page 56 of 63

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Bonds, notes & other debt instruments Texas (continued)	Principal amount (000)	Value (000)
Tyler Health Facs. Dev. Corp., Hospital Rev. Ref. and Improvement Bonds (East Texas Medical Center Regional Healthcare System Project), Series 2007-A, 5.25% 2027	$2,100	$2,048
Tyler Health Facs. Dev. Corp., Hospital Rev. Ref. and Improvement Bonds (East Texas Medical Center Regional Healthcare System Project), Series 2007-A, 5.25% 2032	6,545	6,382
Tyler Health Facs. Dev. Corp., Hospital Rev. Ref. and Improvement Bonds (East Texas Medical Center Regional Healthcare System Project), Series 2007-A, 5.375% 2037	15,570	15,134
County of Wood, Central Hospital Dist., Hospital Rev. Bonds (East Texas Medical Center Quitman Project), 6.00% 2041	9,035	9,374
		495,263
Utah 0.57%
Charter School Fin. Auth., Charter School Rev. Ref. Bonds (Early Light Academy), 5.00% 20463	7,405	7,186
Hideout Local Dist. No. 1, Special Assessment Bonds, Series 2017, 6.75% 20373	27,800	27,800
		34,986
Vermont 0.23%
Educational and Health Buildings Fncg. Agcy., Rev. Bonds (The University of Vermont Medical Center Project), Series 2016-B, 5.00% 2046	1,000	1,104
Student Assistance Corp., Education Loan Rev. Bonds, Series 2012-B, AMT, (3-month USD-LIBOR + 1.50%) 3.197% 20222	438	439
Student Assistence Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 3.75% 2028	3,000	2,952
Student Assistence Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 4.00% 2029	3,500	3,484
Student Assistence Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 4.00% 2030	2,000	1,973
Student Assistence Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 4.00% 2031	1,100	1,090
Student Assistence Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 4.00% 2032	600	594
Student Assistence Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 5.00% 2027	2,150	2,422
		14,058
Virgin Islands 0.02%
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note - Diageo Project), Series 2009-A, 6.625% 2029	2,500	1,444
Virginia 1.85%
City of Alexandria, Industrial Dev. Auth., Demand Rev. Ref. Bonds (Goodwin House), Series 2015, 5.00% 2045	3,000	3,321
County of Botetourt, Industrial Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Glebe, Inc.), Series 2014-A, 6.00% 2044	2,000	2,191
City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2012-B, 0% 20401	1,500	1,282
City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds, Series 2012-A, 5.00% 2047	2,500	2,705
County of Fairfax, Mosaic Dist. Community Dev. Auth., Rev. Bonds, Series 2011-A, 6.875% 2036	1,210	1,315
City of Fredericksburg, Celebrate Virginia South Community Dev. Auth., Special Assessment Rev. Bonds, Series 2006, 6.25% 20375	4,099	1,435
County of Hanover, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), Series 2012-A, 5.00% 2042	1,000	1,036
City of Harrisonburg, Industrial Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Sunnyside Presbyterian Home), Series 2013-B, 6.50% 2039	1,000	1,149
County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Lifespire of Virginia), Series 2017-C, 5.00% 2037	470	505
County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Lifespire of Virginia), Series 2017-C, 5.00% 2047	2,200	2,344
County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (United Methodist Homes), 5.00% 2020	365	385
New Port Community Dev. Auth., Special Assessment Bonds, Series 2006, 5.50% 20265	867	399

American High-Income Municipal Bond Fund — Page 57 of 63

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Bonds, notes & other debt instruments Virginia (continued)	Principal amount (000)	Value (000)
City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), 5.33% 20453	$27,900	$29,634
Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.25% 2024	3,900	3,906
Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.35% 2028	955	956
Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.45% 2037	4,102	4,137
County of Prince William, Heritage Hunt Commercial Community Dev. Auth., Special Assessment Bonds, Series 1999-B, 7.00% 2029	434	434
County of Prince William, Industrial Dev. Auth., Residential Care Fac. Rev. and Rev. Ref. Bonds (Westminster at Lake Ridge), Series 2016, 5.00% 2031	635	694
County of Prince William, Industrial Dev. Auth., Residential Care Fac. Rev. and Rev. Ref. Bonds (Westminster at Lake Ridge), Series 2016, 5.00% 2046	880	936
Small Business Fncg. Auth., Private Activity Rev. Bonds (Transform 66 P3 Project), Series 2017, AMT, 5.00% 2049	3,000	3,325
Small Business Fncg. Auth., Private Activity Rev. Bonds (Transform 66 P3 Project), Series 2017, AMT, 5.00% 2052	11,000	12,164
Small Business Fncg. Auth., Private Activity Rev. Bonds (Transform 66 P3 Project), Series 2017, AMT, 5.00% 2056	3,250	3,578
Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 2032	1,425	1,529
Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 2037	4,075	4,320
Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 2042	3,500	3,695
Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 2047	4,510	4,745
Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 2052	8,425	8,834
Small Business Fncg. Auth., Rev. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2012, AMT, 5.25% 2032	6,940	7,662
Small Business Fncg. Auth., Rev. Ref. Bonds (Hampton University), Series 2014, 5.25% 2029	2,250	2,590
County of Stafford, Econ. Dev. Auth., Hospital Facs. Rev. Ref. Bonds (Mary Washington Healthcare Obligated Group), Series 2016, 5.00% 2036	1,000	1,107
Watkins Centre Community Dev. Auth., Rev. Bonds, Series 2007, 5.40% 2020	675	676
		112,989
Washington 1.49%
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 2.16% 2035 (put 2021)2	7,375	7,342
Health Care Facs. Auth., Rev. Bonds (Kadlec Regional Medical Center), Series 2012, 5.00% 2042 (preref. 2021)	1,250	1,399
Health Care Facs. Auth., Rev. Bonds (Yakima Valley Memorial Hospital Association), Series 2016, 5.00% 2036	2,620	2,852
Health Care Facs. Auth., Rev. Bonds (Yakima Valley Memorial Hospital Association), Series 2016, 5.00% 2041	1,920	2,079
Higher Education Facs. Auth., Rev. and Rev. Ref. Bonds (Whitworth University Project), Series 2016-A, 5.00% 2033	2,705	3,019
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Herons Key Senior Living Project), Series 2015-A, 6.50% 20303	900	956
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Herons Key Senior Living Project), Series 2015-A, 6.75% 20353	1,630	1,736
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Herons Key Senior Living Project), Series 2015-A, 7.00% 20453	6,335	6,811
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Herons Key Senior Living Project), Series 2015-A, 7.00% 20503	5,600	6,003
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Herons Key Senior Living Project), Series 2015-B-2, 4.875% 20223	2,240	2,241
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), 5.00% 2031	1,000	1,114
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), 5.00% 2033	1,050	1,163
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), 5.00% 2038	1,600	1,753
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), 5.00% 2043	1,100	1,201
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), 5.00% 2048	2,700	2,940
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project), Series 2014-A, 7.375% 20443	7,000	8,145

American High-Income Municipal Bond Fund — Page 58 of 63

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Bonds, notes & other debt instruments Washington (continued)	Principal amount (000)	Value (000)
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project), Series 2014-A, 7.50% 20493	$9,090	$10,610
Housing Fin. Commission, Single Family Program Bonds, Series 2014-2A-R, AMT, 3.50% 2044	1,875	1,924
Port of Seattle, Industrial Dev. Corp., Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2012, AMT, 5.00% 2030	4,825	5,300
Port of Seattle, Rev. Ref. Bonds, Series 2015-C, AMT, 5.00% 2034	1,000	1,129
Port of Seattle, Rev. Ref. Bonds, Series 2015-C, AMT, 5.00% 2035	1,500	1,673
Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2030	2,000	2,175
Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2031	2,000	2,173
County of Skagit, Public Hospital Dist. No. 1, Hospital Improvement Rev. Ref. Bonds (Skagit Regional Health), Series 2013-A, 5.00% 2037	4,000	4,191
County of Skagit, Public Hospital Dist. No. 1, Hospital Rev. Improvement and Rev. Ref. Bonds (Skagit Regional Health), Series 2016, 4.00% 2025	500	521
County of Skagit, Public Hospital Dist. No. 1, Hospital Rev. Improvement and Rev. Ref. Bonds (Skagit Regional Health), Series 2016, 5.00% 2027	1,000	1,099
County of Skagit, Public Hospital Dist. No. 1, Hospital Rev. Improvement and Rev. Ref. Bonds (Skagit Regional Health), Series 2016, 5.00% 2028	1,000	1,098
County of Skagit, Public Hospital Dist. No. 1, Hospital Rev. Improvement and Rev. Ref. Bonds (Skagit Regional Health), Series 2016, 5.00% 2029	1,000	1,089
County of Skagit, Public Hospital Dist. No. 1, Hospital Rev. Improvement and Rev. Ref. Bonds (Skagit Regional Health), Series 2016, 5.00% 2030	1,500	1,627
County of Skagit, Public Hospital Dist. No. 1, Hospital Rev. Improvement and Rev. Ref. Bonds (Skagit Regional Health), Series 2016, 5.00% 2031	1,500	1,622
County of Skagit, Public Hospital Dist. No. 1, Hospital Rev. Improvement and Rev. Ref. Bonds (Skagit Regional Health), Series 2016, 5.00% 2032	1,500	1,616
Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2027	2,550	2,555
		91,156
West Virginia 0.23%
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Appalachian Power Co. - Amos Project), Series 2011-A, AMT, 1.70% 2041 (put 2020)	2,100	2,065
County of Harrison, Solid Waste Disposal Rev. Ref. Bonds (Allegheny Energy Supply Co., LLC Harrison Station Project), Series 2007-D, AMT, 5.50% 2037	6,175	6,174
County of Pleasants, Pollution Control Rev. Ref. Bonds (Allegheny Energy Supply Co., LLC Pleasants Station Project), Series 2007-F, 5.25% 2037	2,830	2,819
West Virginia University, Improvement Rev. Bonds (West Virginia University Projects), Series 2014-C, (SIFMA Municipal Swap Index + 0.53%) 1.69% 2041 (put 2019)2	3,000	3,001
		14,059
Wisconsin 2.70%
General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 (preref. 2019)	1,500	1,585
Health and Educational Facs. Auth., Rev. Bonds (Agnesian HealthCare, Inc.), Series 2013-B, 5.00% 2036	2,000	2,180
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2016-A, 4.00% 2039	500	518
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2016-A, 5.00% 2039	1,000	1,132
Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corporation Cedar Community), Series 2017, 5.00% 2023	1,085	1,182
Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corporation Cedar Community), Series 2017, 5.00% 2024	1,165	1,273
Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corporation Cedar Community), Series 2017, 5.00% 2025	1,225	1,337
Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corporation Cedar Community), Series 2017, 5.00% 2026	1,285	1,400

American High-Income Municipal Bond Fund — Page 59 of 63

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Bonds, notes & other debt instruments Wisconsin (continued)	Principal amount (000)	Value (000)
Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corporation Cedar Community), Series 2017, 5.00% 2027	$1,350	$1,461
Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corporation Cedar Community), Series 2017, 5.00% 2029	1,485	1,598
Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corporation Cedar Community), Series 2017, 5.00% 2031	1,640	1,745
Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corporation Cedar Community), Series 2017, 5.00% 2037	1,110	1,164
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% 2034	1,800	1,992
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% 2042	4,215	4,617
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% 2046	3,105	3,392
Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2017-C, 5.00% 2047	6,000	6,585
Health and Educational Facs. Auth., Rev. Bonds (St. John’s Communities, Inc.), Series 2009-A, 7.625% 2039 (preref. 2019)	1,000	1,098
Health and Educational Facs. Auth., Rev. Bonds (St. John’s Communities, Inc.), Series 2015-B, 5.00% 2037	300	319
Health and Educational Facs. Auth., Rev. Bonds (St. John’s Communities, Inc.), Series 2015-B, 5.00% 2045	1,000	1,061
Health and Educational Facs. Auth., Rev. Ref. Bonds (American Baptist Homes), 5.00% 2039	1,250	1,271
Health and Educational Facs. Auth., Rev. Ref. Bonds (The Monroe Clinic, Inc.), Series 2016, 4.00% 2033	550	570
Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2016-A, AMT, 3.50% 2046	17,905	18,565
County of Milwaukee, Airport Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2028	1,780	2,053
Public Fin. Auth., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), AMT, 5.00% 2022	75	79
Public Fin. Auth., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-B, AMT, 5.00% 2042	450	479
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-B, 5.375% 20473	5,000	5,079
Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-B, 5.375% 20523	2,000	2,024
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Celanese Project), Series 2016-A, AMT, 5.00% 2024	1,605	1,783
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Company), Series 2014, AMT, 5.25% 2030	3,000	3,231
Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Company), Series 2016, AMT, 4.00% 2035	9,200	8,951
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2028	3,000	3,454
Public Fin. Auth., Limited Obligation Grant Rev. Bonds (American Dream at Meadowlands Project), Series 2017-A, 6.25% 20273	2,000	2,134
Public Fin. Auth., Limited Obligation Grant Rev. Bonds (American Dream at Meadowlands Project), Series 2017-A, 6.75% 20313	1,500	1,629
Public Fin. Auth., Limited Obligation Pilot Rev. Bonds (American Dream at Meadowlands Project), Series 2017, 7.00% 20503	4,000	4,697
Public Fin. Auth., Rev. Bonds (Prime Healthcare Foundation), Series 2018, 5.20% 2037	2,065	2,068
Public Fin. Auth., Rev. Bonds (Prime Healthcare Foundation), Series 2018, 5.35% 2045	3,215	3,227
Public Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-B, 5.00% 2027	2,345	2,762
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.50% 2032	500	542
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.75% 2042	5,000	5,384
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2015, 5.75% 2035	3,000	3,275
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2015, 5.875% 2045	5,150	5,586
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.00% 20323	1,280	1,392
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 20373	650	709
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 20423	250	272
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 20473	900	975
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-A, 5.25% 20523	2,300	2,484

American High-Income Municipal Bond Fund — Page 60 of 63

unaudited

Bonds, notes & other debt instruments Wisconsin (continued)	Principal amount (000)	Value (000)
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-B-2, 3.50% 20233	$1,600	$1,614
Public Fin. Auth., Senior Living Rev. Bonds (Mary’s Woods at Marylhurst Project), Series 2017-B-3, 3.00% 20223	1,250	1,253
Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.50% 2034	1,000	1,069
Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.75% 2044	1,800	1,942
Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2017-A-2, AMT, 1.25% 2025 (put 2018)2	10,000	10,000
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	1,499
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), 5.00% 2035	1,000	1,065
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), 5.25% 2047	2,000	2,136
Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series 2015-A, 5.00% 2030	2,140	2,316
Public Fin. Auth., Tax Increment Fin. Grant Rev. Bonds (Statler Hilton & Dallas Central Library), Series 2016, 0% 2027	15,115	9,604
Public Fin. Auth., Tax Increment Fin. Grant Rev. Bonds (Statler Hilton & Dallas Central Library), Series 2016, 0% 2028	8,975	5,394
Public Fin. Auth., Tax Increment Fin. Grant Rev. Bonds (Statler Hilton & Dallas Central Library), Series 2016, 0% 2029	12,855	7,281
		165,487
Total bonds, notes & other debt instruments (cost: $5,717,465,000)		5,878,594
Short-term securities 4.81%
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-A, 0.91% 20522	25,000	25,000
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.81% 20372	3,000	3,000
State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-C, JPMorgan Chase LOC, 0.92% 20262	4,400	4,400
State of California, Statewide Communities Dev. Auth., Commercial Paper, Series 2008-B, 0.91% 4/4/2018	4,000	4,000
State of California, Regents of the University of California, Commercial Paper, Series 2018-A, 1.22% 2/15/2018	3,150	3,150
State of California, Regents of the University of California, Commercial Paper, Series 2018-A, 1.32% 3/6/2018	2,000	2,000
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2017-S-2, 1.10% 2/6/2018	3,000	3,000
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2017-S-2, 1.10% 2/7/2018	3,000	3,000
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2018-S-1, 1.26% 3/8/2018	7,000	7,000
State of Illinois, City of Chicago, Board of Education, Tax Anticipation Notes (Educational Purpose), Series 2017-D, (1-month USD-LIBOR x 0.70 + 2.75%) 3.845% 4/2/20182,3	15,000	15,000
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-B, Wells Fargo LOC, 0.98% 20442	3,225	3,225
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2010-A, 0.94% 20352	19,000	19,000
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 0.98% 20432	1,900	1,900
State of Maryland, County of Baltimore, G.O. Bond Anticipation Notes, 3.00% 3/16/2018	1,000	1,002
State of Maryland, County of Montgomery, Consolidated Public Improvement Bond Anticipation Notes, Series 2009-B, 1.25% 3/14/18	6,500	6,500

American High-Income Municipal Bond Fund — Page 61 of 63

unaudited

Short-term securities	Principal amount (000)	Value (000)
State of Maryland, County of Montgomery, G.O. Bonds, Series 2017-E, 0.95% 20372	$1,500	$1,500
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2017-C, 2.00% 6/25/2018	2,000	2,006
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-B, 0.99% 20302	1,000	1,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-B, 0.99% 20302	5,400	5,400
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-F, 0.99% 20302	6,000	6,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-K, 0.99% 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-L, 0.96% 20352	5,000	5,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-A, 0.96% 20352	7,100	7,100
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 2003-B, 0.96% 20332	4,200	4,200
State of New York, New York City G.O. Bonds, Fiscal 2012, Series 2011-A-3, 0.99% 20352	6,350	6,350
State of New York, New York City G.O. Bonds, Fiscal 2014, Series 2013-D-3, 1.00% 20382	2,660	2,660
State of New York, New York City G.O. Bonds, Series 2006-H-1, 1.00% 20362	14,335	14,335
State of New York, New York City G.O. Bonds, Series 2008-L-3, 0.97% 20362	5,200	5,200
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2015-A-4, 0.97% 20412	15,000	15,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2003-C-5, 0.97% 20312	7,340	7,340
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-3, 1.00% 20452	2,900	2,900
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2016-E-4, 1.00% 20452	4,255	4,255
State of New York, New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2003, Series 2002-1-C, 1.00% 20222	9,060	9,060
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2017-A, 5.00% 9/28/2018	17,000	17,405
State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2004, Bank of America LOC, 1.06% 20342	4,415	4,415
State of Texas, County of Harris, Industrial Dev. Corp., Pollution Control Rev. Bonds (Exxon Project), Series 1984-A, 0.94% 20242	2,000	2,000
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, Series 2017, 3.00% 6/29/2018	17,600	17,721
State of Texas, County of Jefferson, Port Arthur Navigation Dist., Pollution Control Rev. Ref. Bonds (Texaco Inc. Project), Series 1994, 0.95% 20242	8,000	8,000
State of Texas, Tax and Rev. Anticipation Notes, Series 2017, 4.00% 8/30/2018	41,000	41,632
Total short-term securities (cost: $294,810,000)		294,656
Total investment securities 100.86% (cost: $6,012,275,000)		6,173,250
Other assets less liabilities (0.86%)		(52,536)
Net assets 100.00%		$6,120,714

1	Step bond; coupon rate will increase at a later date.
2	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
3	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $683,927,000, which represented 11.17% of the net assets of the fund.
4	Scheduled interest payment was not received. Coupon payments are paid at the election of the issuer and any unpaid amounts are accumulated.
5	Scheduled interest and/or principal payment was not received.
6	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

American High-Income Municipal Bond Fund — Page 62 of 63

unaudited

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

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 American Funds website at americanfunds.com. Fund shares offered through American Funds Distributors, Inc.

MFGEFPX-040-0318O-S60652

American High-Income Municipal Bond Fund — Page 63 of 63

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

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

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.

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

SIGNATURES

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

	AMERICAN HIGH-INCOME MUNICIPAL BOND FUND

	By /s/ Karl J. Zeile
	Karl J. Zeile, Vice Chairman, President and Principal Executive Officer

	Date: March 29, 2018

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/ Karl J. Zeile

Karl J. Zeile, Vice Chairman, President and

Principal Executive Officer

Date: March 29, 2018

By /s/ Brian C. Janssen

Brian C. Janssen, Treasurer and

Principal Financial Officer

Date: March 29, 2018

American High-Income Municipal Bond F3 (HIMFX) N-CSRSCertified semi-annual shareholder report (management investment company)