# EDGAR Filing Document

**Accession Number:** 0000050142
**File Stem:** 0000051931-25-001087
**Filing Date:** 2025-9
**Character Count:** 3342348
**Document Hash:** 14c42df06124951349b5f10bf3887087
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000051931-25-001087.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0000051931-25-001087

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 49

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**EFFECTIVENESS DATE**: 20251001

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TAX EXEMPT BOND FUND OF AMERICA
- **CENTRAL INDEX KEY:** 0000050142

**ORGANIZATION NAME:**
- **EIN:** 953401318
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02421
- **FILM NUMBER:** 251359694

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAX EXEMPT BOND FUND OF AMERICA INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEX FUND OF AMERICA INC
- **DATE OF NAME CHANGE:** 19790819
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TAX EXEMPT BOND FUND OF AMERICA
- **CENTRAL INDEX KEY:** 0000050142

**ORGANIZATION NAME:**
- **EIN:** 953401318
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-49291
- **FILM NUMBER:** 251359693

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAX EXEMPT BOND FUND OF AMERICA INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEX FUND OF AMERICA INC
- **DATE OF NAME CHANGE:** 19790819

## Series and Classes Contracts Data

### TAX EXEMPT BOND FUND OF AMERICA (Series ID: S000009238)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000025165 | Class A      | AFTEX           |
| C000025167 | Class C      | TEBCX           |
| C000025168 | Class F-1    | AFTFX           |
| C000068567 | Class F-2    | TEAFX           |
| C000114839 | Class R-6    |  |
| C000179997 | Class F-3    | TFEBX           |
| C000189434 | Class T      | TLLLX           |

?xml version='1.0' encoding='ASCII'?

SEC. File Nos. 002-49291

811-02421

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-1A**

Registration Statement

Under

the Securities Act of 1933

Post-Effective Amendment No. 73

and

Registration Statement

Under

the Investment Company Act of 1940

Amendment No. 73

**THE TAX-EXEMPT BOND FUND OF AMERICA**

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071-1406

(Address of Principal Executive Offices)

Registrant's telephone number, including area code:

(213) 486-9200

***Courtney R. Taylor, Secretary***

***The Tax-Exempt Bond Fund of America***

*333 South Hope Street*

*Los Angeles, California 90071-1406*

*(Name and Address of Agent for Service)*

Copies to:

***Lea Anne Copenhefer***

***Morgan, Lewis & Bockius LLP***

*One Federal Street*

*Boston, MA 02110-1726*

*(Counsel for the Registrant)*

Approximate date of proposed public offering:

It is proposed that this filing will become effective on October 1, 2025, pursuant to paragraph (b) of Rule 485.

![](img_018.jpg)

---

| | |
|:---|:---|
| **American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup><br> Limited Term Tax-Exempt Bond Fund of America<sup>®</sup><br> The Tax-Exempt Bond Fund of America<sup>®</sup><br> American High-Income Municipal Bond Fund<sup>®</sup><br> The Tax-Exempt Fund of California<sup>®</sup><br> American Funds Tax-Exempt Fund of New York<sup>®</sup>**<br> **Prospectus**<br> October 1, 2025 | ![](img_019.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | A | C | T | F-1 | F-2 | F-3 |
| American Funds Short-Term Tax-Exempt Bond Fund | ASTEX | N/A | TAFSX | FSTTX | ASTFX | SFTEX |
| Limited Term Tax-Exempt Bond Fund of America | LTEBX | LTXCX | TLTTX | LTXFX | LTEFX | FLTEX |
| The Tax-Exempt Bond Fund of America | AFTEX | TEBCX | TLLLX | AFTFX | TEAFX | TFEBX |
| American High-Income Municipal Bond Fund | AMHIX | AHICX | TAHHX | ABHFX | AHMFX | HIMFX |
| The Tax-Exempt Fund of California | TAFTX | TECCX | TTCAX | TECFX | TEFEX | EXCAX |
| American Funds Tax-Exempt Fund of New York | NYAAX | NYACX | TATEX | NYAEX | NYAFX | TFNYX |

---

**Table of contents**

---

| | |
|:---|:---|
| **Summaries:**<br> American Funds Short-Term Tax-Exempt Bond Fund1<br> Limited Term Tax-Exempt Bond Fund of America6<br> The Tax-Exempt Bond Fund of America11<br> American High-Income Municipal Bond Fund16<br> The Tax-Exempt Fund of California20<br> American Funds Tax-Exempt Fund of New York25<br> Investment objectives, strategies and risks30<br> Management and organization36<br> Shareholder information39<br> Purchase, exchange and sale of shares40 | How to sell shares43<br> Distributions and taxes45<br> Choosing a share class46<br> Sales charges47<br> Sales charge reductions and waivers49<br> Rollovers from retirement plans to IRAs53<br> Plans of distribution54<br> Other compensation to dealers55<br> Fund expenses57<br> Financial highlights58<br> Appendices64 |

---

**The U.S. Securities and Exchange Commission has not approved or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.**

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**American Funds Short-Term Tax-Exempt Bond Fund**

Investment objective The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds, Capital Group KKR Public-Private+ Funds, and/or Emerging Markets Equities Fund, Inc. (collectively "Capital Group Funds"). More information about these and other discounts is available from your financial professional, in the "Sales charge reductions and waivers" sections on page 49 of the prospectus and on page 91 of the fund's statement of additional information, and in the sales charge waiver appendix to the prospectus.

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | A | T | **All F share**<br>**classes** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 2.50% | 2.50% |  |
| Maximum deferred sales charge (load) (as a percentage of the amount redeemed) | 0.75<sup>1</sup> |  |  |
| Maximum sales charge (load) imposed on reinvested dividends |  |  |  |
| Redemption or exchange fees |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | A | T | F-1 | F-2 | F-3 |
| Management fees | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Distribution and/or service (12b-1) fees | 0.15 | 0.25 | 0.25 |  |  |
| Other expenses | 0.09 | 0.09 | 0.18 | 0.12 | 0.05 |
| Total annual fund operating expenses | 0.44 | 0.54 | 0.63 | 0.32 | 0.25 |
| Expense reimbursement<sup>2</sup> | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total annual fund operating expenses after expense reimbursement | 0.43 | 0.53 | 0.62 | 0.31 | 0.24 |

---

<sup>1</sup>A contingent deferred sales charge of 0.75% applies on certain redemptions made within 18 months following purchases of $250,000 or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold.

<sup>2</sup>The investment adviser is currently reimbursing a portion of the other expenses. This reimbursement will be in effect through at least October 1, 2026. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The example reflects the expense reimbursement described above through the expiration date of such reimbursement and total annual fund operating expenses thereafter. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Share class: | A | T | F-1 | F-2 | F-3 |
| 1 year | $293 | $303 | $63 | $32 | $25 |
| 3 years | 387 | 418 | 201 | 102 | 79 |
| 5 years | 489 | 543 | 350 | 179 | 140 |
| 10 years | 790 | 909 | 785 | 405 | 317 |

---

**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 56% of the average value of its portfolio.

1&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Principal investment strategies Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund invests primarily in debt securities rated AA- or better or Aa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund's aggregate portfolio will have a dollar-weighted average effective maturity no greater than three years.

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 2

------

not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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

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

*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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

*Insured municipal bonds –* The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

3&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Investment results The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

![](img_020.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **F-2** - Before taxes | 8/12/2009 | 2.61% | 1.18% | 1.22% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 2.61 | 1.14 | 1.19 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 2.65 | 1.25 | 1.26 | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share classes** (before taxes) | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **A** (with maximum sales charge) | 8/7/2009 | –0.03% | 0.55% | 0.88% | 1.11% |
| F-1 | 8/27/2009 | 2.29 | 0.87 | 0.92 | 1.08 |
| F-3 | 1/27/2017 | 2.68 | 1.25 | N/A | 1.50 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | **Lifetime**<br>**(since <br>Class F-2 inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 3.39% |
| Bloomberg Municipal Short 1-5 Years Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 2.07 | 1.10 | 1.38 | 1.62 |
| Class F-2 annualized 30-day yield at July 31, 2025: 2.86%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 2.86%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 2.86%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 2.86%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 2.86%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) |

---

After-tax returns are shown only for Class F-2 shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 4

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Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Vikas Malhotra** President | 2021 | Partner – Capital Fixed Income Investors |
| **Mark Marinella** | 2018 | Partner – Capital Fixed Income Investors |

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Purchase and sale of fund shares The minimum amount to establish an account for all share classes is $250 and the minimum to add to an account is $50. For accounts with Class F-3 shares held and serviced by the fund's transfer agent, the minimum investment amount is $1 million.

If you are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing to American Funds Service Company<sup>®</sup> at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American Funds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at capitalgroup.com.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

5&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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**Limited Term Tax-Exempt Bond Fund of America**

Investment objective The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds, Capital Group KKR Public-Private+ Funds, and/or Emerging Markets Equities Fund, Inc. (collectively "Capital Group Funds"). More information about these and other discounts is available from your financial professional, in the "Sales charge reductions and waivers" sections on page 49 of the prospectus and on page 91 of the fund's statement of additional information, and in the sales charge waiver appendix to the prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | A | C | T | **All F share**<br>**classes** |
| Maximum sales charge (load) imposed on <br>purchases (as a percentage of offering price) | 2.50% |  | 2.50% |  |
| Maximum deferred sales charge (load) <br>(as a percentage of the amount redeemed) | 0.75<sup>1</sup> | 1.00% |  |  |
| Maximum sales charge (load) imposed on <br>reinvested dividends |  |  |  |  |
| Redemption or exchange fees |  |  |  |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | A | C | T | F-1 | F-2 | F-3 |
| Management fees | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
| Distribution and/or service (12b-1) fees | 0.30 | 1.00 | 0.25 | 0.25 |  |  |
| Other expenses | 0.08 | 0.08 | 0.08 | 0.16 | 0.15 | 0.04 |
| Total annual fund operating expenses | 0.61 | 1.31 | 0.56 | 0.64 | 0.38 | 0.27 |
| Fee waiver<sup>2</sup> | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total annual fund operating expenses after fee waiver | 0.60 | 1.30 | 0.55 | 0.63 | 0.37 | 0.26 |

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<sup>1</sup>A contingent deferred sales charge of 0.75% applies on certain redemptions made within 18 months following purchases of $250,000 or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold.

<sup>2</sup>The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least October 1, 2026; provided, however, that if fund shareholders approve a new management fee structure at a special meeting of shareholders to be held on November 25, 2025, the waiver will be in effect until the new management fee structure is implemented. The waiver may only be modified or terminated with the approval of the fund's board.

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The example reflects the expense reimbursement described above through the expiration date of such reimbursement and total annual fund operating expenses thereafter. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Share class: | A | C | T | F-1 | F-2 | F-3 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | Share class: | C |
| 1 year | $310 | $232 | $305 | $64 | $38 | $27 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 1 year | $132 |
| 3 years | 439 | 414 | 424 | 204 | 121 | 86 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 3 years | 414 |
| 5 years | 581 | 717 | 554 | 356 | 212 | 151 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 5 years | 717 |
| 10 years | 992 | 1385 | 933 | 797 | 479 | 342 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 10 years | 1385 |

---

**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 44% of the average value of its portfolio.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 6

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Principal investment strategies Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

The fund invests primarily in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated BBB and Baa by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The dollar-weighted average effective maturity of the fund's portfolio is between one and 10 years. In calculating the effective maturity or average life of a particular debt security, a put, call, sinking fund or other feature will be considered to the extent it results in a security whose market characteristics indicate an effective maturity or average life that is shorter than its nominal or stated maturity. The investment adviser will consider the impact on effective maturity of potential changes in the financial condition of issuers and in market interest rates in making investment selections for the fund.

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund 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.

7&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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

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

*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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.

*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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

*Insured municipal bonds –* The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 8

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Investment results The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

![](img_021.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **F-2** - Before taxes | 8/18/2008 | 2.22% | 1.23% | 1.66% | 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 2.22 | 1.15 | 1.62 | N/A |
| &nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 2.38 | 1.33 | 1.73 | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share classes** (before taxes) | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **A** (with maximum sales charge) | 10/6/1993 | –0.55% | 0.47% | 1.19% | 3.27% |
| C | 3/15/2001 | 0.26 | 0.28 | 0.86 | 2.51 |
| F-1 | 3/15/2001 | 1.94 | 0.95 | 1.40 | 2.72 |
| F-3 | 1/27/2017 | 2.33 | 1.33 | N/A | 1.96 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | **Lifetime**<br>**(from Class F-2 inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 3.44% |
| Bloomberg Municipal Short Intermediate 1-10 Years Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.14 | 1.02 | 1.70 | 2.53 |
| Class F-2 annualized 30-day yield at July 31, 2025: 3.03%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.03%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.03%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.03%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.03%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) |

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After-tax returns are shown only for Class F-2 shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

9&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Vikas Malhotra** | 2021 | Partner – Capital Fixed Income Investors |
| **Mark Marinella** President | 2018 | Partner – Capital Fixed Income Investors |

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Purchase and sale of fund shares The minimum amount to establish an account for all share classes is $250 and the minimum to add to an account is $50. For accounts with Class F-3 shares held and serviced by the fund's transfer agent, the minimum investment amount is $1 million.

If you are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing to American Funds Service Company<sup>®</sup> at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American Funds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at capitalgroup.com.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 10

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**The Tax-Exempt Bond Fund of America**

Investment objective The fund's investment objective is to provide you with a high level of current income exempt from federal income tax, consistent with the preservation of capital.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds, Capital Group KKR Public-Private+ Funds, and/or Emerging Markets Equities Fund, Inc. (collectively "Capital Group Funds"). More information about these and other discounts is available from your financial professional, in the "Sales charge reductions and waivers" sections on page 49 of the prospectus and on page 91 of the fund's statement of additional information, and in the sales charge waiver appendix to the prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | A | C | T | **All F share**<br>**classes** |
| Maximum sales charge (load) imposed on <br>purchases (as a percentage of offering price) | 3.75% |  | 2.50% |  |
| Maximum deferred sales charge (load) <br>(as a percentage of the amount redeemed) | 0.75<sup>1</sup> | 1.00% |  |  |
| Maximum sales charge (load) imposed on <br>reinvested dividends |  |  |  |  |
| Redemption or exchange fees |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | A | C | T | F-1 | F-2 | F-3 |
| Management fees<sup>2</sup> | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
| Distribution and/or service (12b-1) fees | 0.25 | 1.00 | 0.25 | 0.25 |  |  |
| Other expenses | 0.07 | 0.07 | 0.07 | 0.15 | 0.15 | 0.04 |
| Total annual fund operating expenses | 0.55 | 1.30 | 0.55 | 0.63 | 0.38 | 0.27 |

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<sup>1</sup>A contingent deferred sales charge of 0.75% applies on certain redemptions made within 18 months following purchases of $250,000 or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold.

<sup>2</sup>Assumes that fund shareholders approve a proposal to modify the investment advisory and service fee schedule at a special meeting of shareholders to be held on November 25, 2025.

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Share class:\* | A | C | T | F-1 | F-2 | F-3 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | Share class: | C |
| 1 year | $429 | $232 | $305 | $64 | $39 | $28 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 1 year | $132 |
| 3 years | 545 | 412 | 422 | 202 | 122 | 87 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 3 years | 412 |
| 5 years | 671 | 713 | 550 | 351 | 213 | 152 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 5 years | 713 |
| 10 years | 1038 | 1361 | 922 | 786 | 480 | 343 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 10 years | 1361 |

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\*The amounts shown in this table reflect the fund's new management fee. If shareholders do not approve the new fee, all amounts would be lower.

**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 24% of the average value of its portfolio.

11&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Principal investment strategies Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund will not invest in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund invests at least 65% in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated BBB+ or below and Baa1 or below (including those rated BB+ or below and Ba1 or below) by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as "junk bonds."

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 12

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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 fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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

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

*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

*Insured municipal bonds –* The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

13&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Investment results The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

![](img_022.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **F-2** - Before taxes | 8/1/2008 | 2.49% | 1.30% | 2.40% | 3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 2.49 | 1.26 | 2.38 | N/A |
| &nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 2.75 | 1.60 | 2.51 | N/A |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share classes** (before taxes) | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **A** (with maximum sales charge) | 10/3/1979 | –1.57% | 0.35% | 1.84% | 5.66% |
| C | 3/15/2001 | 0.51 | 0.36 | 1.61 | 3.39 |
| F-1 | 3/15/2001 | 2.22 | 1.04 | 2.13 | 3.57 |
| F-3 | 1/27/2017 | 2.60 | 1.41 | N/A | 2.62 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | **Lifetime**<br>**(from Class F-2 inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 3.51% |
| Class F-2 annualized 30-day yield at July 31, 2025: 3.81%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.81%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.81%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.81%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.81%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) |

---

After-tax returns are shown only for Class F-2 shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 14

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Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Lee Chu** | 2020 | Partner – Capital Fixed Income Investors |
| **Courtney K. Wolf** | 2019 | Partner – Capital Fixed Income Investors |
| **Karl J. Zeile** President and Trustee | 2004 | Partner – Capital Fixed Income Investors |

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Purchase and sale of fund shares The minimum amount to establish an account for all share classes is $250 and the minimum to add to an account is $50. For accounts with Class F-3 shares held and serviced by the fund's transfer agent, the minimum investment amount is $1 million.

If you are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing to American Funds Service Company<sup>®</sup> at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American Funds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at capitalgroup.com.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

15&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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**American High-Income Municipal Bond Fund**

Investment objective The fund's investment objective is to provide you with a high level of current income exempt from regular federal income tax.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds, Capital Group KKR Public-Private+ Funds, and/or Emerging Markets Equities Fund, Inc. (collectively "Capital Group Funds"). More information about these and other discounts is available from your financial professional, in the "Sales charge reductions and waivers" sections on page 49 of the prospectus and on page 91 of the fund's statement of additional information, and in the sales charge waiver appendix to the prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | A | C | T | **All F share**<br>**classes** |
| Maximum sales charge (load) imposed on <br>purchases (as a percentage of offering price) | 3.75% |  | 2.50% |  |
| Maximum deferred sales charge (load) <br>(as a percentage of the amount redeemed) | 0.75<sup>\*</sup> | 1.00% |  |  |
| Maximum sales charge (load) imposed on <br>reinvested dividends |  |  |  |  |
| Redemption or exchange fees |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | A | C | T | F-1 | F-2 | F-3 |
| Management fees | 0.27% | 0.27% | 0.27% | 0.27% | 0.27% | 0.27% |
| Distribution and/or service (12b-1) fees | 0.30 | 1.00 | 0.25 | 0.25 |  |  |
| Other expenses | 0.09 | 0.09 | 0.09 | 0.16 | 0.15 | 0.04 |
| Total annual fund operating expenses | 0.66 | 1.36 | 0.61 | 0.68 | 0.42 | 0.31 |

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<sup>\*</sup>A contingent deferred sales charge of 0.75% applies on certain redemptions made within 18 months following purchases of $250,000 or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold.

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Share class: | A | C | T | F-1 | F-2 | F-3 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | Share class: | C |
| 1 year | $440 | $238 | $311 | $69 | $43 | $32 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 1 year | $138 |
| 3 years | 578 | 431 | 440 | 218 | 135 | 100 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 3 years | 431 |
| 5 years | 729 | 745 | 582 | 379 | 235 | 174 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 5 years | 745 |
| 10 years | 1167 | 1443 | 993 | 847 | 530 | 393 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 10 years | 1443 |

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**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 28% of the average value of its portfolio.

Principal investment strategies In seeking to achieve its objective, the fund may accept risks to capital value deemed prudent by the fund's investment adviser to take advantage of opportunities for higher current income on municipal bonds. Municipal bonds are debt obligations that pay interest that is exempt from federal taxation, with payments made from a wide variety of sources, including governmental revenue streams and private enterprises.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund may invest, without limitation, in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund invests at least 50% of its portfolio in debt securities rated BBB+ or below or Baa1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as "junk bonds."

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 16

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Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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

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

17&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

Investment results The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

![](img_023.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **F-2** - Before taxes | 8/12/2008 | 6.48% | 2.40% | 3.76% | 4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 6.48 | 2.35 | 3.73 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 5.58 | 2.66 | 3.78 | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share classes** (before taxes) | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **A** (with maximum sales charge) | 9/26/1994 | 2.26% | 1.38% | 3.14% | 4.88% |
| C | 3/15/2001 | 4.45 | 1.43 | 2.94 | 4.14 |
| F-1 | 3/19/2001 | 6.21 | 2.13 | 3.49 | 4.34 |
| F-3 | 1/27/2017 | 6.60 | 2.51 | N/A | 4.00 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | **Lifetime**<br>**(from Class F-2 inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 3.48% |
| Class F-2 annualized 30-day yield at July 31, 2025: 4.43%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 4.43%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 4.43%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 4.43%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 4.43%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) |

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After-tax returns are shown only for Class F-2 shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 18

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Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Lee Chu** | 2025 | Partner – Capital Fixed Income Investors |
| **Chad M. Rach** President | 2011 | Partner – Capital Fixed Income Investors |
| **Jerome Solomon** | 2017 | Partner – Capital Fixed Income Investors |

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Purchase and sale of fund shares The minimum amount to establish an account for all share classes is $250 and the minimum to add to an account is $50. For accounts with Class F-3 shares held and serviced by the fund's transfer agent, the minimum investment amount is $1 million.

If you are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing to American Funds Service Company<sup>®</sup> at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American Funds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at capitalgroup.com.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

19&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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**The Tax-Exempt Fund of California**

Investment objectives The fund's primary investment objective is to provide you with a high level of current income exempt from regular federal and California state income taxes. Its secondary objective is preservation of capital.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds, Capital Group KKR Public-Private+ Funds, and/or Emerging Markets Equities Fund, Inc. (collectively "Capital Group Funds"). More information about these and other discounts is available from your financial professional, in the "Sales charge reductions and waivers" sections on page 49 of the prospectus and on page 91 of the fund's statement of additional information, and in the sales charge waiver appendix to the prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | A | C | T | **All F share**<br>**classes** |
| Maximum sales charge (load) imposed on <br>purchases (as a percentage of offering price) | 3.75% |  | 2.50% |  |
| Maximum deferred sales charge (load) <br>(as a percentage of the amount redeemed) | 0.75<sup>\*</sup> | 1.00% |  |  |
| Maximum sales charge (load) imposed on <br>reinvested dividends |  |  |  |  |
| Redemption or exchange fees |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | A | C | T | F-1 | F-2 | F-3 |
| Management fees | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Distribution and/or service (12b-1) fees | 0.25 | 1.00 | 0.25 | 0.25 |  |  |
| Other expenses | 0.06 | 0.06 | 0.04 | 0.16 | 0.15 | 0.04 |
| Total annual fund operating expenses | 0.56 | 1.31 | 0.54 | 0.66 | 0.40 | 0.29 |

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<sup>\*</sup>A contingent deferred sales charge of 0.75% applies on certain redemptions made within 18 months following purchases of $250,000 or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold.

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Share class: | A | C | T | F-1 | F-2 | F-3 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | Share class: | C |
| 1 year | $430 | $233 | $304 | $67 | $41 | $30 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 1 year | $133 |
| 3 years | 548 | 415 | 419 | 211 | 128 | 93 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 3 years | 415 |
| 5 years | 676 | 718 | 544 | 368 | 224 | 163 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 5 years | 718 |
| 10 years | 1050 | 1372 | 910 | 822 | 505 | 368 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 10 years | 1372 |

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**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 32% of the average value of its portfolio.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 20

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Principal investment strategies The fund seeks to achieve its objectives by primarily investing in municipal bonds issued by the state of California and its agencies and municipalities. Consistent with the fund's objectives, the fund may also invest in municipal securities that are issued by jurisdictions outside California. Municipal bonds are debt obligations generally issued to obtain funds for various public purposes, including the construction of public facilities. The fund may also invest in bonds exempt from federal and state taxation that are used to fund private projects.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from both regular federal and California income taxes and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund is intended primarily for taxable residents of California.

The fund will invest primarily in debt securities rated BBB- or better or Baa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Such securities are sometimes referred to as "junk bonds."

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

*Risks of investing in municipal bonds of issuers within the state of California —* Because the fund 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. More detailed information about the risks of investing in California municipal securities is contained in the statement of additional information.

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

21&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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

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

*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

*Insured municipal bonds –* The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 22

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Investment results The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

![](img_024.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **F-2** - Before taxes | 8/22/2008 | 2.75% | 1.24% | 2.38% | 3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions | &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions | 2.75 | 1.20 | 2.35 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 2.90 | 1.55 | 2.49 | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share classes** (before taxes) | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **A** (with maximum sales charge) | 10/28/1986 | –1.26% | 0.29% | 1.83% | 4.76% |
| C | 3/19/2001 | 0.78 | 0.29 | 1.59 | 3.44 |
| F-1 | 3/20/2001 | 2.46 | 0.96 | 2.11 | 3.62 |
| F-3 | 1/27/2017 | 2.85 | 1.33 | N/A | 2.63 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Indexes\* | 1 year | 5 years | 10 years | **Lifetime**<br>**(from Class F-2 <br>inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 3.46% |
| Bloomberg California Municipal Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.02 | 0.96 | 2.23 | 3.62 |
| Class F-2 annualized 30-day yield at July 31, 2025: 3.74%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.74%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.74%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.74%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 3.74%<br>(For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) |

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After-tax returns are shown only for Class F-2 shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Mark Marinella** | 2018 | Partner – Capital Fixed Income Investors |
| **Ivan Mirabelli** President | 2023 | Partner – Capital Fixed Income Investors |

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23&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Purchase and sale of fund shares The minimum amount to establish an account for all share classes is $1,000 and the minimum to add to an account is $50. For accounts with Class F-3 shares held and serviced by the fund's transfer agent, the minimum investment amount is $1 million.

If you are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing to American Funds Service Company<sup>®</sup> at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American Funds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at capitalgroup.com.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

It is anticipated that federally exempt-interest dividends paid by the fund and derived from interest on bonds exempt from California income tax will also be exempt from California state and local income taxes. To the extent the fund's dividends are derived from interest on debt obligations not exempt from California income tax, such dividends will be subject to California state and local income taxes. Moreover, any federally taxable dividends and capital gain distributions may also be subject to state and local taxes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 24

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**American Funds Tax-Exempt Fund of New York**

Investment objectives The fund's primary investment objective is to provide you with a high level of current income exempt from regular federal, New York state and New York City income taxes. Its secondary objective is preservation of capital.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds, Capital Group KKR Public-Private+ Funds, and/or Emerging Markets Equities Fund, Inc. (collectively "Capital Group Funds"). More information about these and other discounts is available from your financial professional, in the "Sales charge reductions and waivers" sections on page 49 of the prospectus and on page 91 of the fund's statement of additional information, and in the sales charge waiver appendix to the prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | A | C | T | **All F share**<br>**classes** |
| Maximum sales charge (load) imposed on <br>purchases (as a percentage of offering price) | 3.75% |  | 2.50% |  |
| Maximum deferred sales charge (load) <br>(as a percentage of the amount redeemed) | 0.75<sup>1</sup> | 1.00% |  |  |
| Maximum sales charge (load) imposed on <br>reinvested dividends |  |  |  |  |
| Redemption or exchange fees |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | A | C | T | F-1 | F-2 | F-3 |
| Management fees | 0.27% | 0.27% | 0.27% | 0.27% | 0.27% | 0.27% |
| Distribution and/or service (12b-1) fees | 0.25 | 1.00 | 0.25 | 0.25 |  |  |
| Other expenses | 0.13 | 0.13 | 0.13 | 0.24 | 0.22 | 0.10 |
| Total annual fund operating expenses | 0.65 | 1.40 | 0.65 | 0.76 | 0.49 | 0.37 |
| Expense reimbursement and fee waiver<sup>2</sup> | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Total annual fund operating expenses after expense reimbursement and fee waiver | 0.58 | 1.33 | 0.58 | 0.69 | 0.42 | 0.30 |

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<sup>1</sup>A contingent deferred sales charge of 0.75% applies on certain redemptions made within 18 months following purchases of $250,000 or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold.

<sup>2</sup>The investment adviser is currently reimbursing a portion of the other expenses and waiving a portion of its management fees. This reimbursement and waiver will be in effect until October 1, 2026; provided, however, that if fund shareholders approve a new management fee structure at a special meeting of shareholders to be held on November 25, 2025, the waiver will be in effect until the new management fee structure is implemented. The adviser may elect at its discretion to extend, modify or terminate the reimbursement or waiver at that time.

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The example reflects the expense reimbursement and fee waiver described above through the expiration date of such reimbursement and waiver and total annual fund operating expenses thereafter. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Share class: | A | C | T | F-1 | F-2 | F-3 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | Share class: | C |
| 1 year | $432 | $235 | $308 | $70 | $43 | $31 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 1 year | $135 |
| 3 years | 568 | 436 | 446 | 236 | 150 | 112 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 3 years | 436 |
| 5 years | 717 | 759 | 596 | 415 | 267 | 201 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 5 years | 759 |
| 10 years | 1149 | 1469 | 1034 | 936 | 609 | 461 | For the share class listed to the right, you would pay the following if you did not redeem your shares: | 10 years | 1469 |

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**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 18% of the average value of its portfolio.

25&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Principal investment strategies The fund seeks to achieve its objectives by primarily investing in municipal bonds issued by the state of New York and its agencies and municipalities. Consistent with the fund's objectives, the fund may also invest in municipal securities that are issued by jurisdictions outside New York. Municipal bonds are debt obligations generally issued to obtain funds for various public purposes, including the construction of public facilities. The fund may also invest in bonds exempt from federal and state taxation that are used to fund private projects.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal, New York state and New York City income taxes and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund is intended primarily for taxable residents of New York.

The fund will invest primarily in debt securities rated BBB- or better or Baa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Such securities are sometimes referred to as "junk bonds."

The fund's assets are managed by a team of portfolio managers. Under this approach, the fund's portfolio managers will work together to oversee the fund's entire portfolio.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

*Risks of investing in municipal bonds of issuers within the state of New York* — Because the fund 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. More detailed information about the risks of investing in New York municipal securities is contained in the statement of additional information.

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 26

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Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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

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

*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

27&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Investment results The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **F-2** - Before taxes | 11/1/2010 | 2.31% | 1.04% | 2.12% | 2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 2.31 | 1.00 | 2.10 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 2.68 | 1.42 | 2.26 | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share classes** (before taxes) | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **A** (with maximum sales charge) | 11/1/2010 | –1.73% | 0.10% | 1.58% | 2.53% |
| C | 11/1/2010 | 0.38 | 0.11 | 1.34 | 2.32 |
| **F**-**1** | 11/1/2010 | 2.02 | 0.81 | 1.93 | 2.74 |
| **F**-**3** | 1/27/2017 | 2.42 | 1.15 | N/A | 2.31 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | **Lifetime**<br>**(from Class F-2<br>inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 2.94% |
| Bloomberg New York Municipal Index (reflects no deductions for sales charges, account fees or U.S. federal income taxes) | 0.84 | 0.97 | 2.17 | 2.81 |
| Class F-2 annualized 30-day yield at July 31, 2025: 4.22%<br> (For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 4.22%<br> (For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 4.22%<br> (For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 4.22%<br> (For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) | Class F-2 annualized 30-day yield at July 31, 2025: 4.22%<br> (For current yield information, please call American Funds Service Company at (800) 421-4225 or visit capitalgroup.com.) |

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After-tax returns are shown only for Class F-2 shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Lee Chu** | 2023 | Partner – Capital Fixed Income Investors |
| **Jerome Solomon** President | 2012 | Partner – Capital Fixed Income Investors |

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Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 28

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Purchase and sale of fund shares The minimum amount to establish an account for all share classes is $1,000 and the minimum to add to an account is $50. For accounts with Class F-3 shares held and serviced by the fund's transfer agent, the minimum investment amount is $1 million.

If you are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing to American Funds Service Company<sup>®</sup> at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American Funds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at capitalgroup.com.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

It is anticipated that federally exempt-interest dividends paid by the fund and derived from interest on bonds exempt from New York income tax will also be exempt from New York state and local income taxes. To the extent the fund's dividends are derived from interest on debt obligations not exempt from New York income tax, such dividends will be subject to New York state and local income taxes. Moreover, any federally taxable dividends and capital gain distributions may also be subject to state and local taxes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

29&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Investment objectives, strategies and risks Except where the context indicates otherwise, references to the "fund" apply to each of these tax-exempt bond funds.

**American Funds Short-Term Tax-Exempt Bond Fund** The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital. Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

The fund invests primarily in debt securities rated AA- or better or Aa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund's aggregate portfolio will have a dollar-weighted average effective maturity no greater than three years.

**Limited Term Tax-Exempt Bond Fund of America** The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital. The fund is designed for investors seeking current income exempt from federal income tax. Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

The fund invests primarily in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated BBB and Baa by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The dollar-weighted average effective maturity of the fund's portfolio is between one and 10 years. In calculating the effective maturity or average life of a particular debt security, a put, call, sinking fund or other feature will be considered to the extent it results in a security whose market characteristics indicate an effective maturity or average life that is shorter than its nominal or stated maturity. The investment adviser will consider the impact on effective maturity of potential changes in the financial condition of issuers and in market interest rates in making investment selections for the fund.

**The Tax-Exempt Bond Fund of America** The fund's investment objective is to provide you with a high level of current income exempt from federal income tax, consistent with the preservation of capital. The fund is designed for investors seeking a high level of current income exempt from federal income tax.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund will not invest in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund invests at least 65% in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated BBB+ or below and Baa1 or below (including those rated BB+ or below and Ba1 or below) by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as "junk bonds." Though investment decisions regarding the fund's portfolio may be informed by investment themes on a range of macroeconomic factors, the fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

**American High-Income Municipal Bond Fund** The fund's investment objective is to provide you with a high level of current income exempt from regular federal income tax. The fund is designed for investors who are able to tolerate greater credit risk and price fluctuations than investors in funds with higher quality portfolios. In seeking to achieve its objective, the fund may accept risks to capital value deemed prudent by the fund's investment adviser to take advantage of opportunities for higher current income on municipal bonds.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund may invest, without limitation, in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund invests at least 50% of its portfolio in debt securities rated BBB+ or below or Baa1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as "junk bonds." Though investment decisions regarding the fund's portfolio may be informed by investment themes on a range of macroeconomic factors, the fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 30

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**The Tax-Exempt Fund of California** The fund's primary investment objective is to provide you with a high level of current income exempt from regular federal and California state income taxes. Its secondary objective is preservation of capital. The fund seeks to achieve these objectives by primarily investing in municipal bonds issued by the state of California and its agencies and municipalities. Consistent with the fund's objectives, the fund may also invest in municipal securities that are issued by jurisdictions outside California (including territories and Commonwealths of the United States). The fund is designed for investors seeking income exempt from federal and California income taxes and capital preservation over the long term, and is intended primarily for taxable residents of California.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from both regular federal and California income taxes and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

The fund will invest primarily in debt securities rated BBB- or better or Baa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Such securities are sometimes referred to as "junk bonds." Securities that are not general obligations of the state or are obligations of issuers in other jurisdictions may have lower ratings than general obligations of the state. Though investment decisions regarding the fund's portfolio may be informed by investment themes on a range of macroeconomic factors, the fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

**American Funds Tax-Exempt Fund of New York** The fund's primary investment objective is to provide you with a high level of current income exempt from regular federal, New York state and New York City income taxes. Its secondary objective is preservation of capital. The fund seeks to achieve these objectives by primarily investing in municipal bonds issued by the state of New York and its agencies and municipalities. Consistent with the fund's objectives, the fund may also invest in municipal securities that are issued by jurisdictions outside of New York (including territories and Commonwealths of the United States). The fund is designed for investors seeking income exempt from federal, New York state and New York City income taxes and capital preservation over the long term, and is intended primarily for taxable residents of New York.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal, New York state and New York City income taxes and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

The fund will invest primarily in debt securities rated BBB- or better or Baa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Such securities are sometimes referred to as "junk bonds." Securities that are not general obligations of the state or are obligations of issuers in other jurisdictions may have lower ratings than general obligations of the state. Though investment decisions regarding the fund's portfolio may be informed by investment themes on a range of macroeconomic factors, the fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

#### Applicable to all funds
The fund may also hold cash or cash equivalents, including commercial paper and short-term securities issued by the U.S. government, its agencies and instrumentalities. The percentage of the fund invested in such holdings varies and depends on various factors, including market conditions and purchases and redemptions of fund shares. The investment adviser may determine that it is appropriate to invest a substantial portion of the fund's assets in such instruments in response to certain circumstances, such as periods of market turmoil. For temporary defensive purposes, the fund may invest without limitation in such instruments. A larger percentage of such holdings could moderate the fund's investment results in a period of rising market prices. Alternatively, a larger percentage of such holdings could reduce the magnitude of the fund's loss in a period of falling market prices and provide liquidity to make additional investments or to meet redemptions.

The fund may invest in certain other funds managed by the investment adviser or its affiliates ("Central Funds") to more effectively invest in a diversified set of securities in a specific asset class such as money market instruments, bonds and other securities. Shares of Central Funds are only offered for purchase to the fund's investment adviser and its affiliates and other funds, investment vehicles and accounts managed by the fund's investment adviser and its affiliates. Central Funds do not charge management fees. As a result, the fund does not bear additional management fees when investing in Central Funds, but the fund does bear its proportionate share of Central Fund expenses. The investment results of the portions of the fund's assets invested in the Central Funds will be based upon the investment results of the Central Funds.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

31&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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The investment adviser may consider environmental, social and governance ("ESG") factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. ESG factors may include, but are not limited to, environmental issues (e.g., water use, emission levels, waste, environmental remediation), social issues (e.g., human capital, health and safety, changing customer behavior) or governance issues (e.g., board composition, executive compensation, shareholder dilution).

The following are principal risks associated with investing in the fund.

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The fund's portfolio managers invest in issuers based on their level of investment conviction. At times, the fund may invest more significantly in a single issuer, which could increase the risk of loss arising from the factors described above.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 32

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*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 fund could cause the values of these securities to decline.

*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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 lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as "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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

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

*Risks of investing in municipal bonds of issuers within the state of California —* Because the fund 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. More detailed information about the risks of investing in California municipal securities is contained in the statement of additional information.

*Risks of investing in municipal bonds of issuers within the state of New York* — Because the fund 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. More detailed information about the risks of investing in New York municipal securities is contained in the statement of additional information.

The following are additional risks associated with investing in the fund.

*Alternative minimum tax* — The fund (other than The Tax-Exempt Bond Fund of America) may invest in securities, including in "private activity bonds," that may subject you to federal alternative minimum tax. Therefore, while the fund's distributions from tax-exempt securities are not subject to regular federal income tax, a portion or all of the distributions may be included in determining a shareholder's federal alternative minimum tax.

*Interest rate risk* — The values and liquidity of the securities held by the fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. 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. The fund may invest in variable and floating rate securities. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

*Insured municipal bonds –* The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

*Investing in derivatives* — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund's returns and increase the fund's price volatility. The fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to

33&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

*Investing in futures contracts* — In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund's investment adviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the futures in which the fund invests. If the investment adviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the futures in which it invests, the fund could suffer losses.

*Exposure to country, region, industry or sector* — Subject to the fund's investment limitations, the fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause the fund to be more impacted by risks relating to and developments affecting the country, region, industry or sector, and thus its net asset value may be more volatile, than a fund without such levels of exposure. For example, if the fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the fund than on a fund that is more geographically diversified.

*Cybersecurity breaches* — The fund may be subject to operational and information security risks through breaches in cybersecurity. Cybersecurity breaches can result from deliberate attacks or unintentional events, including "ransomware" attacks, the injection of computer viruses or malicious software code, the use of vulnerabilities in code to gain unauthorized access to digital information systems, networks or devices, or external attacks such as denial-of-service attacks on the investment adviser's or an affiliate's website that could render the fund's network services unavailable to intended end-users. These breaches may, among other things, lead to the unauthorized release of confidential information, misuse of the fund's assets or sensitive information, the disruption of the fund's operational capacity, the inability of fund shareholders to transact business, or the destruction of the fund's physical infrastructure, equipment or operating systems. These events could cause the fund to violate applicable privacy and other laws and could subject the fund to reputational damage, additional costs associated with corrective measures and/or financial loss. The fund may also be subject to additional risks if its third-party service providers, such as the fund's investment adviser, transfer agent, custodian, administrators and other financial intermediaries, experience similar cybersecurity breaches and potential outcomes. Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value.

*Tax risk* — Income from securities held by the fund could also be declared taxable because of changes in tax laws or interpretations by taxing authorities, as a result of noncompliant conduct of a municipal issuer. Investments in taxable bonds and certain derivatives utilized by the fund may cause the fund to have taxable investment income. In addition, the fund may recognize taxable ordinary income from market discount. The fund may also realize capital gains on the sale of its securities. These capital gains will be taxable regardless of whether they are derived from the sale of tax-exempt bonds or taxable securities.

*Large shareholder transactions risk* — The fund may experience adverse effects when shareholders, including other funds or accounts advised by the investment adviser, purchase or redeem, individually or in the aggregate, large amounts of shares relative to the size of the fund. For example, when the investment adviser changes allocations in other funds and accounts it manages, such changes may result in shareholder transactions in the fund that are large relative to the size of the fund. Such large shareholder redemptions may cause the fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's net asset value and liquidity. Similarly, large fund share purchases may adversely affect the fund's performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio. These risks are heightened when the fund is small.

In addition to the principal investment strategies described above, the fund has other investment practices that are described in the statement of additional information, which includes a description of other risks related to the fund's principal investment strategies and other investment practices. The fund's investment results will depend on the ability of the fund's investment adviser to navigate the risks discussed above as well as those described in the statement of additional information.

**Fund comparative indexes** The investment results tables in this prospectus show how the fund's average annual total returns compare with a broad measure of market results and, if applicable, other measures of market results that reflect the fund's investment universe.

**American Funds Short-Term Tax-Exempt Bond Fund** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. The Bloomberg Municipal Short 1–5 Years Index is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to five years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**Limited Term Tax-Exempt Bond Fund of America** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 34

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distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. The Bloomberg Municipal Short-Intermediate 1-10 Years Index is a market-value-weighted index that includes investment grade tax-exempt bonds with maturities of one to 10 years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**The Tax-Exempt Bond Fund of America** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**American High-Income Municipal Bond Fund** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**The Tax-Exempt Fund of California** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. The Bloomberg California Municipal Index is a market-value-weighted index that includes only investment-grade tax-exempt bonds of issuers within the state of California. This index is unmanaged and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**American Funds Tax-Exempt Fund of New York** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. The Bloomberg New York Municipal Index is a market-value-weighted index that includes only investment-grade tax-exempt bonds of issuers within the state of New York. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**Fund results** All fund results in this prospectus reflect the reinvestment of dividends and capital gain distributions, if any. Unless otherwise noted, fund results reflect any fee waivers and/or expense reimbursements in effect during the periods presented.

**Portfolio holdings** Portfolio holdings information for the fund is available on our website at capitalgroup.com. A description of the fund's policies and procedures regarding disclosure of information about its portfolio holdings is available in the statement of additional information.

35&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Management and organization

**Investment adviser** Capital Research and Management Company, an experienced investment management organization founded in 1931, serves as the investment adviser to the fund and other funds, including the American Funds. Capital Research and Management Company is a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California 90071. Capital Research and Management Company manages the investment portfolio and business affairs of the fund. The total management fee paid by the fund to its investment adviser for the most recent fiscal year, as a percentage of average net assets, appears in the Annual Fund Operating Expenses tables under "Fees and expenses of the fund." The management fee for the fund is based on the daily net assets of the fund and the fund's monthly gross investment income. Please see the statement of additional information for further details. A discussion regarding the basis for approval of the fund's Investment Advisory and Service Agreements by the fund's board of trustees is contained in the fund's Form N-CSR for the fiscal year ended July 31, 2025.

Capital Research and Management Company manages equity assets through three equity investment divisions and fixed income assets through its fixed income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital International Investors, Capital Research Global Investors and Capital World Investors — make investment decisions independently of one another.

The equity investment divisions may, in the future, be incorporated as wholly owned subsidiaries of Capital Research and Management Company. In that event, Capital Research and Management Company would continue to be the investment adviser, and day-to-day investment management of equity assets would continue to be carried out through one or more of these subsidiaries. Although not currently contemplated, Capital Research and Management Company could incorporate its fixed income investment division in the future and engage it to provide day-to-day investment management of fixed income assets. Capital Research and Management Company and each of the funds it advises have received an exemptive order from the U.S. Securities and Exchange Commission that allows Capital Research and Management Company to use, upon approval of the fund's board, its management subsidiaries and affiliates to provide day-to-day investment management services to the fund, including making changes to the management subsidiaries and affiliates providing such services. The fund's shareholders have approved this arrangement; however, there is no assurance that Capital Research and Management Company will incorporate its investment divisions or exercise any authority granted to it under the exemptive order.

**The Capital System<sup>TM</sup>** Capital Research and Management Company uses a system of multiple portfolio managers in managing mutual fund assets. Under this approach, the portfolio of a fund is divided into segments managed by individual managers. In addition, Capital Research and Management Company's investment analysts may make investment decisions with respect to a portion of a fund's portfolio. Investment decisions are subject to a fund's objective(s), policies and restrictions and the oversight of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions.

Certain senior members of Capital Fixed Income Investors, the investment adviser's fixed income investment division, serve on the Portfolio Strategy Group. The group utilizes a research-driven process with input from the investment adviser's analysts, portfolio managers and economists to define investment themes on a range of macroeconomic factors, including duration, yield curve and sector allocation. The investment decisions made by the fund's portfolio managers are informed by the investment themes discussed by the group.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 36

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The table below shows the investment experience and role in management of the fund for the fund's primary portfolio managers. Notwithstanding The Capital System, the portfolio managers of American Funds Tax-Exempt Fund of New York will work together to oversee the fund's entire portfolio.

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| | | | |
|:---|:---|:---|:---|
| Portfolio manager | Investment experience | **Portfolio manager**<br>**in this fund since:** | Role in management of the fund |
| **Lee Chu** | Investment professional since 2008 (all with Capital Research and Management Company or affiliate) |  |  |
| &nbsp;&nbsp;The Tax-Exempt Bond Fund of America |  | 2020,<br>and previously an<br>investment analyst<br>for the fund since 2013 | Serves as a fixed income portfolio manager |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund |  | 2025,<br>and previously an<br>investment analyst<br>for the fund since 2012 | Serves as a fixed income portfolio manager |
| &nbsp;&nbsp;American Funds Tax-Exempt Fund of <br>New York |  | 2023 | Serves as a fixed income portfolio manager |
| **Vikas Malhotra** | Investment professional since 2011 (with Capital Research and Management Company or affiliate since 2016) |  |  |
| &nbsp;&nbsp;American Funds Short-Term Tax-Exempt Bond Fund |  | 2021 | Serves as a fixed income portfolio manager |
| &nbsp;&nbsp;Limited Term Tax-Exempt Bond Fund of America |  | 2021,<br>and previously an<br>investment analyst<br>for the fund since 2020 | Serves as a fixed income portfolio manager |
| **Mark Marinella** | Investment professional since 1986 (with Capital Research and Management Company or affiliate since 2013) |  |  |
| &nbsp;&nbsp;American Funds Short-Term Tax-Exempt Bond Fund |  | 2018 | Serves as a fixed income portfolio manager |
| &nbsp;&nbsp;Limited Term Tax-Exempt Bond Fund of America |  | 2018 | Serves as a fixed income portfolio manager |
| &nbsp;&nbsp;The Tax-Exempt Fund of California |  | 2018 | Serves as a fixed income portfolio manager |

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37&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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| | | | |
|:---|:---|:---|:---|
| Portfolio manager | Investment experience | **Portfolio manager**<br>**in this fund since:** | Role in management of the fund |
| **Ivan Mirabelli** | Investment professional since 2012 (with Capital Research and Management Company or affiliate since 2015) |  |  |
| &nbsp;&nbsp;The Tax-Exempt Fund of California |  | 2023,<br>and previously an<br>investment analyst<br>for the fund since 2016 | Serves as a fixed income portfolio manager |
| **Chad M. Rach** | Investment professional since 1995 (with Capital Research and Management Company or affiliate since 2004) |  |  |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund |  | 2011,<br>and previously an<br>investment analyst<br>for the fund since 2005 | Serves as a fixed income portfolio manager |
| **Jerome Solomon** | Investment professional since 1992 (with Capital Research and Management Company or affiliate since 2008) |  |  |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund |  | 2017,<br>and previously an<br>investment analyst<br>for the fund since 2009 | Serves as a fixed income portfolio manager |
| &nbsp;&nbsp;American Funds Tax-Exempt Fund of <br>New York |  | 2012 | Serves as a fixed income portfolio manager |
| **Courtney K. Wolf** | Investment professional since 2005 (all with Capital Research and Management Company or affiliate) |  |  |
| &nbsp;&nbsp;The Tax-Exempt Bond Fund of America |  | 2019,<br>and previously an<br>investment analyst<br>for the fund since 2010 | Serves as a fixed income portfolio manager |
| **Karl J. Zeile** | Investment professional since 1994 (with Capital Research and Management Company or affiliate since 1999) |  |  |
| &nbsp;&nbsp;The Tax-Exempt Bond Fund of America |  | 2004,<br>and previously an<br>investment analyst<br>for the fund since 2000 | Serves as a fixed income portfolio manager |

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Information regarding the portfolio managers' compensation, their ownership of securities in the fund and other accounts they manage is in the statement of additional information.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 38

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**Certain privileges and/or services described on the following pages of this prospectus and in the statement of additional information may not be available to you, depending on your investment dealer. Please see your financial professional for more information.**

Shareholder information

**Shareholder services** American Funds Service Company, the fund's transfer agent, offers a wide range of services that you can use to alter your investment program should your needs or circumstances change. These services may be terminated or modified at any time upon 60 days' prior written notice.

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**A more detailed description of policies and services is included in the fund's statement of additional information and the owner's guide sent to new American Funds shareholders entitled *Welcome*.** These documents are available by writing to or calling American Funds Service Company.

39&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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**Unless otherwise noted, references to Class F shares refer to Class F-1, F-2, and F-3 shares.**

Purchase, exchange and sale of shares **The fund reserves the right not to make its shares available to tax-deferred retirement plans and accounts.** The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York are intended primarily for taxable residents of California and New York, respectively, and may not be appropriate for residents of other states and tax-exempt entities.

**The fund's transfer agent, on behalf of the fund and Capital Client Group, Inc., the fund's distributor, is required by law to obtain certain personal information from you or any other person(s) acting on your behalf in order to verify your or such person's identity. If you do not provide the information, the transfer agent may not be able to open your account. If the transfer agent is unable to verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified potentially criminal activity, the fund and Capital Client Group, Inc. reserve the right to close your account or take such other action they deem reasonable or required by law.**

When purchasing shares, you should designate the fund or funds in which you wish to invest. Subject to the exception below, if no fund is designated, your money will be held uninvested (without liability to the transfer agent for loss of income or appreciation pending receipt of proper instructions) until investment instructions are received, but for no more than three business days. Your investment will be made at the net asset value (plus any applicable sales charge, in the case of Class A or Class T shares) next determined after investment instructions are received and accepted by the transfer agent. If investment instructions are not received, your money will be invested in Class A shares (or, if you are investing through a financial intermediary who offers only Class T shares, in Class T shares) of American Funds<sup>®</sup> U.S. Government Money Market Fund on the third business day after receipt of your investment.

If the amount of your cash investment is $10,000 or less, no fund is designated, and you made a cash investment (excluding exchanges) within the last 16 months, your money will be invested in the same proportion and in the same fund or funds and in the same class of shares in which your last cash investment was made. If you only have one open fund, the money will be invested into such fund on the day received if the investment is otherwise in good order.

Different procedures may apply to certain employer-sponsored arrangements, including, but not limited to, SEP plans, SIMPLE IRA plans and CollegeAmerica accounts.

**Valuing shares** The net asset value of each share class of the fund is the value of a single share of that class. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. If the New York Stock Exchange makes a scheduled (e.g., the day after Thanksgiving) or an unscheduled close prior to 4 p.m. New York time, the net asset value of the fund will be determined at approximately the time the New York Stock Exchange closes on that day. If on such a day market quotations and prices from third-party pricing services are not based as of the time of the early close of the New York Stock Exchange but are as of a later time (up to approximately 4 p.m. New York time), for example because the market remains open after the close of the New York Stock Exchange, those later market quotations and prices will be used in determining the fund's net asset value.

Equity securities are valued primarily on the basis of market quotations, and debt securities are valued primarily on the basis of prices from third-party pricing services due to the lack of market quotations. Futures contracts are valued primarily on the basis of settlement prices. The fund's portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations are not readily available, including procedures to determine the representativeness of third-party vendor prices, or in the event market quotations or third-party vendor prices are not considered reliable. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of the investment adviser, materially affect the value of any of the fund's equity securities that trade principally in those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures will be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended to result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available to short-term investors.

Your shares will be purchased at the net asset value (plus any applicable sales charge, in the case of Class A or Class T shares) or sold at the net asset value next determined after American Funds Service Company receives your request, provided that your request contains all information and legal documentation necessary to process the transaction. Orders in good order received after the New York Stock Exchange closes (scheduled or unscheduled) will be processed at the net asset value (plus any applicable sales charge) calculated on the following business day. A contingent deferred sales charge may apply at the time you sell certain Class A and C shares.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 40

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**Purchase of Class A and C shares** You may generally open an account and purchase shares by contacting any financial professional (who may impose transaction charges in addition to those described in this prospectus) authorized to sell the fund's shares. You may purchase additional shares in various ways, including through your financial professional and by mail, telephone, the Internet and bank wire.

Class C shares are not offered by American Funds Short-Term Tax-Exempt Bond Fund at this time.

**Automatic conversion of Class C shares** Class C shares automatically convert to Class A shares in the month of the 8-year anniversary of the purchase date. The Internal Revenue Service currently takes the position that such automatic conversions are not taxable. Should its position change, the automatic conversion feature may be suspended. If this were to happen, you would have the option of converting your Class C shares to the Class A shares at the anniversary date described above. This exchange would be based on the relative net asset values of the two classes in question, without the imposition of a sales charge or fee, but you might face certain tax consequences as a result.

**Purchase of Class F shares** You may generally open an account and purchase Class F shares only through fee-based programs of investment dealers that have special agreements with the fund's distributor, through financial intermediaries that have been approved by, and that have special agreements with, the fund's distributor to offer Class F shares to self-directed investment brokerage accounts that may charge a transaction fee, through certain registered investment advisors and through other intermediaries approved by the fund's distributor. These intermediaries typically charge ongoing fees for services they provide. Intermediary fees are not paid by the fund and normally range from .75% to 1.50% of assets annually, depending on the services offered.

Class F-2 and F-3 shares may also be available on brokerage platforms of firms that have agreements with the fund's distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class F-2 or F-3 shares in these programs may be required to pay a commission and/or other forms of compensation to the broker. Shares of the fund are available in other share classes that have different fees and expenses.

In addition, upon approval by an officer of the fund's investment adviser, Class F-3 shares are available to institutional investors, which include, but are not limited to, charitable organizations, governmental institutions, corporations and financial intermediaries. For accounts held and serviced by the fund's transfer agent the minimum investment amount is $1 million.

**Purchase minimums and maximums** Purchase minimums described in this prospectus may be waived in certain cases. Minimums are currently waived for purchases of Class F-2 and F-3 shares. In addition, the fund reserves the right to redeem the shares of any shareholder for their then current net asset value per share if the shareholder's aggregate investment in the fund falls below the fund's minimum initial investment amount. See the statement of additional information for details.

For accounts established with an automatic investment plan, the initial purchase minimum of $250 (or $1,000 for The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York) may be waived if the purchases (including purchases through exchanges from another fund) made under the plan are sufficient to reach $250 (or $1,000 for The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York) within five months of account establishment.

If you have significant Capital Group Funds holdings, you may not be eligible to invest in Class C shares. Specifically, you may not purchase Class C shares if you are eligible to purchase Class A shares at net asset value. See "Sales charge reductions and waivers" in this prospectus and the statement of additional information for more details regarding sales charge discounts.

41&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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**Exchange** Except for Class T shares or as otherwise described in this prospectus, you may exchange your shares for shares of the same class of other Capital Group Funds without a sales charge. Notwithstanding the foregoing, Class A-2 shares of Capital Group KKR Public-Private+ Funds may not be exchanged for shares of the American Funds or Emerging Markets Equities Fund, Inc. Exchanges of shares from American Funds U.S. Government Money Market Fund initially purchased without a sales charge to shares of other Capital Group Funds will be subject to the appropriate sales charge applicable to the other fund, unless the American Funds U.S. Government Money Market Fund shares were acquired by an exchange from a fund having a sales charge or by reinvestment or cross-reinvestment of dividends or capital gain distributions. For purposes of computing the contingent deferred sales charge on Class C shares, the length of time you have owned your shares will be measured from the first day of the month in which shares were purchased and will not be affected by any permitted exchange.

Except as indicated above, Class T shares are not eligible for exchange privileges. Accordingly, an exchange of your Class T shares for Class T shares of any other American Funds will normally be subject to any applicable sales charges.

Exchanges have the same tax consequences as ordinary sales and purchases. For example, to the extent you exchange shares held in a taxable account that are worth more now than what you paid for them, the gain will be subject to taxation.

See "Transactions by telephone, fax or the Internet" in the section "How to sell shares" of this prospectus for information regarding electronic exchanges.

Please see the statement of additional information for details and limitations on moving investments in certain share classes to different share classes and on moving investments held in certain accounts to different accounts.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 42

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How to sell shares

You may sell (redeem) shares in any of the following ways:

**Through your dealer or financial advisor (certain charges may apply)**

&nbsp;&nbsp;&nbsp;&nbsp;·Shares held for you in your dealer's name must be sold through the dealer.

&nbsp;&nbsp;&nbsp;&nbsp;·Class F shares must be sold through intermediaries such as dealers or financial advisors.

**Writing to American Funds Service Company**

&nbsp;&nbsp;&nbsp;&nbsp;·Requests must be signed by the registered shareholder(s).

&nbsp;&nbsp;&nbsp;&nbsp;·A signature guarantee is required if the redemption is:

—more than $250,000;

—made payable to someone other than the registered shareholder(s); or

—sent to an address other than the address of record or to an address of record that has been changed within the previous 10 days.

&nbsp;&nbsp;&nbsp;&nbsp;·American Funds Service Company reserves the right to require signature guarantee(s) on any redemption.

&nbsp;&nbsp;&nbsp;&nbsp;·Additional documentation may be required for redemptions of shares held in corporate, partnership or fiduciary accounts.

#### Telephoning or faxing American Funds Service Company
&nbsp;&nbsp;&nbsp;&nbsp;·Redemptions by telephone or fax are limited to $250,000 per American Funds shareholder each day.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be made payable to the registered shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be mailed to an address of record that has been used with the account for at least 10 days.

**Self service using the Internet (capitalgroup.com) or Interactive Voice Response (IVR)**

&nbsp;&nbsp;&nbsp;&nbsp;·Redemptions by IVR or the Internet (capitalgroup.com) are limited to $125,000 per American Funds shareholder each day.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be made payable to the registered shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be mailed to an address of record that has been used with the account for at least 10 days.

The fund typically expects to remit redemption proceeds one business day following receipt and acceptance of a redemption order, regardless of the method the fund uses to make such payment (e.g., check, wire or automated clearing house transfer). However, payment may take longer than one business day and may take up to seven days as generally permitted by the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the fund may be permitted to pay redemption proceeds beyond seven days under certain limited circumstances. In addition, if you recently purchased shares and subsequently request a redemption of those shares, the fund will pay the available redemption proceeds once a sufficient period of time has passed to reasonably ensure that checks or drafts, including certified or cashier's checks, for the shares purchased have cleared (normally seven business days from the purchase date).

Under normal conditions, the fund typically expects to meet shareholder redemptions from a reserve of highly liquid assets, such as cash or cash equivalents. The fund may use additional methods to meet shareholder redemptions, if they become necessary. These methods may include, but are not limited to, the sale of portfolio assets, the use of overdraft protection afforded by the fund's custodian bank, borrowing from a line of credit or from other funds advised by the investment adviser or its affiliates, and making payment with fund securities or other fund assets rather than in cash (as further discussed in the following paragraph).

Although payment of redemptions normally will be in cash, the fund's declaration of trust permits payment of the redemption price wholly or partly with portfolio securities or other fund assets under conditions and circumstances determined by the fund's board of trustees. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. In general, in-kind redemptions to affiliated shareholders will as closely as practicable represent the affiliated shareholder's pro rata share of the fund's securities, subject to certain exceptions. Securities distributed in-kind to unaffiliated shareholders will be selected by the investment adviser in a manner the investment adviser deems to be fair and reasonable to the fund's shareholders. The disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain subject to market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities.

**Transactions by telephone, fax or the Internet** Generally, you are automatically eligible to redeem or exchange shares by telephone, fax or the Internet, unless you notify us in writing that you do not want any or all of these services. You may reinstate these services at any time.**

Unless you decide not to have telephone, fax or Internet services on your account(s), you agree to hold each fund, American Funds Service Company, any of its affiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these privileges, provided that American Funds Service Company employs reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine. If reasonable procedures are not employed, American Funds Service Company and/or the fund may be liable for losses due to unauthorized or fraudulent instructions.

43&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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**Frequent trading of fund shares** The fund and Capital Client Group, Inc. reserve the right to reject any purchase order for any reason. The fund is not designed to serve as a vehicle for frequent trading. Frequent trading of fund shares may lead to increased costs to the fund and less efficient management of the fund's portfolio, potentially resulting in dilution of the value of the shares held by long-term shareholders. Accordingly, purchases, including those that are part of exchange activity, that the fund or Capital Client Group, Inc. has determined could involve actual or potential harm to the fund may be rejected.**

The fund, through its transfer agent, American Funds Service Company, maintains surveillance procedures that are designed to detect frequent trading in fund shares. Under these procedures, various analytics are used to evaluate factors that may be indicative of frequent trading. For example, transactions in fund shares that exceed certain monetary thresholds may be scrutinized. American Funds Service Company also may review transactions that occur close in time to other transactions in the same account or in multiple accounts under common ownership or influence. Trading activity that is identified through these procedures or as a result of any other information available to the fund will be evaluated to determine whether such activity might constitute frequent trading. These procedures may be modified from time to time as appropriate to improve the detection of frequent trading, to facilitate monitoring for frequent trading in particular retirement plans or other accounts and to comply with applicable laws.

Under the fund's frequent trading policy, certain trading activity will not be treated as frequent trading, such as:

· purchases and redemptions by investment companies managed or sponsored by the fund's investment adviser or its affiliates, including reallocations and transactions allowing the investment company to meet its redemptions and purchases;

· retirement plan contributions, loans and distributions (including hardship withdrawals) identified as such on the retirement plan recordkeeper's system;

· purchase transactions involving in-kind transfers of shares of the fund, rollovers, Roth IRA conversions and IRA recharacterizations, if the entity maintaining the shareholder account is able to identify the transaction as one of these types of transactions;

· transactions by certain intermediaries in accordance with established hedging programs approved by the fund's investment adviser; and

· systematic redemptions and purchases, if the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase.

Generally, purchases and redemptions will not be considered "systematic" unless the transaction is prescheduled for a specific date.

American Funds Service Company will work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan recordkeepers, insurance company separate accounts and bank trust companies) to apply their own procedures, provided that American Funds Service Company believes the intermediary's procedures are reasonably designed to enforce the frequent trading policies of the fund. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you.

If American Funds Service Company identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner's transactions or restrict the account owner's trading. If American Funds Service Company is not satisfied that the intermediary has taken appropriate action, American Funds Service Company may terminate the intermediary's ability to transact in fund shares.

There is no guarantee that all instances of frequent trading in fund shares will be prevented.

**Notwithstanding the fund's surveillance procedures described above, all transactions in fund shares remain subject to the right of the fund, Capital Client Group, Inc. and American Funds Service Company to restrict potentially abusive trading generally, including the types of transactions described above that will not be prevented. See the statement of additional information for more information about how American Funds Service Company may address other potentially abusive trading activity in American Funds.**

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 44

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Distributions and taxes

**Dividends and distributions** The fund declares daily dividends from net investment income and distributes the accrued dividends, which may fluctuate, to you each month. Generally, dividends begin accruing on the day payment for shares is received by the fund or American Funds Service Company.

Capital gains, if any, are usually distributed in November or December. When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment.

You may elect to reinvest dividends and/or capital gain distributions to purchase additional shares of this fund or other American Funds, or you may elect to receive them in cash.

**Taxes on dividends and distributions** Interest on municipal bonds is generally not included in gross income for federal tax purposes. A portion of the fund's distributions may be subject to regular federal income tax. Subject to certain requirements, the fund is permitted to pass through to its shareholders the interest earned on municipal bonds as federally exempt-interest dividends. Taxable dividends, including distributions of short-term capital gains, however, are subject to federal taxation at the applicable rates for ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest earned on certain bonds may be treated as income subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains.

Depending on their state of residence, 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, and American High-Income Municipal Bond Fund may be able to exempt from state taxation some or all of the federally tax-exempt income dividends paid by those funds.

Each of The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York anticipates that the federally exempt interest dividends paid by the applicable fund and derived from interest on bonds exempt from California and New York income tax, respectively, will also be exempt from California and New York state income tax, respectively. To the extent the applicable fund's dividends are derived from interest on debt obligations that is not exempt from California or New York income tax, however, such dividends will be subject to applicable state income tax.

Moreover, any federally taxable dividends and capital gains distributions from the fund may also be subject to state tax.

Any taxable dividends or capital gain distributions you receive from the fund normally will be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash.

**Taxes on transactions** Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them.

**Shareholder fees** Fees borne directly by the fund normally have the effect of reducing a shareholder's taxable income on distributions.

**Please see your tax advisor for more information.**

45&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Choosing a share class The fund offers different classes of shares through this prospectus. Shares of the fund are available through various investment programs or accounts. **However, tax-exempt funds should generally not serve as investments for tax-deferred retirement plans and accounts.** The services or share classes available to you may vary depending upon how you wish to purchase shares of the fund. Since shares of American Funds Short-Term Tax-Exempt Bond Fund are only available in Class A, F-1, F-2 and F-3, references to Class C shares are not applicable to American Funds Short-Term Tax-Exempt Bond Fund.

Each share class of the fund represents an investment in the same portfolio of securities, but each class has its own sales charge and expense structure, allowing you to choose the class that best fits your situation. For example, while Class F-1 shares are subject to 12b-1 fees and subtransfer agency fees payable to third-party service providers, Class F-2 shares are subject only to subtransfer agency fees payable to third-party service providers (and not 12b-1 fees) and Class F-3 shares are not subject to any such additional fees. The different fee structures allow the investor to choose how to pay for advisory platform expenses. **When you purchase shares of the fund, you should choose a share class. If none is chosen, your investment will be made in Class A shares (or if you are investing through a financial intermediary who offers only Class T shares, your investment will be made in Class T shares).**

Factors you should consider when choosing a class of shares include:

· how long you expect to own the shares;

· how much you intend to invest;

· total expenses associated with owning shares of each class;

· whether you qualify for any reduction or waiver of sales charges (for example, Class A or Class T shares may be a less expensive option over time, particularly if you qualify for a sales charge reduction or waiver);

· whether you want or need the flexibility to effect exchanges among Capital Group Funds without the imposition of a sales charge (for example, while Class A shares offer such exchange privileges, Class T shares do not);

· whether you plan to take any distributions in the near future; and

· availability of share classes:

—Class C shares are not available to retirement plans that do not currently invest in such shares and that are eligible to invest in American Funds Class R shares, including retirement plans established under Internal Revenue Code Sections 401(a) (including 401(k) plans), 403(b) or 457;

—Class F shares are available, as applicable, (i) to fee-based programs of investment dealers that have special agreements with the fund's distributor, (ii) to financial intermediaries that have been approved by, and that have special agreements with, the fund's distributor to offer Class F shares to self-directed investment brokerage accounts that may charge a transaction fee, (iii) to certain registered investment advisors and (iv) to other intermediaries approved by the fund's distributor; and

—Class F-3 shares are also available to institutional investors, which include, but are not limited to, charitable organizations, governmental institutions, corporations and financial intermediaries. For accounts held and serviced by the fund's transfer agent the minimum investment amount is $1 million.

**Each investor's financial considerations are different. You should speak with your financial professional to help you decide which share class is best for you.**

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 46

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Sales charges

**Class A shares** The initial sales charge you pay each time you buy Class A shares differs depending upon the amount you invest and may be reduced or eliminated for larger purchases as indicated below. The "offering price," the price you pay to buy shares, includes any applicable sales charge, which will be deducted directly from your investment. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge.

Sales charges 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

Class A shares

---

| | | | |
|:---|:---|:---|:---|
|  | **Sales charge as a**<br>**percentage of:** | **Sales charge as a**<br>**percentage of:** |  |
| Investment | Offering price | **Net amount**<br>**invested** | **Dealer commission**<br>**as a percentage<br>of offering price** |
| Less than $100,000 | 3.75% | 3.90% | 3.00% |
| $100,000 but less than $250,000 | 3.25 | 3.36 | 2.75 |
| $250,000 or more and certain other investments described below |  |  | see below |

---

Sales charges for American Funds Short-Term Tax-Exempt Bond Fund and Limited Term Tax-Exempt Bond Fund of America

Class A shares

---

| | | | |
|:---|:---|:---|:---|
|  | **Sales charge as a**<br>**percentage of:** | **Sales charge as a**<br>**percentage of:** |  |
| Investment | Offering price | **Net amount**<br>**invested** | **Dealer commission**<br>**as a percentage<br>of offering price** |
| Less than $100,000 | 2.50% | 2.56% | 2.00% |
| $100,000 but less than $250,000 | 1.75 | 1.78 | 1.50 |
| $250,000 or more and certain other investments described below |  |  | see below |

---

The sales charge, expressed as a percentage of the offering price or the net amount invested, may be higher or lower than the percentages described in the tables above due to rounding. This is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from the offering price, which is calculated to two decimal places using standard rounding criteria. The impact of rounding will vary with the size of the investment and the net asset value of the shares. Similarly, any contingent deferred sales charge paid by you on investments in Class A shares may be higher or lower than the 1% charge described below due to rounding.

**Except as provided below, investments in Class A shares of $250,000 or more will be subject to a 0.75% contingent deferred sales charge if the shares are sold within 18 months of purchase.** The contingent deferred sales charge is based on the original purchase cost or the current market value of the shares being sold, whichever is less.

**Class A share purchases not subject to sales charges** The following investments are not subject to any initial or contingent deferred sales charge if American Funds Service Company is properly notified of the nature of the investment:**

· investments made by accounts that are part of qualified fee-based programs that purchased Class A shares before the discontinuation of the relevant investment dealer's load-waived Class A share program with American Funds and that continue to be held through fee-based programs;

· rollover investments from retirement plans to IRAs that are described in the "Rollovers from retirement plans to IRAs" section of this prospectus;

· investments made by accounts held at American Funds Service Company that are no longer associated with a financial professional may invest in Class A shares without a sales charge. This includes retirement plans investing in Class A shares, where the plan is no longer associated with a financial professional. SIMPLE IRAs and 403(b) custodial accounts that are aggregated at the plan level for Class A sales charge purposes are not eligible to invest without a sales charge under this policy; and

· Investments made by accounts held through banks and bank trust companies that charge a fee for custodial services and do not have a financial professional assigned to the account.

The distributor may pay dealers a commission of up to 1% on investments made in Class A shares with no initial sales charge. The fund may reimburse the distributor for these payments through its plans of distribution (see "Plans of distribution" in this prospectus).

If requested, American Funds Class A shares will be sold at net asset value to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)currently registered representatives and assistants directly employed by such representatives, retired registered representatives with respect to accounts established while active, or full-time employees (collectively, "Eligible Persons") (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law, and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of dealers who have sales agreements with Capital Client Group, Inc. (or who clear transactions through such dealers), plans for the dealers, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;

47&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the supervised persons of currently registered investment advisory firms ("RIAs") and assistants directly employed by such RIAs, retired supervised persons of RIAs with respect to accounts established while a supervised person (collectively, "Eligible Persons") (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the funds, plans for the RIA firms, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)insurance company separate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)accounts managed by subsidiaries of The Capital Group Companies, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)an individual or entity with a substantial business relationship with The Capital Group Companies, Inc. or its affiliates, or an individual or entity related or relating to such individual or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts whose underlying investments are managed by any affiliate of The Capital Group Companies, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)full-time employees of banks that have sales agreements with Capital Client Group, Inc. who are solely dedicated to directly supporting the sale of mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)current or former clients of Capital Group Private Client Services and their family members who purchase their shares through Capital Group Private Client Services or American Funds Service Company.

Shares are offered at net asset value to these persons and organizations due to anticipated economies in sales effort and expense. Once an account is established under this net asset value privilege, additional investments can be made at net asset value for the life of the account. Depending on the financial intermediary holding your account, these privileges may be unavailable. Investors should consult their financial intermediary for further information.

Certain other investors may qualify to purchase shares without a sales charge, such as employees of The Capital Group Companies, Inc. and its affiliates. Please see the statement of additional information for further details.

**Class C shares** Class C shares are sold without any initial sales charge. Capital Client Group, Inc. pays 1% of the amount invested to dealers who sell Class C shares. A contingent deferred sales charge of 1% applies if Class C shares are sold within one year of purchase. The contingent deferred sales charge is eliminated one year after purchase.**

Any contingent deferred sales charge paid by you on sales of Class C shares, expressed as a percentage of the applicable redemption amount, may be higher or lower than the percentages described above due to rounding.

**Class T shares** The initial sales charge you pay each time you buy Class T shares differs depending upon the amount you invest and may be reduced for larger purchases as indicated below. The "offering price," the price you pay to buy shares, includes any applicable sales charge, which will be deducted directly from your investment. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge.

---

| | | |
|:---|:---|:---|
|  | **Sales charge as a** <br>**percentage of:** | **Sales charge as a** <br>**percentage of:** |
| Investment | Offering price | **Net amount**<br>**invested** |
| Less than $250,000 | 2.50% | 2.56% |
| $250,000 but less than $500,000 | 2.00 | 2.04 |
| $500,000 but less than $1 million | 1.50 | 1.52 |
| $1 million or more | 1.00 | 1.01 |

---

The sales charge, expressed as a percentage of the offering price or the net amount invested, may be higher or lower than the percentages described in the table above due to rounding. This is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from the offering price, which is calculated to two decimal places using standard rounding criteria. The impact of rounding will vary with the size of the investment and the net asset value of the shares.

**Class F shares** Class F shares are sold without any initial or contingent deferred sales charge.

**Contingent deferred sales charges** Shares acquired through reinvestment of dividends or capital gain distributions are not subject to a contingent deferred sales charge. In addition, the contingent deferred sales charge may be waived in certain circumstances. See "Contingent deferred sales charge waivers" in the "Sales charge reductions and waivers" section of this prospectus. For purposes of determining the contingent deferred sales charge, if you sell only some of your shares, shares that are not subject to any contingent deferred sales charge will be sold first, followed by shares that you have owned the longest.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 48

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Sales charge reductions and waivers **To receive a reduction in your Class A initial sales charge, you must let your financial professional or American Funds Service Company know at the time you purchase shares that you qualify for such a reduction. If you do not let your financial professional or American Funds Service Company know that you are eligible for a reduction, you may not receive the sales charge discount to which you are otherwise entitled.** In order to determine your eligibility to receive a sales charge discount, it may be necessary for you to provide your financial professional or American Funds Service Company with information and records (including account statements) of all relevant accounts invested in eligible shares of Capital Group Funds. You may need to invest directly through American Funds Service Company in order to receive the sales charge waivers described in this prospectus. Investors should consult their financial intermediary for further information. Certain financial intermediaries that distribute shares of American Funds may impose different sales charge waivers than those described in this prospectus. Such variations in sales charge waivers are described in an appendix to this prospectus titled "Sales charge waivers." Note that such sales charge waivers and discounts offered through a particular intermediary, as set forth in the appendix to this prospectus, are implemented and administered solely by that intermediary. Please contact the applicable intermediary to ensure that you understand the steps you must take in order to qualify for any available waivers or discounts.

**In addition to the information in this prospectus, you may obtain more information about share classes, sales charges and sales charge reductions and waivers through a link on the home page of our website at capitalgroup.com, from the statement of additional information or from your financial professional.**

**Reducing your Class A initial sales charge** Consistent with the policies described in this prospectus, you and your "immediate family" (your spouse — or equivalent, if recognized under local law, your children under the age of 21 or disabled adult dependents covered by ABLE accounts) may combine all of your Capital Group Funds investments to reduce Class A sales charges. However, for this purpose, investments representing direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. Following are different ways that you may qualify for a reduced Class A sales charge:**

**Aggregating accounts** To receive a reduced Class A sales charge, investments in Capital Group Funds made by you and your immediate family (see above) may be aggregated if made for your own account(s) and/or certain other accounts, such as:

&nbsp;&nbsp;&nbsp;&nbsp;·individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or a participant account of a 403(b) plan that is treated as an individual-type plan for sales charge purposes (see "Purchases by certain 403(b) plans" under "Rollovers from retirement plans to IRAs" below);

&nbsp;&nbsp;&nbsp;&nbsp;·SEP plans and SIMPLE IRA plans established after November 15, 2004, by an employer adopting any plan document other than a prototype plan produced by Capital Client Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;·business accounts solely controlled by you or your immediate family (for example, you own the entire business);

&nbsp;&nbsp;&nbsp;&nbsp;·trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor's death the trust account may be aggregated with such beneficiary's own accounts; for trusts with multiple primary beneficiaries, upon the trustor's death the trustees of the trust may instruct American Funds Service Company to establish separate trust accounts for each primary beneficiary; each primary beneficiary's separate trust account may then be aggregated with such beneficiary's own accounts);

&nbsp;&nbsp;&nbsp;&nbsp;·endowments or foundations established and controlled by you or your immediate family; or

&nbsp;&nbsp;&nbsp;&nbsp;·529 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

&nbsp;&nbsp;&nbsp;&nbsp;·for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;·made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;·for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;·for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations;

&nbsp;&nbsp;&nbsp;&nbsp;·for participant accounts of a 403(b) plan that is treated as an employer-sponsored plan for sales charge purposes (see "Purchases by certain 403(b) plans" under "Rollovers from retirement plans to IRAs" below), or made for participant accounts of two or more such plans, in each case of a single employer or affiliated employers as defined in the 1940 Act; or

&nbsp;&nbsp;&nbsp;&nbsp;·for a SEP or SIMPLE IRA plan established after November 15, 2004, by an employer adopting a prototype plan produced by Capital Client Group, Inc.

Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of the customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

Joint accounts may be aggregated with other accounts belonging to the primary owner and/or his or her immediate family. The primary owner of a joint account is the individual responsible for taxes on the account.

Class A-2 shares of Capital Group KKR Public-Private+ Funds are not eligible for aggregation with shares of the American Funds or Emerging Markets Equities Fund, Inc.

49&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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**Concurrent purchases** You may reduce your Class A sales charge by combining simultaneous purchases (including, upon your request, purchases for gifts) of all eligible classes of shares in Capital Group Funds. Shares of American Funds U.S. Government Money Market Fund purchased through an exchange, reinvestment or cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under such contracts and policies to reduce your Class A sales charge.

**Rights of accumulation** Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings in all eligible share classes of Capital Group Funds to determine your sales charge on investments in accounts eligible to be aggregated. Direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. Subject to your investment dealer's or recordkeeper's capabilities, your accumulated holdings will be calculated as the higher of (a) the current value of your existing holdings (the "market value") as of the day prior to your American Funds investment or (b) the amount you invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals (the "cost value"). Depending on the entity on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value for purposes of rights of accumulation.

The value of all of your holdings in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to the market value of those holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decrease according to actual investments or withdrawals. You must contact your financial professional or American Funds Service Company if you have additional information that is relevant to the calculation of the value of your holdings.

When determining your American Funds Class A sales charge, if your investment is not in an employer-sponsored retirement plan, you may also continue to take into account the market value (as of the day prior to your American Funds investment) of your individual holdings in various American Legacy variable annuity contracts and variable life insurance policies that were established on or before March 31, 2007. An employer-sponsored retirement plan may also continue to take into account the market value of its investments in American Legacy Retirement Investment Plans that were established on or before March 31, 2007.

You may not purchase Class C shares of American High-Income Municipal Bond Fund or American Funds Tax-Exempt Fund of New York if such combined American Funds and American Funds Legacy holdings cause you to be eligible to purchase Class A shares at the $1 million or more sales charge discount rate (i.e., at net asset value).

If you make a gift of American Funds Class A shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your Capital Group Funds and applicable American Legacy accounts.

You should retain any records necessary to substantiate the historical amounts you have invested.

**Statement of intention** You may reduce your Class A sales charge by establishing a statement of intention. A statement of intention is a nonbinding commitment that allows you to combine all purchases of all eligible Capital Group Funds share classes (excluding American Funds U.S. Government Money Market Fund) that you intend to make over a 13-month period to determine the applicable sales charge; however, purchases made under a right of reinvestment, appreciation of your holdings, and reinvested dividends and capital gains do not count as purchases made during the statement period. Your accumulated holdings (as described and calculated under "Rights of accumulation" above) eligible to be aggregated as of the day immediately before the start of the statement period may be credited toward satisfying the statement. A portion of your account may be held in escrow to cover additional Class A sales charges that may be due if your total purchases over the statement period do not qualify you for the applicable sales charge reduction.

The statement of intention period starts on the date on which your first purchase made toward satisfying the statement of intention is processed. Your accumulated holdings (as described above under "Rights of accumulation") eligible to be aggregated as of the day immediately before the start of the statement of intention period may be credited toward satisfying the statement of intention.

You may revise the commitment you have made in your statement of intention upward at any time during the statement of intention period. If your prior commitment has not been met by the time of the revision, the statement of intention period during which purchases must be made will remain unchanged. Purchases made from the date of the revision will receive the reduced sales charge, if any, resulting from the revised statement of intention. If your prior commitment has been met by the time of the revision, your original statement of intention will be considered met and a new statement of intention will be established.

The statement of intention will be considered completed if the shareholder dies within the 13-month statement of intention period. Commissions to dealers will not be adjusted or paid on the difference between the statement of intention amount and the amount actually invested before the shareholder's death.

When a shareholder elects to use a statement of intention, shares equal to 5% of the dollar amount specified in the statement of intention may be held in escrow in the shareholder's account out of the initial purchase (or subsequent purchases, if necessary) by American Funds Service Company. All dividends and any capital gain distributions on shares held in escrow will be credited to the shareholder's account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified statement of intention period the investments made during the statement period will be adjusted to reflect the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder's account at the time a purchase was made during the statement period will receive a corresponding commission adjustment if appropriate.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 50

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In addition, if you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a statement of intention.

Shareholders purchasing shares at a reduced sales charge under a statement of intention indicate their acceptance of these terms and those in the prospectus with their first purchase.

**Reducing your Class T initial sales charge** Consistent with the policies described in this prospectus, the initial sales charge you pay each time you buy Class T shares may differ depending upon the amount you invest and may be reduced for larger purchases. Additionally, Class T shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge. Sales charges on Class T shares are applied on a transaction-by-transaction basis, and, accordingly, Class T shares are not eligible for any other sales charge waivers or reductions, including through the aggregation of Class T shares concurrently purchased by other related accounts or in other American Funds. The sales charge applicable to Class T shares may not be reduced by establishing a statement of intention, and rights of accumulation are not available for Class T shares.**

**Right of reinvestment** If you notify American Funds Service Company prior to the time of reinvestment, you may reinvest proceeds from a redemption, dividend payment or capital gain distribution without a sales charge in the same fund or other American Funds or Capital Group KKR Public Private+ Funds, provided that the reinvestment occurs within 90 days after the date of the redemption, dividend payment or distribution and is made into the same account from which you redeemed the shares or received the dividend payment or distribution. If the account has been closed, you may reinvest without a sales charge if the new receiving account has the same registration as the closed account and the reinvestment is made within 90 days after the date of redemption, dividend payment or distribution.**

Proceeds from a redemption and all dividend payments and capital gain distributions will be reinvested in the same share class from which the original redemption, dividend payment or distribution was made. Any contingent deferred sales charge on Class A or C shares will be credited to your account. Redemption proceeds of Class A shares representing direct purchases in American Funds U.S. Government Money Market Fund that are reinvested in other American Funds or Capital Group KKR Public-Private+ Funds will be subject to a sales charge.

Proceeds will be reinvested at the next calculated net asset value after your request is received by American Funds Service Company, provided that your request contains all information and legal documentation necessary to process the transaction. For purposes of this "right of reinvestment policy," automatic transactions (including, for example, automatic purchases, withdrawals and payroll deductions) and ongoing retirement plan contributions are not eligible for investment without a sales charge. This paragraph does not apply to certain rollover investments as described under "Rollovers from retirement plans to IRAs" in this prospectus. Depending on the financial intermediary holding your account, your reinvestment privileges may be unavailable or differ from those described in this prospectus. Investors should consult their financial intermediary for further information.

**Contingent deferred sales charge waivers** The contingent deferred sales charge on Class A and C shares will be waived in the following cases:**

· permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which a contingent deferred sales charge would apply to the initial shares purchased;

· tax-free returns of excess contributions to IRAs;

· redemptions due to death or postpurchase disability of the shareholder (this generally excludes accounts registered in the names of trusts and other entities);

· in the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies American Funds Service Company of the other joint tenant's death and removes the decedent's name from the account, may redeem shares from the account without incurring a contingent deferred sales charge; however, redemptions made after American Funds Service Company is notified of the death of a joint tenant will be subject to a contingent deferred sales charge;

· redemptions due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary, but only if such termination is specifically provided for in the trust document;

· shares redeemed at the discretion of American Funds Service Company for accounts that do not meet the fund's minimum investment requirements, as described in this prospectus; and

· the following types of transactions, if they do not exceed 12% of the value of an account annually:

—required minimum distributions taken from retirement accounts in accordance with IRS regulations; and

—redemptions through an automatic withdrawal plan ("AWP") (see "Automatic withdrawals" under "Shareholder account services and privileges" in the statement of additional information). For each AWP payment, assets that are not subject to a contingent deferred sales charge, such as shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a contingent deferred sales charge to cover a particular AWP payment, shares subject to the lowest contingent deferred sales charge will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through an AWP will also count toward the 12% limit. In the case of an AWP, the 12% limit is calculated at the time an automatic redemption is first made, and is recalculated at the time each additional automatic redemption is made. Shareholders who establish an AWP should be aware that the amount of a payment not subject to a contingent deferred sales charge may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.

For purposes of this paragraph, "account" means your investment in the applicable class of shares of the particular fund from which you are making the redemption.

51&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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The contingent deferred sales charge on American Funds Class A shares may be waived in cases where the fund's transfer agent determines the benefit to the fund of collecting the contingent deferred sales charge would be outweighed by the cost of applying it.

Contingent deferred sales charge waivers are allowed only in the cases listed here and in the statement of additional information.

To have your Class A or C contingent deferred sales charge waived, you must inform your financial professional or American Funds Service Company at the time you redeem shares that you qualify for such a waiver.

**Other sales charge waivers** Purchases of Class A shares through a self-clearing broker-dealer firm generally incur a sales charge. However, self-clearing broker-dealer firms may extend the 90 day right of reinvestment to allow reinvestment in Class A shares without a sales charge in cases where fund shareholders request reinvestment of a required minimum distribution from an Individual Retirement Account if such requirement is waived by regulation or legislation ("waived RMD reinvestment"), provided that the self-clearing broker-dealer firm has specific language in this prospectus to such effect. If a self-clearing firm does not have their own policies listed in the prospectus, waived RMD reinvestments are not available without a sales charge. Firm specific language is located in the appendix to the prospectus. A self-clearing broker-dealer firm is a firm that holds some or all of the assets in your account, executes trades for the assets held on its platform internally rather than through the fund's transfer agent or a third-party clearing firm and provides account statements and tax reporting to you. The largest broker-dealer firms are typically self-clearing. For all other broker-dealer firms, shares purchased through a waived RMD reinvestment are available at net asset value. For accounts held with the fund's transfer agent, waived RMD reinvestments in Class A shares are not subject to sales charges.

If you have any questions, ask your financial professional whether Class A shares purchased through these policies are available without a sales charge. Waived RMD investments distributed from Class C shares will be reinvested in C shares. In addition, any contingent deferred sales charge paid on Class A and Class C share distributions under this policy will be credited to your account when reinvested.

Waivers of all or a portion of the contingent deferred sales charge on Class C shares and the sales charge on Class A shares will be granted for transactions requested by financial intermediaries as a result of (i) pending or anticipated regulatory matters that require investor accounts to be moved to a different share class or (ii) conversions of IRAs from brokerage to advisory accounts investing in Class F shares in cases where new investments in brokerage IRA accounts have been restricted by the intermediary.

**Rollovers from CollegeAmerica to Roth IRAs** Proceeds of a CollegeAmerica plan account may be rolled over in a direct trustee-to-trustee transfer to the plan beneficiary's Capital Bank and Trust Roth IRA and invested in Class A shares without a sales charge, provided that such rollover is intended to satisfy the requirements of the Internal Revenue Code. If you hold CollegeAmerica or Roth IRA accounts through a financial intermediary its policies may differ.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 52

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Rollovers from retirement plans to IRAs **The fund reserves the right not to make its shares available to tax-deferred retirement plans and accounts.**

Assets from retirement plans may be invested in Class A, C or F shares through an IRA rollover, subject to the other provisions of this prospectus. Class C shares are not available if the assets are being rolled over from investments held in American Funds Recordkeeper Direct and PlanPremier retirement plan recordkeeping programs.

Rollovers to IRAs from retirement plans that are rolled into Class A shares will be subject to applicable sales charges. The following rollovers to Class A shares will be made without a sales charge:

· rollovers to IRAs with Capital Bank and Trust Company as custodian if the assets were invested in any fund managed by the investment adviser or its affiliates at the time of distribution;

· rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as custodian;

· rollovers to IRAs with Capital Bank and Trust Company as custodian from investments held in American Funds Recordkeeper Direct and PlanPremier retirement plan recordkeeping programs; and

· rollovers to IRAs with Capital Bank and Trust Company as custodian if at the time of distribution the assets were invested in any fund or account with a name that includes American Funds, Capital Group, or the name of a fund managed by the investment adviser or its affiliates and such fund or account was established pursuant to an agreement with the investment adviser or its affiliates.

IRA rollover assets that roll over without a sales charge as described above will not be subject to a contingent deferred sales charge, and investment dealers will be compensated solely with an annual service fee that begins to accrue immediately. All other rollovers invested in Class A shares, as well as future contributions to the IRA, will be subject to sales charges and to the terms and conditions generally applicable to Class A share investments as described in this prospectus and in the statement of additional information.

**Purchases by SEP plans and SIMPLE IRA plans** Participant accounts in a Simplified Employee Pension (SEP) plan or a Savings Incentive Match Plan for Employees of Small Employers IRA (SIMPLE IRA) will be aggregated at the plan level for Class A sales charge purposes if an employer adopts a prototype plan produced by Capital Client Group, Inc. or (a) the employer or plan sponsor submits all contributions for all participating employees in a single contribution transmittal or the contributions are identified as related to the same plan; (b) each transmittal is accompanied by checks or wire transfers and generally must be submitted through the transfer agent's automated contribution system if held on the fund's books; and (c) if the fund is expected to carry separate accounts in the name of each plan participant and (i) the employer or plan sponsor notifies the funds' transfer agent or the intermediary holding the account that the separate accounts of all plan participants should be linked and (ii) all new participant accounts are established by submitting the appropriate documentation on behalf of each new participant. Participant accounts in a SEP or SIMPLE plan that are eligible to aggregate their assets at the plan level may not also aggregate the assets with their individual accounts.

**Purchases by certain 403(b) plans** Tax-exempt funds in general should not serve as retirement plan investments.

A 403(b) plan may not invest in American Funds Class A or C shares unless such plan was invested in Class A or C shares before January 1, 2009.

Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an individual-type plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an individual-type plan for sales charge purposes. Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an employer-sponsored plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an employer-sponsored plan for sales charge purposes. Participant accounts of a 403(b) plan that was established on or after January 1, 2009, are treated as accounts of an employer-sponsored plan for sales charge purposes.

**Moving between accounts** American Funds investments by certain account types may be moved to other account types without incurring additional Class A sales charges. These transactions include:

· redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase fund shares in an IRA or other individual-type retirement account;

· required minimum distributions from an IRA or other individual-type retirement account used to purchase fund shares in a non-retirement account; and

· death distributions paid to a beneficiary's account that are used by the beneficiary to purchase fund shares in a different account.

These privileges are generally available only if your account is held directly with the fund's transfer agent or if the financial intermediary holding your account has the systems, policies and procedures to support providing the privileges on its systems. Investors should consult their financial intermediary for further information.

53&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Plans of distribution The fund has plans of distribution, or "12b-1 plans," for certain share classes under which it may finance activities intended primarily to sell shares, provided that the categories of expenses are approved in advance by the fund's board of trustees. The plans provide for payments, based on annualized percentages of average daily net assets, of:

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| | |
|:---|:---|
| Up to: | Share class(es) |
|  | Class A shares: |
| 0.15% | American Funds Short-Term Tax-Exempt Bond Fund |
| 0.25% | The Tax-Exempt Bond Fund of America, The Tax-Exempt Fund of California |
| 0.30% | Limited Term Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, American Funds Tax-Exempt Fund of New York |
| 0.50% | Class T and F-1 shares |
| 1.00% | Class C shares |

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For all share classes indicated above, up to .25% (.15% for Class A shares of American Funds Short-Term Tax-Exempt Bond Fund) may be used to pay service fees to qualified dealers for providing certain shareholder services. The amount remaining for each share class, if any, may be used for distribution expenses.

The 12b-1 fees paid by each applicable share class of each fund, as a percentage of average net assets for the most recent fiscal year, are indicated in the prospectus in the Annual Fund Operating Expenses table for each fund. Since these fees are paid out of each fund's assets on an ongoing basis, over time they may cost you more than paying other types of sales charges or service fees and reduce the return on your investment. The higher fees for Class C shares may cost you more over time than paying the initial sales charge for Class A or T shares.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 54

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Other compensation to dealers Capital Client Group, Inc., at its expense, provides additional compensation to investment dealers. These payments may be made, at the discretion of Capital Client Group, Inc., to no more than the top 60 dealers (or their affiliates) with which it has a substantive distribution relationship involving the sale of American Funds. The amount will be determined using a formula applied consistently to dealers based on their assets under management. The level of payments made to a qualifying firm under the formula will not exceed .035% of eligible American Funds assets attributable to that dealer. Eligible assets are all American Funds assets other than Class R shares, Class F-3 shares, Class F shares held in IRAs and shares held in certain retirement accounts. Dealers may direct Capital Client Group, Inc. to exclude additional assets. In addition to the asset-based payment, Capital Client Group, Inc. provides $5 million to certain firms based on their engagement with Capital Client Group, Inc. and the level of American Funds assets under management at each such firm to recognize the commitment each of those firms has made to collaborating with Capital Client Group, Inc. on achieving advisor training and education objectives. In the prior calendar year, Capital Client Group, Inc. paid this amount to the following firms:

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| | |
|:---|:---|
| Edward Jones | Morgan Stanley Wealth Management |
| LPL Financial LLC | Raymond James Group |
| Merrill Lynch, Pierce, Fenner & Smith | Wells Fargo Advisors |

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Capital Client Group, Inc. compensates the firms to support various efforts, including, among other things, to:

· help defray the costs incurred by qualifying dealers in connection with efforts to educate financial professionals about American Funds so that they can make recommendations and provide services that are suitable and meet shareholder needs;

· help defray the costs associated with the dealer firms' provision of account related services and activities and support the dealer firms' distribution activities;

· support meetings, conferences or other training and educational events hosted by the firm, and obtain relevant data regarding financial professional activities to facilitate Capital Client Group, Inc.'s training and education activities; and

· make the American Funds available through firm distribution platforms and related sales infrastructure.

Capital Client Group, Inc. will, on an annual basis, determine the advisability of continuing these payments. Firms receiving additional compensation payments must sign a letter acknowledging the purpose of the payment and generally requiring the firms to (1) perform the due diligence necessary to include American Funds on their platform, (2) not provide financial professionals, branch managers or associated persons with any financial incentives to promote the sales of one approved fund group over another approved group, (3) provide opportunities for their clients to obtain individualized advice, (4) provide Capital Client Group, Inc. broad access to their financial professionals and product platforms and work together on mutual business objectives, and (5) work with the fund's transfer agent to promote operational efficiencies and to facilitate necessary communication between American Funds and the firm's clients who own shares of American Funds.

55&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Separately, Capital Client Group, Inc. makes payments to certain financial intermediaries and other firms for services including:

· making the American Funds available through firm distribution platforms including self-directed platforms for the public as well as clearing, custody and recordkeeping services for other intermediaries and related sales infrastructure;

· account maintenance and support, statement preparation, transaction processing and operational improvements; and

· training, education and marketing opportunities, support for transaction fees, technology costs and data (including fees to obtain information on financial professionals to better tailor training, education and marketing opportunities).

A list of firms receiving additional compensation (as described above) in an amount exceeding $100,000 in the prior calendar year is included in the statement of additional information.

Capital Client Group, Inc. pays certain recordkeepers for product services, platform consideration, participation at recordkeeper-sponsored events and co-branding and other marketing services. A list of recordkeepers receiving additional compensation (as described above) in an amount exceeding $100,000 in the prior calendar year is included in the statement of additional information.

If investment advisers, distributors or other affiliates of mutual funds pay additional compensation or other incentives to investment dealers in differing amounts, dealer firms and their financial professionals may have financial incentives for recommending a particular mutual fund over other mutual funds or investments, creating a potential conflict of interest. You should consult with your financial professional and review carefully any disclosure by your financial professional's firm as to compensation received.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 56

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Fund expenses In periods of market volatility, assets of the fund may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in the Annual Fund Operating Expenses tables under "Fees and expenses of the fund" in this prospectus.

For all share classes, "Other expenses" items in the Annual Fund Operating Expenses tables in this prospectus include fees for administrative services provided by the fund's investment adviser and its affiliates. Administrative services are provided by the investment adviser and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund's investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to Class A, C, T and F shares (which could be increased as noted above) for its provision of administrative services.

The "Other expenses" items in the Annual Fund Operating Expenses table also include custodial, legal and transfer agent (and, if applicable, subtransfer agent/recordkeeping) payments and various other expenses applicable to all share classes.

Subtransfer agent/recordkeeping payments may be made to third parties (including affiliates of the fund's investment adviser) that provide subtransfer agent, recordkeeping and/or shareholder services with respect to certain shareholder accounts in lieu of the transfer agent providing such services. The amount paid for subtransfer agent/recordkeeping services varies depending on the share class and services provided, and typically ranges from $3 to $18 per account. Although Class F-3 shares are not subject to any subtransfer agency or recordkeeping fees, Class F-1 and F-2 shares are subject to subtransfer agency fees of up to .12% of fund assets.

57&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Financial highlights The Financial Highlights tables are intended to help you understand the fund's results for the past five fiscal years (or, if shorter, the period of operations). Certain information reflects financial results for a single share of a particular class. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and capital gain distributions). Where indicated, figures in the tables reflect the impact, if any, of certain waivers/reimbursements from Capital Research and Management Company. For more information about these waivers/reimbursements, see the fund's statement of additional information and Form N-CSR. The information in the Financial Highlights tables for American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York has been audited by PricewaterhouseCoopers LLP. The current report of PricewaterhouseCoopers LLP, along with the fund's financial statements, are included in the statement of additional information for the fund, which is available upon request.

American Funds Short-Term Tax-Exempt Bond Fund

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total return<sup>2,3</sup> | Net assets,<br>end of<br>year<br>(in millions) | Ratio of<br>expenses to<br>average net<br>assets before<br>waivers/<br>reimburse-<br>ments | Ratio of<br>expenses to<br>average net<br>assets after<br>waivers/<br>reimburse-<br>ments<sup>3</sup> | Ratio of<br>net income<br>(loss)<br>to average<br>net assets<sup>3</sup> |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $9.94 | $.27 | $.09 | $.36 | $(.27) | $— | $(.27) | $10.03 | 3.67% | $1127 | .45% | .44% | 2.74% |
| 7/31/2024 | 9.81 | .25 | .12 | .37 | (.24) |  | (.24) | 9.94 | 3.81 | 1085 | .45 | .44 | 2.49 |
| 7/31/2023 | 9.95 | .18 | (.14) | .04 | (.18) |  | (.18) | 9.81 | .40 | 1218 | .45 | .43 | 1.86 |
| 7/31/2022 | 10.33 | .06 | (.36) | (.30) | (.06) | (.02) | (.08) | 9.95 | (2.91) | 1318 | .53 | .53 | .58 |
| 7/31/2021 | 10.37 | .07 | (.01) | .06 | (.07) | (.03) | (.10) | 10.33 | .56 | 1161 | .57 | .57 | .68 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 9.94 | .28 | .09 | .37 | (.28) |  | (.28) | 10.03 | 3.82<sup>4</sup> | —<sup>5</sup> | .30<sup>4</sup> | .29<sup>4</sup> | 2.89<sup>4</sup> |
| 7/31/2024 | 9.81 | .26 | .12 | .38 | (.25) |  | (.25) | 9.94 | 3.97<sup>4</sup> | —<sup>5</sup> | .28<sup>4</sup> | .27<sup>4</sup> | 2.66<sup>4</sup> |
| 7/31/2023 | 9.95 | .20 | (.14) | .06 | (.20) |  | (.20) | 9.81 | .58<sup>4</sup> | —<sup>5</sup> | .26<sup>4</sup> | .25<sup>4</sup> | 2.04<sup>4</sup> |
| 7/31/2022 | 10.33 | .07 | (.36) | (.29) | (.07) | (.02) | (.09) | 9.95 | (2.75)<sup>4</sup> | —<sup>5</sup> | .38<sup>4</sup> | .38<sup>4</sup> | .72<sup>4</sup> |
| 7/31/2021 | 10.37 | .09 | (.01) | .08 | (.09) | (.03) | (.12) | 10.33 | .72<sup>4</sup> | —<sup>5</sup> | .42<sup>4</sup> | .42<sup>4</sup> | .84<sup>4</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 9.94 | .25 | .09 | .34 | (.25) |  | (.25) | 10.03 | 3.47 | 3 | .63 | .62 | 2.56 |
| 7/31/2024 | 9.81 | .23 | .12 | .35 | (.22) |  | (.22) | 9.94 | 3.60 | 3 | .64 | .63 | 2.29 |
| 7/31/2023 | 9.95 | .16 | (.14) | .02 | (.16) |  | (.16) | 9.81 | .21 | 5 | .63 | .61 | 1.68 |
| 7/31/2022 | 10.33 | .04 | (.36) | (.32) | (.04) | (.02) | (.06) | 9.95 | (3.09) | 6 | .73 | .73 | .36 |
| 7/31/2021 | 10.37 | .05 | (.01) | .04 | (.05) | (.03) | (.08) | 10.33 | .37 | 9 | .76 | .76 | .51 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 9.94 | .28 | .09 | .37 | (.28) |  | (.28) | 10.03 | 3.79 | 229 | .33 | .32 | 2.87 |
| 7/31/2024 | 9.81 | .26 | .12 | .38 | (.25) |  | (.25) | 9.94 | 3.93 | 196 | .33 | .32 | 2.61 |
| 7/31/2023 | 9.95 | .19 | (.14) | .05 | (.19) |  | (.19) | 9.81 | .51 | 251 | .34 | .32 | 1.96 |
| 7/31/2022 | 10.33 | .07 | (.36) | (.29) | (.07) | (.02) | (.09) | 9.95 | (2.79) | 293 | .42 | .42 | .68 |
| 7/31/2021 | 10.37 | .08 | (.01) | .07 | (.08) | (.03) | (.11) | 10.33 | .68 | 290 | .45 | .45 | .80 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 9.94 | .29 | .09 | .38 | (.29) |  | (.29) | 10.03 | 3.87 | 686 | .25 | .25 | 2.94 |
| 7/31/2024 | 9.81 | .27 | .12 | .39 | (.26) |  | (.26) | 9.94 | 4.00 | 501 | .25 | .25 | 2.69 |
| 7/31/2023 | 9.95 | .20 | (.14) | .06 | (.20) |  | (.20) | 9.81 | .58 | 531 | .26 | .25 | 2.07 |
| 7/31/2022 | 10.33 | .08 | (.36) | (.28) | (.08) | (.02) | (.10) | 9.95 | (2.72) | 335 | .33 | .33 | .85 |
| 7/31/2021 | 10.37 | .09 | (.01) | .08 | (.09) | (.03) | (.12) | 10.33 | .75 | 107 | .39 | .38 | .86 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 56% | 42%53%<sup>6</sup> | 53% | 49% |

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<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>This column reflects the impact of certain waivers and/or reimbursements from Capital Research and Management Company and/or American Funds Service Company, if any.

<sup>4</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>5</sup>Amount less than $1 million.

<sup>6</sup>The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the fund's acquisition of the assets of the Capital Group Short-Term Municipal Fund on September 23, 2022. The portfolio turnover rate would have been 60% without the adjustment.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 58

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Limited Term Tax-Exempt Bond Fund of America

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total return<sup>2,3</sup> | Net assets,<br>end of<br>year<br>(in millions) | Ratio of<br>expenses to<br>average net<br>assets before<br>waivers/<br>reimburse-<br>ments | Ratio of<br>expenses to<br>average net<br>assets after<br>waivers/<br>reimburse-<br>ments<sup>3</sup> | Ratio of<br>net income<br>(loss)<br>to average<br>net assets<sup>3</sup> |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $15.31 | $.40 | $.09 | $.49 | $(.39) | $— | $(.39) | $15.41 | 3.22% | $3077 | .61% | .61% | 2.59% |
| 7/31/2024 | 15.08 | .35 | .22 | .57 | (.34) |  | (.34) | 15.31 | 3.80 | 3102 | .60 | .60 | 2.33 |
| 7/31/2023 | 15.29 | .26 | (.21) | .05 | (.26) |  | (.26) | 15.08 | .31 | 3431 | .59 | .58 | 1.75 |
| 7/31/2022 | 16.22 | .13 | (.85) | (.72) | (.13) | (.08) | (.21) | 15.29 | (4.46) | 3959 | .57 | .57 | .85 |
| 7/31/2021 | 16.23 | .16 | .08 | .24 | (.16) | (.09) | (.25) | 16.22 | 1.50 | 4273 | .58 | .58 | .98 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .29 | .09 | .38 | (.28) |  | (.28) | 15.41 | 2.49 | 9 | 1.31 | 1.31 | 1.89 |
| 7/31/2024 | 15.08 | .24 | .22 | .46 | (.23) |  | (.23) | 15.31 | 3.08 | 11 | 1.30 | 1.30 | 1.63 |
| 7/31/2023 | 15.29 | .15 | (.21) | (.06) | (.15) |  | (.15) | 15.08 | (.39) | 15 | 1.29 | 1.28 | 1.05 |
| 7/31/2022 | 16.22 | .02 | (.85) | (.83) | (.02) | (.08) | (.10) | 15.29 | (5.13) | 17 | 1.27 | 1.27 | .15 |
| 7/31/2021 | 16.23 | .04 | .08 | .12 | (.04) | (.09) | (.13) | 16.22 | .78 | 18 | 1.28 | 1.28 | .28 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .44 | .09 | .53 | (.43) |  | (.43) | 15.41 | 3.54<sup>4</sup> | —<sup>5</sup> | .30<sup>4</sup> | .30<sup>4</sup> | 2.90<sup>4</sup> |
| 7/31/2024 | 15.08 | .39 | .22 | .61 | (.38) |  | (.38) | 15.31 | 4.12<sup>4</sup> | —<sup>5</sup> | .30<sup>4</sup> | .30<sup>4</sup> | 2.64<sup>4</sup> |
| 7/31/2023 | 15.29 | .31 | (.21) | .10 | (.31) |  | (.31) | 15.08 | .65<sup>4</sup> | —<sup>5</sup> | .26<sup>4</sup> | .25<sup>4</sup> | 2.09<sup>4</sup> |
| 7/31/2022 | 16.22 | .18 | (.85) | (.67) | (.18) | (.08) | (.26) | 15.29 | (4.18)<sup>4</sup> | —<sup>5</sup> | .27<sup>4</sup> | .27<sup>4</sup> | 1.15<sup>4</sup> |
| 7/31/2021 | 16.23 | .21 | .08 | .29 | (.21) | (.09) | (.30) | 16.22 | 1.80<sup>4</sup> | —<sup>5</sup> | .28<sup>4</sup> | .28<sup>4</sup> | 1.29<sup>4</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .39 | .09 | .48 | (.38) |  | (.38) | 15.41 | 3.18 | 25 | .64 | .64 | 2.56 |
| 7/31/2024 | 15.08 | .34 | .22 | .56 | (.33) |  | (.33) | 15.31 | 3.77 | 29 | .64 | .64 | 2.29 |
| 7/31/2023 | 15.29 | .25 | (.21) | .04 | (.25) |  | (.25) | 15.08 | .28 | 39 | .62 | .62 | 1.70 |
| 7/31/2022 | 16.22 | .13 | (.85) | (.72) | (.13) | (.08) | (.21) | 15.29 | (4.50) | 54 | .61 | .61 | .79 |
| 7/31/2021 | 16.23 | .15 | .08 | .23 | (.15) | (.09) | (.24) | 16.22 | 1.46 | 86 | .61 | .61 | .97 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .43 | .09 | .52 | (.42) |  | (.42) | 15.41 | 3.46 | 661 | .38 | .37 | 2.82 |
| 7/31/2024 | 15.08 | .38 | .22 | .60 | (.37) |  | (.37) | 15.31 | 4.04 | 676 | .37 | .37 | 2.56 |
| 7/31/2023 | 15.29 | .29 | (.21) | .08 | (.29) |  | (.29) | 15.08 | .55 | 891 | .35 | .35 | 1.98 |
| 7/31/2022 | 16.22 | .17 | (.85) | (.68) | (.17) | (.08) | (.25) | 15.29 | (4.24) | 1022 | .34 | .34 | 1.08 |
| 7/31/2021 | 16.23 | .20 | .08 | .28 | (.20) | (.09) | (.29) | 16.22 | 1.74 | 1185 | .34 | .34 | 1.21 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .45 | .09 | .54 | (.44) |  | (.44) | 15.41 | 3.58 | 1686 | .27 | .26 | 2.94 |
| 7/31/2024 | 15.08 | .40 | .22 | .62 | (.39) |  | (.39) | 15.31 | 4.16 | 1559 | .26 | .26 | 2.68 |
| 7/31/2023 | 15.29 | .31 | (.21) | .10 | (.31) |  | (.31) | 15.08 | .65 | 1532 | .25 | .24 | 2.11 |
| 7/31/2022 | 16.22 | .19 | (.85) | (.66) | (.19) | (.08) | (.27) | 15.29 | (4.14) | 1054 | .23 | .23 | 1.19 |
| 7/31/2021 | 16.23 | .21 | .08 | .29 | (.21) | (.09) | (.30) | 16.22 | 1.84 | 1042 | .24 | .24 | 1.27 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 44% | 33%39%<sup>6</sup> | 47% | 43% |

---

<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>This column reflects the impact of certain waivers and/or reimbursements from Capital Research and Management Company and/or American Funds Service Company, if any.

<sup>4</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>5</sup>Amount less than $1 million.

<sup>6</sup>The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the fund's acquisition of the assets of the Capital Group Core Municipal Fund on September 23, 2022. The portfolio turnover rate would have been 45% without the adjustment.

59&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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The Tax-Exempt Bond Fund of America

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | |
| Year ended | Net asset<br> value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value,<br>end<br>of year | Total return<sup>2</sup> | Net assets,<br>end of year<br>(in millions) | Ratio of<br>expenses to<br>average<br>net assets | Ratio of<br>net income<br>(loss)<br>to average<br>net assets |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $12.45 | $.39 | $(.40) | $(.01) | $(.37) | $— | $(.37) | $12.07 | (.07)% | $11325 | .53% | 3.12% |
| 7/31/2024 | 12.20 | .37 | .23 | .60 | (.35) |  | (.35) | 12.45 | 5.04 | 11790 | .53 | 3.03 |
| 7/31/2023 | 12.46 | .32 | (.27) | .05 | (.31) |  | (.31) | 12.20 | .48 | 11644 | .53 | 2.66 |
| 7/31/2022 | 13.78 | .26 | (1.25) | (.99) | (.26) | (.07) | (.33) | 12.46 | (7.28) | 12649 | .50 | 2.01 |
| 7/31/2021 | 13.54 | .28 | .26 | .54 | (.28) | (.02) | (.30) | 13.78 | 4.06 | 14558 | .51 | 2.07 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .30 | (.40) | (.10) | (.28) |  | (.28) | 12.07 | (.84) | 125 | 1.28 | 2.37 |
| 7/31/2024 | 12.20 | .28 | .23 | .51 | (.26) |  | (.26) | 12.45 | 4.24 | 165 | 1.28 | 2.28 |
| 7/31/2023 | 12.46 | .23 | (.27) | (.04) | (.22) |  | (.22) | 12.20 | (.27) | 218 | 1.28 | 1.90 |
| 7/31/2022 | 13.78 | .16 | (1.25) | (1.09) | (.16) | (.07) | (.23) | 12.46 | (7.97) | 289 | 1.25 | 1.25 |
| 7/31/2021 | 13.54 | .18 | .26 | .44 | (.18) | (.02) | (.20) | 13.78 | 3.28 | 370 | 1.26 | 1.33 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .43 | (.40) | .03 | (.41) |  | (.41) | 12.07 | .20<sup>3</sup> | —<sup>4</sup> | .27<sup>3</sup> | 3.38<sup>3</sup> |
| 7/31/2024 | 12.20 | .41 | .23 | .64 | (.39) |  | (.39) | 12.45 | 5.32<sup>3</sup> | —<sup>4</sup> | .27<sup>3</sup> | 3.29<sup>3</sup> |
| 7/31/2023 | 12.46 | .36 | (.27) | .09 | (.35) |  | (.35) | 12.20 | .76<sup>3</sup> | —<sup>4</sup> | .24<sup>3</sup> | 2.95<sup>3</sup> |
| 7/31/2022 | 13.78 | .29 | (1.25) | (.96) | (.29) | (.07) | (.36) | 12.46 | (7.05)<sup>3</sup> | —<sup>4</sup> | .25<sup>3</sup> | 2.25<sup>3</sup> |
| 7/31/2021 | 13.54 | .32 | .26 | .58 | (.32) | (.02) | (.34) | 13.78 | 4.32<sup>3</sup> | —<sup>4</sup> | .26<sup>3</sup> | 2.31<sup>3</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .38 | (.40) | (.02) | (.36) |  | (.36) | 12.07 | (.15) | 156 | .61 | 3.04 |
| 7/31/2024 | 12.20 | .36 | .23 | .59 | (.34) |  | (.34) | 12.45 | 4.96 | 152 | .62 | 2.95 |
| 7/31/2023 | 12.46 | .31 | (.27) | .04 | (.30) |  | (.30) | 12.20 | .40 | 185 | .61 | 2.58 |
| 7/31/2022 | 13.78 | .25 | (1.25) | (1.00) | (.25) | (.07) | (.32) | 12.46 | (7.35) | 227 | .59 | 1.92 |
| 7/31/2021 | 13.54 | .27 | .26 | .53 | (.27) | (.02) | (.29) | 13.78 | 3.97 | 270 | .59 | 2.00 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .42 | (.40) | .02 | (.40) |  | (.40) | 12.07 | .11 | 5484 | .36 | 3.29 |
| 7/31/2024 | 12.20 | .40 | .23 | .63 | (.38) |  | (.38) | 12.45 | 5.24 | 5516 | .35 | 3.21 |
| 7/31/2023 | 12.46 | .34 | (.27) | .07 | (.33) |  | (.33) | 12.20 | .66 | 5135 | .35 | 2.84 |
| 7/31/2022 | 13.78 | .28 | (1.25) | (.97) | (.28) | (.07) | (.35) | 12.46 | (7.11) | 5047 | .33 | 2.18 |
| 7/31/2021 | 13.54 | .31 | .26 | .57 | (.31) | (.02) | (.33) | 13.78 | 4.24 | 5469 | .33 | 2.24 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .43 | (.40) | .03 | (.41) |  | (.41) | 12.07 | .22 | 5776 | .25 | 3.41 |
| 7/31/2024 | 12.20 | .41 | .23 | .64 | (.39) |  | (.39) | 12.45 | 5.35 | 5816 | .25 | 3.32 |
| 7/31/2023 | 12.46 | .36 | (.27) | .09 | (.35) |  | (.35) | 12.20 | .76 | 5108 | .24 | 2.94 |
| 7/31/2022 | 13.78 | .30 | (1.25) | (.95) | (.30) | (.07) | (.37) | 12.46 | (7.01) | 6245 | .22 | 2.29 |
| 7/31/2021 | 13.54 | .32 | .26 | .58 | (.32) | (.02) | (.34) | 13.78 | 4.35 | 6718 | .23 | 2.36 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 24% | 26% | 23% | 29% | 21% |

---

<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>4</sup>Amount less than $1 million.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 60

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American High-Income Municipal Bond Fund

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total return<sup>2,3</sup> | Net assets,<br>end of<br>year<br>(in millions) | Ratio of<br>expenses to<br>average net<br>assets before<br>waivers/<br>reimburse-<br>ments | Ratio of<br>expenses to<br>average net<br>assets after<br>waivers/<br>reimburse-<br>ments<sup>3</sup> | Ratio of<br>net income<br>(loss)<br>to average<br>net assets<sup>3</sup> |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $15.35 | $.63 | $(.61) | $.02 | $(.60) | $— | $(.60) | $14.77 | .09% | $5329 | .66% | .66% | 4.18% |
| 7/31/2024 | 14.68 | .64 | .61 | 1.25 | (.58) |  | (.58) | 15.35 | 8.77 | 5182 | .66 | .65 | 4.36 |
| 7/31/2023 | 15.30 | .58 | (.67) | (.09) | (.53) |  | (.53) | 14.68 | (.49) | 4849 | .65 | .64 | 3.98 |
| 7/31/2022 | 17.20 | .48 | (1.79) | (1.31) | (.46) | (.13) | (.59) | 15.30 | (7.78) | 5354 | .63 | .63 | 2.95 |
| 7/31/2021 | 16.20 | .48 | 1.04 | 1.52 | (.49) | (.03) | (.52) | 17.20 | 9.52 | 5875 | .65 | .65 | 2.91 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .52 | (.61) | (.09) | (.49) |  | (.49) | 14.77 | (.63) | 85 | 1.36 | 1.36 | 3.48 |
| 7/31/2024 | 14.68 | .53 | .61 | 1.14 | (.47) |  | (.47) | 15.35 | 7.97 | 106 | 1.38 | 1.37 | 3.65 |
| 7/31/2023 | 15.30 | .48 | (.67) | (.19) | (.43) |  | (.43) | 14.68 | (1.21) | 124 | 1.37 | 1.36 | 3.26 |
| 7/31/2022 | 17.20 | .36 | (1.78) | (1.42) | (.35) | (.13) | (.48) | 15.30 | (8.43) | 161 | 1.33 | 1.33 | 2.23 |
| 7/31/2021 | 16.20 | .36 | 1.04 | 1.40 | (.37) | (.03) | (.40) | 17.20 | 8.76 | 209 | 1.35 | 1.35 | 2.22 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .68 | (.61) | .07 | (.65) |  | (.65) | 14.77 | .40<sup>4</sup> | —<sup>5</sup> | .36<sup>4</sup> | .36<sup>4</sup> | 4.48<sup>4</sup> |
| 7/31/2024 | 14.68 | .69 | .61 | 1.30 | (.63) |  | (.63) | 15.35 | 9.09<sup>4</sup> | —<sup>5</sup> | .37<sup>4</sup> | .36<sup>4</sup> | 4.65<sup>4</sup> |
| 7/31/2023 | 15.30 | .62 | (.67) | (.05) | (.57) |  | (.57) | 14.68 | (.21)<sup>4</sup> | —<sup>5</sup> | .37<sup>4</sup> | .36<sup>4</sup> | 4.26<sup>4</sup> |
| 7/31/2022 | 17.20 | .53 | (1.79) | (1.26) | (.51) | (.13) | (.64) | 15.30 | (7.51)<sup>4</sup> | —<sup>5</sup> | .33<sup>4</sup> | .33<sup>4</sup> | 3.25<sup>4</sup> |
| 7/31/2021 | 16.20 | .53 | 1.04 | 1.57 | (.54) | (.03) | (.57) | 17.20 | 9.84<sup>4</sup> | —<sup>5</sup> | .35<sup>4</sup> | .35<sup>4</sup> | 3.21<sup>4</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .63 | (.61) | .02 | (.60) |  | (.60) | 14.77 | .08 | 126 | .69 | .69 | 4.16 |
| 7/31/2024 | 14.68 | .64 | .61 | 1.25 | (.58) |  | (.58) | 15.35 | 8.73 | 111 | .69 | .68 | 4.32 |
| 7/31/2023 | 15.30 | .58 | (.67) | (.09) | (.53) |  | (.53) | 14.68 | (.52) | 97 | .68 | .67 | 3.95 |
| 7/31/2022 | 17.20 | .47 | (1.78) | (1.31) | (.46) | (.13) | (.59) | 15.30 | (7.81) | 100 | .66 | .66 | 2.91 |
| 7/31/2021 | 16.20 | .48 | 1.04 | 1.52 | (.49) | (.03) | (.52) | 17.20 | 9.50 | 125 | .68 | .68 | 2.90 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .67 | (.61) | .06 | (.64) |  | (.64) | 14.77 | .34 | 3226 | .43 | .43 | 4.41 |
| 7/31/2024 | 14.68 | .68 | .61 | 1.29 | (.62) |  | (.62) | 15.35 | 9.03 | 2699 | .43 | .42 | 4.58 |
| 7/31/2023 | 15.30 | .61 | (.67) | (.06) | (.56) |  | (.56) | 14.68 | (.26) | 2130 | .42 | .41 | 4.22 |
| 7/31/2022 | 17.20 | .52 | (1.79) | (1.27) | (.50) | (.13) | (.63) | 15.30 | (7.57) | 1784 | .39 | .39 | 3.20 |
| 7/31/2021 | 16.20 | .52 | 1.04 | 1.56 | (.53) | (.03) | (.56) | 17.20 | 9.78 | 1773 | .41 | .41 | 3.13 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .69 | (.61) | .08 | (.66) |  | (.66) | 14.77 | .45 | 3630 | .32 | .32 | 4.52 |
| 7/31/2024 | 14.68 | .69 | .61 | 1.30 | (.63) |  | (.63) | 15.35 | 9.14 | 3524 | .32 | .31 | 4.69 |
| 7/31/2023 | 15.30 | .63 | (.67) | (.04) | (.58) |  | (.58) | 14.68 | (.15) | 2654 | .31 | .30 | 4.32 |
| 7/31/2022 | 17.20 | .54 | (1.79) | (1.25) | (.52) | (.13) | (.65) | 15.30 | (7.47) | 2302 | .29 | .29 | 3.32 |
| 7/31/2021 | 16.20 | .54 | 1.04 | 1.58 | (.55) | (.03) | (.58) | 17.20 | 9.89 | 1914 | .31 | .31 | 3.22 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 28% | 29% | 26% | 35% | 24% |

---

<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>This column reflects the impact of certain waivers and/or reimbursements from Capital Research and Management Company and/or American Funds Service Company, if any.

<sup>4</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>5</sup>Amount less than $1 million.

61&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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The Tax-Exempt Fund of California

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | |
| Year ended | Net asset<br> value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value,<br>end<br>of year | Total return<sup>2</sup> | Net assets,<br>end of year<br>(in millions) | Ratio of<br>expenses to<br>average<br>net assets | Ratio of<br>net income<br>(loss)<br>to average<br>net assets |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $16.78 | $.51 | $(.64) | $(.13) | $(.50) | $— | $(.50) | $16.15 | (.82)% | $1381 | .57% | 3.07% |
| 7/31/2024 | 16.37 | .49 | .39 | .88 | (.47) |  | (.47) | 16.78 | 5.49 | 1436 | .57 | 3.00 |
| 7/31/2023 | 16.72 | .44 | (.37) | .07 | (.42) |  | (.42) | 16.37 | .49 | 1520 | .56 | 2.71 |
| 7/31/2022 | 18.54 | .37 | (1.75) | (1.38) | (.37) | (.07) | (.44) | 16.72 | (7.57) | 1677 | .57 | 2.10 |
| 7/31/2021 | 18.29 | .38 | .32 | .70 | (.38) | (.07) | (.45) | 18.54 | 3.92 | 2033 | .58 | 2.10 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 16.78 | .38 | (.64) | (.26) | (.37) |  | (.37) | 16.15 | (1.59) | 18 | 1.32 | 2.32 |
| 7/31/2024 | 16.37 | .37 | .39 | .76 | (.35) |  | (.35) | 16.78 | 4.68 | 22 | 1.32 | 2.25 |
| 7/31/2023 | 16.72 | .32 | (.37) | (.05) | (.30) |  | (.30) | 16.37 | (.27) | 29 | 1.31 | 1.96 |
| 7/31/2022 | 18.54 | .24 | (1.75) | (1.51) | (.24) | (.07) | (.31) | 16.72 | (8.26) | 39 | 1.32 | 1.34 |
| 7/31/2021 | 18.29 | .25 | .32 | .57 | (.25) | (.07) | (.32) | 18.54 | 3.14 | 54 | 1.33 | 1.35 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 16.78 | .55 | (.64) | (.09) | (.54) |  | (.54) | 16.15 | (.55)<sup>3</sup> | —<sup>4</sup> | .29<sup>3</sup> | 3.35<sup>3</sup> |
| 7/31/2024 | 16.37 | .54 | .39 | .93 | (.52) |  | (.52) | 16.78 | 5.80<sup>3</sup> | —<sup>4</sup> | .29<sup>3</sup> | 3.29<sup>3</sup> |
| 7/31/2023 | 16.72 | .49 | (.37) | .12 | (.47) |  | (.47) | 16.37 | .76<sup>3</sup> | —<sup>4</sup> | .29<sup>3</sup> | 2.99<sup>3</sup> |
| 7/31/2022 | 18.54 | .41 | (1.75) | (1.34) | (.41) | (.07) | (.48) | 16.72 | (7.35)<sup>3</sup> | —<sup>4</sup> | .32<sup>3</sup> | 2.34<sup>3</sup> |
| 7/31/2021 | 18.29 | .43 | .32 | .75 | (.43) | (.07) | (.50) | 18.54 | 4.17<sup>3</sup> | —<sup>4</sup> | .34<sup>3</sup> | 2.33<sup>3</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 16.78 | .49 | (.64) | (.15) | (.48) |  | (.48) | 16.15 | (.92) | 37 | .66 | 2.97 |
| 7/31/2024 | 16.37 | .48 | .39 | .87 | (.46) |  | (.46) | 16.78 | 5.39 | 46 | .67 | 2.91 |
| 7/31/2023 | 16.72 | .43 | (.37) | .06 | (.41) |  | (.41) | 16.37 | .40 | 48 | .65 | 2.63 |
| 7/31/2022 | 18.54 | .35 | (1.75) | (1.40) | (.35) | (.07) | (.42) | 16.72 | (7.66) | 50 | .66 | 2.00 |
| 7/31/2021 | 18.29 | .37 | .32 | .69 | (.37) | (.07) | (.44) | 18.54 | 3.82 | 64 | .67 | 2.01 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 16.78 | .54 | (.64) | (.10) | (.53) |  | (.53) | 16.15 | (.65) | 663 | .40 | 3.25 |
| 7/31/2024 | 16.37 | .52 | .39 | .91 | (.50) |  | (.50) | 16.78 | 5.69 | 643 | .39 | 3.19 |
| 7/31/2023 | 16.72 | .47 | (.37) | .10 | (.45) |  | (.45) | 16.37 | .67 | 558 | .38 | 2.90 |
| 7/31/2022 | 18.54 | .40 | (1.75) | (1.35) | (.40) | (.07) | (.47) | 16.72 | (7.41) | 528 | .39 | 2.27 |
| 7/31/2021 | 18.29 | .42 | .32 | .74 | (.42) | (.07) | (.49) | 18.54 | 4.10 | 634 | .40 | 2.27 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 16.78 | .55 | (.64) | (.09) | (.54) |  | (.54) | 16.15 | (.55) | 1014 | .30 | 3.35 |
| 7/31/2024 | 16.37 | .54 | .39 | .93 | (.52) |  | (.52) | 16.78 | 5.79 | 913 | .29 | 3.28 |
| 7/31/2023 | 16.72 | .49 | (.37) | .12 | (.47) |  | (.47) | 16.37 | .76 | 589 | .29 | 2.99 |
| 7/31/2022 | 18.54 | .42 | (1.75) | (1.33) | (.42) | (.07) | (.49) | 16.72 | (7.32) | 432 | .30 | 2.37 |
| 7/31/2021 | 18.29 | .43 | .32 | .75 | (.43) | (.07) | (.50) | 18.54 | 4.20 | 440 | .31 | 2.36 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 32% | 23% | 23% | 27% | 17% |

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<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>4</sup>Amount less than $1 million.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 62

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American Funds Tax-Exempt Fund of New York

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total return<sup>2,3</sup> | Net assets,<br>end of<br>year<br>(in millions) | Ratio of<br>expenses to<br>average net<br>assets before<br>waivers/<br>reimburse-<br>ments | Ratio of<br>expenses to<br>average net<br>assets after<br>waivers/<br>reimburse-<br>ments<sup>3</sup> | Ratio of<br>net income<br>(loss)<br>to average<br>net assets<sup>3</sup> |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $10.15 | $.32 | $(.53) | $(.21) | $(.31) | $— | $(.31) | $9.63 | (2.11)% | $175 | .65% | .59% | 3.23% |
| 7/31/2024 | 9.97 | .30 | .18 | .48 | (.30) |  | (.30) | 10.15 | 4.88 | 187 | .65 | .59 | 3.05 |
| 7/31/2023 | 10.19 | .27 | (.22) | .05 | (.27) |  | (.27) | 9.97 | .51 | 176 | .65 | .59 | 2.72 |
| 7/31/2022 | 11.45 | .23 | (1.18) | (.95) | (.23) | (.08) | (.31) | 10.19 | (8.42) | 182 | .65 | .61 | 2.12 |
| 7/31/2021 | 11.10 | .24 | .35 | .59 | (.24) | —<sup>4</sup> | (.24) | 11.45 | 5.46 | 208 | .67 | .62 | 2.19 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 10.15 | .25 | (.53) | (.28) | (.24) |  | (.24) | 9.63 | (2.85) | 3 | 1.41 | 1.34 | 2.47 |
| 7/31/2024 | 9.97 | .22 | .18 | .40 | (.22) |  | (.22) | 10.15 | 4.10 | 6 | 1.41 | 1.34 | 2.29 |
| 7/31/2023 | 10.19 | .19 | (.22) | (.03) | (.19) |  | (.19) | 9.97 | (.25) | 8 | 1.41 | 1.34 | 1.96 |
| 7/31/2022 | 11.45 | .15 | (1.18) | (1.03) | (.15) | (.08) | (.23) | 10.19 | (9.11) | 10 | 1.40 | 1.36 | 1.37 |
| 7/31/2021 | 11.10 | .16 | .35 | .51 | (.16) | —<sup>4</sup> | (.16) | 11.45 | 4.67 | 11 | 1.42 | 1.37 | 1.43 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 10.15 | .35 | (.53) | (.18) | (.34) |  | (.34) | 9.63 | (1.87)<sup>5</sup> | —<sup>6</sup> | .40<sup>5</sup> | .33<sup>5</sup> | 3.48<sup>5</sup> |
| 7/31/2024 | 9.97 | .32 | .18 | .50 | (.32) |  | (.32) | 10.15 | 5.17<sup>5</sup> | —<sup>6</sup> | .38<sup>5</sup> | .31<sup>5</sup> | 3.32<sup>5</sup> |
| 7/31/2023 | 10.19 | .29 | (.22) | .07 | (.29) |  | (.29) | 9.97 | .80<sup>5</sup> | —<sup>6</sup> | .37<sup>5</sup> | .30<sup>5</sup> | 3.01<sup>5</sup> |
| 7/31/2022 | 11.45 | .25 | (1.18) | (.93) | (.25) | (.08) | (.33) | 10.19 | (8.20)<sup>5</sup> | —<sup>6</sup> | .40<sup>5</sup> | .36<sup>5</sup> | 2.37<sup>5</sup> |
| 7/31/2021 | 11.10 | .27 | .35 | .62 | (.27) | —<sup>4</sup> | (.27) | 11.45 | 5.72<sup>5</sup> | —<sup>6</sup> | .42<sup>5</sup> | .37<sup>5</sup> | 2.43<sup>5</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 10.15 | .31 | (.53) | (.22) | (.30) |  | (.30) | 9.63 | (2.23) | 1 | .76 | .70 | 3.12 |
| 7/31/2024 | 9.97 | .29 | .18 | .47 | (.29) |  | (.29) | 10.15 | 4.77 | 1 | .77 | .70 | 2.93 |
| 7/31/2023 | 10.19 | .26 | (.22) | .04 | (.26) |  | (.26) | 9.97 | .45 | 1 | .71 | .64 | 2.66 |
| 7/31/2022 | 11.45 | .23 | (1.18) | (.95) | (.23) | (.08) | (.31) | 10.19 | (8.43) | 1 | .66 | .62 | 2.10 |
| 7/31/2021 | 11.10 | .24 | .35 | .59 | (.24) | —<sup>4</sup> | (.24) | 11.45 | 5.44<sup>5</sup> | 3 | .69<sup>5</sup> | .63<sup>5</sup> | 2.16<sup>5</sup> |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 10.15 | .34 | (.53) | (.19) | (.33) |  | (.33) | 9.63 | (1.95) | 42 | .49 | .42 | 3.40 |
| 7/31/2024 | 9.97 | .31 | .18 | .49 | (.31) |  | (.31) | 10.15 | 5.07 | 38 | .47 | .41 | 3.22 |
| 7/31/2023 | 10.19 | .28 | (.22) | .06 | (.28) |  | (.28) | 9.97 | .69 | 28 | .47 | .41 | 2.90 |
| 7/31/2022 | 11.45 | .25 | (1.18) | (.93) | (.25) | (.08) | (.33) | 10.19 | (8.26) | 27 | .48 | .43 | 2.30 |
| 7/31/2021 | 11.10 | .26 | .35 | .61 | (.26) | —<sup>4</sup> | (.26) | 11.45 | 5.65 | 31 | .49 | .44 | 2.36 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 10.15 | .35 | (.53) | (.18) | (.34) |  | (.34) | 9.63 | (1.84) | 49 | .37 | .31 | 3.52 |
| 7/31/2024 | 9.97 | .32 | .18 | .50 | (.32) |  | (.32) | 10.15 | 5.18 | 46 | .37 | .31 | 3.33 |
| 7/31/2023 | 10.19 | .29 | (.22) | .07 | (.29) |  | (.29) | 9.97 | .79 | 39 | .36 | .31 | 3.01 |
| 7/31/2022 | 11.45 | .26 | (1.18) | (.92) | (.26) | (.08) | (.34) | 10.19 | (8.16) | 40 | .37 | .33 | 2.41 |
| 7/31/2021 | 11.10 | .28 | .35 | .63 | (.28) | —<sup>4</sup> | (.28) | 11.45 | 5.76 | 39 | .39 | .34 | 2.46 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 18% | 20% | 29% | 22% | 24% |

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<sup>1</sup> Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>This column reflects the impact of certain waivers and/or reimbursements from Capital Research and Management Company and/or American Funds Service Company, if any.

<sup>4</sup>Amount less than $.01.

<sup>5</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>6</sup>Amount less than $1 million.

63&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Appendix

Sales charge waivers

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred (back-end) sales charge ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. Please contact the applicable intermediary with any questions regarding how the intermediary applies the policies described below and to ensure that you understand what steps you must take to qualify for any available waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts. If you change intermediaries after you purchase fund shares, the policies and procedures of the new service provider (either your new intermediary or the fund's transfer agent) will apply to your account. Those policies may be more or less favorable than those offered by the intermediary through which you purchased your fund shares. You should review any policy differences before changing intermediaries.

Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

· Transaction size breakpoints, as described in this prospectus or the SAI

· Rights of accumulation (ROA), as described in this prospectus or the SAI

· Letter of intent, as described in this prospectus or the SAI

Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

· Shares purchased by employer-sponsored retirement plans established prior to April 1, 2004 and that continue to meet the eligibility requirements in effect as of that date for purchasing Class A shares at net asset value (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs

· Shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family)

· Shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges

· Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

· Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement)

· Purchases of Class 529-A shares through a rollover from another 529 plan

· Purchases of Class 529 shares made for recontribution of refunded amounts

CDSC waivers on Class A and C shares purchased through Ameriprise Financial

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

· Redemptions due to death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

· Redemptions made in connection with a return of excess contributions from an IRA account

· Shares purchased through a Right of Reinstatement (as defined above)

· Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

D.A. Davidson & Co. ("D.A. Davidson")

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 64

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Front-end sales charge waivers on Class A shares available at D.A. Davidson (effective January 1, 2020)

· Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

· Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A. Davidson

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

· A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is consistent with D.A. Davidson's policies and procedures

· D.A. Davidson has the authority to allow the purchase of Class A shares at net asset value for (1) rollovers to IRAs from investments held in American Funds Recordkeeper Direct and PlanPremier retirement plan recordkeeping programs, (2) rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as custodian, or (3) IRA purchases so long as the proceeds are from the sale of shares from an American Funds Recordkeeper Direct retirement plan, PlanPremier retirement plan or 403(b) plan with Capital Bank and Trust Company as custodian and are used to make a purchase within 60 days of the redemption, if the shares held are ineligible to be rolled over to an IRA

CDSC Waivers on Classes A and C shares available at D.A. Davidson

• Death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

· Shares acquired through a right of reinstatement

Front-end sales charge discounts available at D.A. Davidson: breakpoints, rights of accumulation and/or letters of intent

· Breakpoints as described in this prospectus

· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at D.A. Davidson. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

Edward D. Jones & Co., L.P. ("Edward Jones")

Policies Regarding Transactions Through Edward Jones

*The following information has been provided by Edward Jones:*

Effective on or after January 1, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of American Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

Breakpoints

· Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus

Rights of Accumulation ("ROA")

· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of American Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge

· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level

· ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV)

65&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Letter of Intent ("LOI")

· Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met

· If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

· Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures

· Shares purchased in an Edward Jones fee-based program

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment

· Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

—The redemption and repurchase occur in the same account

—The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus

· Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones

· Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions

· Purchases of Class 529-A shares made for recontribution of refunded amounts

Contingent Deferred Sales Charge ("CDSC") Waivers

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

· The death or disability of the shareholder

· Systematic withdrawals with up to 10% per year of the account value

· Return of excess contributions from an Individual Retirement Account (IRA)

· Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations

· Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones

· Shares exchanged in an Edward Jones fee-based program

· Shares acquired through NAV reinstatement

· Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

· Initial purchase minimum: $250

· Subsequent purchase minimum: none

Minimum Balances

· Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 66

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—A fee-based account held on an Edward Jones platform

—A 529 account held on an Edward Jones platform

—An account with an active systematic investment plan or LOI

Exchanging Share Classes

· At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund, or Class R-4 shares for retirement plans, so long as the shareholder is eligible to purchase the Class A or R-4 shares pursuant to the prospectus.

Class A Sales Charge Waivers Available Through Farmers Financial Solutions

Farmers Financial Solutions has the authority to either (1) rollover shares from an employer sponsored retirement plan to Class A shares in an Individual Retirement Account (IRA) at net asset value or (2) allow the purchase of Class A shares at net asset value, so long as the proceeds are from the sale of shares from an employer sponsored retirement plan and are used to make a purchase within 60 days of the redemption, if the shares held are ineligible to be rolled over to an IRA.

Janney Montgomery Scott LLC ("Janney")

Effective May 1, 2020, if you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

67&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Front-end sales charge\* waivers on Class A shares available at Janney

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

· Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement)

· Shares acquired through a right of reinstatement

· Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

CDSC waivers on Class A and C shares available at Janney

· Shares sold upon the death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus

· Shares purchased in connection with a return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's Prospectus

· Shares sold to pay Janney fees but only if the transaction is initiated by Janney

· Shares acquired through a right of reinstatement

· Shares exchanged into the same share class of a different fund unless otherwise provided in the Prospectus

Front-end sales charge\* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent

· Breakpoints as described in the fund's Prospectus

· Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>\*</sup>Also referred to as an "initial sales charge."

JP Morgan Securities LLC

Investors purchasing through JP Morgan Securities LLC may invest in Class 529-A shares at net asset value.

Effective September 29, 2023, if you purchase or hold fund shares through an applicable JP Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or statement of additional information.

Front-end sales charge waivers on Class A shares available at JP Morgan Securities LLC

· Shares exchanged from Class C (i.e., level-load) shares of the same fund pursuant to JP Morgan Securities LLC's policies relating to sales load discounts and waivers

· Shares purchased through rights of reinstatement

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

· Shares purchased by employees and registered representatives of JP Morgan Securities LLC or its affiliates and their spouse or financial dependent

Class C to Class A share conversion

· A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with JP Morgan Securities LLC's policies and procedures

JP Morgan Securities LLC Class R-4 share employer-sponsored retirement plan eligibility

· Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SARSEPs or 501(c)(3) accounts

CDSC waivers on Class A and Class C shares available at JP Morgan Securities LLC

· Shares sold upon the death or disability of the shareholder

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 68

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· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Shares purchased in connection with a return of excess contributions from an IRA account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

· Shares acquired through a right of reinstatement

Front-end load discounts available at JP Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent

· Breakpoints as described in the prospectus

· Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at JP Morgan Securities LLC. Eligible fund family assets not held at JP Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets

· Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within a fund family, through JP Morgan Securities LLC, over a 13-month period of time (if applicable)

Merrill Lynch, Pierce, Fenner & Smith ("Merrill Lynch")

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill Lynch platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill Lynch at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill Lynch representative may ask for reasonable documentation of such facts and Merrill Lynch may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Lynch Sales Load Waiver and Discounts Supplement (the "Merrill Lynch SLWD Supplement") and in the Mutual Fund Investing at Merrill Lynch pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

Front-end load waivers available at Merrill Lynch

· Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. Except as provided below, Class A shares are not currently available to new plans described in this waiver. Plans that invested in Class A shares of any of the funds without any sales charge before April 1, 2004, and that continue to meet the eligibility requirements in effect as of that date for purchasing Class A shares at net asset value, may continue to purchase American Funds Class A shares without any initial or contingent deferred sales charge

· Shares purchased through a Merrill Lynch investment advisory program. Class A shares are not currently available in the programs described in this waiver

· Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill Lynch investment advisory program to a Merrill Lynch brokerage account

· Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

· Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill Lynch SLWD Supplement

· Shares purchased by eligible employees of Merrill Lynch or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Lynch Household (as defined in the Merrill Lynch SLWD Supplement)

· Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g., the fund's officers or trustees)

· Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date; and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for Rights of Reinstatement

Contingent Deferred Sales Charge ("CDSC") waivers on front-end, back-end, and level load shares available at Merrill Lynch

· Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(3))

· Shares sold pursuant to a systematic withdrawal program subject to Merrill Lynch's maximum systematic withdrawal limits as described in the Merrill Lynch SLWD Supplement

· Shares sold due to return of excess contributions from an IRA account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulations

69&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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· Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g., traditional, Roth, rollover, SEP IRAs, SIMPLE IRAs, SARSEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

Front-end load discounts available at Merrill Lynch: breakpoints, rights of accumulation & letters of intent

· Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill Lynch permits to be assessed to a front-end load purchase, as described in the Merrill Lynch SLWD Supplement

· Rights of Accumulation (ROA), as described in the Merrill Lynch SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Lynch Household

· Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill Lynch, in accounts within your Merrill Lynch Household, as further described in the Merrill Lynch SLWD Supplement

Morgan Stanley Wealth Management ("Morgan Stanley")

Morgan Stanley Class A share front-end sales charge waiver

Morgan Stanley clients purchasing or converting to Class A shares of the fund through Morgan Stanley transactional brokerage accounts are entitled to a waiver of the front-end load in the following additional circumstances:

· Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

· Class C (level load) share positions that are no longer subject to a contingent deferred sales charge and are converted to a Class A share in the same fund pursuant to Morgan Stanley's share class conversion program

· Morgan Stanley, on your behalf, can convert Class F-1 shares to Class A shares without a front-end sales charge if they were initially transferred to the transactional brokerage account or converted from Class C shares

· Shares purchased from the proceeds of redemptions within the same fund family under a Rights of Reinstatement provision, provided the repurchase occurs within 90 days following the redemption, the redemption and purchase occur in the same account, and redeemed shares were subject to a front-end or deferred sales load. This waiver is not available for 529 Plan accounts maintained through Morgan Stanley. Investors wishing to utilize this privilege will need to do so through an account held directly with the Plan or a financial intermediary that supports this feature

· Investors purchasing through a Morgan Stanley self-directed brokerage account and/or E\*TRADE from Morgan Stanley may invest in Class A shares without a front-end sales charge

Morgan Stanley clients purchasing or converting to Class 529-A shares of the fund through Morgan Stanley transactional brokerage accounts are entitled to a waiver of the front-end load in the following additional circumstances:

· Shares purchased through a rollover from another 529 plan

· Recontribution(s) of a refunded qualified higher education expense

Unless specifically described above, no other front-end load waivers are available to mutual fund purchases by Morgan Stanley clients.

Morgan Stanley Class R-4 share employer-sponsored retirement plan eligibility

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SARSEPs or Keogh plans.

Northwestern Mutual Investment Services, LLC ("NMIS")

Rights of accumulation on SIMPLE IRAs held at NMIS

Effective March 31, 2022, for SIMPLE IRA plans where the plan is held on the SIMPLE IRA platform at NMIS through its clearing firm, Pershing LLC, each linked participant account will be aggregated at either the plan level or the individual level for rights of accumulation (ROA), depending on which aggregation method results in a greater breakpoint discount on front-end sales charges for the participant.

Class A and C share purchases in owner-only 401(k) plans held at NMIS

For 401(k) plans held at NMIS through its clearing firm, Pershing LLC, that cover only owners and their spouses and are not subject to ERISA, participants may purchase Class A shares with the applicable front-end sales charge or Class C shares with the applicable contingent deferred sales charge, in accordance with NMIS's share class policies applicable to such plans.

Oppenheimer & Co., Inc. ("OPCO")

Effective June 1, 2020, shareholders purchasing fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

Front-end sales load waivers on Class A shares available at OPCO

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 70

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· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement)

· A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

· Employees and registered representatives of OPCO or its affiliates and their family members

· Directors or trustees of the fund, and employees of the fund's investment adviser or any of its affiliates, as described in this prospectus

CDSC waivers on Class A and C shares available at OPCO

· Death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus

· Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

· Shares acquired through a right of reinstatement

Front-end load discounts available at OPCO: breakpoints, rights of accumulation and letters of intent

· Breakpoints as described in this prospectus

· Rights of accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

Raymond James & Associates, Inc., Raymond James Financial Services, Inc., and each entity's affiliates ("Raymond James")

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

Front-end sales charge waivers on Classes A and 529-A shares available at Raymond James

· Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

· Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

· A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

· Purchases of Class 529-A shares through a rollover from another 529 plan

CDSC waivers on Classes A and C shares available at Raymond James

· Death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus

· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

· Shares acquired through a right of reinstatement

Front-end sales charge discounts available at Raymond James: breakpoints, rights of accumulation and/or letters of intent

· Breakpoints as described in this prospectus

· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

71&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

Robert W. Baird & Co. Incorporated ("Baird")

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

Front-end sales charge waivers on Class A shares available at Baird

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

· Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

· Shares purchased from the proceeds of redemptions from another fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

· A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

· Charitable accounts in a transactional brokerage account at Baird

CDSC waivers on Class A and C shares available at Baird

· Shares sold due to death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Shares bought due to returns of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus

· Shares sold to pay Baird fees but only if the transaction is initiated by Baird

· Shares acquired through a right of reinstatement

Front-end sales charge discounts available at Baird: breakpoints and/or rights of accumulation

· Breakpoints as described in this prospectus

· Rights of accumulation which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets

· Letters of intent (LOI) allow for breakpoint discounts based on anticipated purchases of fund family assets through Baird, over a 13-month period of time

Stifel, Nicolaus & Company, Incorporated ("Stifel") and its broker dealer affiliates

Effective September 27, 2024, shareholders purchasing or holding fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, sales charge ("CDSC") waivers) and discounts, which may differ from those disclosed elsewhere in the fund's prospectus or SAI.

Class A Shares

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

Rights of accumulation

· Rights of accumulation ("ROA") that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the American Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include Class A money market funds not assessed a sales charge. Fund family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets

· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level

Front-end sales charge waivers on Class A shares available at Stifel

Sales charges may be waived for the following shareholders and in the following situations:

· Class C shares that have been held for more than seven (7) years may be converted to Class A or other Front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply

· Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel

· Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 72

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· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the fund family

· Shares purchased from the proceeds of redeemed shares of the same fund family so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e., systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel's account maintenance fees are not eligible for rights of reinstatement

· Shares from rollovers into Stifel custodied IRA from retirement plans

· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus

· Purchases of Class 529-A shares through a rollover from another 529 plan

· Purchases of Class 529-A shares made for reinvestment of refunded amounts

CDSC Waivers on Class A and C Shares

· Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary

· Shares sold as part of a systematic withdrawal plan not to exceed 12% annually

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

· Shares acquired through a right of reinstatement

· Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel

Share Class Conversions in Advisory Accounts

Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

U.S. Bancorp Investments, Inc.

#### Class C to Class A share conversions at U.S. Bancorp Investments, Inc.
Effective November 30, 2020, a shareholder in the fund's Class C shares will have their shares systematically converted at net asset value to Class A shares of the same fund in the month of the six-year anniversary of the purchase date, if the shares are no longer subject to a CDSC and the conversion is consistent with U.S. Bancorp Investments, Inc. share class exchange policy. This policy does not apply to accounts held with the fund's transfer agent. Accounts held with the fund's transfer agent will convert pursuant to the fund's policy described in this prospectus.

73&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Appendix

**Moody's long-term rating scale**

Aaa — Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa — Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A — Obligations rated A are considered upper-medium grade and are subject to low credit risk.

Baa — Obligations rated Baa are judged to be medium grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba — Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B — Obligations rated B are considered speculative and are subject to high credit risk.

Caa — Obligations rated Caa are judged to be speculative and of poor standing and are subject to very high credit risk.

Ca — Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C — Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies and securities firms.

**S&P Global Ratings long-term-issue credit ratings**

S&P Global Ratings ("S&P") rates the long-term debt securities of various entities in categories ranging from AAA to D according to quality. The ratings from AA to CCC may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories. Ratings are described as follows:

AAA — An obligation rated AAA has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA — An obligation rated AA differs from the highest rated obligations only in a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A — An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB — An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitment on the obligation.

BB, B, CCC, CC and C — Obligations rated BB, B, CCC, CC and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB — An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B — An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC — An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC — An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

C — An obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D — An obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to D if it is subject to a distressed debt restructuring.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 74

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Plus (+) or minus (–) — The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

NR — Indicates that a rating has not been assigned or is no longer assigned.

**Fitch Ratings, Inc. long-term credit ratings**

AAA — Highest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA — Very high credit quality. AA ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A — High credit quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

BBB — Good credit quality. BBB ratings indicate that expectations of default risk are low. The capacity for payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.

BB — Speculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

B — Highly speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC — Substantial credit risk. Default is a real possibility.

CC — Very high levels of credit risk. Default of some kind appears probable.

C — Exceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a C category rating for an issuer include:

· The issuer has entered into a grace or cure period following nonpayment of a material financial obligation;

· The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or

· Fitch Ratings otherwise believes a condition of RD or D to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.

75&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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RD — Restricted default. RD ratings indicate an issuer that in Fitch Ratings' opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, and which has not otherwise ceased operating. This would include:

· The selective payment default on a specific class or currency of debt;

· The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

· The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or

· Execution of a distressed debt exchange on one or more material financial obligations.

D — Default. D ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, nonpayment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

Note: The modifiers "+" or "–" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the AAA long-term rating category, or to categories below B.

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 76

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Notes

77&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds / Prospectus

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Notes

Tax-exempt income funds / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 78

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| | |
|:---|:---|
| &nbsp;&nbsp;For shareholder services and 24-hour information | &nbsp;&nbsp;American Funds Service Company<br> (800) 421-4225<br> capitalgroup.com |
| &nbsp;&nbsp;For retirement plan services | &nbsp;&nbsp;Call your employer or plan administrator |
| &nbsp;&nbsp;Telephone calls you have with Capital Group may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to Capital Group on the telephone, you consent to such monitoring and recording. | &nbsp;&nbsp;Telephone calls you have with Capital Group may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to Capital Group on the telephone, you consent to such monitoring and recording. |

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**Annual/Semi-annual report to shareholders and Form N-CSR** Additional information about the fund's investments is available in the fund's annual and semi-annual reports to shareholders and in the Form N-CSR on file with the U.S. Securities and Exchange Commission ("SEC"). In the fund's annual report, you will find a summary discussion of the key market conditions and investment strategies that significantly affected the fund's performance during its last fiscal year. In Form N-CSR, you will find the fund's annual and semi-annual financial statements.

**Statement of additional information (SAI) and codes of ethics** The current SAI, as amended from time to time, contains more detailed information about the fund, including the fund's financial statements, and is incorporated by reference into this prospectus. This means that the current SAI, for legal purposes, is part of this prospectus. The codes of ethics describe the personal investing policies adopted by the fund, the fund's investment adviser and its affiliated companies.

The codes of ethics and current SAI are on file with the SEC. These and other related materials about the fund are available for review on the EDGAR database on the SEC's website at sec.gov or, after payment of a duplicating fee, via email request to publicinfo@sec.gov. The codes of ethics, current SAI, shareholder reports and other information such as the fund's financial statements are also available, free of charge, on our website, capitalgroup.com.

**E-delivery and household mailings** Each year you are automatically sent an updated summary prospectus and annual and semi-annual reports for the fund. You may also occasionally receive proxy statements for the fund. In order to reduce the volume of mail you receive, when possible, only one copy of these documents will be sent to shareholders who are part of the same family and share the same household address. You may elect to receive these documents electronically in lieu of paper form by enrolling in e-delivery on our website, capitalgroup.com.

If you would like to opt out of household-based mailings or receive a complimentary copy of the current SAI, codes of ethics or annual/semi-annual report to shareholders, please call American Funds Service Company at (800) 421-4225 or write to the secretary of the fund at 333 South Hope Street, Los Angeles, California 90071-1406, or for American Funds Tax-Exempt Fund of New York at 6455 Irvine Center Drive, Irvine, California 92618.

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| | |
|:---|:---|
| ![](img_027.jpg) | MFGEPRX-965-1025P <br>Litho in USA CGD/TM/8020<br>Investment Company File No. 811-05750<br>Investment Company File No. 811-07888<br>Investment Company File No. 811-02421<br>Investment Company File No. 811-08576<br>Investment Company File No. 811-04694<br>Investment Company File No. 811-22448 |

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![](img_028.jpg)

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| | |
|:---|:---|
| **American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup><br> Limited Term Tax-Exempt Bond Fund of America<sup>®</sup><br> The Tax-Exempt Bond Fund of America<sup>®</sup><br> American High-Income Municipal Bond Fund<sup>®</sup>**<br> **Prospectus**<br> October 1, 2025 | ![](img_029.jpg) |

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| | |
|:---|:---|
| Class | R-6 |
| American Funds Short-Term Tax-Exempt Bond Fund | N/A |
| Limited Term Tax-Exempt Bond Fund of America | N/A |
| The Tax-Exempt Bond Fund of America | N/A |
| American High-Income Municipal Bond Fund | N/A |

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**Table of contents**

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| | |
|:---|:---|
| **Summaries:**<br> American Funds Short-Term Tax-Exempt Bond Fund1<br> Limited Term Tax-Exempt Bond Fund of America6<br> The Tax-Exempt Bond Fund of America12<br> American High-Income Municipal Bond Fund18<br> Investment objectives, strategies and risks24<br> Management and organization29<br> Purchase, exchange and sale of shares32 | How to sell shares34<br> Distributions and taxes36<br> Choosing a share class36<br> Sales charges36<br> Other compensation to dealers37<br> Fund expenses38<br> Financial highlights39<br> Appendix43 |

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**The U.S. Securities and Exchange Commission has not approved or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.**

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**American Funds Short-Term Tax-Exempt Bond Fund**

Investment objective The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | |
|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | R-6 |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  |
| Maximum deferred sales charge (load) (as a percentage of the amount redeemed) |  |
| Maximum sales charge (load) imposed on reinvested dividends |  |
| Redemption or exchange fees |  |

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| | |
|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | R-6 |
| Management fees | 0.20% |
| Distribution and/or service (12b-1) fees |  |
| Other expenses | 0.05 |
| Total annual fund operating expenses | 0.25 |
| Expense reimbursement<sup>\*</sup> | 0.01 |
| Total annual fund operating expenses after expense reimbursement | 0.24 |

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<sup>\*</sup>The investment adviser is currently reimbursing a portion of the other expenses. This reimbursement will be in effect through at least October 1, 2026. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The example reflects the expense reimbursement described above through the expiration date of such reimbursement and total annual fund operating expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | 1 year | 3 years | 5 years | 10 years |
| R-6 | $25 | $79 | $140 | $317 |

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**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 56% of the average value of its portfolio.

1&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Principal investment strategies Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund invests primarily in debt securities rated AA- or better or Aa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund's aggregate portfolio will have a dollar-weighted average effective maturity no greater than three years.

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 2

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not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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

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

*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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

*Insured municipal bonds –* The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

3&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Investment results The following bar chart shows how investment results for the Class R-6 shares of the fund have varied from year to year, and the following table shows how the Class R-6 shares' average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

![](img_030.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 year | Lifetime |
| **R-6** - Before taxes | 3/17/2017 | 2.68% | 1.25% | 1.49% |
| &nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 2.68 | 1.21 | 1.47 |
| - After taxes on distributions and sale of fund shares | - After taxes on distributions and sale of fund shares | 2.72 | 1.33 | 1.51 |

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| | | | |
|:---|:---|:---|:---|
| Indexes | 1 year | 5 year | **Lifetime**<br>**(from Class R-6 inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.34% |
| Bloomberg Municipal Short 1-5 Years Index (reflects no deductions for sales charges, account fees or U.S. federal income taxes) | 2.07 | 1.10 | 1.48 |

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After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 4

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Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Vikas Malhotra** President | 2021 | Partner – Capital Fixed Income Investors |
| **Mark Marinella** | 2018 | Partner – Capital Fixed Income Investors |

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Purchase and sale of fund shares Class R-6 shares are generally available for purchase only by American Funds<sup>®</sup> Portfolio Series and other investment companies deemed appropriate by the fund's investment adviser.

The minimum amount to establish an account for all share classes is $250 and the minimum to add to an account is $50.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

5&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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**Limited Term Tax-Exempt Bond Fund of America**

Investment objective The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | |
|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | R-6 |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  |
| Maximum deferred sales charge (load) (as a percentage of the amount redeemed) |  |
| Maximum sales charge (load) imposed on reinvested dividends |  |
| Redemption or exchange fees |  |

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| | |
|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | R-6 |
| Management fees | 0.23% |
| Distribution and/or service (12b-1) fees |  |
| Other expenses | 0.04 |
| Total annual fund operating expenses | 0.27 |
| Fee waiver\* | 0.01 |
| Total annual fund operating expenses after fee waiver | 0.26 |

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\*The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least October 1, 2026; provided, however, that if fund shareholders approve a new management fee structure at a special meeting of shareholders to be held on November 25, 2025, the waiver will be in effect until the new management fee structure is implemented. The waiver may only be modified or terminated with the approval of the fund's board.

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | 1 year | 3 years | 5 years | 10 years |
| R-6 | $27 | $86 | $151 | $342 |

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**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 44% of the average value of its portfolio.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 6

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Principal investment strategies Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

The fund invests primarily in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated BBB and Baa by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The dollar-weighted average effective maturity of the fund's portfolio is between one and 10 years. In calculating the effective maturity or average life of a particular debt security, a put, call, sinking fund or other feature will be considered to the extent it results in a security whose market characteristics indicate an effective maturity or average life that is shorter than its nominal or stated maturity. The investment adviser will consider the impact on effective maturity of potential changes in the financial condition of issuers and in market interest rates in making investment selections for the fund.

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

7&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

------

Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 8

------

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

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

*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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.

*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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

*Insured municipal bonds –* The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

9&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Investment results The following bar chart shows how investment results for the Class R-6 shares of the fund have varied from year to year, and the following table shows how the Class R-6 shares' average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

![](img_031.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **R-6** - Before taxes | 5/11/2012 | 2.33% | 1.33% | 1.77% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 2.33 | 1.26 | 1.72 | N/A |
| &nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 2.49 | 1.43 | 1.83 | N/A |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | **Lifetime**<br>**(from Class R-6 inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 2.50% |
| Bloomberg Municipal Short-Intermediate 1-10 Years Index (reflects no deductions for sales charges, account fees or U.S. federal income taxes) | 1.14 | 1.02 | 1.70 | 1.76 |

---

After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 10

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Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

---

| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Vikas Malhotra** | 2021 | Partner – Capital Fixed Income Investors |
| **Mark Marinella** President | 2018 | Partner – Capital Fixed Income Investors |

---

Purchase and sale of fund shares Class R-6 shares are generally available for purchase only by American Funds<sup>®</sup> Portfolio Series and other investment companies deemed appropriate by the fund's investment adviser.

The minimum amount to establish an account for all share classes is $250 and the minimum to add to an account is $50.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

11&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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**The Tax-Exempt Bond Fund of America**

Investment objective The fund's investment objective is to provide you with a high level of current income exempt from federal income tax, consistent with the preservation of capital.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | |
|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | R-6 |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  |
| Maximum deferred sales charge (load) (as a percentage of the amount redeemed) |  |
| Maximum sales charge (load) imposed on reinvested dividends |  |
| Redemption or exchange fees |  |

---

---

| | |
|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | R-6 |
| Management fees<sup>1</sup> | 0.23% |
| Distribution and/or service (12b-1) fees |  |
| Other expenses<sup>2</sup> | 0.04 |
| Total annual fund operating expenses | 0.27 |

---

<sup>1</sup>Assumes that fund shareholders approve a proposal to modify the investment advisory and service fee schedule at a special meeting of shareholders to be held on November 25, 2025.

<sup>2</sup>Restated to reflect current fees.

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class\*** | 1 year | 3 years | 5 years | 10 years |
| R-6 | $28 | $87 | $152 | $343 |

---

\*The amounts shown in this table reflect the fund's new management fee. If shareholders do not approve the new fee, all amounts would be lower.

**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 24% of the average value of its portfolio.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 12

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Principal investment strategies Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund will not invest in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund invests at least 65% in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated BBB+ or below and Baa1 or below (including those rated BB+ or below and Ba1 or below) by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as "junk bonds."

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

13&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

------

Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 14

------

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

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

*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

*Insured municipal bonds –* The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

15&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

------

Investment results The following bar chart shows how investment results for the Class R-6 shares of the fund have varied from year to year, and the following table shows how the Class R-6 shares' average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

![](img_032.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **R-6** - Before taxes | 5/11/2012 | 2.51% | 1.39% | 2.50% | 2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 2.51 | 1.36 | 2.48 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 2.78 | 1.69 | 2.61 | N/A |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | **Lifetime**<br>**(from Class R-6 inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 2.50% |

---

After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 16

------

Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

---

| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Lee Chu** | 2020 | Partner – Capital Fixed Income Investors |
| **Courtney K. Wolf** | 2019 | Partner – Capital Fixed Income Investors |
| **Karl J. Zeile** President and Trustee | 2004 | Partner – Capital Fixed Income Investors |

---

Purchase and sale of fund shares Class R-6 shares are generally available for purchase only by American Funds<sup>®</sup> Portfolio Series and other investment companies deemed appropriate by the fund's investment adviser.

The minimum amount to establish an account for all share classes is $250 and the minimum to add to an account is $50.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

17&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

------

**American High-Income Municipal Bond Fund**

Investment objective The fund's investment objective is to provide you with a high level of current income exempt from regular federal income tax.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | |
|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | R-6 |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  |
| Maximum deferred sales charge (load) (as a percentage of the amount redeemed) |  |
| Maximum sales charge (load) imposed on reinvested dividends |  |
| Redemption or exchange fees |  |

---

---

| | |
|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the value of your investment)** |
| Share class: | R-6 |
| Management fees | 0.27% |
| Distribution and/or service (12b-1) fees |  |
| Other expenses | 0.04 |
| Total annual fund operating expenses | 0.31 |

---

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | 1 year | 3 years | 5 years | 10 years |
| R-6 | $32 | $100 | $174 | $393 |

---

**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 28% of the average value of its portfolio.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 18

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Principal investment strategies In seeking to achieve its objective, the fund may accept risks to capital value deemed prudent by the fund's investment adviser to take advantage of opportunities for higher current income on municipal bonds. Municipal bonds are debt obligations that pay interest that is exempt from federal taxation, with payments made from a wide variety of sources, including governmental revenue streams and private enterprises.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund may invest, without limitation, in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax. The fund invests at least 50% of its portfolio in debt securities rated BBB+ or below or Baa1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as "junk bonds."

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

19&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 20

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

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

*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

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

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

21&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Investment results The following bar chart shows how investment results for the Class R-6 shares of the fund have varied from year to year, and the following table shows how the Class R-6 shares' average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** | **Average annual total returns** **For the periods ended December 31, 2024:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **R-6** - Before taxes | 5/11/2012 | 6.60% | 2.51% | 3.87% | 4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 6.60 | 2.46 | 3.84 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 5.69 | 2.77 | 3.89 | N/A |

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| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | **Lifetime**<br>**(from Class R-6 inception)** |
| Bloomberg Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 2.50% |

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After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 22

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Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio**<br>**manager<br>in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Lee Chu** | 2025 | Partner – Capital Fixed Income Investors |
| **Chad M. Rach** President | 2011 | Partner – Capital Fixed Income Investors |
| **Jerome Solomon** | 2017 | Partner – Capital Fixed Income Investors |

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Purchase and sale of fund shares Class R-6 shares are generally available for purchase only by American Funds<sup>®</sup> Portfolio Series and other investment companies deemed appropriate by the fund's investment adviser.

The minimum amount to establish an account for all share classes is $250 and the minimum to add to an account is $50.

Tax information Fund dividends of interest earned from municipal bonds are generally not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital gains, which are subject to federal taxation as ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest on certain bonds may be subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains for federal income tax purposes.

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

23&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Investment objectives, strategies and risks Except where the context indicates otherwise, references to the "fund" apply to each of these tax-exempt bond funds.

**American Funds Short-Term Tax-Exempt Bond Fund** The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital. Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in securities that may subject you to federal alternative minimum tax.

The fund invests primarily in debt securities rated AA- or better or Aa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund's aggregate portfolio will have a dollar-weighted average effective maturity no greater than three years.

**Limited Term Tax-Exempt Bond Fund of America** The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital. The fund is designed for investors seeking current income exempt from federal income tax. Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in securities that may subject you to federal alternative minimum tax.

The fund invests primarily in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated BBB and Baa by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The dollar-weighted average effective maturity of the fund's portfolio is between one and 10 years. In calculating the effective maturity or average life of a particular debt security, a put, call, sinking fund or other feature will be considered to the extent it results in a security whose market characteristics indicate an effective maturity or average life that is shorter than its nominal or stated maturity. The investment adviser will consider the impact on effective maturity of potential changes in the financial condition of issuers and in market interest rates in making investment selections for the fund.

**The Tax-Exempt Bond Fund of America** The fund's investment objective is to provide you with a high level of current income exempt from federal income tax, consistent with the preservation of capital. The fund is designed for investors seeking a high level of current income exempt from federal income tax.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund will not invest in securities that subject you to federal alternative minimum tax. The fund invests at least 65% in debt securities rated A- or better or A3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in debt securities rated BBB+ or below and Baa1 or below (including those rated BB+ or below and Ba1 or below) by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as "junk bonds." Though investment decisions regarding the fund's portfolio may be informed by investment themes on a range of macroeconomic factors, the fund may invest in debt securities of any maturity or duration.

**American High-Income Municipal Bond Fund** The fund's investment objective is to provide you with a high level of current income exempt from regular federal income tax. The fund is designed for investors who are able to tolerate greater credit risk and price fluctuations than investors in funds with higher quality portfolios. In seeking to achieve its objective, the fund may accept risks to capital value deemed prudent by the fund's investment adviser to take advantage of opportunities for higher current income on municipal bonds.

Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and may subject you to alternative minimum tax. The fund may invest, without limitation, in securities that may subject you to federal alternative minimum tax. The fund invests at least 50% of its portfolio in debt securities rated BBB+ or below or Baa1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as "junk bonds." Though investment decisions regarding the fund's portfolio may be informed by investment themes on a range of macroeconomic factors, the fund may invest in debt securities of any maturity or duration.

**Applicable to all funds** The fund may also hold cash or cash equivalents, including commercial paper and short-term securities issued by the U.S. government, its agencies and instrumentalities. The percentage of the fund invested in such holdings varies and depends on various factors, including market conditions and purchases and redemptions of fund shares. The investment adviser may determine that it is appropriate to invest a substantial portion of the fund's assets in such instruments in response to certain circumstances, such as periods of market turmoil. For temporary defensive purposes, the fund may invest without limitation in such instruments. A larger percentage of such holdings could moderate the fund's investment results in a period of rising market prices. Alternatively, a larger percentage of such holdings could reduce the magnitude of the fund's loss in a period of falling market prices and provide liquidity to make additional investments or to meet redemptions.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 24

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The fund may invest in certain other funds managed by the investment adviser or its affiliates ("Central Funds") to more effectively invest in a diversified set of securities in a specific asset class such as money market instruments, bonds and other securities. Shares of Central Funds are only offered for purchase to the fund's investment adviser and its affiliates and other funds, investment vehicles and accounts managed by the fund's investment adviser and its affiliates. Central Funds do not charge management fees. As a result, the fund does not bear additional management fees when investing in Central Funds, but the fund does bear its proportionate share of Central Fund expenses. The investment results of the portions of the fund's assets invested in the Central Funds will be based upon the investment results of the Central Funds.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

The investment adviser may consider environmental, social and governance ("ESG") factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. ESG factors may include, but are not limited to, environmental issues (e.g., water use, emission levels, waste, environmental remediation), social issues (e.g., human capital, health and safety, changing customer behavior) or governance issues (e.g., board composition, executive compensation, shareholder dilution).

The following are principal risks associated with investing in the fund.

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

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

*Issuer risks* — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The fund's portfolio managers invest in issuers based on their level of investment conviction. At times, the fund may invest more significantly in a single issuer, which could increase the risk of loss arising from the factors described above.

*Investing in municipal securities* — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund's 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 fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund 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 fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the

25&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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

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

*Investing in lower rated debt instruments* — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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 lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as "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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

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

The following are additional risks associated with investing in the fund.

*Alternative minimum tax* — The fund (other than The Tax-Exempt Bond Fund of America) may invest in securities, including in "private activity bonds," that may subject you to federal alternative minimum tax. Therefore, while the fund's distributions from tax-exempt securities are not subject to regular federal income tax, a portion or all of the distributions may be included in determining a shareholder's federal alternative minimum tax.

*Interest rate risk* — The values and liquidity of the securities held by the fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. 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. The fund may invest in variable and floating rate securities. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

*Insured municipal bonds –* The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

*Investing in derivatives* — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund's returns and increase the fund's price volatility. The fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 26

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*Investing in futures contracts* — In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund's investment adviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the futures in which the fund invests. If the investment adviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the futures in which it invests, the fund could suffer losses.

*Exposure to country, region, industry or sector* — Subject to the fund's investment limitations, the fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause the fund to be more impacted by risks relating to and developments affecting the country, region, industry or sector, and thus its net asset value may be more volatile, than a fund without such levels of exposure. For example, if the fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the fund than on a fund that is more geographically diversified.

*Cybersecurity breaches* — The fund may be subject to operational and information security risks through breaches in cybersecurity. Cybersecurity breaches can result from deliberate attacks or unintentional events, including "ransomware" attacks, the injection of computer viruses or malicious software code, the use of vulnerabilities in code to gain unauthorized access to digital information systems, networks or devices, or external attacks such as denial-of-service attacks on the investment adviser's or an affiliate's website that could render the fund's network services unavailable to intended end-users. These breaches may, among other things, lead to the unauthorized release of confidential information, misuse of the fund's assets or sensitive information, the disruption of the fund's operational capacity, the inability of fund shareholders to transact business, or the destruction of the fund's physical infrastructure, equipment or operating systems. These events could cause the fund to violate applicable privacy and other laws and could subject the fund to reputational damage, additional costs associated with corrective measures and/or financial loss. The fund may also be subject to additional risks if its third-party service providers, such as the fund's investment adviser, transfer agent, custodian, administrators and other financial intermediaries, experience similar cybersecurity breaches and potential outcomes. Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value.

*Tax risk* — Income from securities held by the fund could also be declared taxable because of changes in tax laws or interpretations by taxing authorities, as a result of noncompliant conduct of a municipal issuer. Investments in taxable bonds and certain derivatives utilized by the fund may cause the fund to have taxable investment income. In addition, the fund may recognize taxable ordinary income from market discount. The fund may also realize capital gains on the sale of its securities. These capital gains will be taxable regardless of whether they are derived from the sale of tax-exempt bonds or taxable securities.

In addition to the principal investment strategies described above, the fund has other investment practices that are described in the statement of additional information, which includes a description of other risks related to the fund's principal investment strategies and other investment practices. The fund's investment results will depend on the ability of the fund's investment adviser to navigate the risks discussed above as well as those described in the statement of additional information.

27&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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**Fund comparative indexes** The investment results tables in this prospectus show how the fund's average annual total returns compare with a broad measure of market results and, if applicable, other measures of market results that reflect the fund's investment universe.

**American Funds Short-Term Tax-Exempt Bond Fund** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. The Bloomberg Municipal Short 1–5 Years Index is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to five years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**Limited Term Tax-Exempt Bond Fund of America** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. The Bloomberg Municipal Short-Intermediate 1-10 Years Index is a market-value-weighted index that includes investment grade tax-exempt bonds with maturities of one to 10 years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**The Tax-Exempt Bond Fund of America** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**American High-Income Municipal Bond Fund** The Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

**Fund results** All fund results in this prospectus reflect the reinvestment of dividends and capital gain distributions, if any. Unless otherwise noted, fund results reflect any fee waivers and/or expense reimbursements in effect during the periods presented.

**Portfolio holdings** Portfolio holdings information for the fund is available on our website at capitalgroup.com. A description of the fund's policies and procedures regarding disclosure of information about its portfolio holdings is available in the statement of additional information.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 28

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Management and organization

**Investment adviser** Capital Research and Management Company, an experienced investment management organization founded in 1931, serves as the investment adviser to the fund and other funds, including the American Funds. Capital Research and Management Company is a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California 90071. Capital Research and Management Company manages the investment portfolio and business affairs of the fund. The total management fee paid by the fund to its investment adviser for the most recent fiscal year, as a percentage of average net assets, appears in the Annual Fund Operating Expenses tables under "Fees and expenses of the fund." The management fee for the fund is based on the daily net assets of the fund and the fund's monthly gross investment income. Please see the statement of additional information for further details. A discussion regarding the basis for approval of the fund's Investment Advisory and Service Agreement by the fund's board of trustees is contained in the fund's N-CSR for the fiscal year ended July 31, 2025.

Capital Research and Management Company manages equity assets through three equity investment divisions and fixed income assets through its fixed income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital International Investors, Capital Research Global Investors and Capital World Investors — make investment decisions independently of one another.

The equity investment divisions may, in the future, be incorporated as wholly owned subsidiaries of Capital Research and Management Company. In that event, Capital Research and Management Company would continue to be the investment adviser, and day-to-day investment management of equity assets would continue to be carried out through one or more of these subsidiaries. Although not currently contemplated, Capital Research and Management Company could incorporate its fixed income investment division in the future and engage it to provide day-to-day investment management of fixed income assets. Capital Research and Management Company and each of the funds it advises have received an exemptive order from the U.S. Securities and Exchange Commission that allows Capital Research and Management Company to use, upon approval of the fund's board, its management subsidiaries and affiliates to provide day-to-day investment management services to the fund, including making changes to the management subsidiaries and affiliates providing such services. The fund's shareholders have approved this arrangement; however, there is no assurance that Capital Research and Management Company will incorporate its investment divisions or exercise any authority granted to it under the exemptive order.

**The Capital System<sup>TM</sup>** Capital Research and Management Company uses a system of multiple portfolio managers in managing mutual fund assets. Under this approach, the portfolio of a fund is divided into segments managed by individual managers. In addition, Capital Research and Management Company's investment analysts may make investment decisions with respect to a portion of a fund's portfolio. Investment decisions are subject to a fund's objective(s), policies and restrictions and the oversight of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions.

Certain senior members of Capital Fixed Income Investors, the investment adviser's fixed income investment division, serve on the Portfolio Strategy Group. The group utilizes a research-driven process with input from the investment adviser's analysts, portfolio managers and economists to define investment themes on a range of macroeconomic factors, including duration, yield curve and sector allocation. The investment decisions made by the fund's portfolio managers are informed by the investment themes discussed by the group.

29&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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The table below shows the investment experience and role in management of the fund for the fund's primary portfolio managers.

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| | | | |
|:---|:---|:---|:---|
| Portfolio manager | Investment experience | Experience in this fund | Role in management of the fund |
| **Lee Chu** | Investment professional since 2008 (all with Capital Research and Management Company or affiliate) |  |  |
| &nbsp;&nbsp;The Tax-Exempt Bond Fund of America |  | 2020,<br>and previously an<br>investment analyst<br>for the fund since 2013 | Serves as a fixed income portfolio manager |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund |  | 2025,<br>and previously an<br>investment analyst<br>for the fund since 2012 | Serves as a fixed income portfolio manager |
| **Vikas Malhotra** | Investment professional since 2011 (with Capital Research and Management Company or affiliate since 2016) |  |  |
| &nbsp;&nbsp;American Funds Short-Term Tax-Exempt Bond Fund |  | 2021 | Serves as a fixed income portfolio manager |
| &nbsp;&nbsp;Limited Term Tax-Exempt Bond Fund of America |  | 2021,<br>and previously an<br>investment analyst<br>for the fund since 2020 | Serves as a fixed income portfolio manager |
| **Mark Marinella** | Investment professional since 1986 (with Capital Research and Management Company or affiliate since 2013) |  |  |
| &nbsp;&nbsp;American Funds Short-Term Tax-Exempt Bond Fund |  | 2018 | Serves as a fixed income portfolio manager |
| &nbsp;&nbsp;Limited Term Tax-Exempt Bond Fund of America |  | 2018 | Serves as a fixed income portfolio manager |

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Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 30

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| | | | |
|:---|:---|:---|:---|
| Portfolio manager | Investment experience | Experience in this fund | Role in management of the fund |
| **Chad M. Rach** | Investment professional since 1995 (with Capital Research and Management Company or affiliate since 2004) |  |  |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund |  | 2011,<br>and previously an<br>investment analyst<br>for the fund since 2005 | Serves as a fixed income portfolio manager |
| **Jerome Solomon** | Investment professional since 1992 (with Capital Research and Management Company or affiliate since 2008) |  |  |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund |  | 2017,<br>and previously an<br>investment analyst<br>for the fund since 2009 | Serves as a fixed income portfolio manager |
| **Courtney K. Wolf** | Investment professional since 2005 (all with Capital Research and Management Company or affiliate) |  |  |
| &nbsp;&nbsp;The Tax-Exempt Bond Fund of America |  | 2019,<br>and previously an<br>investment analyst<br>for the fund since 2010 | Serves as a fixed income portfolio manager |
| **Karl J. Zeile** | Investment professional since 1994 (with Capital Research and Management Company or affiliate since 1999) |  |  |
| &nbsp;&nbsp;The Tax-Exempt Bond Fund of America |  | 2004,<br> and previously an<br> investment analyst<br> for the fund since 2000 | Serves as a fixed income portfolio manager |

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Information regarding the portfolio managers' compensation, their ownership of securities in the fund and other accounts they manage is in the statement of additional information.

31&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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**Certain privileges and/or services described on the following pages of this prospectus and in the statement of additional information may not be available to you, depending on your investment dealer. Please see your financial professional for more information.**

Purchase, exchange and sale of shares **The fund's transfer agent, on behalf of the fund and Capital Client Group, Inc., the fund's distributor, is required by law to obtain certain personal information from you or any other person(s) acting on your behalf in order to verify your or such person's identity. If you do not provide the information, the transfer agent may not be able to open your account. If the transfer agent is unable to verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified potentially criminal activity, the fund and Capital Client Group, Inc. reserve the right to close your account or take such other action they deem reasonable or required by law.**

When purchasing shares, you should designate the fund or funds in which you wish to invest. Subject to the exception below, if no fund is designated, your money will be held uninvested (without liability to the transfer agent for loss of income or appreciation pending receipt of proper instructions) until investment instructions are received, but for no more than three business days. Your investment will be made at the net asset value (plus any applicable sales charge, in the case of Class A shares) next determined after investment instructions are received and accepted by the transfer agent. If investment instructions are not received, your money will be invested in Class A shares of American Funds<sup>®</sup> U.S. Government Money Market Fund on the third business day after receipt of your investment.

If the amount of your cash investment is $10,000 or less, no fund is designated, and you made a cash investment (excluding exchanges) within the last 16 months, your money will be invested in the same proportion and in the same fund or funds and in the same class of shares in which your last cash investment was made. If you only have one open fund, the money will be invested into such fund on the day received if the investment is otherwise in good order.

Different procedures may apply to certain employer-sponsored arrangements, including, but not limited to, SEP plans, SIMPLE IRA plans and CollegeAmerica accounts.

**Valuing shares** The net asset value of each share class of the fund is the value of a single share of that class. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. If the New York Stock Exchange makes a scheduled (e.g., the day after Thanksgiving) or an unscheduled close prior to 4 p.m. New York time, the net asset value of the fund will be determined at approximately the time the New York Stock Exchange closes on that day. If on such a day market quotations and prices from third-party pricing services are not based as of the time of the early close of the New York Stock Exchange but are as of a later time (up to approximately 4 p.m. New York time), for example because the market remains open after the close of the New York Stock Exchange, those later market quotations and prices will be used in determining the fund's net asset value.

Equity securities are valued primarily on the basis of market quotations, and debt securities are valued primarily on the basis of prices from third-party pricing services due to the lack of market quotations. Futures contracts are valued primarily on the basis of settlement prices. The fund's portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations are not readily available, including procedures to determine the representativeness of third-party vendor prices, or in the event market quotations or third-party vendor prices are not considered reliable. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of the investment adviser, materially affect the value of any of the fund's equity securities that trade principally in those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures will be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended to result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available to short-term investors.

Your shares will be purchased at the net asset value or sold at the net asset value next determined after American Funds Service Company<sup>®</sup> receives your request, provided that your request contains all information and legal documentation necessary to process the transaction. Orders in good order received after the New York Stock Exchange closes (scheduled or unscheduled) will be processed at the net asset value (plus any applicable sales charge) calculated on the following business day.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 32

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**Purchase of Class R shares** Class R-6 shares are generally available for purchase only by American Funds Portfolio Series and other investment companies deemed appropriate by the fund's investment adviser or distributor. Therefore, any information included in this prospectus regarding purchases by retirement plans or other group accounts is not applicable.

**Purchase minimums and maximums** Purchase minimums described in this prospectus may be waived in certain cases. In addition, the fund reserves the right to redeem the shares of any shareholder for their then current net asset value per share if the shareholder's aggregate investment in the fund falls below the fund's minimum initial investment amount. See the statement of additional information for details.

For accounts established with an automatic investment plan, the initial purchase minimum of $250 may be waived if the purchases (including purchases through exchanges from another fund) made under the plan are sufficient to reach $250 within five months of account establishment.

**Exchange** Generally, you may exchange your shares for shares of the same class of other American Funds without a sales charge.**

Exchanges have the same tax consequences as ordinary sales and purchases. For example, to the extent you exchange shares held in a taxable account that are worth more now than what you paid for them, the gain will be subject to taxation.

See "Transactions by telephone, fax or the Internet" in the section "How to sell shares" of this prospectus for information regarding electronic exchanges.

Please see the statement of additional information for details and limitations on moving investments in certain share classes to different share classes and on moving investments held in certain accounts to different accounts.

33&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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How to sell shares

You may sell (redeem) shares in any of the following ways:

**Writing to American Funds Service Company**

&nbsp;&nbsp;&nbsp;&nbsp;·Requests must be signed by the registered shareholder(s).

&nbsp;&nbsp;&nbsp;&nbsp;·A signature guarantee is required if the redemption is:

—more than $250,000;

—made payable to someone other than the registered shareholder(s); or

—sent to an address other than the address of record or to an address of record that has been changed within the previous 10 days.

&nbsp;&nbsp;&nbsp;&nbsp;·American Funds Service Company reserves the right to require signature guarantee(s) on any redemption.

&nbsp;&nbsp;&nbsp;&nbsp;·Additional documentation may be required for redemptions of shares held in corporate, partnership or fiduciary accounts.

#### Telephoning or faxing American Funds Service Company
&nbsp;&nbsp;&nbsp;&nbsp;·Redemptions by telephone or fax are limited to $250,000 per American Funds shareholder each day.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be made payable to the registered shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be mailed to an address of record that has been used with the account for at least 10 days.

**Self service using the Internet (capitalgroup.com) or Interactive Voice Response (IVR)**

&nbsp;&nbsp;&nbsp;&nbsp;·Redemptions by IVR or the Internet (capitalgroup.com) are limited to $125,000 per American Funds shareholder each day.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be made payable to the registered shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be mailed to an address of record that has been used with the account for at least 10 days.

The fund typically expects to remit redemption proceeds one business day following receipt and acceptance of a redemption order, regardless of the method the fund uses to make such payment (e.g., check, wire or automated clearing house transfer). However, payment may take longer than one business day and may take up to seven days as generally permitted by the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the fund may be permitted to pay redemption proceeds beyond seven days under certain limited circumstances. In addition, if you recently purchased shares and subsequently request a redemption of those shares, the fund will pay the available redemption proceeds once a sufficient period of time has passed to reasonably ensure that checks or drafts, including certified or cashier's checks, for the shares purchased have cleared (normally seven business days from the purchase date).

Under normal conditions, the fund typically expects to meet shareholder redemptions from a reserve of highly liquid assets, such as cash or cash equivalents. The fund may use additional methods to meet shareholder redemptions, if they become necessary. These methods may include, but are not limited to, the sale of portfolio assets, the use of overdraft protection afforded by the fund's custodian bank, borrowing from a line of credit or from other funds advised by the investment adviser or its affiliates, and making payment with fund securities or other fund assets rather than in cash (as further discussed in the following paragraph).

Although payment of redemptions normally will be in cash, the fund's declaration of trust permits payment of the redemption price wholly or partly with portfolio securities or other fund assets under conditions and circumstances determined by the fund's board of trustees. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. In general, in-kind redemptions to affiliated shareholders will as closely as practicable represent the affiliated shareholder's pro rata share of the fund's securities, subject to certain exceptions. Securities distributed in-kind to unaffiliated shareholders will be selected by the investment adviser in a manner the investment adviser deems to be fair and reasonable to the fund's shareholders. The disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain subject to market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities.

**Transactions by telephone, fax or the Internet** Generally, you are automatically eligible to redeem or exchange shares by telephone, fax or the Internet, unless you notify us in writing that you do not want any or all of these services. You may reinstate these services at any time.**

Unless you decide not to have telephone, fax or Internet services on your account(s), you agree to hold each fund, American Funds Service Company, any of its affiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these privileges, provided that American Funds Service Company employs reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine. If reasonable procedures are not employed, American Funds Service Company and/or the fund may be liable for losses due to unauthorized or fraudulent instructions.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 34

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**Frequent trading of fund shares** The fund and Capital Client Group, Inc. reserve the right to reject any purchase order for any reason. The fund is not designed to serve as a vehicle for frequent trading. Frequent trading of fund shares may lead to increased costs to the fund and less efficient management of the fund's portfolio, potentially resulting in dilution of the value of the shares held by long-term shareholders. Accordingly, purchases, including those that are part of exchange activity, that the fund or Capital Client Group, Inc. has determined could involve actual or potential harm to the fund may be rejected.**

The fund, through its transfer agent, American Funds Service Company, maintains surveillance procedures that are designed to detect frequent trading in fund shares. Under these procedures, various analytics are used to evaluate factors that may be indicative of frequent trading. For example, transactions in fund shares that exceed certain monetary thresholds may be scrutinized. American Funds Service Company also may review transactions that occur close in time to other transactions in the same account or in multiple accounts under common ownership or influence. Trading activity that is identified through these procedures or as a result of any other information available to the fund will be evaluated to determine whether such activity might constitute frequent trading. These procedures may be modified from time to time as appropriate to improve the detection of frequent trading, to facilitate monitoring for frequent trading in particular retirement plans or other accounts and to comply with applicable laws.

Under the fund's frequent trading policy, certain trading activity will not be treated as frequent trading, such as:

· purchases and redemptions by investment companies managed or sponsored by the fund's investment adviser or its affiliates, including reallocations and transactions allowing the investment company to meet its redemptions and purchases;

· retirement plan contributions, loans and distributions (including hardship withdrawals) identified as such on the retirement plan recordkeeper's system;

· purchase transactions involving in-kind transfers of shares of the fund, rollovers, Roth IRA conversions and IRA recharacterizations, if the entity maintaining the shareholder account is able to identify the transaction as one of these types of transactions;

· transactions by certain intermediaries in accordance with established hedging programs approved by the fund's investment adviser; and

· systematic redemptions and purchases, if the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase.

Generally, purchases and redemptions will not be considered "systematic" unless the transaction is prescheduled for a specific date.

If American Funds Service Company identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner's transactions or restrict the account owner's trading. If American Funds Service Company is not satisfied that the intermediary has taken appropriate action, American Funds Service Company may terminate the intermediary's ability to transact in fund shares.

There is no guarantee that all instances of frequent trading in fund shares will be prevented.

**Notwithstanding the fund's surveillance procedures described above, all transactions in fund shares remain subject to the right of the fund, Capital Client Group, Inc. and American Funds Service Company to restrict potentially abusive trading generally, including the types of transactions described above that will not be prevented. See the statement of additional information for more information about how American Funds Service Company may address other potentially abusive trading activity in American Funds.**

35&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Distributions and taxes

**Dividends and distributions** The fund declares daily dividends from net investment income and distributes the accrued dividends, which may fluctuate, to you each month. Generally, dividends begin accruing on the day payment for shares is received by the fund or American Funds Service Company.

Capital gains, if any, are usually distributed in November or December. When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment.

You may elect to reinvest dividends and/or capital gain distributions to purchase additional shares of this fund or other American Funds, or you may elect to receive them in cash.

**Taxes on dividends and distributions** Interest on municipal bonds is generally not included in gross income for federal tax purposes. A portion of the fund's distributions may be subject to regular federal income tax. Subject to certain requirements, the fund is permitted to pass through to its shareholders the interest earned on municipal bonds as federally exempt-interest dividends. Taxable dividends, including distributions of short-term capital gains, however, are subject to federal taxation at the applicable rates for ordinary income. To the extent the fund is permitted to invest in bonds subject to federal alternative minimum tax, interest earned on certain bonds may be treated as income subject to federal alternative minimum tax. The fund's distributions of net long-term capital gains are taxable as long-term capital gains.

Depending on their state of residence, shareholders of the fund may be able to exempt from state taxation some or all of the federally tax-exempt income dividends paid by the fund.

Moreover, any federally taxable dividends and capital gains distributions from the fund may also be subject to state tax.

Any taxable dividends or capital gain distributions you receive from the fund normally will be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash.

**Taxes on transactions** Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them.

**Shareholder fees** Fees borne directly by the fund normally have the effect of reducing a shareholder's taxable income on distributions.

**Please see your tax advisor for more information.**

Choosing a share class Class R-6 shares are generally available for purchase only by American Funds Portfolio Series and other investment companies deemed appropriate by the fund's investment adviser or distributor. Therefore, any information included in this prospectus regarding purchases by retirement plans or other group accounts is not applicable.

Sales charges

**Class R shares** Class R shares are sold without any initial or contingent deferred sales charge. No dealer compensation is paid from fund assets on sales of Class R-6 shares.**

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 36

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Other compensation to dealers Capital Client Group, Inc., at its expense, provides additional compensation to investment dealers. These payments may be made, at the discretion of Capital Client Group, Inc., to no more than the top 60 dealers (or their affiliates) with which it has a substantive distribution relationship involving the sale of American Funds. The amount will be determined using a formula applied consistently to dealers based on their assets under management. The level of payments made to a qualifying firm under the formula will not exceed .035% of eligible American Funds assets attributable to that dealer. Eligible assets are all American Funds assets other than Class R shares, Class F-3 shares, Class F shares held in IRAs and shares held in certain retirement accounts. Dealers may direct Capital Client Group, Inc. to exclude additional assets. In addition to the asset-based payment, Capital Client Group, Inc. provides $5 million to certain firms based on their engagement with Capital Client Group, Inc. and the level of American Funds assets under management at each such firm to recognize the commitment each of those firms has made to collaborating with Capital Client Group, Inc. on achieving advisor training and education objectives. In the prior calendar year, Capital Client Group, Inc. paid this amount to the following firms:

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| | |
|:---|:---|
| Edward Jones | Morgan Stanley Wealth Management |
| LPL Financial LLC | Raymond James Group |
| Merrill Lynch, Pierce, Fenner & Smith | Wells Fargo Advisors |

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Capital Client Group, Inc. compensates the firms to support various efforts, including, among other things, to:

· help defray the costs incurred by qualifying dealers in connection with efforts to educate financial professionals about American Funds so that they can make recommendations and provide services that are suitable and meet shareholder needs;

· help defray the costs associated with the dealer firms' provision of account related services and activities and support the dealer firms' distribution activities;

· support meetings, conferences or other training and educational events hosted by the firm, and obtain relevant data regarding financial professional activities to facilitate Capital Client Group, Inc.'s training and education activities; and

· make the American Funds available through firm distribution platforms and related sales infrastructure.

Capital Client Group, Inc. will, on an annual basis, determine the advisability of continuing these payments. Firms receiving additional compensation payments must sign a letter acknowledging the purpose of the payment and generally requiring the firms to (1) perform the due diligence necessary to include American Funds on their platform, (2) not provide financial professionals, branch managers or associated persons with any financial incentives to promote the sales of one approved fund group over another approved group, (3) provide opportunities for their clients to obtain individualized advice, (4) provide Capital Client Group, Inc. broad access to their financial professionals and product platforms and work together on mutual business objectives, and (5) work with the fund's transfer agent to promote operational efficiencies and to facilitate necessary communication between American Funds and the firm's clients who own shares of American Funds.

37&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Separately, Capital Client Group, Inc. makes payments to certain financial intermediaries and other firms for services including:

· making the American Funds available through firm distribution platforms including self-directed platforms for the public as well as clearing, custody and recordkeeping services for other intermediaries and related sales infrastructure;

· account maintenance and support, statement preparation, transaction processing and operational improvements; and

· training, education and marketing opportunities, support for transaction fees, technology costs and data (including fees to obtain information on financial professionals to better tailor training, education and marketing opportunities).

A list of firms receiving additional compensation (as described above) in an amount exceeding $100,000 in the prior calendar year is included in the statement of additional information.

Capital Client Group, Inc. pays certain recordkeepers for product services, platform consideration, participation at recordkeeper-sponsored events and co-branding and other marketing services. A list of recordkeepers receiving additional compensation (as described above) in an amount exceeding $100,000 in the prior calendar year is included in the statement of additional information.

If investment advisers, distributors or other affiliates of mutual funds pay additional compensation or other incentives to investment dealers in differing amounts, dealer firms and their financial professionals may have financial incentives for recommending a particular mutual fund over other mutual funds or investments, creating a potential conflict of interest. You should consult with your financial professional and review carefully any disclosure by your financial professional's firm as to compensation received.

Fund expenses In periods of market volatility, assets of the fund may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in the Annual Fund Operating Expenses tables in this prospectus.

"Other expenses" items in the Annual Fund Operating Expenses tables in this prospectus include fees for administrative services provided by the fund's investment adviser and its affiliates. Administrative services are provided by the investment adviser and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund's investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to Class R-6 shares (which could be increased as noted above) for administrative services provided to this share class.

The "Other expenses" items in the Annual Fund Operating Expenses table for the fund also include custodial, legal, transfer agent payments and various other expenses.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 38

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Financial highlights The Financial Highlights tables are intended to help you understand the fund's results for the past five fiscal years (or, if shorter, the period of operations). Certain information reflects financial results for a single share of a particular class. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and capital gain distributions). Where indicated, figures in the tables reflect the impact, if any, of certain waivers/reimbursements from Capital Research and Management Company. For more information about these waivers/reimbursements, see the fund's statement of additional information and Form N-CSR. The information in the Financial Highlights tables has been audited by PricewaterhouseCoopers LLP, whose current reports, along with the fund's financial statements, are included in the statement of additional information for the fund, which is available upon request.

American Funds Short-Term Tax-Exempt Bond Fund

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total return<sup>2,3</sup> | Net assets,<br>end of<br>year<br>(in millions) | Ratio of<br>expenses to<br>average net<br>assets before<br>waivers/<br>reimburse-<br>ments | Ratio of<br>expenses to<br>average net<br>assets after<br>waivers/<br>reimburse-<br>ments<sup>3</sup> | Ratio of<br>net income<br>(loss)<br>to average<br>net assets<sup>3</sup> |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $9.94 | $.27 | $.09 | $.36 | $(.27) | $— | $(.27) | $10.03 | 3.67% | $1127 | .45% | .44% | 2.74% |
| 7/31/2024 | 9.81 | .25 | .12 | .37 | (.24) |  | (.24) | 9.94 | 3.81 | 1085 | .45 | .44 | 2.49 |
| 7/31/2023 | 9.95 | .18 | (.14) | .04 | (.18) |  | (.18) | 9.81 | .40 | 1218 | .45 | .43 | 1.86 |
| 7/31/2022 | 10.33 | .06 | (.36) | (.30) | (.06) | (.02) | (.08) | 9.95 | (2.91) | 1318 | .53 | .53 | .58 |
| 7/31/2021 | 10.37 | .07 | (.01) | .06 | (.07) | (.03) | (.10) | 10.33 | .56 | 1161 | .57 | .57 | .68 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 9.94 | .28 | .09 | .37 | (.28) |  | (.28) | 10.03 | 3.82<sup>4</sup> | —<sup>5</sup> | .30<sup>4</sup> | .29<sup>4</sup> | 2.89<sup>4</sup> |
| 7/31/2024 | 9.81 | .26 | .12 | .38 | (.25) |  | (.25) | 9.94 | 3.97<sup>4</sup> | —<sup>5</sup> | .28<sup>4</sup> | .27<sup>4</sup> | 2.66<sup>4</sup> |
| 7/31/2023 | 9.95 | .20 | (.14) | .06 | (.20) |  | (.20) | 9.81 | .58<sup>4</sup> | —<sup>5</sup> | .26<sup>4</sup> | .25<sup>4</sup> | 2.04<sup>4</sup> |
| 7/31/2022 | 10.33 | .07 | (.36) | (.29) | (.07) | (.02) | (.09) | 9.95 | (2.75)<sup>4</sup> | —<sup>5</sup> | .38<sup>4</sup> | .38<sup>4</sup> | .72<sup>4</sup> |
| 7/31/2021 | 10.37 | .09 | (.01) | .08 | (.09) | (.03) | (.12) | 10.33 | .72<sup>4</sup> | —<sup>5</sup> | .42<sup>4</sup> | .42<sup>4</sup> | .84<sup>4</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 9.94 | .25 | .09 | .34 | (.25) |  | (.25) | 10.03 | 3.47 | 3 | .63 | .62 | 2.56 |
| 7/31/2024 | 9.81 | .23 | .12 | .35 | (.22) |  | (.22) | 9.94 | 3.60 | 3 | .64 | .63 | 2.29 |
| 7/31/2023 | 9.95 | .16 | (.14) | .02 | (.16) |  | (.16) | 9.81 | .21 | 5 | .63 | .61 | 1.68 |
| 7/31/2022 | 10.33 | .04 | (.36) | (.32) | (.04) | (.02) | (.06) | 9.95 | (3.09) | 6 | .73 | .73 | .36 |
| 7/31/2021 | 10.37 | .05 | (.01) | .04 | (.05) | (.03) | (.08) | 10.33 | .37 | 9 | .76 | .76 | .51 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 9.94 | .28 | .09 | .37 | (.28) |  | (.28) | 10.03 | 3.79 | 229 | .33 | .32 | 2.87 |
| 7/31/2024 | 9.81 | .26 | .12 | .38 | (.25) |  | (.25) | 9.94 | 3.93 | 196 | .33 | .32 | 2.61 |
| 7/31/2023 | 9.95 | .19 | (.14) | .05 | (.19) |  | (.19) | 9.81 | .51 | 251 | .34 | .32 | 1.96 |
| 7/31/2022 | 10.33 | .07 | (.36) | (.29) | (.07) | (.02) | (.09) | 9.95 | (2.79) | 293 | .42 | .42 | .68 |
| 7/31/2021 | 10.37 | .08 | (.01) | .07 | (.08) | (.03) | (.11) | 10.33 | .68 | 290 | .45 | .45 | .80 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 9.94 | .29 | .09 | .38 | (.29) |  | (.29) | 10.03 | 3.87 | 686 | .25 | .25 | 2.94 |
| 7/31/2024 | 9.81 | .27 | .12 | .39 | (.26) |  | (.26) | 9.94 | 4.00 | 501 | .25 | .25 | 2.69 |
| 7/31/2023 | 9.95 | .20 | (.14) | .06 | (.20) |  | (.20) | 9.81 | .58 | 531 | .26 | .25 | 2.07 |
| 7/31/2022 | 10.33 | .08 | (.36) | (.28) | (.08) | (.02) | (.10) | 9.95 | (2.72) | 335 | .33 | .33 | .85 |
| 7/31/2021 | 10.37 | .09 | (.01) | .08 | (.09) | (.03) | (.12) | 10.33 | .75 | 107 | .39 | .38 | .86 |
| **Class R-6:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 9.94 | .29 | .09 | .38 | (.29) |  | (.29) | 10.03 | 3.87 | 115 | .25 | .25 | 2.93 |
| 7/31/2024 | 9.81 | .27 | .12 | .39 | (.26) |  | (.26) | 9.94 | 4.00 | 121 | .26 | .25 | 2.68 |
| 7/31/2023 | 9.95 | .20 | (.14) | .06 | (.20) |  | (.20) | 9.81 | .58 | 204 | .26 | .25 | 2.03 |
| 7/31/2022 | 10.33 | .08 | (.36) | (.28) | (.08) | (.02) | (.10) | 9.95 | (2.72) | 253 | .35 | .35 | .75 |
| 7/31/2021 | 10.37 | .09 | (.01) | .08 | (.09) | (.03) | (.12) | 10.33 | .75 | 229 | .39 | .38 | .86 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 56% | 42%53%<sup>6</sup> | 53% | 49% |

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<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>This column reflects the impact of certain waivers and/or reimbursements from Capital Research and Management Company and/or American Funds Service Company, if any.

<sup>4</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>5</sup>Amount less than $1 million.

<sup>6</sup>The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the fund's acquisition of the assets of the Capital Group Short-Term Municipal Fund on September 23, 2022. The portfolio turnover rate would have been 60% without the adjustment.

39&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Limited Term Tax-Exempt Bond Fund of America

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total return<sup>2,3</sup> | Net assets,<br>end of<br>year<br>(in millions) | Ratio of<br>expenses to<br>average net<br>assets before<br>waivers/<br>reimburse-<br>ments | Ratio of<br>expenses to<br>average net<br>assets after<br>waivers/<br>reimburse-<br>ments<sup>3</sup> | Ratio of<br>net income<br>(loss)<br>to average<br>net assets<sup>3</sup> |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $15.31 | $.40 | $.09 | $.49 | $(.39) | $— | $(.39) | $15.41 | 3.22% | $3077 | .61% | .61% | 2.59% |
| 7/31/2024 | 15.08 | .35 | .22 | .57 | (.34) |  | (.34) | 15.31 | 3.80 | 3102 | .60 | .60 | 2.33 |
| 7/31/2023 | 15.29 | .26 | (.21) | .05 | (.26) |  | (.26) | 15.08 | .31 | 3431 | .59 | .58 | 1.75 |
| 7/31/2022 | 16.22 | .13 | (.85) | (.72) | (.13) | (.08) | (.21) | 15.29 | (4.46) | 3959 | .57 | .57 | .85 |
| 7/31/2021 | 16.23 | .16 | .08 | .24 | (.16) | (.09) | (.25) | 16.22 | 1.50 | 4273 | .58 | .58 | .98 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .29 | .09 | .38 | (.28) |  | (.28) | 15.41 | 2.49 | 9 | 1.31 | 1.31 | 1.89 |
| 7/31/2024 | 15.08 | .24 | .22 | .46 | (.23) |  | (.23) | 15.31 | 3.08 | 11 | 1.30 | 1.30 | 1.63 |
| 7/31/2023 | 15.29 | .15 | (.21) | (.06) | (.15) |  | (.15) | 15.08 | (.39) | 15 | 1.29 | 1.28 | 1.05 |
| 7/31/2022 | 16.22 | .02 | (.85) | (.83) | (.02) | (.08) | (.10) | 15.29 | (5.13) | 17 | 1.27 | 1.27 | .15 |
| 7/31/2021 | 16.23 | .04 | .08 | .12 | (.04) | (.09) | (.13) | 16.22 | .78 | 18 | 1.28 | 1.28 | .28 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .44 | .09 | .53 | (.43) |  | (.43) | 15.41 | 3.54<sup>4</sup> | —<sup>5</sup> | .30<sup>4</sup> | .30<sup>4</sup> | 2.90<sup>4</sup> |
| 7/31/2024 | 15.08 | .39 | .22 | .61 | (.38) |  | (.38) | 15.31 | 4.12<sup>4</sup> | —<sup>5</sup> | .30<sup>4</sup> | .30<sup>4</sup> | 2.64<sup>4</sup> |
| 7/31/2023 | 15.29 | .31 | (.21) | .10 | (.31) |  | (.31) | 15.08 | .65<sup>4</sup> | —<sup>5</sup> | .26<sup>4</sup> | .25<sup>4</sup> | 2.09<sup>4</sup> |
| 7/31/2022 | 16.22 | .18 | (.85) | (.67) | (.18) | (.08) | (.26) | 15.29 | (4.18)<sup>4</sup> | —<sup>5</sup> | .27<sup>4</sup> | .27<sup>4</sup> | 1.15<sup>4</sup> |
| 7/31/2021 | 16.23 | .21 | .08 | .29 | (.21) | (.09) | (.30) | 16.22 | 1.80<sup>4</sup> | —<sup>5</sup> | .28<sup>4</sup> | .28<sup>4</sup> | 1.29<sup>4</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .39 | .09 | .48 | (.38) |  | (.38) | 15.41 | 3.18 | 25 | .64 | .64 | 2.56 |
| 7/31/2024 | 15.08 | .34 | .22 | .56 | (.33) |  | (.33) | 15.31 | 3.77 | 29 | .64 | .64 | 2.29 |
| 7/31/2023 | 15.29 | .25 | (.21) | .04 | (.25) |  | (.25) | 15.08 | .28 | 39 | .62 | .62 | 1.70 |
| 7/31/2022 | 16.22 | .13 | (.85) | (.72) | (.13) | (.08) | (.21) | 15.29 | (4.50) | 54 | .61 | .61 | .79 |
| 7/31/2021 | 16.23 | .15 | .08 | .23 | (.15) | (.09) | (.24) | 16.22 | 1.46 | 86 | .61 | .61 | .97 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .43 | .09 | .52 | (.42) |  | (.42) | 15.41 | 3.46 | 661 | .38 | .37 | 2.82 |
| 7/31/2024 | 15.08 | .38 | .22 | .60 | (.37) |  | (.37) | 15.31 | 4.04 | 676 | .37 | .37 | 2.56 |
| 7/31/2023 | 15.29 | .29 | (.21) | .08 | (.29) |  | (.29) | 15.08 | .55 | 891 | .35 | .35 | 1.98 |
| 7/31/2022 | 16.22 | .17 | (.85) | (.68) | (.17) | (.08) | (.25) | 15.29 | (4.24) | 1022 | .34 | .34 | 1.08 |
| 7/31/2021 | 16.23 | .20 | .08 | .28 | (.20) | (.09) | (.29) | 16.22 | 1.74 | 1185 | .34 | .34 | 1.21 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .45 | .09 | .54 | (.44) |  | (.44) | 15.41 | 3.58 | 1686 | .27 | .26 | 2.94 |
| 7/31/2024 | 15.08 | .40 | .22 | .62 | (.39) |  | (.39) | 15.31 | 4.16 | 1559 | .26 | .26 | 2.68 |
| 7/31/2023 | 15.29 | .31 | (.21) | .10 | (.31) |  | (.31) | 15.08 | .65 | 1532 | .25 | .24 | 2.11 |
| 7/31/2022 | 16.22 | .19 | (.85) | (.66) | (.19) | (.08) | (.27) | 15.29 | (4.14) | 1054 | .23 | .23 | 1.19 |
| 7/31/2021 | 16.23 | .21 | .08 | .29 | (.21) | (.09) | (.30) | 16.22 | 1.84 | 1042 | .24 | .24 | 1.27 |
| **Class R-6:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.31 | .45 | .09 | .54 | (.44) |  | (.44) | 15.41 | 3.58 | 156 | .27 | .26 | 2.93 |
| 7/31/2024 | 15.08 | .40 | .22 | .62 | (.39) |  | (.39) | 15.31 | 4.16 | 164 | .26 | .26 | 2.67 |
| 7/31/2023 | 15.29 | .31 | (.21) | .10 | (.31) |  | (.31) | 15.08 | .65 | 752 | .25 | .24 | 2.09 |
| 7/31/2022 | 16.22 | .19 | (.85) | (.66) | (.19) | (.08) | (.27) | 15.29 | (4.14) | 839 | .23 | .23 | 1.19 |
| 7/31/2021 | 16.23 | .21 | .08 | .29 | (.21) | (.09) | (.30) | 16.22 | 1.84 | 961 | .24 | .24 | 1.31 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 44% | 33%39%<sup>6</sup> | 47% | 43% |

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<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>This column reflects the impact of certain waivers and/or reimbursements from Capital Research and Management Company and/or American Funds Service Company, if any.

<sup>4</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>5</sup>Amount less than $1 million.

<sup>6</sup>The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the fund's acquisition of the assets of the Capital Group Core Municipal Fund on September 23, 2022. The portfolio turnover rate would have been 45% without the adjustment.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 40

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The Tax-Exempt Bond Fund of America

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | |
| Year ended | Net asset<br> value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value,<br>end<br>of year | Total return<sup>2</sup> | Net assets,<br>end of year<br>(in millions) | Ratio of<br>expenses to<br>average<br>net assets | Ratio of<br>net income<br>(loss)<br>to average<br>net assets |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $12.45 | $.39 | $(.40) | $(.01) | $(.37) | $— | $(.37) | $12.07 | (.07)% | $11325 | .53% | 3.12% |
| 7/31/2024 | 12.20 | .37 | .23 | .60 | (.35) |  | (.35) | 12.45 | 5.04 | 11790 | .53 | 3.03 |
| 7/31/2023 | 12.46 | .32 | (.27) | .05 | (.31) |  | (.31) | 12.20 | .48 | 11644 | .53 | 2.66 |
| 7/31/2022 | 13.78 | .26 | (1.25) | (.99) | (.26) | (.07) | (.33) | 12.46 | (7.28) | 12649 | .50 | 2.01 |
| 7/31/2021 | 13.54 | .28 | .26 | .54 | (.28) | (.02) | (.30) | 13.78 | 4.06 | 14558 | .51 | 2.07 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .30 | (.40) | (.10) | (.28) |  | (.28) | 12.07 | (.84) | 125 | 1.28 | 2.37 |
| 7/31/2024 | 12.20 | .28 | .23 | .51 | (.26) |  | (.26) | 12.45 | 4.24 | 165 | 1.28 | 2.28 |
| 7/31/2023 | 12.46 | .23 | (.27) | (.04) | (.22) |  | (.22) | 12.20 | (.27) | 218 | 1.28 | 1.90 |
| 7/31/2022 | 13.78 | .16 | (1.25) | (1.09) | (.16) | (.07) | (.23) | 12.46 | (7.97) | 289 | 1.25 | 1.25 |
| 7/31/2021 | 13.54 | .18 | .26 | .44 | (.18) | (.02) | (.20) | 13.78 | 3.28 | 370 | 1.26 | 1.33 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .43 | (.40) | .03 | (.41) |  | (.41) | 12.07 | .20<sup>3</sup> | —<sup>4</sup> | .27<sup>3</sup> | 3.38<sup>3</sup> |
| 7/31/2024 | 12.20 | .41 | .23 | .64 | (.39) |  | (.39) | 12.45 | 5.32<sup>3</sup> | —<sup>4</sup> | .27<sup>3</sup> | 3.29<sup>3</sup> |
| 7/31/2023 | 12.46 | .36 | (.27) | .09 | (.35) |  | (.35) | 12.20 | .76<sup>3</sup> | —<sup>4</sup> | .24<sup>3</sup> | 2.95<sup>3</sup> |
| 7/31/2022 | 13.78 | .29 | (1.25) | (.96) | (.29) | (.07) | (.36) | 12.46 | (7.05)<sup>3</sup> | —<sup>4</sup> | .25<sup>3</sup> | 2.25<sup>3</sup> |
| 7/31/2021 | 13.54 | .32 | .26 | .58 | (.32) | (.02) | (.34) | 13.78 | 4.32<sup>3</sup> | —<sup>4</sup> | .26<sup>3</sup> | 2.31<sup>3</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .38 | (.40) | (.02) | (.36) |  | (.36) | 12.07 | (.15) | 156 | .61 | 3.04 |
| 7/31/2024 | 12.20 | .36 | .23 | .59 | (.34) |  | (.34) | 12.45 | 4.96 | 152 | .62 | 2.95 |
| 7/31/2023 | 12.46 | .31 | (.27) | .04 | (.30) |  | (.30) | 12.20 | .40 | 185 | .61 | 2.58 |
| 7/31/2022 | 13.78 | .25 | (1.25) | (1.00) | (.25) | (.07) | (.32) | 12.46 | (7.35) | 227 | .59 | 1.92 |
| 7/31/2021 | 13.54 | .27 | .26 | .53 | (.27) | (.02) | (.29) | 13.78 | 3.97 | 270 | .59 | 2.00 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .42 | (.40) | .02 | (.40) |  | (.40) | 12.07 | .11 | 5484 | .36 | 3.29 |
| 7/31/2024 | 12.20 | .40 | .23 | .63 | (.38) |  | (.38) | 12.45 | 5.24 | 5516 | .35 | 3.21 |
| 7/31/2023 | 12.46 | .34 | (.27) | .07 | (.33) |  | (.33) | 12.20 | .66 | 5135 | .35 | 2.84 |
| 7/31/2022 | 13.78 | .28 | (1.25) | (.97) | (.28) | (.07) | (.35) | 12.46 | (7.11) | 5047 | .33 | 2.18 |
| 7/31/2021 | 13.54 | .31 | .26 | .57 | (.31) | (.02) | (.33) | 13.78 | 4.24 | 5469 | .33 | 2.24 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .43 | (.40) | .03 | (.41) |  | (.41) | 12.07 | .22 | 5776 | .25 | 3.41 |
| 7/31/2024 | 12.20 | .41 | .23 | .64 | (.39) |  | (.39) | 12.45 | 5.35 | 5816 | .25 | 3.32 |
| 7/31/2023 | 12.46 | .36 | (.27) | .09 | (.35) |  | (.35) | 12.20 | .76 | 5108 | .24 | 2.94 |
| 7/31/2022 | 13.78 | .30 | (1.25) | (.95) | (.30) | (.07) | (.37) | 12.46 | (7.01) | 6245 | .22 | 2.29 |
| 7/31/2021 | 13.54 | .32 | .26 | .58 | (.32) | (.02) | (.34) | 13.78 | 4.35 | 6718 | .23 | 2.36 |
| **Class R-6:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 12.45 | .42 | (.40) | .02 | (.40) |  | (.40) | 12.07 | .14<sup>3</sup> | —<sup>4</sup> | .26<sup>3</sup> | 3.39<sup>3</sup> |
| 7/31/2024 | 12.20 | .41 | .23 | .64 | (.39) |  | (.39) | 12.45 | 5.35 | —<sup>4</sup> | .25 | 3.32 |
| 7/31/2023 | 12.46 | .36 | (.27) | .09 | (.35) |  | (.35) | 12.20 | .76 | 675 | .24 | 2.95 |
| 7/31/2022 | 13.78 | .30 | (1.25) | (.95) | (.30) | (.07) | (.37) | 12.46 | (7.01) | 693 | .22 | 2.30 |
| 7/31/2021 | 13.54 | .32 | .26 | .58 | (.32) | (.02) | (.34) | 13.78 | 4.35 | 638 | .23 | 2.35 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 24% | 26% | 23% | 29% | 21% |

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<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>4</sup>Amount less than $1 million.

41&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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American High-Income Municipal Bond Fund

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total return<sup>2,3</sup> | Net assets,<br>end of<br>year<br>(in millions) | Ratio of<br>expenses to<br>average net<br>assets before<br>waivers/<br>reimburse-<br>ments | Ratio of<br>expenses to<br>average net<br>assets after<br>waivers/<br>reimburse-<br>ments<sup>3</sup> | Ratio of<br>net income<br>(loss)<br>to average<br>net assets<sup>3</sup> |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | $15.35 | $.63 | $(.61) | $.02 | $(.60) | $— | $(.60) | $14.77 | .09% | $5329 | .66% | .66% | 4.18% |
| 7/31/2024 | 14.68 | .64 | .61 | 1.25 | (.58) |  | (.58) | 15.35 | 8.77 | 5182 | .66 | .65 | 4.36 |
| 7/31/2023 | 15.30 | .58 | (.67) | (.09) | (.53) |  | (.53) | 14.68 | (.49) | 4849 | .65 | .64 | 3.98 |
| 7/31/2022 | 17.20 | .48 | (1.79) | (1.31) | (.46) | (.13) | (.59) | 15.30 | (7.78) | 5354 | .63 | .63 | 2.95 |
| 7/31/2021 | 16.20 | .48 | 1.04 | 1.52 | (.49) | (.03) | (.52) | 17.20 | 9.52 | 5875 | .65 | .65 | 2.91 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .52 | (.61) | (.09) | (.49) |  | (.49) | 14.77 | (.63) | 85 | 1.36 | 1.36 | 3.48 |
| 7/31/2024 | 14.68 | .53 | .61 | 1.14 | (.47) |  | (.47) | 15.35 | 7.97 | 106 | 1.38 | 1.37 | 3.65 |
| 7/31/2023 | 15.30 | .48 | (.67) | (.19) | (.43) |  | (.43) | 14.68 | (1.21) | 124 | 1.37 | 1.36 | 3.26 |
| 7/31/2022 | 17.20 | .36 | (1.78) | (1.42) | (.35) | (.13) | (.48) | 15.30 | (8.43) | 161 | 1.33 | 1.33 | 2.23 |
| 7/31/2021 | 16.20 | .36 | 1.04 | 1.40 | (.37) | (.03) | (.40) | 17.20 | 8.76 | 209 | 1.35 | 1.35 | 2.22 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .68 | (.61) | .07 | (.65) |  | (.65) | 14.77 | .40<sup>4</sup> | —<sup>5</sup> | .36<sup>4</sup> | .36<sup>4</sup> | 4.48<sup>4</sup> |
| 7/31/2024 | 14.68 | .69 | .61 | 1.30 | (.63) |  | (.63) | 15.35 | 9.09<sup>4</sup> | —<sup>5</sup> | .37<sup>4</sup> | .36<sup>4</sup> | 4.65<sup>4</sup> |
| 7/31/2023 | 15.30 | .62 | (.67) | (.05) | (.57) |  | (.57) | 14.68 | (.21)<sup>4</sup> | —<sup>5</sup> | .37<sup>4</sup> | .36<sup>4</sup> | 4.26<sup>4</sup> |
| 7/31/2022 | 17.20 | .53 | (1.79) | (1.26) | (.51) | (.13) | (.64) | 15.30 | (7.51)<sup>4</sup> | —<sup>5</sup> | .33<sup>4</sup> | .33<sup>4</sup> | 3.25<sup>4</sup> |
| 7/31/2021 | 16.20 | .53 | 1.04 | 1.57 | (.54) | (.03) | (.57) | 17.20 | 9.84<sup>4</sup> | —<sup>5</sup> | .35<sup>4</sup> | .35<sup>4</sup> | 3.21<sup>4</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .63 | (.61) | .02 | (.60) |  | (.60) | 14.77 | .08 | 126 | .69 | .69 | 4.16 |
| 7/31/2024 | 14.68 | .64 | .61 | 1.25 | (.58) |  | (.58) | 15.35 | 8.73 | 111 | .69 | .68 | 4.32 |
| 7/31/2023 | 15.30 | .58 | (.67) | (.09) | (.53) |  | (.53) | 14.68 | (.52) | 97 | .68 | .67 | 3.95 |
| 7/31/2022 | 17.20 | .47 | (1.78) | (1.31) | (.46) | (.13) | (.59) | 15.30 | (7.81) | 100 | .66 | .66 | 2.91 |
| 7/31/2021 | 16.20 | .48 | 1.04 | 1.52 | (.49) | (.03) | (.52) | 17.20 | 9.50 | 125 | .68 | .68 | 2.90 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .67 | (.61) | .06 | (.64) |  | (.64) | 14.77 | .34 | 3226 | .43 | .43 | 4.41 |
| 7/31/2024 | 14.68 | .68 | .61 | 1.29 | (.62) |  | (.62) | 15.35 | 9.03 | 2699 | .43 | .42 | 4.58 |
| 7/31/2023 | 15.30 | .61 | (.67) | (.06) | (.56) |  | (.56) | 14.68 | (.26) | 2130 | .42 | .41 | 4.22 |
| 7/31/2022 | 17.20 | .52 | (1.79) | (1.27) | (.50) | (.13) | (.63) | 15.30 | (7.57) | 1784 | .39 | .39 | 3.20 |
| 7/31/2021 | 16.20 | .52 | 1.04 | 1.56 | (.53) | (.03) | (.56) | 17.20 | 9.78 | 1773 | .41 | .41 | 3.13 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .69 | (.61) | .08 | (.66) |  | (.66) | 14.77 | .45 | 3630 | .32 | .32 | 4.52 |
| 7/31/2024 | 14.68 | .69 | .61 | 1.30 | (.63) |  | (.63) | 15.35 | 9.14 | 3524 | .32 | .31 | 4.69 |
| 7/31/2023 | 15.30 | .63 | (.67) | (.04) | (.58) |  | (.58) | 14.68 | (.15) | 2654 | .31 | .30 | 4.32 |
| 7/31/2022 | 17.20 | .54 | (1.79) | (1.25) | (.52) | (.13) | (.65) | 15.30 | (7.47) | 2302 | .29 | .29 | 3.32 |
| 7/31/2021 | 16.20 | .54 | 1.04 | 1.58 | (.55) | (.03) | (.58) | 17.20 | 9.89 | 1914 | .31 | .31 | 3.22 |
| **Class R-6:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/31/2025 | 15.35 | .69 | (.61) | .08 | (.66) |  | (.66) | 14.77 | .45 | 1358 | .32 | .32 | 4.52 |
| 7/31/2024 | 14.68 | .69 | .61 | 1.30 | (.63) |  | (.63) | 15.35 | 9.14 | 1258 | .32 | .31 | 4.70 |
| 7/31/2023 | 15.30 | .63 | (.67) | (.04) | (.58) |  | (.58) | 14.68 | (.15) | 1137 | .31 | .31 | 4.32 |
| 7/31/2022 | 17.20 | .53 | (1.78) | (1.25) | (.52) | (.13) | (.65) | 15.30 | (7.47) | 1149 | .29 | .29 | 3.31 |
| 7/31/2021 | 16.20 | .54 | 1.04 | 1.58 | (.55) | (.03) | (.58) | 17.20 | 9.89 | 1066 | .31 | .31 | 3.25 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Portfolio turnover rate for all share classes | 28% | 29% | 26% | 35% | 24% |

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<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>This column reflects the impact of certain waivers and/or reimbursements from Capital Research and Management Company and/or American Funds Service Company, if any.

<sup>4</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>5</sup>Amount less than $1 million.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 42

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Appendix

**Moody's long-term rating scale**

Aaa — Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa — Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A — Obligations rated A are considered upper-medium grade and are subject to low credit risk.

Baa — Obligations rated Baa are judged to be medium grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba — Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B — Obligations rated B are considered speculative and are subject to high credit risk.

Caa — Obligations rated Caa are judged to be speculative and of poor standing and are subject to very high credit risk.

Ca — Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C — Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies and securities firms.

**S&P Global Ratings long-term-issue credit ratings**

S&P Global Ratings ("S&P") rates the long-term debt securities of various entities in categories ranging from AAA to D according to quality. The ratings from AA to CCC may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories. Ratings are described as follows:

AAA — An obligation rated AAA has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA — An obligation rated AA differs from the highest rated obligations only in a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A — An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB — An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitment on the obligation.

BB, B, CCC, CC and C — Obligations rated BB, B, CCC, CC and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB — An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B — An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC — An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC — An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

C — An obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D — An obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to D if it is subject to a distressed debt restructuring.

43&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Plus (+) or minus (–) — The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

NR — Indicates that a rating has not been assigned or is no longer assigned.

**Fitch Ratings, Inc. long-term credit ratings**

AAA — Highest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA — Very high credit quality. AA ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A — High credit quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

BBB — Good credit quality. BBB ratings indicate that expectations of default risk are low. The capacity for payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.

BB — Speculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

B — Highly speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC — Substantial credit risk. Default is a real possibility.

CC — Very high levels of credit risk. Default of some kind appears probable.

C — Exceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a C category rating for an issuer include:

· The issuer has entered into a grace or cure period following nonpayment of a material financial obligation;

· The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or

· Fitch Ratings otherwise believes a condition of RD or D to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 44

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RD — Restricted default. RD ratings indicate an issuer that in Fitch Ratings' opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, and which has not otherwise ceased operating. This would include:

· The selective payment default on a specific class or currency of debt;

· The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

· The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or

· Execution of a distressed debt exchange on one or more material financial obligations.

D — Default. D ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, nonpayment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

Note: The modifiers "+" or "–" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the AAA long-term rating category, or to categories below B.

45&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income funds - Class R-6 / Prospectus

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Notes

Tax-exempt income funds - Class R-6 / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 46

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| | |
|:---|:---|
| For shareholder services and 24-hour information | American Funds Service Company<br> (800) 421-4225<br> capitalgroup.com<br> For Class R-6 share information, visit<br> AmericanFundsRetirement.com |
| For retirement plan services | Call your employer or plan administrator |
| Telephone calls you have with Capital Group may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to Capital Group on the telephone, you consent to such monitoring and recording. | Telephone calls you have with Capital Group may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to Capital Group on the telephone, you consent to such monitoring and recording. |

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**Annual/Semi-annual report to shareholders and Form N-CSR** Additional information about the fund's investments is available in the fund's annual and semi-annual reports to shareholders and in the Form N-CSR on file with the U.S. Securities and Exchange Commission ("SEC"). In the fund's annual report, you will find a summary discussion of the key market conditions and investment strategies that significantly affected the fund's performance during its last fiscal year. In Form N-CSR, you will find the fund's annual and semi-annual financial statements.

**Statement of additional information (SAI) and codes of ethics** The current SAI, as amended from time to time, contains more detailed information about the fund, including the fund's financial statements, and is incorporated by reference into this prospectus. This means that the current SAI, for legal purposes, is part of this prospectus. The codes of ethics describe the personal investing policies adopted by the fund, the fund's investment adviser and its affiliated companies.

The codes of ethics and current SAI are on file with the SEC. These and other related materials about the fund are available for review on the EDGAR database on the SEC's website at sec.gov or, after payment of a duplicating fee, via email request to publicinfo@sec.gov. The codes of ethics, current SAI, shareholder reports and other information such as the fund's financial statements are also available, free of charge, on our website, capitalgroup.com.

**E-delivery and household mailings** Each year you are automatically sent an updated summary prospectus and annual and semi-annual reports for the fund. You may also occasionally receive proxy statements for the fund. In order to reduce the volume of mail you receive, when possible, only one copy of these documents will be sent to shareholders who are part of the same family and share the same household address. You may elect to receive these documents electronically in lieu of paper form by enrolling in e-delivery on our website, capitalgroup.com.

If you would like to opt out of household-based mailings or receive a complimentary copy of the current SAI, codes of ethics or annual/semi-annual report to shareholders, please call American Funds Service Company at (800) 421-4225 or write to the secretary of the fund at 333 South Hope Street, Los Angeles, California 90071-1406.

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| | |
|:---|:---|
| ![](img_034.jpg) | <br> Litho in USA CGD/TM/8020<br> Investment Company File No. 811-05750<br> Investment Company File No. 811-07888<br> Investment Company File No. 811-02421<br> Investment Company File No. 811-08576 |

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**American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup>** **Limited Term Tax-Exempt Bond Fund of America<sup>®</sup>** **The Tax-Exempt Bond Fund of America<sup>®</sup>** **American High-Income Municipal Bond Fund<sup>®</sup>** **The American Funds Tax-Exempt Series II** **(The Tax-Exempt Fund of California<sup>®</sup>)** **American Funds Tax-Exempt Fund of New York<sup>®</sup>**

Part B

Statement of Additional Information

October 1, 2025

This document is not a prospectus but should be read in conjunction with the current prospectus of American Funds Short-Term Tax-Exempt Bond Fund ("STEX"), Limited Term Tax-Exempt Bond Fund of America ("LTEX"), The Tax-Exempt Bond Fund of America ("TEBF"), American High-Income Municipal Bond Fund ("AHIM"), The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California ("TEFCA"), and American Funds Tax-Exempt Fund of New York ("TEFNY"), dated October 1, 2025, and, where applicable, the Class R-6 prospectus for STEX, LTEX, TEBF and AHIM, dated October 1, 2025. Except where the context indicates otherwise, all references herein to the "fund" apply to each of the funds listed below. The prospectus may be obtained from your financial professional, by calling American Funds Service Company<sup>®</sup> at (800) 421-4225 or by writing to the funds at the following addresses:

Attention: Secretary

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| | |
|:---|:---|
| American Funds Short-Term Tax-Exempt Bond Fund |  |
| Limited Term Tax-Exempt Bond Fund of America |  |
| The Tax-Exempt Bond Fund of America |  |
| American High-Income Municipal Bond Fund |  |
| The American Funds Tax-Exempt Series II |  |
| (The Tax-Exempt Fund of California) | American Funds Tax-Exempt Fund of New York |
| 333 South Hope Street | 6455 Irvine Center Drive |
| Los Angeles, California 90071 | Irvine, California 92618 |

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class T** | **Class F-1** | **Class F-2** | **Class F-3** | **Class R-6** |
| American Funds Short-Term Tax-Exempt Bond Fund | ASTEX | N/A | TAFSX | FSTTX | ASTFX | SFTEX | N/A |
| Limited Term Tax-Exempt Bond Fund of America | LTEBX | LTXCX | TLTTX | LTXFX | LTEFX | FLTEX | N/A |
| The Tax-Exempt Bond Fund of America | AFTEX | TEBCX | TLLLX | AFTFX | TEAFX | TFEBX | N/A |
| American High-Income Municipal Bond Fund | AMHIX | AHICX | TAHHX | ABHFX | AHMFX | HIMFX | N/A |
| The Tax-Exempt Fund of California | TAFTX | TECCX | TTCAX | TECFX | TEFEX | EXCAX | N/A |
| American Funds Tax-Exempt Fund of New York | NYAAX | NYACX | TATEX | NYAEX | NYAFX | TFNYX | N/A |

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#### **Table of Contents**
<br> <u>Item</u> Page no.

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| | |
|:---|:---|
| Certain investment limitations and guidelines | 2 |
| Description of certain securities, investment techniques and risks | 6 |
| Fund policies | 26 |
| Management of the fund | 28 |
| Execution of portfolio transactions | 71 |
| Disclosure of portfolio holdings | 74 |
| Price of shares | 76 |
| Taxes and distributions | 79 |
| Purchase and exchange of shares | 83 |
| Sales charges | 88 |
| Sales charge reductions and waivers | 91 |
| Selling shares | 96 |
| Shareholder account services and privileges | 97 |
| General information | 100 |
| Appendix | 114 |

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Investment portfolio

Financial statements

Tax-exempt income funds — Page 1

**Certain investment limitations and guidelines**

The following limitations and guidelines are considered at the time of purchase, under normal circumstances, and are based on a percentage of each fund's net assets unless otherwise noted. This summary is not intended to reflect all of the funds' investment limitations.

#### American Funds Short-Term Tax-Exempt Bond Fund
· The fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities exempt from regular federal income tax and that do not subject shareholders to federal alternative minimum tax.

· The fund may invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

· The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).

· The fund may invest up to 5% of its assets in debt securities rated in the BBB rating category (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality.

· The fund currently intends to consider the ratings from Moody's Investors Service, S&P Global Ratings and Fitch Ratings. If agency ratings of a security differ, the security will be considered to have received the highest of these ratings, consistent with the fund's investment policies.

· The fund's dollar-weighted average effective maturity will be no greater than three years. In calculating the effective maturity or average life of a particular debt security, a put, call, sinking fund or other feature will be considered to the extent it results in a security whose market characteristics indicate an effective maturity or average life that is shorter than its nominal or stated maturity. The investment adviser will consider the impact on effective maturity of potential changes in the financial condition of issuers and in market interest rates in making investment selections for the fund.

#### Limited Term Tax-Exempt Bond Fund of America
· The fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities exempt from regular federal income tax and that do not subject fund shareholders to alternative minimum tax.

· The fund may invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

· The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).

· The fund may invest up to 20% of its assets in debt securities in the rating category of BBB and the rating category of Baa (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality.

Tax-exempt income funds — Page 2

· The fund will not purchase debt securities rated BB+ or below and Ba1 or below (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality.

· The fund currently intends to consider the ratings from Moody's Investors Service, S&P Global Ratings and Fitch Ratings. If agency ratings of a security differ, the security will be considered to have received the highest of these ratings, consistent with the fund's investment policies.

· The dollar-weighted average effective maturity of the fund's portfolio will be between one and 10 years. In calculating the effective maturity or average life of a particular debt security, a put, call, sinking fund or other feature will be considered to the extent it results in a security whose market characteristics indicate an effective maturity or average life that is shorter than its nominal or stated maturity. The investment adviser will consider the impact on effective maturity of potential changes in the financial condition of issuers and in market interest rates in making investment selections for the fund.

**<u>The Tax-Exempt Bond Fund of America</u>**

· The fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities exempt from regular federal income tax.

· The fund will not invest in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

· The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).

· The fund will invest at least 65% of its assets in debt securities rated A- or better or A3 or better (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality, including cash and money market instruments.

· The fund may invest up to 35% of its assets in debt securities rated BBB+ or below and Baa1 or below (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality.

· The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality.

· The fund currently intends to consider the ratings from Moody's Investors Service, S&P Global Ratings and Fitch Ratings. If agency ratings of a security differ, the security will be considered to have received the highest of these ratings, consistent with the fund's investment policies.

**<u>American High-Income Municipal Bond Fund</u>**

· The fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities exempt from regular federal income tax.

· The fund may invest, without limitation, in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

Tax-exempt income funds — Page 3

· The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).

· The fund will invest at least 65% of its assets in debt securities rated A+ or below or A1 or below (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality.

· The fund will invest at least 50% of its assets in debt securities rated BBB+ or below or Baa1 or below (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality.

· The fund currently intends to consider the ratings from Moody's Investors Service, S&P Global Ratings and Fitch Ratings. If agency ratings of a security differ, the security will be considered to have received the lowest of these ratings, consistent with the fund's investment policies.

**<u>The Tax-Exempt Fund of California</u>**

· The fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from both regular federal and California income taxes and that do not subject fund shareholders to alternative minimum tax.

· The fund may invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

· The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality.

· The fund currently intends to consider the ratings from Moody's Investors Service, S&P Global Ratings and Fitch Ratings. If agency ratings of a security differ, the security will be considered to have received the highest of these ratings, consistent with the fund's investment policies.

**<u>American Funds Tax-Exempt Fund of New York</u>**

· The fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal, New York State and New York City income taxes and that do not subject fund shareholders to alternative minimum tax.

· The fund may invest up to 20% of its assets in "private activity bonds" whose interest is generally subject to the federal alternative minimum tax.

· The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below (by NRSROs designated by the fund's investment adviser) or unrated but determined by the fund's investment adviser to be of equivalent quality.

· The fund currently intends to consider the ratings from Moody's Investors Service, S&P Global Ratings and Fitch Ratings. If agency ratings of a security differ, the security will be considered to have received the highest of these ratings, consistent with the fund's investment policies.

Tax-exempt income funds — Page 4

**\* \* \* \* \* \***

The fund may experience difficulty liquidating certain portfolio securities during significant market declines or periods of heavy redemptions.

Tax-exempt income funds — Page 5

**Description of certain securities, investment techniques and risks**

The descriptions below are intended to supplement the material in the prospectus under "Investment objectives, strategies and risks."

**Market conditions –** The value of, and the income generated by, the securities in which the fund invests may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets. Rapid or unexpected changes in market conditions could cause the fund to liquidate holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to general market conditions, including real or perceived economic developments such as changes in interest rates, credit quality, inflation, or currency rates or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions.

Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, local, regional and global events such as war, acts of terrorism, trading and tariff arrangements, social unrest, natural disasters, the spread of infectious illness or other public health threats, or bank failures could also adversely impact issuers, markets and economies, including in ways that cannot necessarily be foreseen. The fund could be negatively impacted if the value of a portfolio holding were harmed by such conditions or events.

Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, bank failures or other events, can adversely affect local and global markets and normal market operations. Market disruptions may exacerbate political, social, and economic risks. Additionally, market disruptions may result in increased market volatility; regulatory trading halts; closure of domestic or foreign exchanges, markets, or governments; or market participants operating pursuant to business continuity plans for indeterminate periods of time. Such events can be highly disruptive to economies and markets and significantly impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the fund's investments and operation of the fund. These events could disrupt businesses that are integral to the fund's operations or impair the ability of employees of fund service providers to perform essential tasks on behalf of the fund.

Governmental and quasi-governmental authorities may take a number of actions designed to support local and global economies and the financial markets in response to economic disruptions. Such actions may include a variety of significant fiscal and monetary policy changes, including, for example, direct capital infusions into companies, new monetary programs and significantly lower interest rates. These actions have resulted in significant expansion of public debt and may result in greater market risk. Additionally, an unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could negatively impact overall investor sentiment and further increase volatility in securities markets.

**Debt instruments —** Debt securities, also known as "fixed income securities," are used by issuers to borrow money. Bonds, notes, debentures, asset-backed securities (including those backed by mortgages), and loan participations and assignments are common types of debt securities. Generally, issuers pay investors periodic interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount from their face values and their values accrete over time to face value at maturity. Some debt securities bear interest at rates that are not fixed, but that vary with changes in specified market rates or indices. The market prices of debt securities fluctuate depending on such factors as interest rates, credit quality and maturity. In general, market prices of

Tax-exempt income funds — Page 6

debt securities decline when interest rates rise and increase when interest rates fall. These fluctuations will generally be greater for longer-term debt securities than for shorter-term debt securities. Prices of these securities can also be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or they may pay only a small fraction of the amount owed. Direct indebtedness of countries, particularly developing countries, also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, are described by the rating agencies as speculative and involve greater risk of default or price changes due to changes in the issuer's creditworthiness than higher rated debt securities, or they may already be in default. Such securities are sometimes referred to as "junk bonds" or high yield bonds. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic difficulty. It may be more difficult to dispose of, and to determine the value of, lower rated debt securities. Investment grade bonds in the ratings categories A or Baa/BBB also may be more susceptible to changes in market or economic conditions than bonds rated in the highest rating categories.

Certain additional risk factors relating to debt securities are discussed below:

**Sensitivity to interest rate and economic changes —** Debt securities may be sensitive to economic changes, political and corporate developments, and interest rate changes. In addition, during an economic downturn or a period of rising interest rates, issuers that are highly leveraged may experience increased financial stress that could adversely affect their ability to meet projected business goals, to obtain additional financing and to service their principal and interest payment obligations. Periods of economic change and uncertainty also can be expected to result in increased volatility of market prices and yields of certain debt securities and derivative instruments. As discussed under "Market conditions" above in this statement of additional information, governments and quasi-governmental authorities may take actions to support local and global economies and financial markets during periods of economic crisis, including direct capital infusions into companies, new monetary programs and significantly lower interest rates. Such actions may expose fixed income markets to heightened volatility and may reduce liquidity for certain investments, which could cause the value of the fund's portfolio to decline.

**Payment expectations —** Debt securities may contain redemption or call provisions. If an issuer exercises these provisions in a lower interest rate market, the fund may have to replace the security with a lower yielding security, resulting in decreased income to investors. If the issuer of a debt security defaults on its obligations to pay interest or principal or is the subject of bankruptcy proceedings, the fund may incur losses or expenses in seeking recovery of amounts owed to it.

**Liquidity and valuation —** There may be little trading in the secondary market for particular debt securities, which may affect adversely the fund's ability to value accurately or dispose of such debt securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of debt securities.

Credit ratings for debt securities provided by rating agencies reflect an evaluation of the safety of principal and interest payments, not market value risk. The rating of an issuer is a rating agency's view of past and future potential developments related to the issuer and may not necessarily reflect actual outcomes. There can be a lag between the time of developments relating to an issuer and the time a

Tax-exempt income funds — Page 7

rating is assigned and updated. The investment adviser considers these ratings of securities as one of many criteria in making its investment decisions.

Bond rating agencies may assign modifiers (such as +/–) to ratings categories to signify the relative position of a credit within the rating category. Investment policies that are based on ratings categories should be read to include any security within that category, without giving consideration to the modifier except where otherwise provided. See the appendix to this statement of additional information for more information about credit ratings.

**Municipal bonds —** Municipal bonds are debt obligations that are exempt from federal, state and/or local income taxes. Opinions relating to the validity of municipal bonds, exclusion of municipal bond interest from an investor's gross income for federal income tax purposes and, where applicable, state and local income tax, are rendered by bond counsel to the issuing authorities at the time of issuance.

The two principal classifications of municipal bonds are general obligation bonds and limited obligation or revenue bonds. General obligation bonds are secured by the issuer's pledge of its full faith and credit including, if available, its taxing power for the payment of principal and interest. Issuers of general obligation bonds include states, counties, cities, towns and various regional or special districts. The proceeds of these obligations are used to fund a wide range of public facilities, such as the construction or improvement of schools, highways and roads, water and sewer systems and facilities for a variety of other public purposes. Lease revenue bonds or certificates of participation in leases are payable from annual lease rental payments from a state or locality. Annual rental payments are payable to the extent such rental payments are appropriated annually.

Typically, the only security for a limited obligation or revenue bond is the net revenue derived from a particular facility or class of facilities financed thereby or, in some cases, from the proceeds of a special tax or other special revenues. Revenue bonds have been issued to fund a wide variety of revenue-producing public capital projects including: electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; hospitals; and convention, recreational, tribal gaming and housing facilities. Although the security behind these bonds varies widely, many provide additional security in the form of a debt service reserve fund which may also be used to make principal and interest payments on the issuer's obligations. In addition, some revenue obligations (as well as general obligations) are insured by a bond insurance company or backed by a letter of credit issued by a banking institution.

Revenue bonds also include, for example, pollution control, health care and housing bonds, which, although nominally issued by municipal authorities, are generally not secured by the taxing power of the municipality but by the revenues of the authority derived from payments by the private entity which owns or operates the facility financed with the proceeds of the bonds. Obligations of housing finance authorities have a wide range of security features, including reserve funds and insured or subsidized mortgages, as well as the net revenues from housing or other public projects. Many of these bonds do not generally constitute the pledge of the credit of the issuer of such bonds. The credit quality of such revenue bonds is usually directly related to the credit standing of the user of the facility being financed or of an institution which provides a guarantee, letter of credit or other credit enhancement for the bond issue.

**Municipal inflation-indexed bonds —** The fund may invest in inflation-indexed bonds issued by municipalities. Interest payments are made to bondholders semi-annually and are made up of two components: a fixed "real coupon" or spread, and a variable coupon linked to an inflation index. Accordingly, payments will increase or decrease each period as a result of changes in the inflation index. In a period of deflation payments may decrease to zero, but in any event will not be less than zero.

Tax-exempt income funds — Page 8

**Insured municipal bonds —** The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. The insurance for such bonds may be purchased by the bond issuer, the fund or any other party, and is usually purchased from private, non-governmental insurance companies. Insurance that covers a municipal bond is expected to protect the fund against losses caused by a bond issuer's failure to make interest or principal payments. However, insurance does not guarantee the market value of the bond or the prices of the fund's shares. Also, the investment adviser cannot be certain that the insurance company will make payments it guarantees. The market value of the bond could drop if a bond's insurer fails to fulfill its obligations. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. When rating agencies lower or withdraw the credit rating of the insurer, the insurance may be providing little or no enhancement of credit or resale value to the municipal bond.

**U.S. Territories and Commonwealth obligations —** The fund may invest in obligations of the territories and Commonwealths of the United States, such as Puerto Rico, the U.S. Virgin Islands, Guam and their agencies and authorities ("territories and Commonwealth"), to the extent such obligations are exempt from federal income taxes. Adverse political and economic conditions and developments affecting any territory or Commonwealth may, in turn, negatively affect the value of the fund's holdings in such obligations. Territories and Commonwealths face significant fiscal challenges, including persistent government deficits, underfunded retirement systems, sizable debt service obligations and a high unemployment rate. A restructuring of some or all of the debt or a decline in market prices of the territories' and Commonwealths' debt obligations, may affect the fund's investment in these securities. If the economic situation in the territories and Commonwealths persists or worsens, the volatility, credit quality and performance of the fund could be adversely affected.

**Zero coupon bonds —** Municipalities may issue zero coupon securities which are debt obligations that do not entitle the holder to any periodic payments of interest prior to maturity or a specified date when the securities begin paying current interest. They are issued and traded at a discount from their face amount or par value, which discount varies depending on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security, and the perceived credit quality of the issuer.

**Pre-refunded/Escrowed to maturity bonds —** From time to time, a municipality may refund a bond that it has already issued prior to, or in the case of escrowed to maturity bonds on, the original bond's call or maturity date by issuing a second bond, the proceeds of which are typically used to purchase securities of the U.S. government (including its agencies and instrumentalities). The U.S. government securities are placed in an escrow account. The original bonds then become "pre-refunded" or "escrowed to maturity" and while the security is still tax-exempt, the proceeds of the escrow account act as collateral and the original bonds are considered high-quality in nature as a result. The principal and interest payments on the escrowed securities are then used to pay off the original bondholders on the call or maturity date. The escrow account securities do not guarantee the price movement of the bond before maturity. Investment in pre-refunded and escrowed to maturity bonds held by the fund may subject the fund to interest rate risk, market risk and credit risk. For purposes of diversification, pre-refunded and escrowed to maturity bonds will be treated as U.S. governmental issues.

**Cash and cash equivalents —** The fund may hold cash and invest in cash equivalents. Cash equivalents include, but are not limited to: *(a)* shares of money market or similar funds managed by the investment adviser or its affiliates; *(b)* shares of other money market funds; *(c)* tax-exempt commercial paper (e.g., short-term notes obligations issued by municipalities that mature, or that may be redeemed in 270 days or less); *(d)* municipal notes (e.g., bond anticipation notes, revenue anticipation notes, and tax anticipation notes issued by municipalities that mature, or that may be redeemed in one year or less); *(e)* municipal obligations backed by letters of credit issued by banks or other financial institutions or government agencies that mature, or that may be redeemed in one year or less; *(f)* tax-exempt variable rate debt issued by municipal conduits for corporate obligors; and *(g)* securities of the U.S. government, its agencies or instrumentalities that mature, or that may be redeemed in one year or less.

Tax-exempt income funds — Page 9

**Commercial paper —** The fund may purchase tax-exempt and/or taxable commercial paper. Commercial paper refers to short-term promissory notes issued by a municipality or corporation to finance its current operations. Such securities normally have maturities of thirteen months or less and, though commercial paper is often unsecured, commercial paper may be supported by letters of credit, surety bonds or other forms of collateral. Maturing commercial paper issuances are usually repaid by the issuer from the proceeds of new commercial paper issuances. As a result, investment in commercial paper is subject to rollover risk, or the risk that the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligations and commercial paper may become illiquid or suffer from reduced liquidity in these or other situations.

Commercial paper in which the fund may invest includes commercial paper issued in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the "1933 Act"). Section 4(a)(2) commercial paper has substantially the same price and liquidity characteristics as commercial paper generally, except that the resale of Section 4(a)(2) commercial paper is limited to institutional investors who agree that they are purchasing the paper for investment purposes and not with a view to public distribution. Technically, such a restriction on resale renders Section 4(a)(2) commercial paper a restricted security under the 1933 Act. In practice, however, Section 4(a)(2) commercial paper typically can be resold as easily as any other unrestricted security held by the fund. Accordingly, Section 4(a)(2) commercial paper has been generally determined to be liquid under procedures adopted by the fund's board of trustees.

**Temporary investments —** The fund may invest in short-term municipal obligations of up to one year in maturity when temporary defensive strategies are used as a result of abnormal market conditions, or when such investments are considered advisable for liquidity. Generally, the income from such short-term municipal obligations is exempt from federal income tax. Further, a portion of the fund's assets may be held in cash or invested in high-quality taxable short-term securities of up to one year in maturity. Such investments may include: (*a*) obligations of the U.S. Treasury; (*b*) obligations of agencies and instrumentalities of the U.S. government; (*c*) money market instruments, such as certificates of deposit issued by domestic banks, corporate commercial paper, and bankers' acceptances; and (*d*) repurchase agreements.

**Forward commitment, when issued and delayed delivery transactions —** The fund may enter into commitments to purchase or sell securities at a future date. When the fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement, and when the fund agrees to sell such securities, it assumes the risk of any increase in value of the security. If the other party to such a transaction fails to deliver or pay for the securities, the fund could miss a favorable price or yield opportunity, or could experience a loss.

The fund may roll such transactions in lieu of taking physical delivery of the contract's underlying assets on the settlement date. When rolling the purchase of these types of transactions, the fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price. When rolling the sale of these types of transactions, the fund purchases mortgage-backed securities for delivery in the current month and simultaneously contracts to sell substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price.

Tax-exempt income funds — Page 10

When rolling these types of transactions, during the period between the initial sale (or purchase) and subsequent repurchase (or sale) (the "roll period"), the fund forgoes principal and interest paid on the mortgage-backed securities. The fund is compensated by the price differential between the original and new contracts (often referred to as the "drop"), if any, as well as by the interest earned on the cash proceeds of any sales. The fund also takes the risk that market prices or characteristics of the underlying mortgage-backed securities may move unfavorably between the original and new contracts. The fund could suffer a loss if the contracting party fails to perform the future transaction and the fund is therefore unable to buy or sell back the mortgage-backed securities it initially either sold or purchased, respectively. These transactions are accounted for as purchase and sale transactions, which contribute to the fund's portfolio turnover rate.

With TBA transactions, the particular securities (i.e., specified mortgage pools) to be delivered or received are not identified at the trade date, but are "to be announced" at a later settlement date. However, securities to be delivered must meet specified criteria, including face value, coupon rate and maturity, and be within industry-accepted "good delivery" standards. The fund will not use these transactions for the purpose of leveraging. Although these transactions will not be entered into for leveraging purposes, the fund temporarily could be in a leveraged position (because it may have an amount greater than its net assets subject to market risk). Should market values of the fund's portfolio securities decline while the fund is in a leveraged position, greater depreciation of its net assets would likely occur than if it were not in such a position. After a transaction is entered into, the fund may still dispose of or renegotiate the transaction. Additionally, prior to receiving delivery of securities as part of a transaction, the fund may sell such securities.

When the fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a short position in such TBA securities), the fund may or may not hold the types of mortgage-backed securities required to be delivered. To the extent the fund has sold such a security on a when-issued, delayed delivery, or forward commitment basis, the fund would not participate in future gains or losses with respect to the security if the fund holds such security. If the other party to a transaction fails to pay for the securities, the fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery or forward commitment basis without owning the security, the fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed-upon price on the settlement date.

Under the SEC's rule applicable to the fund's use of derivatives, when issued, forward-settling and nonstandard settlement cycle securities, as well as TBAs and roll transactions, will be treated as derivatives unless the fund intends to physically settle these transactions and the transactions will settle within 35 days of their respective trade dates.

**Unfunded commitment agreements —** The fund may enter into unfunded commitment agreements to make certain investments, including unsettled bank loan purchase transactions. Under the SEC's rule applicable to the fund's use of derivatives, unfunded commitment agreements are not derivatives transactions. The fund will only enter into such unfunded commitment agreements if the fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements as they come due.

**Derivatives —** In pursuing its investment objective(s), the fund may invest in derivative instruments. A derivative is a financial instrument, the value of which depends on, or is otherwise derived from, another underlying variable. Most often, the variable underlying a derivative is the price of a traded asset, such as a traditional cash security (e.g., a stock or bond), a currency or a commodity; however, the value of a derivative can be dependent on almost any variable, from the level of an index or a specified rate to the occurrence (or non-occurrence) of a credit event with respect to a specified

Tax-exempt income funds — Page 11

reference asset. The fund may take positions in futures contracts and options on futures contracts and swaps, each of which is a derivative instrument described in greater detail below.

Derivative instruments may be distinguished by the manner in which they trade: some are standardized instruments that trade on an organized exchange while others are individually negotiated and traded in the over-the-counter ("OTC") market. Derivatives also range broadly in complexity, from simple derivatives to more complex instruments. As a general matter, however, all derivatives — regardless of the manner in which they trade or their relative complexities — entail certain risks, some of which are different from, and potentially greater than, the risks associated with investing directly in traditional cash securities.

As is the case with traditional cash securities, derivative instruments are generally subject to counterparty credit risk; however, in some cases, derivatives may pose counterparty risks greater than those posed by cash securities. The use of derivatives involves the risk that a loss may be sustained by the fund as a result of the failure of the fund's counterparty to make required payments or otherwise to comply with its contractual obligations. For some derivatives, though, the value of — and, in effect, the return on — the instrument may be dependent on both the individual credit of the fund's counterparty and on the credit of one or more issuers of any underlying assets. If the fund does not correctly evaluate the creditworthiness of its counterparty and, where applicable, of issuers of any underlying reference assets, the fund's investment in a derivative instrument may result in losses. Further, if a fund's counterparty were to default on its obligations, the fund's contractual remedies against such counterparty may be subject to applicable bankruptcy and insolvency laws, which could affect the fund's rights as a creditor and delay or impede the fund's ability to receive the net amount of payments that it is contractually entitled to receive. Derivative instruments are subject to additional risks, including operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

The value of some derivative instruments in which the fund invests may be particularly sensitive to changes in prevailing interest rates, currency exchange rates or other market conditions. Like the fund's other investments, the ability of the fund to successfully utilize such derivative instruments may depend in part upon the ability of the fund's investment adviser to accurately forecast interest rates and other economic factors. The success of the fund's derivative investment strategy will also depend on the investment adviser's ability to assess and predict the impact of market or economic developments on the derivative instruments in which the fund invests, in some cases without having had the benefit of observing the performance of a derivative under all possible market conditions. If the investment adviser incorrectly forecasts such factors and has taken positions in derivative instruments contrary to prevailing market trends, or if the investment adviser incorrectly predicts the impact of developments on a derivative instrument, the fund could suffer losses.

Certain derivatives may also be subject to liquidity and valuation risks. The potential lack of a liquid secondary market for a derivative (and, particularly, for an OTC derivative, including swaps and OTC options) may cause difficulty in valuing or selling the instrument. If a derivative transaction is particularly large or if the relevant market is illiquid, as is often the case with many privately-negotiated OTC derivatives, the fund may not be able to initiate a transaction or to liquidate a position at an advantageous time or price. Particularly when there is no liquid secondary market for the fund's derivative positions, the fund may encounter difficulty in valuing such illiquid positions. The value of a derivative instrument does not always correlate perfectly with its underlying asset, rate or index, and many derivatives, and OTC derivatives in particular, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the fund.

Because certain derivative instruments may obligate the fund to make one or more potential future payments, which could significantly exceed the value of the fund's initial investments in such

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instruments, derivative instruments may also have a leveraging effect on the fund's portfolio. Certain derivatives have the potential for unlimited loss, irrespective of the size of the fund's investment in the instrument. When a fund leverages its portfolio, investments in that fund will tend to be more volatile, resulting in larger gains or losses in response to market changes.

The fund's compliance with the SEC's rule applicable to the fund's use of derivatives may limit the ability of the fund to use derivatives as part of its investment strategy. The rule requires that a fund that uses derivatives in more than a limited manner, which is currently the case for the fund, adopt a derivatives risk management program, appoint a derivatives risk manager and comply with an outer limit on leverage based on value at risk, or "VaR". VaR is an estimate of an instrument's or portfolio's potential losses over a given time horizon (i.e., 20 trading days) and at a specified confidence level (i.e., 99%). VaR will not provide, and is not intended to provide, an estimate of an instrument's or portfolio's maximum potential loss amount. For example, a VaR of 5% with a specified confidence level of 99% would mean that a VaR model estimates that 99% of the time a fund would not be expected to lose more than 5% of its total assets over the given time period. However, 1% of the time, the fund would be expected to lose more than 5% of its total assets, and in such a scenario the VaR model does not provide an estimate of the extent of this potential loss. The derivatives rule may not be effective in limiting the fund's risk of loss, as measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the fund's derivatives or other investments. A fund is generally required to satisfy the rule's outer limit on leverage by limiting the fund's VaR to 200% of the VaR of a designated reference portfolio that does not utilize derivatives each business day. If a fund does not have an appropriate designated reference portfolio in light of the fund's investments, investment objectives and strategy, a fund must satisfy the rule's outer limit on leverage by limiting the fund's VaR to 20% of the value of the fund's net assets each business day.

**Options** — The fund may invest in option contracts, including options on futures and options on currencies, as described in more detail under "Futures and Options on Futures" and "Currency Transactions," respectively. An option contract is a contract that gives the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument underlying the option) at a specified exercise price. The writer of an option on a security has the obligation, upon exercise of the option, to cash settle or deliver the underlying currency or instrument upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying currency or instrument and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the currency or instrument underlying the option (or to deliver the cash value of the instrument underlying the option) at a specified exercise price, which is also referred to as the strike price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the option premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or cash settles) at the strike price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

As a buyer of a put option, the fund can expect to realize a gain if the price of the underlying currency or instrument falls substantially. However, if the price of the underlying currency or instrument does not fall enough to offset the cost of purchasing the option, the fund can expect to suffer a loss, albeit a loss limited to the amount of the option premium plus any applicable transaction costs.

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The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying currency or instrument (or cash settle) at the specified strike price. The buyer of a call option typically attempts to participate in potential price increases of the underlying currency or instrument with risk limited to the cost of the option if the price of the underlying currency or instrument falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying currency or instrument does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying currency or instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the strike price while the option is outstanding, regardless of price changes.

If the price of the underlying currency or instrument rises, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received. If the price of the underlying currency or instrument remains the same over time, it is likely that the writer would also profit because it should be able to close out the option at a lower price. This is because an option's value decreases with time as the currency or instrument approaches its expiration date. If the price of the underlying currency or instrument falls, the put writer would expect to suffer a loss. This loss should be less than the loss from purchasing the underlying currency or instrument directly, however, because the premium received for writing the option should mitigate the effects of the decline.

Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying currency or instrument in return for the strike price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Several risks are associated with transactions in options on currencies, securities and other instruments (referred to as the "underlying instruments"). For example, there may be significant differences between the underlying instruments and options markets that could result in an imperfect correlation between these markets, which could cause a given transaction not to achieve its objectives. When a put or call option on a particular underlying instrument is purchased to hedge against price movements in a related underlying instrument, for example, the price to close out the put or call option may move more or less than the price of the related underlying instrument.

Options prices can diverge from the prices of their underlying instruments for a number of reasons. Options prices are affected by such factors as current and anticipated short-term interest rates, changes in the volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices in the same way. Imperfect correlation may also result from differing levels of demand in the options markets and the markets for the underlying instruments, from structural differences in how options and underlying instruments are traded, or from imposition of daily price fluctuation limits or trading halts. The fund may purchase or sell options contracts with a greater or lesser value than the underlying instruments it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the underlying instruments,

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although this may not be successful. If price changes in the fund's options positions are less correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

There is no assurance that a liquid market will exist for any particular options contract at any particular time. Options may have relatively low trading volumes and liquidity if their strike prices are not close to the current prices of the underlying instruments. In addition, exchanges may establish daily price fluctuation limits for exchange-traded options contracts and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible to enter into new positions or to close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions and could potentially require the fund to hold a position until delivery or expiration regardless of changes in its value.

Combined positions involve purchasing and writing options in combination with each other, or in combination with futures or forward contracts, in order to adjust the risk and return profile of the fund's overall position. For example, purchasing a put option and writing a call option on the same underlying instrument could construct a combined position with risk and return characteristics similar to selling a futures contract (but with leverage embedded). Another possible combined position would involve writing a call option at one strike price and buying a call option at a lower strike price to reduce the risk of the written call option in the event of a substantial price increase. Because such combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Futures and options on futures** — The fund may enter into futures contracts and options on futures contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. A futures contract is an agreement to buy or sell a security or other financial instrument (the "reference asset") for a set price on a future date. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date. Futures contracts and options on futures contracts are standardized, exchange-traded contracts, and, when such contracts are bought or sold, the fund will incur brokerage fees and will be required to maintain margin deposits.

Unlike when the fund purchases or sells a security, such as a stock or bond, no price is paid or received by the fund upon the purchase or sale of a futures contract. When the fund enters into a futures contract, the fund is required to deposit with its futures broker, known as a futures commission merchant ("FCM"), a specified amount of liquid assets in a segregated account in the name of the FCM at the applicable derivatives clearinghouse or exchange. This amount, known as initial margin, is set by the futures exchange on which the contract is traded and may be significantly modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned to the fund upon termination of the contract, assuming all contractual obligations have been satisfied. Additionally, on a daily basis, the fund pays or receives cash, or variation margin, equal to the daily change in value of the futures contract. Variation margin does not represent a borrowing or loan by the fund but is instead a settlement between the fund and the FCM of the amount one party would owe the other if the futures contract expired. In computing daily net asset value, the fund will mark-to-market its open futures positions. A fund is also required to deposit and maintain margin with an FCM with respect to put and call options on futures contracts written by the fund. Such margin deposits will vary depending on the nature of the underlying futures contract (and related initial margin requirements), the current market value of the option, and other futures positions held by the fund. In the event of the bankruptcy or insolvency of an FCM that holds margin on behalf of the fund, the fund may be entitled to

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return of margin owed to it only in proportion to the amount received by the FCM's other customers, potentially resulting in losses to the fund. An event of bankruptcy or insolvency at a clearinghouse or exchange holding initial margin could also result in losses for the fund.

When the fund invests in futures contracts and options on futures contracts and deposits margin with an FCM, the fund becomes subject to so-called "fellow customer" risk – that is, the risk that one or more customers of the FCM will default on their obligations and that the resulting losses will be so great that the FCM will default on its obligations and margin posted by one customer, such as the fund, will be used to cover a loss caused by a different defaulting customer. Applicable Commodity Futures Trading Commission ("CFTC") rules generally prohibit the use of one customer's funds to meet the obligations of another customer and limit the ability of an FCM to use margin posed by non-defaulting customers to satisfy losses caused by defaulting customers. As a general matter, an FCM is required to use its own funds to meet a defaulting customer's obligations. While a customer's loss would likely need to be substantial before non-defaulting customers would be exposed to loss on account of fellow customer risk, applicable CFTC rules nevertheless permit the commingling of margin and do not limit the mutualization of customer losses from investment losses, custodial failures, fraud or other causes. If the loss is so great that, notwithstanding the application of an FCM's own funds, there is a shortfall in the amount of customer funds required to be held in segregation, the FCM could default and be placed into bankruptcy. Under these circumstances, bankruptcy law provides that non-defaulting customers will share pro rata in any shortfall. A shortfall in customer segregated funds may also make the transfer of the accounts of non-defaulting customers to another FCM more difficult.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the reference asset, in practice, most futures contracts are usually closed out before the delivery date by offsetting purchases or sales of matching futures contracts. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical reference asset and the same delivery date. If the offsetting purchase price is less than the original sale price (in each case taking into account transaction costs, including brokerage fees), the fund realizes a gain; if it is more, the fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price (in each case taking into account transaction costs, including brokerage fees), the fund realizes a gain; if it is less, the fund realizes a loss.

The fund may purchase and write call and put options on futures. A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract, and the writer is assigned the opposite short position. The opposite is true in the case of a put option. A call option is "in the money" if the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in the money" if the exercise price exceeds the value of the futures contract that is the subject of the option. See also "Options" above for a general description of investment techniques and risks relating to options.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying reference asset. Purchasing futures contracts will, therefore, tend to increase the fund's exposure to positive and negative price fluctuations in the reference asset, much as if the fund had purchased the reference asset directly. When the fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market for the reference asset. Accordingly, selling futures contracts will tend to offset both positive and negative market price changes, much as if the reference asset had been sold.

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There is no assurance that a liquid market will exist for any particular futures or futures options contract at any particular time. Futures exchanges may establish daily price fluctuation limits for futures contracts and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days, when the price fluctuation limit is reached and a trading halt is imposed, it may be impossible to enter into new positions or close out existing positions. If the market for a futures contract is not liquid because of price fluctuation limits or other market conditions, the fund may be prevented from promptly liquidating unfavorable futures positions and the fund could be required to continue to hold a position until delivery or expiration regardless of changes in its value, potentially subjecting the fund to substantial losses. Additionally, the fund may not be able to take other actions or enter into other transactions to limit or reduce its exposure to the position. Under such circumstances, the fund would remain obligated to meet margin requirements until the position is cleared. As a result, the fund's access to other assets posted as margin for its futures positions could also be impaired.

Although futures exchanges generally operate similarly in the United States and abroad, foreign futures exchanges may follow trading, settlement and margin procedures that are different than those followed by futures exchanges in the United States. Futures and futures options contracts traded outside the United States may not involve a clearing mechanism or related guarantees and may involve greater risk of loss than U.S.-traded contracts, including potentially greater risk of losses due to insolvency of a futures broker, exchange member, or other party that may owe initial or variation margin to the fund. Margin requirements on foreign futures exchanges may be different than those of futures exchanges in the United States, and, because initial and variation margin payments may be measured in foreign currency, a futures or futures options contract traded outside the United States may also involve the risk of foreign currency fluctuations.

**Swaps —** The fund may enter into swaps, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return.

Swaps can be traded on a swap execution facility ("SEF") and cleared through a central clearinghouse (cleared), traded OTC and cleared, or traded bilaterally and not cleared. For example, standardized interest rate swaps and standardized credit default swap indices are traded on SEFs and cleared. Other forms of swaps, such as total return swaps and certain types of interest rate swaps and credit default swap indices are entered into on a bilateral basis. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swaps, the fund will enter into swaps only with counterparties that meet certain credit standards and have agreed to specific collateralization procedures; however, if the counterparty's creditworthiness deteriorates rapidly and the counterparty defaults on its obligations under the swap or declares bankruptcy, the fund may lose any amount it expected to receive from the counterparty. In addition, bilateral swaps are subject to certain regulatory margin requirements that mandate the posting and collection of minimum margin amounts, which may result in the fund and its counterparties posting higher margin amounts for bilateral swaps than would otherwise be the case.

The term of a swap can be days, months or years and certain swaps may be less liquid than others. If a swap is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

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Swaps can take different forms. The fund may enter into the following types of swaps:

**Interest rate swaps —** The fund may enter into interest rate swaps to seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate ("SOFR"), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund's current obligation or right under the swap is generally equal to the net amount to be paid or received under the swap based on the relative value of the position held by each party.

In addition to the risks of entering into swaps discussed above, the use of interest rate swaps involves the risk of losses if interest rates change.

**Total return swaps —** The fund may enter into total return swaps in order to gain exposure to a market or security without owning or taking physical custody of such security or investing directly in such market. A total return swap is an agreement in which one party agrees to make periodic payments to the other party based on the change in market value of the assets underlying the contract during the specified term in exchange for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. The asset underlying the contract may be a single security, a basket of securities or a securities index. Like other swaps, the use of total return swaps involves certain risks, including potential losses if a counterparty defaults on its payment obligations to the fund or the underlying assets do not perform as anticipated. There is no guarantee that entering into a total return swap will deliver returns in excess of the interest costs involved and, accordingly, the fund's performance may be lower than would have been achieved by investing directly in the underlying assets.

**Credit default swap indices —** In order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks, the fund may invest in credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"). Additionally, in order to assume exposure to the commercial mortgage-backed security sector or to hedge against existing credit and market risks within such sector, the fund may invest in mortgage-backed security credit default swap indices, including the CMBX index (collectively referred to as "CMBXIs").

A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. A CMBXI is a tradeable index referencing a basket of commercial mortgage-backed securities. In a typical CDSI or CMBXI transaction, one party — the protection buyer — is obligated to pay the other party — the protection seller — a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer

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the loss on those credits. Also, if a restructuring credit event occurs in an iTraxx index, the fund as protection buyer may receive a single name credit default swap ("CDS") representing the relevant constituent.

The fund may enter into a CDSI or CMBXI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap.

The use of CDSI or CMBXI, like all other swaps, is subject to certain risks, including the risk that the fund's counterparty will default on its obligations. If such a default were to occur, any contractual remedies that the fund might have may be subject to applicable bankruptcy laws, which could delay or limit the fund's recovery. Thus, if the fund's counterparty to a CDSI or CMBXI transaction defaults on its obligation to make payments thereunder, the fund may lose such payments altogether or collect only a portion thereof, which collection could involve substantial costs or delays.

Additionally, when the fund invests in a CDSI or CMBXI as a protection seller, the fund will be indirectly exposed to the creditworthiness of issuers of the underlying reference obligations in the index. If the investment adviser to the fund does not correctly evaluate the creditworthiness of issuers of the underlying instruments on which the CDSI or CMBXI is based, the investment could result in losses to the fund.

**Variable and floating rate obligations —** The interest rates payable on certain securities and other instruments in which the fund may invest may not be fixed but may fluctuate based upon changes in market interest rates or credit ratings. Variable and floating rate obligations bear coupon rates that are adjusted at designated intervals, based on the then current market interest rates or credit ratings. The rate adjustment features tend to limit the extent to which the market value of the obligations will fluctuate. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares.

**Issue classification —** Securities with the same general quality rating and maturity characteristics, but which vary according to the purpose for which they were issued, often tend to trade at different yields. Correspondingly, securities issued for similar purposes and with the same general maturity characteristics, but which vary according to the creditworthiness of their respective issuers, tend to trade at different yields. These yield differentials tend to fluctuate in response to political and economic developments, as well as temporary imbalances in normal supply/demand relationships. The investment adviser monitors these fluctuations closely, and will attempt to adjust portfolio concentrations in various issue classifications according to the value disparities brought about by these yield relationship fluctuations.

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The investment adviser believes that, in general, the market for municipal bonds is less liquid than that for taxable fixed income securities. Accordingly, the ability of the fund to make purchases and sales of securities in the foregoing manner may, at any particular time and with respect to any particular securities, be limited or non-existent.

**Private placements —** Generally, municipal securities acquired in private placements are subject to contractual restrictions on resale. Accordingly, all private placements will be considered illiquid unless they have been specifically determined to be liquid, taking into account factors such as the frequency and volume of trading and the commitment of dealers to make markets under procedures adopted by each fund's board of trustees.

**Restricted or illiquid securities —** The fund may purchase securities subject to restrictions on resale. Difficulty in selling such securities may result in a loss or be costly to the fund. Some fund holdings (including some restricted securities) may be deemed illiquid if the fund expects that a reasonable portion of the holding cannot be sold in seven calendar days or less without the sale significantly changing the market value of the investment. The determination of whether a holding is considered illiquid is made by the fund's adviser under a liquidity risk management program adopted by the fund's board and administered by the fund's adviser. The fund may incur significant additional costs in disposing of illiquid securities.

**Investing in similar municipal bonds —** The fund may invest more than 25% of its assets in municipal obligations of issuers located in the same state or in municipal obligations of the same type that may pay interest on their obligations with revenue from similar projects. This may make a fund more susceptible to economic, political, or regulatory occurrences that affect such issuers, obligation types and projects, such as changes in healthcare regulations, environmental considerations, construction cost increases and labor problems, failure of healthcare facilities to maintain adequate occupancy levels, and inflation. As the similarity in issuers of municipal obligations held by a fund increases, the fund has greater risk of volatility, and greater risk of loss, from these investments.

**Tax-exempt securities —** While the fund seeks to purchase securities which bear interest that is exempt from federal income taxes – and in the case of TEFCA and TEFNY, also seeks to purchase securities which bear interest that is exempt from (1) California income taxes and (2) New York City and New York state taxes, respectively – there are risks that such interest may be reclassified as taxable by the Internal Revenue Service, or a state tax authority. Actions by the issuer or future legislative, administrative or court actions also could adversely affect the tax-exempt status of interest paid by such securities. Such reclassifications or actions could cause interest from a security to become includable in the gross income of the holder of the security, possibly retroactively, subjecting fund shareholders to increased tax liability. In addition, such reclassifications or actions could cause the value of a security, and therefore the value of the fund's shares, to decline.

**Securities subject to alternative minimum tax —** The fund (other than TEBF) may invest in tax-exempt securities believed to pay interest constituting an item of tax preference subject to alternative minimum tax. Therefore, while the fund's distributions from tax-exempt securities are not subject to regular federal income tax, a portion or all may be included in determining a shareholder's federal alternative minimum tax.

**Adjustment of maturities —** The investment adviser seeks to anticipate movements in interest rates and may adjust the maturity distribution of the fund's portfolio accordingly, keeping in mind the fund's objective(s).

**Risk factors relating to California debt obligations —** Because TEFCA invests in securities issued by the State of California, its agencies and municipalities, the fund is more susceptible to developments adversely affecting issuers of California securities than a municipal bond fund that does not

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concentrate its investments in a single state. The information below constitutes only a brief summary and does not purport to be a complete description of risk factors relating to California debt obligations. Certain information is drawn from official statements relating to securities offerings of the State of California and various local agencies in California available as of the date of this statement of additional information and is subject to change. The fund assumes no obligation to independently verify or update this information.

Many factors including both state and national economic, political, regulatory, social and environmental policies and conditions, which are not within the control of the issuers of state related bonds, could have an adverse impact on the financial condition of the state, its various agencies and political subdivisions, as well as other municipal issuers in California. A variety of events, such as, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to California's municipal issuers may have an adverse impact on the fund. In addition, natural disasters, such as earthquakes and droughts, may have an adverse effect on the state's economy.

California's economy and general financial condition affect the ability of state and local governments to raise revenues to make timely payments on their obligations. Events such as budgetary problems at the state level, fiscal weakness or an overall slowdown in the California economy could adversely impact the fund. Such events can negatively impact the state's credit rating, make it more expensive for the state to borrow money, and impact municipal issuers' ability to pay their obligations. Such events could also heighten the risk that prices of debt obligations purchased by the fund, and the fund's net asset value, will experience greater volatility.

California is the most populous state in the nation and has a diverse economy. Major employers include the agriculture, manufacturing, high technology, services, trade, entertainment and construction sectors. However, certain of California's significant industries are sensitive to economic disruptions in their export markets. The state's rate of economic growth, therefore, could be adversely affected by any such disruption. A significant downturn in the housing market or U.S. stock market prices could adversely affect California's economy by reducing household spending and business investment, particularly in the high technology sector. Moreover, a large and increasing share of the State of California's General Fund revenue in the form of income and capital gains taxes is directly related to, and would be adversely affected by a significant downturn in the performance of, the stock markets.

Future California constitutional amendments, legislative measures, executive orders, administrative regulations, court decisions and voter initiatives could have an adverse effect on the debt obligations of California issuers. The initiative process is used quite often in California, resulting in numerous initiative items on the ballot for most state and many local elections, any of which could affect the ability of municipal issuers to pay their obligations. For example, revenue and expenditure limitations adopted by California voters, such as Propositions 13 (limiting ad valorem taxes on real property and restricting local taxing entities' ability to raise real property taxes) and 218 (limiting local governments' ability to impose "property related" fees, assessments and taxes) have constrained local governments' ability to raise revenue, consequently raising concerns about whether municipalities have sufficient revenue to pay their debt obligations.

While the fund's portfolio managers try to reduce risks by investing in a diversified portfolio of securities, including state related bonds, it is not possible to predict the extent to which any or all of the factors described above will affect the ability of the state or other municipal issuers to pay interest or principal on their bonds or the ability of such bonds to maintain market value or marketability.

**Risk factors relating to New York debt obligations —** Because TEFNY invests in securities issued by the State of New York, its agencies and municipalities, the fund is more susceptible to developments

Tax-exempt income funds — Page 21

adversely affecting issuers of New York securities than a municipal bond fund that does not concentrate its investments in a single state. The information below constitutes only a brief summary and does not purport to be a complete description of risk factors relating to New York debt obligations. Certain information is drawn from official statements relating to securities offerings of the State of New York and various local agencies in New York available as of the date of this statement of additional information and is subject to change. The fund assumes no obligation to independently verify or update this information.

Many factors including both state and national economic, political, regulatory, social and environmental policies and conditions, which are not within the control of the issuers of state related bonds, could have an adverse impact on the financial condition of the state, its various agencies and political subdivisions, as well as other municipal issuers in New York. New York's economy and general financial condition affect the ability of state and local governments to raise revenues to make timely payments on their obligations. A variety of events, such as, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial difficulties, changes in the credit ratings assigned to New York's municipal issuers and natural disasters may have an adverse impact on the fund. Such events can negatively impact the state's credit rating, make it more expensive for the state to borrow money, and impact issuers' ability to pay their obligations. Such events could also heighten the risk that prices of debt obligations purchased by the fund, and the fund's net asset value, will experience greater volatility.

In addition, New York State and New York City represent a large portion of the municipal bond market in New York. Therefore, fiscal and economic challenges facing these entities may have an adverse impact on the overall New York municipal bond market.

The ability of some New York issuers to make principal and interest payments depends in large part on their ability to raise revenues, primarily through taxes, and to control spending. Many factors can affect the state's revenues including the rate of population growth, unemployment rates, personal income growth, federal aid, and the ability to attract and keep successful businesses. A number of factors can also affect the state's spending including the need for infrastructure improvements, increased costs for education and other services, current debt levels, and the existence of accumulated budget deficits.

While New York State's economy is diverse, it has a comparatively large share of the nation's financial activities, information, education and health services employment, and a very small share of the nation's farming and mining activity. Travel and tourism constitute an important part of the economy. Like the rest of the nation, the state has a declining proportion of its workforce engaged in manufacturing and an increasing proportion engaged in service industries.

The services sector, which includes professional and business services, private education and healthcare, leisure and hospitality services, among others, is the state's leading economic sector. New York State is more likely to be affected by a recession that is concentrated in the services sector than other states. Additionally, New York State and New York City's heavy reliance on the financial services sector makes it vulnerable to an economic slowdown and volatility in the financial services sector.

Future New York constitutional amendments, legislative measures, executive orders, administrative regulations, court decisions and voter initiatives could have an adverse effect on the debt obligations of New York issuers. In addition, if constitutional challenges to state laws or other court actions are brought against the state or its agencies and municipalities relating to financing, or the amount and use of taxes, these actions could adversely affect the ability of the state and its political subdivisions to meet their debt obligations, and may require extraordinary appropriations, expenditure reductions, or both.

Tax-exempt income funds — Page 22

While the fund's portfolio managers try to reduce risks by investing in a diversified portfolio of securities, including state related bonds, it is not possible to predict the extent to which any or all of the factors described above will affect the ability of the state or other municipal issuers to pay interest or principal on their bonds or the ability of such bonds to maintain market value or marketability.

**Risk of non-compliance with certain federal requirements —** The Internal Revenue Code of 1986 (the "Code") imposes limitations on the use and investment of the proceeds of state and local governmental bonds and of other funds of the issuers of such bonds. These limitations must be satisfied on a continuing basis to maintain the exclusion from gross income of interest on such bonds. The investment adviser relies on the opinion of bond counsel. Bond counsel qualify their opinions as to the federal tax status of new issues of bonds by making such opinions contingent on the issuer's future compliance with these limitations. Any failure on the part of an issuer to comply could cause the interest on its bonds to become taxable to investors retroactive to the date the bonds were issued. These restrictions in the Code also may affect the availability of certain municipal securities.

**Cybersecurity risks —** With the increased use of technologies such as the Internet to conduct business, the fund has become potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event. Cybersecurity breaches may involve, among other things, "ransomware" attacks, injection of computer viruses or malicious software code, or the use of vulnerabilities in code to gain unauthorized access to digital information systems, networks or devices that are used directly or indirectly by the fund or its service providers through "hacking" or other means. Cybersecurity risks also include the risk of losses of service resulting from external attacks that do not require unauthorized access to the fund's systems, networks or devices. For example, denial-of-service attacks on the investment adviser's or an affiliate's website could effectively render the fund's network services unavailable to fund shareholders and other intended end-users. Any such cybersecurity breaches or losses of service may, among other things, cause the fund to lose proprietary information, suffer data corruption or lose operational capacity, or may result in the misappropriation, unauthorized release or other misuse of the fund's assets or sensitive information (including shareholder personal information or other confidential information), the inability of fund shareholders to transact business, or the destruction of the fund's physical infrastructure, equipment or operating systems. These, in turn, could cause the fund to violate applicable privacy and other laws and incur or suffer regulatory penalties, reputational damage, additional costs (including compliance costs) associated with corrective measures and/or financial loss. While the fund and its investment adviser have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for.

In addition, cybersecurity failures by or breaches of the fund's third-party service providers (including, but not limited to, the fund's investment adviser, transfer agent, custodian, administrators and other financial intermediaries) may disrupt the business operations of the service providers and of the fund, potentially resulting in financial losses, the inability of fund shareholders to transact business with the fund and of the fund to process transactions, the inability of the fund to calculate its net asset value, violations of applicable privacy and other laws, rules and regulations, regulatory fines, penalties, reputational damage, reimbursement or other compensatory costs and/or additional compliance costs associated with implementation of any corrective measures. The fund and its shareholders could be negatively impacted as a result of any such cybersecurity breaches, and there can be no assurance that the fund will not suffer losses relating to cybersecurity attacks or other informational security breaches affecting the fund's third-party service providers in the future, particularly as the fund cannot control any cybersecurity plans or systems implemented by such service providers.

Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value.

Tax-exempt income funds — Page 23

**Inflation/Deflation risk —** The fund may be subject to inflation and deflation risk. Inflation risk is the risk that the present value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the fund's assets can decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation or inflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the fund's assets.

**Interfund borrowing and lending —** Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission, the fund may lend money to, and borrow money from, other funds advised by Capital Research and Management Company or its affiliates. The fund will borrow through the program only when the costs are equal to or lower than the costs of bank loans. The fund will lend through the program only when the returns are higher than those available from an investment in repurchase agreements. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one day's notice. The fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

**Affiliated investment companies —** The fund may purchase shares of certain other investment companies managed by the investment adviser or its affiliates ("Central Funds"). The risks of owning another investment company are similar to the risks of investing directly in the securities in which that investment company invests. Investments in other investment companies could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in a particular asset class, and will subject the fund to the risks associated with the particular asset class or asset classes in which an underlying fund invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the fund's performance. Any investment in another investment company will be consistent with the fund's objective(s) and applicable regulatory limitations. Central Funds do not charge management fees. As a result, the fund does not bear additional management fees when investing in Central Funds, but the fund does bear its proportionate share of Central Fund expenses.

**Tax risk —** Income from securities held by the fund could also be declared taxable because of changes in tax laws or interpretations by taxing authorities, as a result of noncompliant conduct of a municipal issuer. Investments in taxable bonds and certain derivatives utilized by the fund may cause the fund to have taxable investment income. In addition, the fund may recognize taxable ordinary income from market discount. The fund may also realize capital gains on the sale of its securities. These capital gains will be taxable regardless of whether they are derived from the sale of tax-exempt bonds or taxable securities.**

\* \* \* \* \* \*

Tax-exempt income funds — Page 24

**Portfolio turnover —** Portfolio changes will be made without regard to the length of time particular investments may have been held. Short-term trading profits are not the fund's objective, and changes in its investments are generally accomplished gradually, though short-term transactions may occasionally be made. Higher portfolio turnover may involve correspondingly greater transaction costs in the form of dealer spreads or brokerage commissions. It may also result in the realization of net capital gains, which are taxable when distributed to shareholders, unless the shareholder is exempt from taxation or his or her account is tax-favored.

Fixed income securities are generally traded on a net basis and usually neither brokerage commissions nor transfer taxes are involved. Transaction costs are usually reflected in the spread between the bid and asked price.

A fund's portfolio turnover rate would equal 100% if each security in the fund's portfolio were replaced once per year. The following table sets forth the portfolio turnover rates for each fund for the fiscal years ended July 31, 2025 and 2024. Variations in turnover rate are due to changes in trading activity during the period.

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| | | |
|:---|:---|:---|
|  | **Fiscal year** | **Portfolio turnover rate** |
| STEX | 2025 | 56% |
|  | 2024 | 42 |
| LTEX | 2025 | 44 |
|  | 2024 | 33 |
| TEBF | 2025 | 24 |
|  | 2024 | 26 |
| AHIM | 2025 | 28 |
|  | 2024 | 29 |
| TEFCA | 2025 | 32 |
|  | 2024 | 23 |
| TEFNY | 2025 | 18 |
|  | 2024 | 20 |

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Tax-exempt income funds — Page 25

**Fund policies**

All percentage limitations in the following fund policies are considered at the time securities are purchased and are based on the fund's net assets unless otherwise indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excess occurs immediately after, and is caused by, an acquisition by the fund. In managing the fund, the fund's investment adviser may apply more restrictive policies than those listed below.

**Fundamental policies —** The fund has adopted the following policies, which may not be changed without approval by holders of a majority of its outstanding shares. Such majority is currently defined in the Investment Company Act of 1940, as amended (the "1940 Act"), as the vote of the lesser of (*a*) 67% or more of the voting securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by proxy, or (*b*) more than 50% of the outstanding voting securities.

1. Except as permitted by (*i*) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission ("SEC"), SEC staff or other authority of competent jurisdiction, or (*ii*) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction, the fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Borrow money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Issue senior securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Underwrite the securities of other issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Purchase or sell real estate or commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Make loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Purchase the securities of any issuer if, as a result of such purchase, such fund's investments would be concentrated in any particular industry.

2. The fund may not invest in companies for the purpose of exercising control or management.

3. The fund will maintain its status as a tax-exempt fund consistent with (*i*) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other authority of competent jurisdiction, or (*ii*) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

**Nonfundamental policies —** The following policy may be changed without shareholder approval and applies to STEX, LTEX, TEBF and AHIM only:

The fund may not acquire securities of open-end investment companies or unit investment trusts registered under the 1940 Act in reliance on Sections 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.

Tax-exempt income funds — Page 26

**Additional information about the fund's policies —** The information below is not part of the fund's fundamental or nonfundamental policies. This information is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and regulations thereunder, or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the funds. Information is also provided regarding the fund's current intention with respect to certain investment practices permitted by the 1940 Act.

For purposes of fundamental policy 1a, the fund may borrow money in amounts of up to 33-1/3% of its total assets from banks for any purpose. Additionally, the fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). The percentage limitations in this policy are considered at the time of borrowing and thereafter.

For purposes of fundamental policies 1a and 1e, the fund may borrow money from, or loan money to, other funds managed by Capital Research and Management Company or its affiliates to the extent permitted by applicable law and an exemptive order issued by the SEC.

For purposes of fundamental policy 1b, a senior security does not include any promissory note or evidence of indebtedness if such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the fund at the time the loan is made (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). Further, the fund is permitted to enter into derivatives and certain other transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, in accordance with current SEC rules and interpretations.

For purposes of fundamental policy 1c, the policy will not apply to the fund to the extent the fund may be deemed an underwriter within the meaning of the 1933 Act in connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing its investment objective(s) and strategies.

For purposes of fundamental policy 1e, the fund may not lend more than 33-1/3% of its total assets, provided that this limitation shall not apply to the fund's purchase of debt obligations.

For purposes of fundamental policy 1f, the fund may not invest more than 25% of its total assets in the securities of issuers in a particular industry. This policy does not apply to investments in securities of the U.S. government, its agencies or U.S. government sponsored enterprises or repurchase agreements with respect thereto.

For purposes of fundamental policy 3, the fund (other than AHIM) will, under normal circumstances, invest at least 80% of its assets in, or derive at least 80% of its income from securities that are exempt from regular federal income tax and do not subject shareholders to the alternative minimum tax. AHIM will, under normal circumstances, invest at least 80% of its assets in, or derive at least 80% of its income from securities that are exempt from regular federal income tax. Additionally, each of STEX, LTEX, TEFCA and TEFNY may only invest up to 20% of its assets in securities that are subject to the alternative minimum tax. TEBF may not invest in securities that are subject to the alternative minimum tax. AHIM may invest, without limitation, in securities that may subject fund shareholders to federal alternative minimum tax.

Tax-exempt income funds — Page 27

**Management of the fund**

**Board of trustees and officers**

**Independent trustees<sup>1</sup>**

The fund's nominating and governance committee and board selects independent trustees with a view toward constituting a board that, as a body, possesses the qualifications, skills, attributes and experience to appropriately oversee the actions of such fund's service providers, decide upon matters of general policy and represent the long-term interests of fund shareholders. In doing so, they consider the qualifications, skills, attributes and experience of the current board members, with a view toward maintaining a board that is diverse in viewpoint, experience, education and skills.

The fund seeks independent trustees who have high ethical standards and the highest levels of integrity and commitment, who have inquiring and independent minds, mature judgment, good communication skills, and other complementary personal qualifications and skills that enable them to function effectively in the context of such fund's board and committee structure and who have the ability and willingness to dedicate sufficient time to effectively fulfill their duties and responsibilities.

Each independent trustee has a significant record of accomplishments in governance, business, not-for-profit organizations, government service, academia, law, accounting or other professions. Although no single list could identify all experience upon which each fund's independent trustees draw in connection with their service, the following table summarizes key experience for each independent trustee. These references to the qualifications, attributes and skills of the trustees are pursuant to the disclosure requirements of the SEC, and shall not be deemed to impose any greater responsibility or liability on any trustee or the board as a whole. Notwithstanding the accomplishments listed below, none of the independent trustees is considered an "expert" within the meaning of the federal securities laws with respect to information in each fund's registration statement.

Tax-exempt income funds — Page 28

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, year of birth and position with fund (year first elected as a trustee<sup>2</sup>)** | **Principal**<br>**occupation(s)**<br>**during the**<br>**past five years** | **Number of**<br>**portfolios**<br>**in fund**<br>**complex**<br>**overseen**<br>**by**<br>**trustee** | **Other**<br>**directorships<sup>3</sup>**<br>**held by trustee**<br>**during the**<br>**past five years** | **Other relevant**<br>**experience** |
| Francisco G. Cigarroa, MD, 1957<br>Trustee (2021) | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 101 |  | · Corporate board experience<br> · Service on boards of community and nonprofit organizations<br> · MD |
| Nariman Farvardin, 1956<br>Trustee (2018) | President, Stevens Institute of Technology | 106 |  | · Senior management experience, educational institution<br> · Corporate board experience<br> · Professor, electrical and computer engineering<br> · Service on advisory boards and councils for educational, nonprofit and governmental organizations<br> · MS, PhD, electrical engineering |
| Jennifer C. Feikin, 1968<br>Trustee (2022) | Independent corporate board member; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company | 126 | Hertz Global Holdings, Inc. | · Senior corporate management experience<br> · Corporate board experience<br> · Business consulting experience<br> · Service on advisory and trustee boards for charitable and nonprofit organizations<br> · JD |

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Tax-exempt income funds — Page 29

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, year of birth and position with fund (year first elected as a trustee<sup>2</sup>)** | **Principal**<br>**occupation(s)**<br>**during the**<br>**past five years** | **Number of**<br>**portfolios**<br>**in fund**<br>**complex**<br>**overseen**<br>**by**<br>**trustee** | **Other**<br>**directorships<sup>3</sup>**<br>**held by trustee**<br>**during the**<br>**past five years** | **Other relevant**<br>**experience** |
| Leslie Stone Heisz, 1961<br>Trustee (2022) | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 126 | Edwards Lifesciences; Ingram Micro Holding Corporation (information technology products and services)<br> Former director of Public Storage, Inc. (until 2024) | · Senior corporate management experience, investment banking<br> · Business consulting experience<br> · Corporate board experience<br> · Service on advisory and trustee boards for charitable and nonprofit organizations<br> · MBA |
| Mary Davis Holt, 1950<br>Trustee (2015-2016; 2017) | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former COO, Time Life Inc. (1993–2003) | 102 |  | · Service as chief operations officer, global media company<br> · Senior corporate management experience<br> · Corporate board experience<br> · Service on advisory and trustee boards for educational, business and nonprofit organizations<br> · MBA |
| Merit E. Janow, 1958<br>Trustee (2010) | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 113 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated<br> Former director of Trimble Inc. (software, hardware and services technology) (until 2021) | · Service with Office of the U.S. Trade Representative and U.S. Department of Justice<br> · Corporate board experience<br> · Service on advisory and trustee boards for charitable, educational and nonprofit organizations<br> · Experience as corporate lawyer<br> · JD |

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Tax-exempt income funds — Page 30

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, year of birth and position with fund (year first elected as a trustee<sup>2</sup>)** | **Principal**<br>**occupation(s)**<br>**during the**<br>**past five years** | **Number of**<br>**portfolios**<br>**in fund**<br>**complex**<br>**overseen**<br>**by**<br>**trustee** | **Other**<br>**directorships<sup>3</sup>**<br>**held by trustee**<br>**during the**<br>**past five years** | **Other relevant**<br>**experience** |
| Margaret Spellings, 1957<br>Chair of the Board <br>(Independent and Non-Executive)<br>(STEX 2009; LTEX 2010; TEBF 2010; AHIM 2010; TEFCA 2010; TEFNY 2010) | President and CEO, Bipartisan Policy Center; former President and CEO, Texas 2036 | 106 |  | · Former U.S. Secretary of Education, U.S. Department of Education<br> · Former Assistant to the President for Domestic Policy, The White House <br> · Former senior advisor to the Governor of Texas <br> · Service on advisory and trustee boards for charitable and nonprofit organizations |
| Alexandra Trower, 1964<br>Trustee<br>(STEX 2019; LTEX 2019; TEBF 2019; AHIM 2018; TEFCA 2019; TEFNY 2018) | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 101 |  | · Service on trustee boards for charitable and nonprofit organizations<br> · Senior corporate management experience<br> · Branding |
| Paul S. Williams, 1959<br>Trustee<br>(2020) | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) (2005 – 2018) | 101 | Public Storage, Inc.<br> Former director of Romeo Power, Inc. (manufacturer of batteries for electric vehicles) (until 2022); Compass Minerals, Inc. (producer of salt and specialty fertilizers) (until 2023); Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation) (until 2025) | · Senior corporate management experience<br> · Corporate board experience<br> · Corporate governance experience<br> · Service on trustee boards for charitable and educational nonprofit organizations<br> · Securities law expertise<br> · JD |

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Tax-exempt income funds — Page 31

**Interested trustee(s)**<sup>4,5</sup>

Interested trustees have similar qualifications, skills and attributes as the independent trustees. Interested trustees are senior executive officers and/or directors of Capital Research and Management Company or its affiliates. Such management roles with the fund's service providers also permit the interested trustees to make a significant contribution to the funds' boards.

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| | | | |
|:---|:---|:---|:---|
| **Name, year of birth**<br>**and position with fund**<br>**(year first elected as a**<br>**trustee/officer<sup>2</sup>)** | **Principal occupation(s)**<br>**during the**<br>**past five years**<br>**and positions**<br>**held with affiliated**<br>**entities or the**<br>**Principal Underwriter**<br>**of the fund** | **Number of**<br>**portfolios**<br>**in fund**<br> **complex**<br>**overseen**<br>**by trustee** | **Other directorships<sup>3</sup>**<br>**held by trustee**<br>**during the**<br>**past five years** |
| Karl J. Zeile, 1966<br>President and Trustee<br>(TEBF 2009)<br>Trustee (AHIM 2008; LTEX 2004; STEX 2011; TEFCA 2009; TEFNY 2010) | Partner – Capital Fixed Income Investors, Capital Research and Management Company | 27 |  |
| Michael C. Gitlin, 1970<br>Trustee (2015) | Partner – Capital Fixed Income Investors, Capital Research and Management Company; President, Chief Executive Officer and Director, The Capital Group Companies, Inc.\*; Director, Capital Research and Management Company | 101 |  |

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#### Other officers <sup>5</sup>

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| | |
|:---|:---|
| **Name, year of birth**<br>**and position with fund**<br>**(year first elected**<br>**as an officer<sup>2</sup>)** | **Principal occupation(s) during the past five years**<br>**and positions held with affiliated entities**<br>**or the Principal Underwriter of the funds** |
| Vikas Malhotra, 1983<br>President (STEX 2022) | Partner - Capital Fixed Income Investors, Capital Research and Management Company |
| Mark Marinella, 1958<br>President (LTEX 2019) | Partner – Capital Fixed Income Investors, Capital Research and Management Company |
| Ivan Mirabelli, 1985<br>President (TEFCA 2024) | Partner – Capital Fixed Income Investors, Capital Research and Management Company |
| Chad M. Rach, 1972<br>President (AHIM 2015)  | Partner – Capital Fixed Income Investors, Capital Research and Management Company |
| Jerome Solomon, 1963<br>President (TEFNY 2011) | Partner — Capital Fixed Income Investors, Capital Research and Management Company |

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Tax-exempt income funds — Page 32

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Name, year of birth**<br>**and position with fund**<br>**(year first elected**<br>**as an officer<sup>2</sup>)** | **Principal occupation(s) during the past five years**<br>**and positions held with affiliated entities**<br>**or the Principal Underwriter of the funds** |
| Kristine M. Nishiyama, 1970<br>Principal Executive Officer (STEX, LTEX, TEBF, AHIM and TEFCA 2003; TEFNY 2010) | Senior Vice President – Legal and Compliance Group, Capital Research and Management Company; Chair, Senior Vice President, General Counsel and Director, Capital Bank and Trust Company\* |
| Michael W. Stockton, 1967<br>Executive Vice President (2021) | Senior Vice President – Legal and Compliance Group, Capital Research and Management Company |
| Courtney R. Taylor, 1975<br>Secretary (STEX 2009-2014, 2023; LTEX, TEBF, AHIM and TEFCA 2006-2014, 2023; TEFNY 2010-2014, 2023) | Assistant Vice President – Legal and Compliance Group, Capital Research and Management Company |
| Becky L. Park, 1979<br>Treasurer (2021) | Vice President – Investment Operations, Capital Research and Management Company |
| Jane Y. Chung, 1974<br>Assistant Secretary (2014) | Associate – Legal and Compliance Group, Capital Research and Management Company |
| Sandra Chuon, 1972<br>Assistant Treasurer (2019) | Vice President, Investment Operations, Capital Research and Management Company |
| Brian C. Janssen, 1972<br>Assistant Treasurer <br>(STEX, LTEX and AHIM 2015; TEBF, TEFCA and TEFNY 2012) | Senior Vice President – Investment Operations, Capital Research and Management Company |

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\* Company affiliated with Capital Research and Management Company.

<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the funds within the meaning of the 1940 Act.

<sup>2</sup> Trustees and officers of the funds serve until their resignation, removal or retirement.

<sup>3</sup> This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a director/trustee of a public company or a registered investment company. Unless otherwise noted, all directorships/trusteeships are current.

<sup>4</sup> The term interested trustee refers to a trustee who is an "interested person" of the funds within the meaning of the 1940 Act, on the basis of his or her affiliation with the funds' investment adviser, Capital Research and Management Company, or affiliated entities (including the funds' principal underwriter). The listed individual may not be a trustee of all funds listed for him or her, but rather may be an officer of one or more such funds.

<sup>5</sup> All of the trustees and/or officers listed are ,with the exception of Ivan Mirabelli and Jerome Solomon, officers and/or directors/trustees of one or more funds for which Capital Research and Management Company serves as investment adviser.

#### The address for all trustees and officers of the fund is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.
Tax-exempt income funds — Page 33

**Fund shares owned by trustees as of December 31, 2024:**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Name** | **Dollar range<sup>1</sup>**<br>**of fund<br>shares owned** | **Dollar range<sup>1</sup>**<br>**of fund<br>shares owned** | **Aggregate**<br>**dollar range<sup>1</sup><br>of shares<br>owned in<br>all funds<br>overseen<br>by trustee in same family of investment companies as the fund** | **Dollar**<br>**range<sup>1,2</sup> of<br>independent <br>trustees<br>deferred compensation<sup>3</sup> allocated<br>to fund** | **Dollar**<br>**range<sup>1,2</sup> of<br>independent <br>trustees<br>deferred compensation<sup>3</sup> allocated<br>to fund** | **Aggregate**<br>**dollar<br>range<sup>1,2</sup> of<br>independent<br>trustees<br>deferred<br>compensation<sup>3</sup> allocated to<br>all funds<br>overseen<br>by trustee in same family of investment companies as the fund** |
| **Independent trustees** | **Independent trustees** | **Independent trustees** | **Independent trustees** | **Independent trustees** | **Independent trustees** | **Independent trustees** |
| Francisco G. Cigarroa | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: |  |  | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | N/A<br> N/A<br> N/A<br> N/A<br> N/A<br> N/A | Over $100,000 |
| Nariman Farvardin | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: |  | Over $100,000 | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | N/A<br> N/A<br> N/A<br> N/A<br> N/A<br> N/A | Over $100,000 |
| Jennifer C. Feikin | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: |  | Over $100,000 | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | N/A<br> N/A<br> N/A<br> N/A<br> N/A<br> N/A | Over $100,000 |
| Leslie Stone <br>Heisz | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | None<br> None<br> None<br> Over $100,000<br> None<br> None | Over $100,000 | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | N/A<br> N/A<br> N/A<br> N/A<br> N/A<br> N/A | N/A |

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Tax-exempt income funds — Page 34

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Name** | **Dollar range<sup>1</sup>**<br>**of fund<br>shares owned** | **Aggregate**<br>**dollar range<sup>1</sup><br>of shares<br>owned in<br>all funds<br>overseen<br>by trustee in same family of investment companies as the fund** | **Dollar**<br>**range<sup>1,2</sup> of<br>independent <br>trustees<br>deferred compensation<sup>3</sup> allocated<br>to fund** | **Dollar**<br>**range<sup>1,2</sup> of<br>independent <br>trustees<br>deferred compensation<sup>3</sup> allocated<br>to fund** | **Aggregate**<br>**dollar<br>range<sup>1,2</sup> of<br>independent<br>trustees<br>deferred<br>compensation<sup>3</sup> allocated to<br>all funds<br>overseen<br>by trustee in same family of investment companies as the fund** |
| Mary Davis Holt | STEX: None<br> LTEX: None<br> TEBF: $50,001-$100,000<br> AHIM: None<br> TEFCA: None<br> TEFNY: None | Over $100,000 | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | N/A<br> N/A<br> N/A<br> N/A<br> N/A<br> N/A | N/A |
| Merit E. Janow | STEX: None<br> LTEX: Over $100,000<br> TEBF: Over $100,000<br> AHIM: None<br> TEFCA: None<br> TEFNY: Over $100,000 | Over $100,000 | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | N/A<br> N/A<br> N/A<br> N/A<br> N/A<br> N/A | Over $100,000 |
| Margaret Spellings | STEX: None<br> LTEX: None<br> TEBF: $10,001 – $50,000<br> AHIM: $10,001 – $50,000<br> TEFCA: None<br> TEFNY: None | Over $100,000 | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | N/A<br> N/A<br> N/A<br> N/A<br> N/A<br> N/A | Over $100,000 |
| Alexandra<br>Trower | STEX: Over $100,000<br> LTEX: None<br> TEBF: None<br> AHIM: Over $100,000<br> TEFCA: None<br> TEFNY: Over $100,000 | Over $100,000 | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | N/A<br> N/A<br> N/A<br> N/A<br> N/A<br> N/A | Over $100,000 |
| Paul S. Williams | STEX: None<br> LTEX: None<br> TEBF: $10,001 – $50,000<br> AHIM: None<br> TEFCA: None<br> TEFNY: None | Over $100,000 | STEX:<br> LTEX:<br> TEBF:<br> AHIM:<br> TEFCA:<br> TEFNY: | N/A<br> N/A<br> N/A<br> N/A<br> N/A<br> N/A | Over $100,000 |

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Tax-exempt income funds — Page 35

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Dollar range<sup>1</sup>**<br>**of fund<br>shares owned** | **Dollar range<sup>1</sup>**<br>**of fund<br>shares owned** | **Aggregate**<br>**dollar range<sup>1</sup><br>of shares<br>owned in<br>all funds<br>overseen<br>by trustee in same family of investment companies as the fund** |
| **Interested trustee** | **Interested trustee** | **Interested trustee** | **Interested trustee** |
| Karl J. Zeile | STEX:<br>LTEX:<br>TEBF:<br>AHIM:<br>TEFCA:<br>TEFNY: | Over $100,000<br>Over $100,000<br>Over $100,000<br>Over $100,000<br>Over $100,000<br>None | Over $100,000 |
| Michael C. Gitlin | STEX:<br>LTEX:<br>TEBF:<br>AHIM:<br>TEFCA:<br>TEFNY: | Over $100,000<br>Over $100,000<br>None<br>Over $100,000<br>Over $100,000<br>None | Over $100,000 |

---

<sup>1</sup> Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; and Over $100,000. The amounts listed for interested trustees include shares owned through The Capital Group Companies, Inc. retirement plan and 401(k) plan.

<sup>2</sup> N/A indicates that the listed individual, as of December 31, 2024, was not a trustee of the fund (or, as applicable, other funds in the same family of investment companies as the fund), did not allocate deferred compensation to the fund, or did not participate in the deferred compensation plan.

<sup>3</sup> Eligible trustees may defer their compensation under a nonqualified deferred compensation plan. Amounts deferred by the trustee accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the trustee.

**Trustee compensation —** No compensation is paid by the fund to any officer or trustee who is a director, officer or employee of the investment adviser or its affiliates. Except for the independent trustees listed in the "Board of trustees and officers — Independent trustees" table under the "Management of the fund" section in this statement of additional information, all other officers and trustees of the fund are directors, officers or employees of the investment adviser or its affiliates. The board typically meets either individually or jointly with the boards of one or more other such funds with substantially overlapping board membership (in each case referred to as a "board cluster"). The fund typically pays each independent trustee an annual retainer fee based primarily on the total number of board clusters which that independent trustee serves. Board and committee chairs receive additional fees for their services.

The fund and the other funds served by each independent trustee each pay a portion of these fees.

No pension or retirement benefits are accrued as part of fund expenses. Generally, independent trustees may elect, on a voluntary basis, to defer all or a portion of their fees through a deferred compensation plan in effect for the fund. The fund also reimburses certain expenses of the independent trustees.

Tax-exempt income funds — Page 36

**Trustee compensation earned during the fiscal year ended July 31, 2025:**

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Aggregate compensation**<br>**(including voluntarily**<br>**deferred compensation<sup>1</sup>)**<br>**from the funds** | **Aggregate compensation**<br>**(including voluntarily**<br>**deferred compensation<sup>1</sup>)**<br>**from the funds** | **Total compensation (including**<br>**voluntarily deferred**<br>**compensation<sup>1</sup>)**<br>**from all funds managed by**<br>**Capital Research and**<br>**Management**<br>**Company or its affiliates** |
| Francisco G. Cigarroa<sup>2</sup> | STEX<br> LTEX<br> TEBF<br> AHIM<br> TEFCA<br> TEFNY | $1072<br> 3091<br> 11986<br> 6302<br> 1504<br> 143 | $358000 |
| Nariman Farvardin<sup>2</sup> | STEX<br> LTEX<br> TEBF<br> AHIM<br> TEFCA<br> TEFNY | 685<br> 1975<br> 7652<br> 4022<br> 960<br> 91 | 548000 |
| Jennifer C. Feikin<sup>2</sup> | STEX<br> LTEX<br> TEBF<br> AHIM<br> TEFCA<br> TEFNY | 1072<br> 3091<br> 11986<br> 6302<br> 1504<br> 143 | 463000 |
| Leslie Stone Heisz | STEX<br> LTEX<br> TEBF<br> AHIM<br> TEFCA<br> TEFNY | 1072<br> 3091<br> 11986<br> 6302<br> 1504<br> 143 | 463000 |
| Mary Davis Holt | STEX<br> LTEX<br> TEBF<br> AHIM<br> TEFCA<br> TEFNY | 827<br> 2385<br> 9242<br> 4858<br> 1159<br> 110 | 428000 |
| Merit E. Janow<sup>2</sup> | STEX<br> LTEX<br> TEBF<br> AHIM<br> TEFCA<br> TEFNY | 695<br> 2003<br> 7764<br> 4081<br> 974<br> 93 | 575500 |
| Margaret Spellings<sup>2</sup> | STEX<br> LTEX<br> TEBF<br> AHIM<br> TEFCA<br> TEFNY | 805<br> 2321<br> 8992<br> 4726<br> 1128<br> 107 | 538000 |

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Tax-exempt income funds — Page 37

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Aggregate compensation**<br>**(including voluntarily**<br>**deferred compensation<sup>1</sup>)**<br>**from the funds** | **Aggregate compensation**<br>**(including voluntarily**<br>**deferred compensation<sup>1</sup>)**<br>**from the funds** | **Total compensation (including**<br>**voluntarily deferred**<br>**compensation<sup>1</sup>)**<br>**from all funds managed by**<br>**Capital Research and**<br>**Management**<br>**Company or its affiliates** |
| Alexandra Trower<sup>2</sup> | STEX<br> LTEX<br> TEBF<br> AHIM<br> TEFCA<br> TEFNY | 1102<br> 3178<br> 12321<br> 6478<br> 1546<br> 147 | 368000 |
| Paul S. Williams<sup>2</sup> | STEX<br> LTEX<br> TEBF<br> AHIM<br> TEFCA<br> TEFNY | 1102<br> 3178<br> 12321<br> 6478<br> 1546<br> 147 | 368000 |

---

<sup>1</sup> Amounts may be deferred by eligible trustees under a nonqualified deferred compensation plan adopted by STEX, LTEX, TEBF, AHIM and TEFCA in 1993 and TEFNY in 2010. Deferred amounts accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the trustees. Compensation shown in this table for the fiscal year ended July 31, 2025 does not include earnings on amounts deferred in previous fiscal years. See footnote 2 to this table for more information.

<sup>2</sup> Since the deferred compensation plans' adoption, the total amount of deferred compensation accrued by the funds (plus earnings thereon) through the end of the 2025 fiscal year for participating trustees is as follows:

STEX – Francisco G. Cigarroa ($2,651), Nariman Farvardin ($7,875), Jennifer C. Feikin ($3,834), Merit E. Janow ($1,001), Margaret Spellings ($4,003), Alexandra Trower ($4,079) and Paul S. Williams ($1,501);

LTEX – Francisco G. Cigarroa ($8,950), Nariman Farvardin ($28,644), Jennifer C. Feikin ($11,315), Merit E. Janow ($2,958), Margaret Spellings ($15,779), Alexandra Trower ($16,072) and Paul S. Williams ($5,767);

TEBF – Francisco G. Cigarroa ($31,982), Nariman Farvardin ($284,708), Jennifer C. Feikin ($38,660), Merit E. Janow ($10,039), Margaret Spellings ($56,414), Alexandra Trower ($69,684) and Paul S. Williams ($23,662);

AHIM – Francisco G. Cigarroa ($13,935), Nariman Farvardin ($44,900), Jennifer C. Feikin ($18,707), Merit E. Janow ($4,836), Margaret Spellings ($20,152), Alexandra Trower ($62,737) and Paul S. Williams ($8,914);

TEFCA – Francisco G. Cigarroa ($3,760), Nariman Farvardin ($14,082), Jennifer C. Feikin ($4,628), Merit E. Janow ($1,199), Margaret Spellings ($7,877), Alexandra Trower ($8,160) and Paul S. Williams ($2,754); and

TEFNY – Francisco G. Cigarroa ($348), Nariman Farvardin ($1,307), Jennifer C. Feikin ($424), Merit E. Janow ($109), Margaret Spellings ($675), Alexandra Trower ($2,163) and Paul S. Williams ($246).

Amounts deferred and accumulated earnings thereon are not funded and are general unsecured liabilities of the funds until paid to the trustees.

Tax-exempt income funds — Page 38

**Fund organization and the board of trustees —** The fund is an open-end, diversified management investment company. American Funds Short-Term Tax-Exempt Bond Fund was organized as The Tax-Exempt Money Fund of America, a Massachusetts business trust, on December 5, 1988, and reorganized as a Delaware statutory trust on August 7, 2009. Limited Term Tax-Exempt Bond Fund of America was organized as a Massachusetts business trust on July 12, 1993 and reorganized as a Delaware statutory trust on November 1, 2010. The Tax-Exempt Bond Fund of America was organized as a Maryland corporation on July 20, 1979 and reorganized as a Delaware statutory trust on November 1, 2010. American High-Income Municipal Bond Fund was organized as a Maryland corporation on June 14, 1994 and reorganized as a Delaware statutory trust on November 1, 2010. The Tax-Exempt Fund of California was organized as a Massachusetts business trust on May 30, 1986 and reorganized as a Delaware statutory trust on November 1, 2010. American Funds Tax-Exempt Fund of New York was organized as a Delaware statutory trust on July 16, 2010. All fund operations are supervised by the fund's boards of trustees ("board") which meets periodically and performs duties required by applicable state and federal laws.

Delaware law charges trustees with the duty of managing the business affairs of the trust. Trustees are considered to be fiduciaries of the trust and owe duties of care and loyalty to the trust and its shareholders.

Independent board members are paid certain fees for services rendered to each fund as described above. They may elect to defer all or a portion of these fees through a deferred compensation plan in effect for each fund.

The fund has several different classes of shares. Shares of each class represent an interest in the same investment portfolio. Each class has pro rata rights as to voting, redemption, dividends and liquidation, except that each class bears different distribution expenses and may bear different transfer agent fees and other expenses properly attributable to the particular class as approved by the board of trustees and set forth in each fund's rule 18f-3 Plan. Each class' shareholders have exclusive voting rights with respect to the respective class' rule 12b-1 plans adopted in connection with the distribution of shares and on other matters in which the interests of one class are different from interests in another class. Shares of all classes of the fund vote together on matters that affect all classes in substantially the same manner. Each class votes as a class on matters that affect that class alone. In addition, the trustees have the authority to establish new series and classes of shares, and to split or combine outstanding shares into a greater or lesser number, without shareholder approval.

The fund does not hold annual meetings of shareholders. However, significant matters that require shareholder approval, such as certain elections of board members or a change in a fundamental investment policy, will be presented to shareholders at a meeting called for such purpose. Shareholders have one vote per share owned.

The fund's declaration of trust and by-laws, as well as separate indemnification agreements with independent trustees, provide in effect that, subject to certain conditions, the fund will indemnify its officers and trustees against liabilities or expenses actually and reasonably incurred by them relating to their service to the fund. However, trustees are not protected from liability by reason of their willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office.

**Removal of trustees by shareholders —** At any meeting of shareholders, duly called and at which a quorum is present, shareholders of the fund may, by the affirmative vote of the holders of two-thirds of the votes entitled to be cast, remove any trustee from office with the fund and may elect a successor or successors to fill any resulting vacancies for the unexpired terms of removed trustees. In addition, the trustees of the fund will promptly call a meeting of shareholders for the purpose of voting upon the

Tax-exempt income funds — Page 39

removal of any trustees of the fund when requested in writing to do so by the record holders of at least 10% of such fund's outstanding shares.

**Leadership structure —** The board's chair is currently an independent trustee who is not an "interested person" of the fund within the meaning of the 1940 Act. The board has determined that an independent chair facilitates oversight and enhances the effectiveness of the board. The independent chair's duties include, without limitation, generally presiding at meetings of the board, approving board meeting schedules and agendas, leading meetings of the independent trustees in executive session, facilitating communication with committee chairs, and serving as the principal independent trustee contact for fund management and counsel to the independent trustees and the fund.

**Risk oversight —** Day-to-day management of the fund, including risk management, is the responsibility of the fund's contractual service providers, including the fund's investment adviser, principal underwriter/distributor and transfer agent. Each of these entities is responsible for specific portions of the fund's operations, including the processes and associated risks relating to the fund's investments, integrity of cash movements, financial reporting, operations and compliance. The board of trustees oversees the service providers' discharge of their responsibilities, including the processes they use to manage relevant risks. In that regard, the board receives reports regarding the operations of the fund's service providers, including risks. For example, the board receives reports from investment professionals regarding risks related to the fund's investments and trading. The board also receives compliance reports from the fund's and the investment adviser's chief compliance officers addressing certain areas of risk.

Committees of the fund's board, which are comprised of independent board members, none of whom is an "interested person" of the fund within the meaning of the 1940 Act, as well as joint committees of independent board members of funds managed by Capital Research and Management Company, also explore risk management procedures in particular areas and then report back to the full board. For example, the fund's audit committee oversees the processes and certain attendant risks relating to financial reporting, valuation of fund assets, and related controls. Similarly, a joint review and advisory committee oversees certain risk controls relating to the fund's transfer agency services.

Not all risks that may affect the fund can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the fund's objectives. As a result of the foregoing and other factors, the ability of the fund's service providers to eliminate or mitigate risks is subject to limitations.

**Committees of the board of trustees —** The fund has an audit committee comprised of Francisco G. Cigarroa, Leslie Stone Heisz, Mary Davis Holt and Paul S. Williams. The committee provides oversight regarding the funds' accounting and financial reporting policies and practices, their internal controls and the internal controls of the funds' principal service providers. The committee acts as a liaison between the funds' independent registered public accounting firm and the full board of trustees. The audit committee held five meetings during the 2025 fiscal year.

The fund has a contracts committee comprised of all of its independent board members. The committee's principal function is to request, review and consider the information deemed necessary to evaluate the terms of certain agreements between the fund and their investment adviser or the investment adviser's affiliates, such as the Investment Advisory and Service Agreement, Principal Underwriting Agreement, Administrative Services Agreement and Plans of Distribution adopted pursuant to rule 12b-1 under the 1940 Act, that the fund may enter into, renew or continue, and to make its recommendations to the full board of trustees on these matters. The contracts committee held one meeting during the 2025 fiscal year.

Tax-exempt income funds — Page 40

The fund has a nominating and governance committee comprised of Nariman Farvardin, Jennifer C. Feikin, Merit E. Janow, Margaret Spellings and Alexandra Trower. The committee periodically reviews such issues as each board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other 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 boards. Such suggestions must be sent in writing to the nominating and governance committee of the fund, addressed to the fund's secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the committee. The fund's nominating and governance committee held two meetings during the 2025 fiscal year.

The independent board members of the fund have oversight responsibility for the fund and certain other funds managed by the investment adviser. As part of their oversight responsibility for these funds, each independent board member sits on one of three fund review committees comprised solely of independent board members. The three committees are divided by portfolio type. Each committee functions independently and is not a decision making body. The purpose of the committees is to assist the board of each fund in the oversight of the investment management services provided by the investment adviser. In addition to regularly monitoring and reviewing investment results, investment activities and strategies used to manage the fund's assets, the committees also receive reports from the investment adviser's Principal Investment Officers for the funds, portfolio managers and other investment personnel concerning efforts to achieve the fund's investment objective(s). Each committee reports to the full board of the fund.

**Proxy voting procedures and principles —** The fund's investment adviser, in consultation with the fund's board, has adopted Proxy Voting Procedures and Principles (the "Principles") with respect to voting proxies of securities held by the fund and other funds advised by the investment adviser or its affiliates. The Principles are reasonably designed to ensure that proxies are voted solely in accordance with the financial interest of the clients of the investment adviser or its affiliates and the shareholders of the funds advised or managed by the investment adviser or its affiliates. The complete text of the Principles is available at capitalgroup.com. Final voting authority is held by a committee of the appropriate equity investment division of the investment adviser under authority delegated by the funds' boards. The boards of funds advised by Capital Research and Management Company and its affiliates, including American Funds and Capital Group exchange-traded funds, have established a Joint Proxy Committee ("JPC") composed of independent board members from each applicable fund board. The JPC's role is to facilitate appropriate oversight of the proxy voting process and provide valuable input on corporate governance and related matters.

The Principles provide an important framework for analysis and decision-making by all funds. However, they are not exhaustive and do not address all potential issues. The Principles provide a certain amount of flexibility so that all relevant facts and circumstances can be considered in connection with every vote. As a result, each proxy received is voted on a case-by-case basis considering the specific circumstances of each proposal. The voting process reflects the funds' understanding of the company's business, its management and its relationship with shareholders over time. In all cases, long-term value creation and the investment objectives and policies of the funds managed by the investment adviser remain the focus.

The investment adviser seeks to vote all U.S. proxies. Proxies for companies outside the United States are also voted where there is sufficient time and information available, taking into account distinct market practices, regulations and laws, and types of proposals presented in each country. Where there is insufficient proxy and meeting agenda information available, the investment adviser will generally vote against such proposals in the interest of encouraging improved disclosure for investors. The

Tax-exempt income funds — Page 41

investment adviser may not exercise its voting authority if voting would impose costs on clients, including opportunity costs. For example, certain regulators have granted investment limit relief to the investment adviser and its affiliates, conditioned upon limiting voting power to specific voting ceilings. To comply with these voting ceilings, the investment adviser will scale back its votes across all funds and accounts it manages on a pro rata basis based on assets. In addition, certain countries impose restrictions on the ability of shareholders to sell shares during the proxy solicitation period. The investment adviser may choose, due to liquidity issues, not to expose the funds and accounts it manages to such restrictions and may not vote some (or all) shares. Finally, the investment adviser may determine not to recall securities on loan to exercise its voting rights when it determines that the cost of doing so would exceed the benefits to clients or that the vote would not have a material impact on the investment. Proxies with respect to securities on loan through client-directed lending programs are not available to vote and therefore are not voted.

After a proxy statement is received, the investment adviser's stewardship and engagement team prepares a summary of the proposals contained in the proxy statement.

Investment analysts are generally responsible for making voting recommendations for their investment division on significant votes that relate to companies in their coverage areas. Analysts also have the opportunity to review initial recommendations made by the investment adviser's stewardship and engagement team. Depending on the vote recommendation, a second opinion may be made by a proxy coordinator (an investment professional with experience in corporate governance and proxy voting matters) within the appropriate investment division, based on knowledge of the Principles and familiarity with proxy-related issues. Each of the investment adviser's equity investment divisions has its own proxy voting committee, which is made up of investment professionals within each division. Each division's proxy voting committee retains final authority for voting decisions made by such division. In cases where a fund is co-managed and a security is held by more than one of the investment adviser's equity investment divisions, the divisions may develop different voting recommendations for individual ballot proposals. If this occurs, and if permitted by local market conventions, the fund's position will generally be voted proportionally by divisional holding, according to their respective decisions. Otherwise, the outcome will be determined by the equity investment division or divisions with the larger position in the security as of the record date for the shareholder meeting.

In addition to its proprietary proxy voting, governance and executive compensation research, Capital Research and Management Company may utilize research provided by third-party advisory firms on a case-by-case basis. It does not, as a policy, follow the voting recommendations provided by these firms. It periodically assesses the information provided by the advisory firms and reports to the applicable governance committees that provide oversight of the application of the Principles.

From time to time, the investment adviser may vote proxies issued by, or on proposals sponsored or publicly supported by, *(a)* a client with substantial assets managed by the investment adviser or its affiliates, *(b)* an entity with a significant business relationship with The Capital Group Companies, Inc. or its affiliates, or *(c)* a company with a director of an American Fund on its board (each referred to as an "Interested Party"). Other persons or entities may also be deemed an Interested Party if facts or circumstances appear to give rise to a potential conflict.

The investment adviser has developed procedures to identify and address instances when a vote could appear to be influenced by such a relationship. Each equity investment division of the investment adviser has established a Special Review Committee ("SRC") of senior investment professionals and legal and compliance professionals with oversight of potentially conflicted matters.

If a potential conflict is identified according to the procedure above, the SRC will take appropriate steps to address the conflict of interest. These steps may include engaging an independent third party to review the proxy and using the Principles to provide an independent voting recommendation to the

Tax-exempt income funds — Page 42

investment adviser for vote execution. The investment adviser will generally follow the third party's recommendation, except when it believes the recommendation is inconsistent with the investment adviser's fiduciary duty to its clients. Occasionally, it may not be feasible to engage the third party to review the matter due to compressed timeframes or other operational issues. In this case, the SRC will take appropriate steps to address the conflict of interest, including reviewing the proxy after being provided with a summary of any relevant communications with the Interested Party, the rationale for the voting decision, information on the organization's relationship with the Interested Party and any other pertinent information.

Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 of each year will be available on or about September 1 of such year (*a*) without charge, upon request by calling American Funds Service Company at (800) 421-4225, (*b*) on the Capital Group website and (*c*) on the SEC's website at sec.gov.

The following summary sets forth the general positions of the investment adviser on various proposals. A copy of the full Principles is available upon request, free of charge, by calling American Funds Service Company or visiting the Capital Group website.

**Director matters —** The election of a company's slate of nominees for director generally is supported. Votes may be withheld for some or all of the nominees if this is determined to be in the best interest of shareholders or if, in the opinion of the investment adviser, such nominee has not fulfilled his or her fiduciary duty. In making this determination, the investment adviser considers, among other things, a nominee's potential conflicts of interest, track record (whether in the current board seat or in previous executive or director roles) with respect to shareholder protection and value creation as well as their capacity for full engagement on board matters. The investment adviser generally supports a breadth of experience and perspectives among board members, and the separation of the chairman and CEO positions.

**Governance provisions —** Proposals to declassify a board (elect all directors annually) generally are supported based on the belief that this increases the directors' sense of accountability to shareholders. Proposals for cumulative voting generally are supported in order to promote management and board accountability and an opportunity for leadership change. Proposals designed to make director elections more meaningful, either by requiring a majority vote or by requiring any director receiving more withhold votes than affirmative votes to tender his or her resignation, generally are supported.

**Shareholder rights —** Proposals to repeal an existing poison pill generally are supported. (There may be certain circumstances, however, when a proxy voting committee of a fund or an investment division of the investment adviser believes that a company needs to maintain anti-takeover protection.) Proposals to eliminate the right of shareholders to act by written consent or to take away a shareholder's right to call a special meeting typically are not supported.

**Compensation and benefit plans —** Equity incentive plans are complicated, and many factors are considered in evaluating a plan. Each plan is evaluated based on protecting shareholder interests and a knowledge of the company and its management. Considerations include the pricing (or repricing) of options awarded under the plan and the impact of dilution on existing shareholders from past and future equity awards. Compensation packages should be structured to attract, motivate and retain existing employees and qualified directors; in addition, they should be aligned with the long-term success of the company and the enhancement of shareholder value.

**Routine matters —** The ratification of auditors, procedural matters relating to the annual meeting and changes to company name are examples of items considered routine. Such items

Tax-exempt income funds — Page 43

generally are voted in favor of management's recommendations unless circumstances indicate otherwise.

**Shareholder proposals on environmental and social issues —** The investment adviser believes environmental and social issues present investment risks and opportunities that can shape a company's long-term financial sustainability. Shareholder proposals, including those relating to social and environmental issues, are evaluated in terms of their materiality to the company and its ability to generate long-term value in light of the company's business model specific operating context. The investment adviser generally supports transparency and standardized disclosure, particularly that which leverages existing regulatory reporting or industry best practices. With respect to environmental matters, this includes disclosures aligned with industry standards and reporting on sustainability issues that are material to investment analysis. With respect to social matters, the investment adviser encourages companies to disclose the composition of the workforce in a regionally appropriate manner. The investment adviser supports relevant reporting and disclosure that is consistent with broadly applicable standards.

Tax-exempt income funds — Page 44

**Principal fund shareholders —** The following tables identify those investors who own of record, or are known by the fund to own beneficially, 5% or more of any class of its shares as of the opening of business on September 1, 2025. Unless otherwise indicated, the ownership percentages below represent ownership of record rather than beneficial ownership.

**American Funds Short-Term Tax-Exempt Bond Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Edward D. Jones & Co. | Record | Class A | 59.16% |
| For the benefit of its customers |  | Class F-3 | 14.17% |
| St. Louis, MO |  |  |  |
| Wells Fargo Clearing Services, LLC | Record | Class A | 6.84% |
| Special custody account for the exclusive benefit of customers |  | Class F-1 | 5.03% |
| St. Louis, MO |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class F-1 | 35.97% |
| Account 1 |  |  |  |
| San Francisco, CA |  |  |  |
| Pershing, LLC | Record | Class F-1 | 24.55% |
| Jersey City, NJ |  | Class F-2 | 6.37% |
|  |  | Class F-3 | 45.84% |
| LPL Financial | Record | Class F-1 | 14.03% |
| Omnibus customer account |  | Class F-2 | 10.36% |
| San Diego, CA |  |  |  |
| National Financial Services, LLC | Record | Class F-1 | 9.87% |
| For the exclusive benefit of our customers |  | Class F-2 | 9.98% |
| Jersey City, NJ |  | Class F-3 | 13.24% |
| Individual Investor 1 | Record | Class F-2 | 13.61% |
| New York, NY | Beneficial |  |  |
| Morgan Stanley Smith Barney, LLC | Record | Class F-2 | 9.18% |
| For the benefit of its customers |  |  |  |
| New York, NY |  |  |  |
| Individual Investor 2 | Record | Class F-2 | 7.18% |
| Hermosa Beach, CA | Beneficial |  |  |
| Raymond James | Record | Class F-2 | 6.90% |
| Omnibus for Mutual Funds House Account |  |  |  |
| St. Petersburg, FL |  |  |  |

---

Tax-exempt income funds — Page 45

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Charles Schwab & Co., Inc. | Record | Class F-3 | 21.74% |
| Account 2 |  |  |  |
| San Francisco, CA |  |  |  |
| American Funds Tax-Exempt Preservation Portfolio | Record | Class R-6 | 100.00% |
| Norfolk, VA |  |  |  |

---

**Limited Term Tax-Exempt Bond Fund of America**

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Edward D. Jones & Co. | Record | Class A | 58.44% |
| For the benefit of its customers |  | Class C | 14.50% |
| St. Louis, MO |  | Class F-3 | 19.36% |
| Pershing, LLC | Record | Class A | 6.17% |
| Jersey City, NJ |  | Class C | 11.50% |
|  |  | Class F-1 | 13.36% |
|  |  | Class F-2 | 12.30% |
|  |  | Class F-3 | 48.38% |
| Wells Fargo Clearing Services, LLC | Record | Class A | 5.09% |
| Special custody account for the exclusive benefit of customers |  | Class C | 14.27% |
| St. Louis, MO |  |  |  |
| Morgan Stanley Smith Barney, LLC | Record | Class C | 17.92% |
| For the benefit of its customers |  | Class F-2 | 14.10% |
| New York, NY |  |  |  |
| National Financial Services, LLC | Record | Class C | 12.73% |
| For the exclusive benefit of our customers |  | Class F-1 | 25.71% |
| Jersey City, NJ |  | Class F-2 | 12.91% |
|  |  | Class F-3 | 8.08% |
| LPL Financial | Record | Class C | 6.62% |
| Omnibus customer account |  | Class F-1 | 10.00% |
| San Diego, CA |  | Class F-2 | 9.15% |
| Charles Schwab & Co., Inc. | Record | Class F-1 | 14.83% |
| Account 1 |  |  |  |
| San Francisco, CA |  |  |  |
| MLPF&S | Record | Class F-1 | 9.41% |
| For the Sole Benefit of its Customers |  | Class F-2 | 12.84% |
| Jacksonville, FL |  |  |  |

---

Tax-exempt income funds — Page 46

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| UBS WM USA | Record | Class F-1 | 6.79% |
| Weehawken, NJ |  | Class F-2 | 11.61% |
| Raymond James | Record | Class F-2 | 8.75% |
| Omnibus for Mutual Funds House Account |  |  |  |
| St. Petersburg, FL |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class F-3 | 12.00% |
| Account 2 |  |  |  |
| San Francisco, CA |  |  |  |
| BNY Mellon N A | Record | Class F-3 | 9.29% |
| Pittsburgh, PA |  |  |  |
| American Funds Tax-Exempt Preservation Portfolio | Record | Class R-6 | 100.00% |
| Norfolk, VA |  |  |  |

---

**The Tax-Exempt Bond Fund of America**

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Edward D. Jones & Co. | Record | Class A | 52.16% |
| For the benefit of its customers |  | Class C | 10.22% |
| St. Louis, MO |  | Class F-3 | 29.49% |
| Pershing, LLC | Record | Class A | 5.84% |
| Jersey City, NJ |  | Class C | 16.97% |
|  |  | Class F-1 | 6.27% |
|  |  | Class F-2 | 28.48% |
|  |  | Class F-3 | 12.14% |
| Wells Fargo Clearing Services, LLC | Record | Class A | 5.01% |
| Special custody account for the exclusive benefit of customers |  | Class C | 10.17% |
| St. Louis, MO |  |  |  |
| Morgan Stanley Smith Barney, LLC | Record | Class C | 11.35% |
| For the benefit of its customers |  | Class F-2 | 14.45% |
| New York, NY |  |  |  |
| LPL Financial | Record | Class C | 9.07% |
| Omnibus customer account |  | Class F-1 | 8.37% |
| San Diego, CA |  | Class F-2 | 9.99% |
| Raymond James | Record | Class C | 6.04% |
| Omnibus for Mutual Funds House Account |  | Class F-2 | 6.92% |
| St. Petersburg, FL |  |  |  |

---

Tax-exempt income funds — Page 47

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| National Financial Services, LLC | Record | Class C | 5.79% |
| For the exclusive benefit of our customers |  | Class F-1 | 22.88% |
| Jersey City, NJ |  | Class F-2 | 11.92% |
|  |  | Class F-3 | 8.90% |
| Charles Schwab & Co., Inc. | Record | Class F-1 | 32.44% |
| Account 1 |  |  |  |
| San Francisco, CA |  |  |  |
| UBS WM USA | Record | Class F-2 | 6.69% |
| Weehawken, NJ |  |  |  |
| MLPF&S | Record | Class F-2 | 5.87% |
| For the sole benefit of its customers |  |  |  |
| Jacksonville, FL |  |  |  |
| J. P. Morgan Securities LLC | Record | Class F-3 | 21.89% |
| For the Exclusive Benefit of our Customers |  |  |  |
| Brooklyn, NY |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class F-3 | 16.62% |
| Account 2 |  |  |  |
| San Francisco, CA |  |  |  |
| Capital Research and Management Company | Record | Class R-6 | 100.00% |
| Corporate Account |  |  |  |
| Irvine, CA |  |  |  |

---

**American High-Income Municipal Bond Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Edward D. Jones & Co. | Record | Class A | 49.06% |
| For the benefit of its customers |  | Class F-3 | 30.01% |
| St. Louis, MO |  |  |  |
| Wells Fargo Clearing Services, LLC | Record | Class A | 5.09% |
| Special custody account for the exclusive benefit of customers |  | Class C | 11.58% |
| St. Louis, MO |  |  |  |
| Raymond James | Record | Class C | 10.63% |
| Omnibus for Mutual Funds House Account |  | Class F-2 | 7.39% |
| St. Petersburg, FL |  |  |  |
| National Financial Services, LLC | Record | Class C | 10.60% |
| For the exclusive benefit of our customers |  | Class F-1 | 46.99% |
| Jersey City, NJ |  | Class F-2 | 20.24% |
|  |  | Class F-3 | 7.30% |

---

Tax-exempt income funds — Page 48

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Pershing, LLC | Record | Class C | 10.55% |
| Jersey City, NJ |  | Class F-2 | 15.34% |
|  |  | Class F-3 | 14.56% |
| LPL Financial | Record | Class C | 9.55% |
| Omnibus customer account |  | Class F-1 | 10.74% |
| San Diego, CA |  | Class F-2 | 8.29% |
| Charles Schwab & Co., Inc. | Record | Class F-1 | 17.12% |
| Account 1 |  |  |  |
| San Francisco, CA |  |  |  |
| UBS WM USA | Record | Class F-2 | 11.01% |
| Weehawken, NJ |  |  |  |
| Morgan Stanley Smith Barney, LLC | Record | Class F-2 | 9.85% |
| For the benefit of its customers |  |  |  |
| New York, NY |  |  |  |
| MLPF&S | Record | Class F-2 | 7.97% |
| For the Sole Benefit of its Customers |  |  |  |
| Jacksonville, FL |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class F-3 | 18.87% |
| Account 2 |  |  |  |
| San Francisco, CA |  |  |  |
| Goldman Sachs & Co LLC C/O | Record | Class F-3 | 13.98% |
| Mutual Funds OPS |  |  |  |
| Salt Lake City, UT |  |  |  |
| Capital Research & Management Company | Record | Class R-6 | 100.00% |
| Corporate Account |  |  |  |
| Irvine, CA |  |  |  |

---

**The Tax-Exempt Fund of California**

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Edward D. Jones & Co. | Record | Class A | 29.87% |
| For the benefit of its customers |  | Class F-3 | 7.78% |
| St. Louis, MO |  |  |  |
| Wells Fargo Clearing Services, LLC | Record | Class A | 9.22% |
| Special custody account for the exclusive benefit of customers |  | Class C | 12.39% |
| St. Louis, MO |  | Class F-1 | 7.01% |
|  |  | Class F-2 | 11.35% |

---

Tax-exempt income funds — Page 49

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Morgan Stanley Smith Barney LLC | Record | Class A | 8.39% |
| For the exclusive benefit of its customers |  | Class C | 16.63% |
| New York, NY |  | Class F-2 | 16.65% |
| Pershing, LLC | Record | Class A | 5.92% |
| Jersey City, NJ |  | Class C | 6.83% |
|  |  | Class F-1 | 7.35% |
|  |  | Class F-3 | 55.51% |
|  |  | Class R-5 | 91.27% |
| LPL Financial | Record | Class A | 5.65% |
| Omnibus customer account |  | Class C | 13.90% |
| San Diego, CA |  | Class F-1 | 5.98% |
|  |  | Class F-2 | 6.99% |
| Charles Schwab & Co., Inc. | Record | Class F-1 | 49.28% |
| Account 1 |  |  |  |
| San Francisco, CA |  |  |  |
| National Financial Services, LLC | Record | Class F-1 | 11.49% |
| For the exclusive benefit of our customers |  | Class F-2 | 19.53% |
| Jersey City, NJ |  | Class F-3 | 8.68% |
| RBC Capital Markets LLC | Record | Class F-2 | 9.70% |
| Mutual Fund Omnibus Processing Omnibus |  |  |  |
| Minneapolis, MN |  |  |  |
| UBS WM USA | Record | Class F-2 | 5.90% |
| Weehawken, NJ |  |  |  |
| MLPF&S | Record | Class F-2 | 5.87% |
| For the sole benefit of its customers |  |  |  |
| Jacksonville, FL |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class F-3 | 17.12% |
| Account 2 |  |  |  |
| San Francisco, CA |  |  |  |
| BNY Mellon N.A. | Record | Class F-3 | 8.67% |
| Pittsburgh, PA |  | Class R-5 | 7.00% |

---

Tax-exempt income funds — Page 50

**American Funds Tax-Exempt Fund of New York**

---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Edward D. Jones & Co. | Record | Class A | 19.24% |
| For the benefit of its customers |  | Class F-3 | 12.29% |
| St. Louis, MO |  |  |  |
| Pershing, LLC | Record | Class A | 9.82% |
| Jersey City, NJ |  | Class C | 38.40% |
|  |  | Class F-1 | 24.10% |
|  |  | Class F-2 | 12.25% |
|  |  | Class F-3 | 62.59% |
| National Financial Services, LLC | Record | Class A | 9.48% |
| For the exclusive benefit of our customers |  | Class F-1 | 19.37% |
| Jersey City, NJ |  | Class F-2 | 29.72% |
|  |  | Class F-3 | 6.30% |
| Wells Fargo Clearing Services, LLC | Record | Class A | 8.04% |
| Special custody account for the exclusive benefit of customers |  |  |  |
| St. Louis, MO |  |  |  |
| LPL Financial | Record | Class A | 6.20% |
| Omnibus customer account |  | Class C | 20.47% |
| San Diego, CA |  | Class F-2 | 24.40% |
| Individual Investor #1 | Record | Class A | 5.03% |
| Stuart, FL | Beneficial |  |  |
| Stifel Nicolau & Co Inc | Record | Class C | 5.30% |
| Exclusive Benefits of Customers |  |  |  |
| St. Louis, MO |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class F-1 | 23.73% |
| Account 1 |  |  |  |
| San Francisco, CA |  |  |  |
| Raymond James | Record | Class F-1 | 15.50% |
| Omnibus for Mutual Funds House Account |  | Class F-2 | 12.47% |
| St. Petersburg, FL |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class F-3 | 11.04% |
| Account 2 |  |  |  |
| San Francisco, CA |  |  |  |
| BNY Mellon N.A. | Record | Class F-3 | 6.31% |
| Pittsburgh, PA |  |  |  |

---

Tax-exempt income funds — Page 51

Because Class T shares are not currently offered to the public, Capital Research and Management Company, the fund's investment adviser, owns 100% of the fund's outstanding Class T shares.

As of September 1, 2025, the officers and trustees of the fund, as a group, owned beneficially or of record less than 1% of the outstanding shares of the fund.

**Unless otherwise noted, references in this statement of additional information to Class F shares refer to all F share classes.**

Tax-exempt income funds — Page 52

**Investment adviser —** Capital Research and Management Company, the fund's investment adviser, founded in 1931, maintains research facilities in the United States and abroad (Geneva, Hong Kong, London, Los Angeles, Mumbai, New York, San Francisco, Singapore, Tokyo, Toronto and Washington, D.C.). These facilities are staffed with experienced investment professionals. The investment adviser is located at 333 South Hope Street, Los Angeles, CA 90071. It is a wholly owned subsidiary of The Capital Group Companies, Inc., a holding company for several investment management subsidiaries. Capital Research and Management Company manages equity assets through three equity investment divisions and fixed income assets through its fixed income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital World Investors, Capital Research Global Investors and Capital International Investors — make investment decisions independently of one another. Portfolio managers in Capital International Investors rely on a research team that also provides investment services to institutional clients and other accounts advised by affiliates of Capital Research and Management Company. The investment adviser, which is deemed under the Commodity Exchange Act (the "CEA") to be the operator of the fund, has claimed an exclusion from the definition of the term commodity pool operator under the CEA with respect to the fund and, therefore, is not subject to registration or regulation as such under the CEA with respect to the fund.

The investment adviser has adopted policies and procedures that address issues that may arise as a result of an investment professional's management of the fund and other funds and accounts. Potential issues could involve allocation of investment opportunities and trades among funds and accounts, use of information regarding the timing of fund trades, investment professional compensation and voting relating to portfolio securities. The investment adviser believes that its policies and procedures are reasonably designed to address these issues.

**Compensation of investment professionals —** As described in the prospectus, the investment adviser uses a system of multiple portfolio managers in managing fund assets. In addition, for The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and The Tax-Exempt Fund of California, Capital Research and Management Company's investment analysts may make investment decisions with respect to a portion of a fund's portfolio, within their research coverage. For the Tax-Exempt Fund of New York, notwithstanding The Capital System<sup>TM</sup>, the fund's portfolio managers will work together to oversee the fund's entire portfolio.

Portfolio managers and investment analysts are paid competitive salaries by Capital Research and Management Company. In addition, they may receive bonuses based on their individual portfolio results. Investment professionals also may participate in profit-sharing plans. The relative mix of compensation represented by bonuses, salary and profit-sharing plans will vary depending on the individual's portfolio results, contributions to the organization and other factors.

To encourage a long-term focus, bonuses based on investment results are calculated by comparing total investment returns to relevant benchmarks over the most recent one-, three-, five- and eight-year periods, with increasing weight placed on each succeeding measurement period. For portfolio managers, benchmarks may include measures of the marketplaces in which the fund invests and measures of the results of comparable mutual funds. For investment analysts, benchmarks may include relevant market measures and appropriate industry or sector indexes reflecting their areas of expertise. Capital Research and Management Company makes periodic subjective assessments of analysts' contributions to the investment process and this is an element of their overall compensation. The investment results of the fund's portfolio managers may be measured against one or more benchmarks, depending on his or her investment focus, such as:

Tax-exempt income funds — Page 53

American Funds Short-Term Tax-Exempt Bond Fund — Bloomberg Municipal Short 1-5 Years Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund;

Limited Term Tax-Exempt Bond Fund of America — Bloomberg Municipal Short-Intermediate 1-10 Years Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund;

The Tax-Exempt Bond Fund of America — Bloomberg Municipal Bond Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund;

American High-Income Municipal Bond Fund — (i) Bloomberg Municipal Bond Index, (ii) Bloomberg Municipal Bond BAA Index, (iii) Bloomberg Municipal High Yield 5% Tobacco Cap 2% Issuer Cap Index and (iv) a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund;

The Tax-Exempt Fund of California — Bloomberg California Municipal Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund; and

American Funds Tax-Exempt Fund of New York — Bloomberg New York Municipal Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund.

From time to time, Capital Research and Management Company may adjust or customize these benchmarks to better reflect the investment objective(s) of the fund and/or universe of comparably managed funds of competitive investment management firms.

**Portfolio manager fund holdings and other managed accounts —** As described below, portfolio managers may personally own shares of the fund. In addition, portfolio managers may manage portions of other registered investment companies or accounts advised by Capital Research and Management Company or its affiliates.

Tax-exempt income funds — Page 54

**The following table reflects information as of July 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br>**manager** | **Dollar range**<br>**of fund**<br>**shares**<br>**owned<sup>1</sup>** | **Number**<br>**of other**<br>**registered**<br>**investment**<br>**companies (RICs)**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of RICs**<br>**in billions)<sup>2</sup>** | **Number**<br>**of other**<br>**registered**<br>**investment**<br>**companies (RICs)**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of RICs**<br>**in billions)<sup>2</sup>** | **Number**<br>**of other**<br>**pooled**<br>**investment**<br>**vehicles (PIVs)**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of PIVs**<br>**in billions)<sup>2</sup>** | **Number**<br>**of other**<br>**accounts**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of**<br>**other accounts**<br>**in billions)<sup>2,3</sup>** | **Number**<br>**of other**<br>**accounts**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of**<br>**other accounts**<br>**in billions)<sup>2,3</sup>** |
| **American Funds Short-Term Tax-Exempt Bond Fund** | **American Funds Short-Term Tax-Exempt Bond Fund** | **American Funds Short-Term Tax-Exempt Bond Fund** | **American Funds Short-Term Tax-Exempt Bond Fund** | **American Funds Short-Term Tax-Exempt Bond Fund** | **American Funds Short-Term Tax-Exempt Bond Fund** | **American Funds Short-Term Tax-Exempt Bond Fund** |
| Vikas Malhotra | $100001– $500000 | 2 | $6.4 |  |  |  |
| Mark Marinella | $100001– $500000 | 6 | $13.8 |  | 2399 | $7.96 |
| **Limited Term Tax-Exempt Bond Fund of America** | **Limited Term Tax-Exempt Bond Fund of America** | **Limited Term Tax-Exempt Bond Fund of America** | **Limited Term Tax-Exempt Bond Fund of America** | **Limited Term Tax-Exempt Bond Fund of America** | **Limited Term Tax-Exempt Bond Fund of America** | **Limited Term Tax-Exempt Bond Fund of America** |
| Vikas Malhotra | $100001– $500000 | 2 | $2.9 |  |  |  |
| Mark Marinella | $100001– $500000 | 6 | $10.3 |  | 2399 | $7.96 |
| **The Tax-Exempt Bond Fund of America** | **The Tax-Exempt Bond Fund of America** | **The Tax-Exempt Bond Fund of America** | **The Tax-Exempt Bond Fund of America** | **The Tax-Exempt Bond Fund of America** | **The Tax-Exempt Bond Fund of America** | **The Tax-Exempt Bond Fund of America** |
| Lee Chu | $100001– $500000 | 3 | $14.3 |  |  |  |
| Courtney K. Wolf | $100001– $500000 | 1 | $3.5 | $3.5 |  |  |
| Karl J. Zeile | Over $1,000,000 |  |  |  |  |  |
| **American High-Income Municipal Bond Fund** | **American High-Income Municipal Bond Fund** | **American High-Income Municipal Bond Fund** | **American High-Income Municipal Bond Fund** | **American High-Income Municipal Bond Fund** | **American High-Income Municipal Bond Fund** | **American High-Income Municipal Bond Fund** |
| Lee Chu | $100001– $500000 | 3 | $23.4 |  |  |  |
| Chad M. Rach | Over $1,000,000 | 1 | $0.2 |  |  |  |
| Jerome Solomon | Over $1,000,000 | 3 | $4.0 |  |  |  |
| **The Tax-Exempt Fund of California** | **The Tax-Exempt Fund of California** | **The Tax-Exempt Fund of California** | **The Tax-Exempt Fund of California** | **The Tax-Exempt Fund of California** | **The Tax-Exempt Fund of California** | **The Tax-Exempt Fund of California** |
| Mark Marinella | $100001– $500000 | 6 | $12.8 |  | 2399 | $7.96 |
| Ivan Mirabelli | $100001– $500000 |  |  |  |  |  |
| **American Funds Tax-Exempt Fund of New York** | **American Funds Tax-Exempt Fund of New York** | **American Funds Tax-Exempt Fund of New York** | **American Funds Tax-Exempt Fund of New York** | **American Funds Tax-Exempt Fund of New York** | **American Funds Tax-Exempt Fund of New York** | **American Funds Tax-Exempt Fund of New York** |
| Lee Chu | None<sup>4</sup> | 3 | $36.8 |  |  |  |
| Jerome Solomon | None<sup>4</sup> | 3 | $17.5 |  |  |  |

---

<sup>1</sup> Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; $100,001 – $500,000; $500,001 – $1,000,000; and Over $1,000,000.

<sup>2</sup> Indicates other RIC(s), PIV(s) or other accounts managed by Capital Research and Management Company or its affiliates for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted.

<sup>3</sup> Personal brokerage accounts of portfolio managers and their families are not reflected.

<sup>4</sup> Funds are designed primarily for taxable residents in the state of New York. Because the portfolio managers do not reside in this state, investment in the fund may not be appropriate for their personal portfolio.

The fund's investment adviser has adopted policies and procedures to mitigate material conflicts of interest that may arise in connection with a portfolio manager's management of the fund, on the one hand, and investments in the other pooled investment vehicles and other accounts, on the other hand,

Tax-exempt income funds — Page 55

such as material conflicts relating to the allocation of investment opportunities that may be suitable for both the fund and such other accounts.

**Investment Advisory and Service Agreement —** The Investment Advisory and Service Agreement (the "Agreement") between the fund and the investment adviser will continue in effect until April 30, 2026, unless sooner terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved at least annually by (*a*) the board of trustees, or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the fund, and (*b*) the vote of a majority of trustees who are not parties to the Agreement or interested persons (as defined in the 1940 Act) of any such party, in accordance with applicable laws and regulations. The Agreement provides that the investment adviser has no liability to the fund for its acts or omissions in the performance of its obligations to the fund not involving willful misconduct, bad faith, gross negligence or reckless disregard of its obligations under the Agreement. The Agreement also provides that either party has the right to terminate them, without penalty, upon 60 days' written notice to the other party, and that the Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act). In addition, the Agreement provides that the investment adviser may delegate all, or a portion of, its investment management responsibilities to one or more subsidiary advisers approved by the fund's board, pursuant to an agreement between the investment adviser and such subsidiary. Any such subsidiary adviser will be paid solely by the investment adviser out of its fees.

In addition to providing investment advisory services, the investment adviser furnishes the services and pays the compensation and travel expenses of persons to perform the fund's executive, administrative, clerical and bookkeeping functions, and provides suitable office space, necessary small office equipment and utilities, general purpose accounting forms, supplies and postage used at the fund's offices. The fund pays all expenses not assumed by the investment adviser, including, but not limited to: custodian, stock transfer and dividend disbursing fees and expenses; shareholder recordkeeping and administrative expenses; costs of the designing, printing and mailing of reports, prospectuses, proxy statements and notices to their shareholders; taxes; expenses of the issuance and redemption of fund shares (including stock certificates, registration and qualification fees and expenses); expenses pursuant to the fund's plans of distribution (described below); legal and auditing expenses; compensation, fees and expenses paid to independent trustees; association dues; costs of stationery and forms prepared exclusively for the fund; and costs of assembling and storing shareholder account data.

Tax-exempt income funds — Page 56

**American Funds Short-Term Tax-Exempt Bond Fund:** Under the Agreement, the investment adviser receives a management fee based on the following annualized rates and daily net asset levels:

---

| | | |
|:---|:---|:---|
| **Rate** | **Net asset level** | **Net asset level** |
| **Rate** | **In excess of** | **Up to** |
| 0.204% | $0 | $15000000000 |
| 0.175 | 15000000000 |  |

---

Management fees are paid monthly and accrued daily.

For the fiscal years ended July 31, 2025, 2024 and 2023, the investment adviser earned from the fund management fees of $4,140,000, $4,185,000 and $4,752,000, respectively.

The investment adviser is currently reimbursing a portion of the expenses for each share class of STEX. These reimbursements will be in effect through at least October 1, 2026. The adviser may elect at its discretion to extend, modify or terminate the reimbursements at that time. For each of the fiscal years ended July 31, 2025, 2024 and 2023, the total expenses reimbursed by the investment adviser were $177,000, $197,000 and $292,000, respectively.

**Limited Term Tax-Exempt Bond Fund of America:** Under the Agreement, the investment adviser receives a management fee based on the following annualized rates and daily net asset levels:

---

| | | |
|:---|:---|:---|
| **Rate** | **Net asset level** | **Net asset level** |
| **Rate** | **In excess of** | **Up to** |
| 0.143% | $0 | $15000000000 |
| 0.120 | 15000000000 |  |

---

Management fees are paid monthly and accrued daily.

The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:

---

| | | |
|:---|:---|:---|
| **Rate** | **Monthly gross investment income** | **Monthly gross investment income** |
| **Rate** | **In excess of** | **Up to** |
| 3.00% | $0 | $3333333 |
| 2.50 | 3333333 |  |

---

For the purposes of such computations under the Agreement, the fund's gross investment income is determined in accordance with generally accepted accounting principles and does not reflect any net realized gains or losses on the sale of portfolio securities.

For the fiscal years ended July 31, 2025, 2024 and 2023, the investment adviser earned from the fund management fees of $12,633,000, $13,724,000 and $14,239,000, respectively. The investment adviser voluntarily waived a portion of its management fees derived from the fund's gross investment income during the fiscal years ended July 31, 2025 and 2023. Accordingly, after giving effect to the voluntary fee waiver, the fund paid the investment adviser management fees of $12,489,000 (a reduction of $144,000) and $13,948,000 (a reduction of $291,000) for the fiscal years ended July 31, 2025 and 2023.

Tax-exempt income funds — Page 57

**The Tax-Exempt Bond Fund of America:** Under the Agreement, the investment adviser receives a management fee based on the following annualized rates and daily net asset levels:

---

| | | |
|:---|:---|:---|
| **Rate** | **Net asset level** | **Net asset level** |
| **Rate** | **In excess of** | **Up to** |
| 0.30% | $0 | $60000000 |
| 0.21 | 60000000 | 1000000000 |
| 0.18 | 1000000000 | 3000000000 |
| 0.15 | 3000000000 | 6000000000 |
| 0.13 | 6000000000 | 10000000000 |
| 0.12 | 10000000000 | 15000000000 |
| 0.115 | 15000000000 | 21000000000 |
| 0.110 | 21000000000 | 28000000000 |
| 0.105 | 28000000000 |  |

---

Management fees are paid monthly and accrued daily.

The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:

---

| | | |
|:---|:---|:---|
| **Rate** | **Monthly gross investment income** | **Monthly gross investment income** |
| **Rate** | **In excess of** | **Up to** |
| 3.00% | $0 | $3333333 |
| 2.50 | 3333333 | 8333333 |
| 2.00 | 8333333 |  |

---

For the purposes of such computations under the Agreement, the fund's gross investment income is determined in accordance with generally accepted accounting principles and does not reflect any net realized gains or losses on the sale of portfolio securities.

For the fiscal years ended July 31, 2025, 2024 and 2023, the investment adviser earned from the fund management fees of $49,586,000, $48,082,000 and $45,596,000, respectively.

Tax-exempt income funds — Page 58

**American High-Income Municipal Bond Fund:** Under the Agreement, the investment adviser receives a management fee based on the following annualized rates and daily net asset levels:

---

| | | |
|:---|:---|:---|
| **Rate** | **Net asset level** | **Net asset level** |
| **Rate** | **In excess of** | **Up to** |
| 0.151% | $0 | $15000000000 |
| 0.130 | 15000000000 |  |

---

Management fees are paid monthly and accrued daily.

The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:

---

| | | |
|:---|:---|:---|
| **Rate** | **Monthly gross investment income** | **Monthly gross investment income** |
| **Rate** | **In excess of** | **Up to** |
| 3.00% | $0 | $3333333 |
| 2.50 | 3333333 |  |

---

For the purposes of such computations under the Agreement, the fund's gross investment income is determined in accordance with generally accepted accounting principles and does not reflect any net realized gains or losses on the sale of portfolio securities.

For the fiscal years ended July 31, 2025, 2024 and 2023, the investment adviser earned from the fund management fees of $37,650,000, $32,347,000 and $28,118,000, respectively. The investment adviser voluntarily waived a portion of its management fees derived from the fund's gross investment income during the fiscal years ended July 31, 2024 and 2023. Accordingly, after giving effect to the voluntary fee waiver, the fund paid the investment adviser management fees of $31,182,000 (a reduction of $1,165,000) and $27,225,000 (a reduction of $893,000) for the fiscal years ended July 31, 2024 and 2023.

Tax-exempt income funds — Page 59

**The Tax-Exempt Fund of California:** Under the Agreement, the investment adviser receives a management fee based on the following annualized rates and daily net asset levels:

---

| | | |
|:---|:---|:---|
| **Rate** | **Net asset level** | **Net asset level** |
| **Rate** | **In excess of** | **Up to** |
| 0.157% | $0 | $15000000000 |
| 0.130 | 15000000000 |  |

---

Management fees are paid monthly and accrued daily.

The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:

---

| | | |
|:---|:---|:---|
| **Rate** | **Monthly gross investment income** | **Monthly gross investment income** |
| **Rate** | **In excess of** | **Up to** |
| 3.00% | $0 | $3333333 |
| 2.50 | 3333333 |  |

---

For the purposes of such computations under the Agreement, the fund's gross investment income is determined in accordance with generally accepted accounting principles and does not reflect any net realized gains or losses on the sale of portfolio securities.

For the fiscal years ended July 31, 2025, 2024 and 2023, the investment adviser earned from the fund management fees of $8,063,000, $7,144,000 and $6,451,000, respectively. The investment adviser voluntarily waived a portion of its management fees derived from the fund's gross investment income during the fiscal years ended July 31, 2025 and 2024. Accordingly, after giving effect to the voluntary fee waiver, the fund paid the investment adviser management fees of $8,021,000 (a reduction of $42,000) and $7,131,000 (a reduction of $13,000) for the fiscal years ended July 31, 2025 and 2024.

Tax-exempt income funds — Page 60

**American Funds Tax-Exempt Fund of New York:** Under the Agreement, the investment adviser receives a management fee based on the following annualized rates and daily net asset levels:

---

| | | |
|:---|:---|:---|
| **Rate** | **Net asset level** | **Net asset level** |
| **Rate** | **In excess of** | **Up to** |
| 0.157% | $0 | $15000000000 |
| 0.130 | 15000000000 |  |

---

Management fees are paid monthly and accrued daily.

The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:

---

| | | |
|:---|:---|:---|
| **Rate** | **Monthly gross investment income** | **Monthly gross investment income** |
| **Rate** | **In excess of** | **Up to** |
| 3.00% | $0 | $3333333 |
| 2.50 | 3333333 |  |

---

For the purposes of such computations under the Agreement, the fund's gross investment income is determined in accordance with generally accepted accounting principles and does not reflect any net realized gains or losses on the sale of portfolio securities.

For the fiscal years ended July 31, 2025, 2024 and 2023 the investment adviser earned from the fund management fees of $759,000, $698,000 and $631,000, respectively. The investment adviser voluntarily waived a portion of its management fees derived from the fund's gross investment income during the fiscal years ended July 31, 2025, 2024 and 2023. Accordingly, after giving effect to the voluntary fee waiver, the fund paid the investment adviser management fees of $707,000 (a reduction of $52,000), $664,000 (a reduction of $34,000) and $623,000 (a reduction of $8,000) for the fiscal years ended July 31, 2025, 2024 and 2023.

The investment adviser is currently reimbursing a portion of the expenses for each share class of TEFNY. These reimbursements will be in effect through at least October 1, 2026. The adviser may elect at its discretion to extend, modify or terminate the reimbursements at that time. For each of the fiscal years ended July 31, 2025, 2024 and 2023, the total expenses reimbursed by the investment adviser were $138,000, $135,000 and $144,000, respectively.

Tax-exempt income funds — Page 61

**Administrative services —** The investment adviser and its affiliates provide certain administrative services for shareholders of the fund's Class A, C, T, F and R-6 shares, to the extent that they are offered by the fund. Administrative services are provided by the investment adviser and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders.

These services are provided pursuant to an Administrative Services Agreement (the "Administrative Agreement") between the fund and the investment adviser relating to the fund's Class A, C, T, F and R-6 shares, to the extent that they are offered by the fund. Each fund's Administrative Agreement will continue in effect until at least April 30, 2026, unless sooner terminated or renewed. It may be renewed from year to year thereafter, provided that any such renewal has been specifically approved by the vote of a majority of the members of the fund's board who are not parties to the Administrative Agreement or interested persons (as defined in the 1940 Act) of any such party. The fund may terminate the Administrative Agreement at any time by vote of a majority of independent board members. The investment adviser has the right to terminate the Administrative Agreement upon 60 days' written notice to the fund. The Administrative Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act).

The Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund's investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to each of the share classes (which could be increased as noted above) for its provision of administrative services. Administrative services fees are paid monthly and accrued daily.

Tax-exempt income funds — Page 62

During the 2025 fiscal year, administrative services fees were:

---

| | | |
|:---|:---|:---|
|  |  | **Administrative services fee** |
| **STEX** | Class A | $327000 |
|  | Class T | —\* |
|  | Class F-1 | 1000 |
|  | Class F-2 | 64000 |
|  | Class F-3 | 181000 |
|  | Class R-6 | 36000 |
| **LTEX** | Class A | 921000 |
|  | Class C | 3000 |
|  | Class T | —\* |
|  | Class F-1 | 8000 |
|  | Class F-2 | 199000 |
|  | Class F-3 | 494000 |
|  | Class R-6 | 48000 |
| **TEBF** | Class A | 3539000 |
|  | Class C | 44000 |
|  | Class T | —\* |
|  | Class F-1 | 48000 |
|  | Class F-2 | 1710000 |
|  | Class F-3 | 1810000 |
|  | Class R-6 | —\* |
| **AHIM** | Class A | 1612000 |
|  | Class C | 29000 |
|  | Class T | —\* |
|  | Class F-1 | 39000 |
|  | Class F-2 | 911000 |
|  | Class F-3 | 1150000 |
|  | Class R-6 | 394000 |
| **TEFCA** | Class A | 429000 |
|  | Class C | 6000 |
|  | Class T | —\* |
|  | Class F-1 | 13000 |
|  | Class F-2 | 205000 |
|  | Class F-3 | 298000 |
| **TEFNY** | Class A | 56000 |
|  | Class C | 1000 |
|  | Class T | —\* |
|  | Class F-1 | —\* |
|  | Class F-2 | 12000 |
|  | Class F-3 | 15000 |

---

\* Amount less than $1,000.

STEX did not offer Class C shares in the 2025 fiscal year and is not currently offering C shares.

Tax-exempt income funds — Page 63

**Principal Underwriter and plans of distribution —** Capital Client Group, Inc. (the "Principal Underwriter") is the principal underwriter of the fund's shares. The Principal Underwriter is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; 12811 North Meridian Street, Carmel, IN 46032; 399 Park Avenue, 34th Floor, New York, NY 10022; and 444 W. Lake Street, Suite 4600, Chicago, IL 60606.

The Principal Underwriter receives revenues relating to sales of the fund's shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For Class A shares, the Principal Underwriter receives commission revenue consisting of the balance of the Class A sales charge remaining after the allowances by the Principal Underwriter to investment dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For Class C shares, the Principal Underwriter receives any contingent deferred sales charges that apply during the first year after purchase.

In addition, the fund reimburses the Principal Underwriter for advancing immediate service fees to qualified dealers and financial professionals upon the sale of Class C shares. The fund also reimburses the Principal Underwriter for service fees paid on a quarterly basis to intermediaries, such as qualified dealers or financial professionals, in connection with investments in Class T and F-1 shares.

Tax-exempt income funds — Page 64

Commissions, revenue or service fees retained by the Principal Underwriter after allowances or compensation to dealers were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fiscal year** | **Commissions,**<br>**revenue**<br>**or fees retained** | **Commissions,**<br>**revenue**<br>**or fees retained** | **Allowance or**<br>**compensation**<br>**to dealers** | **Allowance or**<br>**compensation**<br>**to dealers** |
| **Class A** | 2025 | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | $55000<br>74000<br>513000<br>291000<br>42000<br>10000 | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | $238000<br>371000<br>2390000<br>1424000<br>203000<br>37000 |
|  | 2024 | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 59000<br>97000<br>618000<br>301000<br>49000<br>8000 | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 247000<br>424000<br>2649000<br>1335000<br>224000<br>38000 |
|  | 2023 | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 113000<br>240000<br>1048000<br>479000<br>73000<br>19000 | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 372000<br>749000<br>3586000<br>1671000<br>266000<br>70000 |
| **Class C<sup>\*</sup>** | 2025 | LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 1000<br>9000<br>—<br>—<br>1000 | LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 8000<br>132000<br>129000<br>26000<br>2000 |
|  | 2024 | LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 8000<br>45000<br>7000<br>—<br>1000 | LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 10000<br>146000<br>116000<br>19000<br>3000 |
|  | 2023 | LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | —<br>47000<br>27000<br>2000<br>5000 | LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 29000<br>198000<br>108000<br>22000<br>4000 |

---

\* STEX does not currently offer Class C shares.

Tax-exempt income funds — Page 65

**Plans of distribution —** The fund has adopted plans of distribution (the "Plans") pursuant to rule 12b-1 under the 1940 Act. The Plans permit the fund to expend amounts to finance any activity primarily intended to result in the sale of fund shares, provided the fund's board of trustees has approved the category of expenses for which payment is being made.

Each Plan is specific to a particular share class of the fund. As the fund has not adopted a Plan for Class F-2, F-3 or Class R-6, no 12b-1 fees are paid from Class F-2, F-3 or Class R-6 share assets and the following disclosure is not applicable to these share classes.

Payments under the Plans may be made for service-related and/or distribution-related expenses. Service-related expenses include paying service fees to qualified dealers. Distribution-related expenses include commissions paid to qualified dealers. The amounts actually paid under the Plans for the past fiscal year, expressed as a percentage of the fund's average daily net assets attributable to the applicable share class, are disclosed in the prospectus under "Fees and expenses of the fund." Further information regarding the amounts available under each Plan is in the "Plans of Distribution" section of the prospectus.

Following is a brief description of the Plans:

**Class A —** For Class A shares, up to .25% (and, in the case of STEX, up to .15%) of the fund's average daily net assets attributable to such shares is reimbursed to the Principal Underwriter for paying service-related expenses, and the balance available under the applicable Plan may be paid to the Principal Underwriter for distribution-related expenses. STEX may annually expend up to .15%, LTEX and AHIM may annually expend up to .30%, and TEBF and TEFCA may annually expend up to .25% for Class A shares under the applicable Plan. TEFNY may annually expend up to .30% for Class A shares under the applicable Plan; however, for Class A shares, the board of trustees has approved payments to the Principal Underwriter of up to .25% of the fund's average daily net assets, in the aggregate, for paying service- and distribution-related expenses.

Distribution-related expenses for Class A shares include dealer commissions and wholesaler compensation paid on sales of shares of $1 million or more purchased without a sales charge. Commissions on these "no load" purchases (which are described in further detail under the "Sales Charges" section of this statement of additional information document) in excess of the Class A Plan limitations and not reimbursed to the Principal Underwriter during the most recent fiscal quarter are recoverable for 15 months, provided that the reimbursement of such commissions does not cause the fund to exceed the annual expense limit. After 15 months, these commissions are not recoverable. As of the fund's most recent fiscal year, unreimbursed expenses that remained subject to reimbursement under the Plan for Class A shares totaled $1,336,000 or less than 1% of Class A net assets for STEX, $878,000 or less than 1% of Class A net assets for LTEX, $9,912,000 or less than 1 % of Class A net assets for TEBF, $1,495,000 or less than 1% of Class A net assets for AHIM, $1,542,000 or less than 1% of Class A net assets for TEFCA and $185,000 or less than 1% of Class A net assets for TEFNY.

**Class C —** The Plan for Class C shares provide for payments to the Principal Underwriter of up to .25% of each fund's average daily net assets attributable to such shares for paying service-related expenses and .75% for distribution-related expenses.

**Class T —** For Class T shares, the fund may annually expend up to .50% under the applicable Plan; however, the fund's board of trustees has approved payments to the Principal Underwriter of up to .25% of the fund's average daily net assets attributable to Class T shares for paying service-related expenses.

Tax-exempt income funds — Page 66

**Class F-1 —** The Plan for Class F-1 shares provide for payments to the Principal Underwriter of up to .25% of each fund's average daily net assets attributable to such shares for paying service-related expenses. The fund may annually expend up to .50% for Class F-1 shares under the applicable Plan; however, for Class F-1 shares, the board of trustees has approved payments to the Principal Underwriter of up to .25% of each fund's average daily net assets attributable to such shares for paying service- and distribution-related expenses.

**Payment of service fees** — For purchases of less than $1 million, payment of service fees to investment dealers generally begins accruing immediately after establishment of an account in Class A or C shares. For purchases of $1 million or more, payment of service fees to investment dealers generally begins accruing 12 months after establishment of an account in Class A shares. Service fees are not paid on certain investments made at net asset value including accounts established by registered representatives and their family members as described in the "Sales charges" section of the prospectus.

During the 2025 fiscal year, 12b-1 expenses, accrued and paid, and if applicable, unpaid were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **12b-1 expenses** | **12b-1 expenses** | **12b-1 unpaid liability**<br>**outstanding** | **12b-1 unpaid liability**<br>**outstanding** |
| **Class A** | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | $1633000<br>9211000<br>29492000<br>16120000<br>3579000<br>462000 | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | $130000<br>587000<br>2129000<br>1076000<br>238000<br>31000 |
| **Class C** | LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 102000<br>1460000<br>963000<br>206000<br>47000 | LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 9000<br>115000<br>79000<br>16000<br>3000 |
| **Class T** | STEX<br> LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | —<br> —<br> —<br> —<br> —<br> — | STEX<br> LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | —<br>—<br>—<br>—<br> —<br>— |
| **Class F-1** | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 8000<br>66000<br>406000<br>322000<br>105000<br>1000 | STEX<br>LTEX<br>TEBF<br>AHIM<br>TEFCA<br>TEFNY | 1,000<br>7,000<br>41,000<br>31,000<br>9,000<br>—\* |

---

\* Amount less than $1,000.

STEX did not offer C shares during the 2025 fiscal year and is not currently offering C shares.

Tax-exempt income funds — Page 67

**Approval of the Plans —** As required by rule 12b-1 and the 1940 Act, the Plans (together with the Principal Underwriting Agreement) have been approved by the full board of trustees and separately by a majority of the independent trustees of the fund who have no direct or indirect financial interest in the operation of the Plans or the Principal Underwriting Agreement. In addition, the selection and nomination of independent trustees of the fund are committed to the discretion of the independent trustees during the existence of the Plans.

Potential benefits of the Plans to the fund and its shareholders include enabling shareholders to obtain advice and other services from a financial professional at a reasonable cost, the likelihood that the Plans will stimulate sales of the fund benefiting the investment process through growth or stability of assets and the ability of the shareholders to choose among various alternatives in paying for sales and service. The Plans may not be amended to materially increase the amount spent for distribution without shareholder approval. Plan expenses are reviewed quarterly by the board of trustees and the Plans must be renewed annually by the board of trustees.

A portion of the fund's 12b-1 expense is paid to financial professionals to compensate them for providing ongoing services. If you have questions regarding your investment in the fund or need assistance with your account, please contact your financial professional. If you need a financial professional, please call Capital Client Group, Inc. at (800) 421-4120 for assistance.

Tax-exempt income funds — Page 68

**Other compensation to dealers —** As of March 1, 2025, the top firms (or their affiliates) that Capital Client Group, Inc. anticipates will receive additional compensation (as described in the prospectus) are listed below.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dealers:** |
| &nbsp;&nbsp; Ameriprise |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial Services, Inc. |
| &nbsp;&nbsp; Atria Wealth Solutions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadaret, Grant & Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CUSO Financial Services, L.P. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grove Point Investments LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEXT Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCF Securities, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sorrento Pacific Financial, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western International Securities, Inc. |
| &nbsp;&nbsp; Avantax Investment Services, Inc |
| &nbsp;&nbsp; Cambridge |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambridge Investment Research Advisors Inc |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambridge Investment Research, Inc. |
| &nbsp;&nbsp; Cetera Financial Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cetera Advisor Networks LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cetera Advisors LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cetera Financial Specialists LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cetera Investment Advisers LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cetera Investment Services LLC |
| &nbsp;&nbsp; Charles Schwab Network |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Trust Bank |
| &nbsp;&nbsp; Commonwealth |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financial Network |
| &nbsp;&nbsp; Edward Jones |
| &nbsp;&nbsp; Equitable Advisors |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Advisors LLC |
| &nbsp;&nbsp; Fidelity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Network |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC |
| &nbsp;&nbsp; J.P. Morgan Chase Banc One |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase Bank, N.A. |
| &nbsp;&nbsp; Janney Montgomery Scott |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janney Montgomery Scott LLC |
| &nbsp;&nbsp; Kestra |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestra Investment Services LLC |
| &nbsp;&nbsp; LPL Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Enterprise LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Financial LLC |

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Tax-exempt income funds — Page 69

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| |
|:---|
| &nbsp;&nbsp; Merrill |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Of America Private Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch, Pierce, Fenner & Smith Incorporated |
| &nbsp;&nbsp; MML Investors Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MML Distributors LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MML Investors Services, LLC |
| &nbsp;&nbsp; Morgan Stanley Wealth Management |
| &nbsp;&nbsp; Northwestern Mutual (NM) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Investment Services LLC |
| &nbsp;&nbsp; Osaic (Advisor Group) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic FA Inc |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic FS Inc |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Institutions Inc |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Wealth Inc |
| &nbsp;&nbsp; Raymond James Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raymond James & Associates, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial Services Inc. |
| &nbsp;&nbsp; RBC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC |
| &nbsp;&nbsp; Robert W. Baird |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert W. Baird & Co. Incorporated |
| &nbsp;&nbsp; Stifel Nicolaus & Co |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stifel Independent Advisors LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stifel, Nicolaus & Company, Incorporated |
| &nbsp;&nbsp; UBS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Financial Services Inc. |
| &nbsp;&nbsp; Wells Fargo Network |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Advisors Financial Network, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Advisors LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank, N.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Clearing Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Community Bank Advisors |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities, LLC |
| &nbsp;&nbsp; **Recordkeepers:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascensus |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower (Great West Life & Annuity Insurance Company) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transamerica |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya |

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Tax-exempt income funds — Page 70

**Execution of portfolio transactions**

The investment adviser places orders with broker-dealers for the fund's portfolio transactions. Purchases and sales of equity securities on a securities exchange or an over-the-counter market are effected through broker-dealers who receive commissions for their services. Generally, commissions relating to securities traded on foreign exchanges will be higher than commissions relating to securities traded on U.S. exchanges and may not be subject to negotiation. Equity securities may also be purchased from underwriters at prices that include underwriting fees. Purchases and sales of fixed income securities are generally made with an issuer or a primary market maker acting as principal with no stated brokerage commission. The price paid to an underwriter for fixed income securities includes underwriting fees. Prices for fixed income securities in secondary trades usually include undisclosed compensation to the market maker reflecting the spread between the bid and ask prices for the securities.

In selecting broker-dealers, the investment adviser strives to obtain "best execution" (the most favorable total price reasonably attainable under the circumstances) for the fund's portfolio transactions, taking into account a variety of factors. These factors include the size and type of transaction, the nature and character of the markets for the security to be purchased or sold, the cost, quality, likely speed and reliability of execution and settlement, the broker-dealer's or execution venue's ability to offer liquidity and anonymity and the trade-off between market impact and opportunity costs. The investment adviser considers these factors, which involve qualitative judgments, when selecting broker-dealers and execution venues for fund portfolio transactions. The investment adviser views best execution as a process that should be evaluated over time as part of an overall relationship with particular broker-dealer firms. The investment adviser and its affiliates negotiate commission rates with broker-dealers based on what they believe is reasonably necessary to obtain best execution. They seek, on an ongoing basis, to determine what the reasonable levels of commission rates for execution services are in the marketplace, taking various considerations into account, including the extent to which a broker-dealer has put its own capital at risk, historical commission rates and commission rates that other institutional investors are paying. The fund does not consider the investment adviser as having an obligation to obtain the lowest commission rate available for a portfolio transaction to the exclusion of price, service and qualitative considerations. Brokerage commissions are only a small part of total execution costs and other factors, such as market impact and speed of execution, contribute significantly to overall transaction costs.

The investment adviser may execute portfolio transactions with broker-dealers who provide certain brokerage and/or investment research services to it but only when in the investment adviser's judgment the broker-dealer is capable of providing best execution for that transaction. The investment adviser makes decisions for procurement of research separately and distinctly from decisions on the choice of brokerage and execution services. The receipt of these research services permits the investment adviser to supplement its own research and analysis and makes available the views of, and information from, individuals and the research staffs of other firms. Such views and information may be provided in the form of written reports, telephone contacts and meetings with securities analysts. These services may include, among other things, reports and other communications with respect to individual companies, industries, countries and regions, economic, political and legal developments, as well as scheduling meetings with corporate executives and seminars and conferences related to relevant subject matters. Research services that the investment adviser receives from broker-dealers may be used by the investment adviser in servicing the fund and other funds and accounts that it advises; however, not all such services will necessarily benefit the fund.

The investment adviser bears the cost of all third-party investment research services for all client accounts it advises. However, in order to compensate certain U.S. broker-dealers for research consumed, and valued, by the investment adviser's investment professionals, the investment adviser continues to operate a limited commission sharing arrangement with commissions on equity trades for certain registered investment companies it advises. The investment adviser voluntarily reimburses such

Tax-exempt income funds — Page 71

registered investment companies for all amounts collected into the commission sharing arrangement. In order to operate the commission sharing arrangement, the investment adviser may cause such registered investment companies to pay commissions in excess of what other broker-dealers might have charged for certain portfolio transactions in recognition of brokerage and/or investment research services. In this regard, the investment adviser has adopted a brokerage allocation procedure consistent with the requirements of Section 28(e) of the Securities Exchange Act of 1934. Section 28(e) permits the investment adviser and its affiliates to cause an account to pay a higher commission to a broker-dealer to compensate the broker-dealer or another service provider for certain brokerage and/or investment research services provided to the investment adviser and its affiliates, if the investment adviser and each affiliate makes a good faith determination that such commissions are reasonable in relation to the value of the services provided by such broker-dealer to the investment adviser and its affiliates in terms of that particular transaction or the investment adviser's overall responsibility to the fund and other accounts that it advises. Certain brokerage and/or investment research services may not necessarily benefit all accounts paying commissions to each such broker-dealer; therefore, the investment adviser and its affiliates assess the reasonableness of commissions in light of the total brokerage and investment research services provided to the investment adviser and its affiliates. Further, investment research services may be used by all investment associates of the investment adviser and its affiliates, regardless of whether they advise accounts with trading activity that generates eligible commissions.

In accordance with their internal brokerage allocation procedure, the investment adviser and its affiliates periodically assess the brokerage and investment research services provided by each broker-dealer and each other service provider from which they receive such services. As part of its ongoing relationships, the investment adviser and its affiliates routinely meet with firms to discuss the level and quality of the brokerage and research services provided, as well as the value and cost of such services. In valuing the brokerage and investment research services the investment adviser and its affiliates receive from broker-dealers and other research providers in connection with its good faith determination of reasonableness, the investment adviser and its affiliates take various factors into consideration, including the quantity, quality and usefulness of the services to the investment adviser and its affiliates. Based on this information and applying their judgment, the investment adviser and its affiliates set an annual research budget.

Research analysts and portfolio managers periodically participate in a research poll to determine the usefulness and value of the research provided by individual broker-dealers and research providers. Based on the results of this research poll, the investment adviser and its affiliates may, through commission sharing arrangements with certain broker-dealers, direct a portion of commissions paid to a broker-dealer by the fund and other registered investment companies managed by the investment adviser or its affiliates to be used to compensate the broker-dealer and/or other research providers for research services they provide. While the investment adviser and its affiliates may negotiate commission rates and enter into commission sharing arrangements with certain broker-dealers with the expectation that such broker-dealers will be providing brokerage and research services, none of the investment adviser, any of its affiliates or any of their clients incurs any obligation to any broker-dealer to pay for research by generating trading commissions. The investment adviser and its affiliates negotiate prices for certain research that may be paid through commission sharing arrangements or by themselves with cash.

When executing portfolio transactions in the same equity security for the funds and accounts, or portions of funds and accounts, over which the investment adviser, through its equity investment divisions, has investment discretion, each investment division within the adviser and its affiliates normally aggregates its respective purchases or sales and executes them as part of the same transaction or series of transactions. When executing portfolio transactions in the same fixed income security for the fund and the other funds or accounts over which it or one of its affiliated companies has investment discretion, the investment adviser normally aggregates such purchases or sales and executes them as part of the same transaction or series of transactions. The objective of aggregating

Tax-exempt income funds — Page 72

purchases and sales of a security is to allocate executions in an equitable manner among the funds and other accounts that have concurrently authorized a transaction in such security. The investment adviser and its affiliates serve as investment adviser for certain accounts that are designed to be substantially similar to another account. This type of account will often generate a large number of relatively small trades when it is rebalanced to its reference fund due to differing cash flows or when the account is initially started up. The investment adviser may not aggregate program trades or electronic list trades executed as part of this process. Non-aggregated trades performed for these accounts will be allocated entirely to that account. This is done only when the investment adviser believes doing so will not have a material impact on the price or quality of other transactions.

The investment adviser currently owns a minority interest in IEX Group and alternative trading systems, Luminex ATS and LeveL ATS (through a minority interest in their common parent holding company). The investment adviser, or brokers with which the investment adviser places orders, may place orders on these or other exchanges or alternative trading systems in which it, or one of its affiliates, has an ownership interest, provided such ownership interest is less than five percent of the total ownership interests in the entity. The investment adviser is subject to the same best execution obligations when trading on any such exchange or alternative trading systems.

Purchase and sale transactions may be effected directly among and between certain funds or accounts advised by the investment adviser or its affiliates, including the fund. The investment adviser maintains cross-trade policies and procedures and places a cross-trade only when such a trade is in the best interest of all participating clients and is not prohibited by the participating funds' or accounts' investment management agreement or applicable law.

The investment adviser may place orders for the fund's portfolio transactions with broker-dealers who have sold shares of the funds managed by the investment adviser or its affiliated companies; however, it does not consider whether a broker-dealer has sold shares of the funds managed by the investment adviser or its affiliated companies when placing any such orders for the fund's portfolio transactions.

Purchases and sales of futures contracts for the fund will be effected through executing brokers and FCMs that specialize in the types of futures contracts that the fund expects to hold. The investment adviser will use reasonable efforts to choose executing brokers and FCMs capable of providing the services necessary to obtain the most favorable price and execution available. The full range and quality of services available will be considered in making these determinations. The investment adviser will monitor the executing brokers and FCMs used for purchases and sales of futures contracts for their ability to execute trades based on many factors, such as the sizes of the orders, the difficulty of executions, the operational facilities of the firm involved and other factors.

Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. The cost to the fund of engaging in such contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because such contracts are entered into on a principal basis, their prices usually include undisclosed compensation to the market maker reflecting the spread between the bid and ask prices for the contracts. The fund may incur additional fees in connection with the purchase or sale of certain contracts.

No brokerage commissions were paid on portfolio transactions by STEX, LTEX, TEBF, AHIM, TEFCA and TEFNY for the 2025, 2024 and 2023 fiscal years.

Tax-exempt income funds — Page 73

**Disclosure of portfolio holdings**

The fund's investment adviser, on behalf of the fund, has adopted policies and procedures with respect to the disclosure of information about fund portfolio securities. These policies and procedures have been reviewed by the fund's board of trustees, and compliance will be periodically assessed by the board in connection with reporting from the fund's Chief Compliance Officer.

Under these policies and procedures, the fund's complete list of portfolio holdings available for public disclosure, dated as of the end of each calendar quarter, is permitted to be posted on the Capital Group website no earlier than the 10th day after such calendar quarter. In practice, the publicly disclosed portfolio is typically posted on the Capital Group website within 30 days after the end of the calendar quarter. The publicly disclosed portfolio may exclude certain securities when deemed to be in the best interest of the fund as permitted by applicable regulations. In addition, the fund's list of top 10 portfolio holdings measured by percentage of net assets, dated as of the end of each calendar month, is permitted to be posted on the Capital Group website no earlier than the 10th day after such month for equity securities, and no earlier than the 30th day after such month for fixed income securities. The fund's list of top 10 portfolio holdings for equity and fixed income securities is permitted to be posted no earlier than the 10th day after the final month of each calendar quarter. For multi-asset funds, the fund's list of top 10 portfolio holdings for equity and fixed income securities is permitted to be posted each month, no earlier than the 10th day after such month. Such portfolio holdings information may be disclosed to any person pursuant to an ongoing arrangement to disclose portfolio holdings information to such person no earlier than one day after the day on which the information is posted on the Capital Group website. The investment adviser may disclose individual holdings more frequently on the Capital Group website if it determines it is in the best interest of the fund.

Certain intermediaries are provided additional information about the fund's management team, including information on the fund's portfolio securities they have selected. This information is provided to larger intermediaries that require the information to make the fund available for investment on the firm's platform. Intermediaries receiving the information are required to keep it confidential and use it only to analyze the fund.

The fund's custodian, outside counsel, auditor, financial printers, proxy voting and class action claims processing service providers, pricing information vendors, consultants or agents operating under a contract with the investment adviser or its affiliates, co-litigants (such as in connection with a bankruptcy proceeding related to a fund holding) and certain other third parties described below, each of which requires portfolio holdings information for legitimate business and fund oversight purposes, may receive fund portfolio holdings information earlier. See the "General information" section in this statement of additional information for further information about the fund's custodian, outside counsel and auditor.

The fund's portfolio holdings, dated as of the end of each calendar month, are made available to up to 20 key broker-dealer relationships and up to 10 key global consulting firms with research departments to help them evaluate the fund for eligibility on approved lists or in model portfolios. These firms include certain of those listed under the "Other compensation to dealers" section of this statement of additional information and certain broker-dealer firms that offer trading platforms for registered investment advisers. Monthly holdings may be provided to these intermediaries no earlier than the 10th day after the end of the calendar month. In practice, monthly holdings are provided within 30 days after the end of the calendar month. Holdings may also be disclosed more frequently to certain statistical and data collection agencies including Morningstar, Lipper, Inc., Value Line, Vickers Stock Research, Bloomberg and Thomson Financial Research. Intermediaries receiving the information are required to keep it confidential and use it only to analyze the fund.

Tax-exempt income funds — Page 74

Affiliated persons of the fund, including officers of the fund and employees of the investment adviser and its affiliates, who receive portfolio holdings information are subject to restrictions and limitations on the use and handling of such information pursuant to applicable codes of ethics, including requirements not to trade in securities based on confidential and proprietary investment information, to maintain the confidentiality of such information, and to pre-clear securities trades and report securities transactions activity, as applicable. For more information on these restrictions and limitations, please see the "Code of ethics" section in this statement of additional information and the Code of Ethics. Third-party service providers of the fund and other entities, as described in this statement of additional information, receiving such information are subject to confidentiality obligations and obligations that would prohibit them from trading in securities based on such information. When portfolio holdings information is disclosed other than through the Capital Group website to persons not affiliated with the fund, such persons will be bound by agreements (including confidentiality agreements) or fiduciary or other obligations that restrict and limit their use of the information to legitimate business uses only. None of the fund, its investment adviser or any of their affiliates receives compensation or other consideration in connection with the disclosure of information about portfolio securities.

Subject to board policies, the authority to disclose a fund's portfolio holdings, and to establish policies with respect to such disclosure, resides with the appropriate investment-related committees of the fund's investment adviser. In exercising their authority, the committees determine whether disclosure of information about the fund's portfolio securities is appropriate and in the best interest of fund shareholders. The investment adviser has implemented policies and procedures to address conflicts of interest that may arise from the disclosure of fund holdings. For example, the investment adviser's code of ethics specifically requires, among other things, the safeguarding of information about fund holdings and contains prohibitions designed to prevent the personal use of confidential, proprietary investment information in a way that would conflict with fund transactions. In addition, the investment adviser believes that its current policy of not selling portfolio holdings information and not disclosing such information to unaffiliated third parties until such holdings have been made public on the Capital Group website (other than to certain fund service providers and other third parties for legitimate business and fund oversight purposes) helps reduce potential conflicts of interest between fund shareholders and the investment adviser and its affiliates.

The fund's investment adviser and its affiliates provide investment advice to individuals and financial intermediaries that have investment objectives that may be substantially similar to those of the fund. These clients also may have portfolios consisting of holdings substantially similar to those of the fund and generally have access to current portfolio holdings information for their accounts. These clients do not owe the fund's investment adviser or the fund a duty of confidentiality with respect to disclosure of their portfolio holdings.

Tax-exempt income funds — Page 75

**Price of shares**

Shares are purchased at the offering price or sold at the net asset value price next determined after the purchase or sell order is received by the fund or the Transfer Agent provided that your request contains all information and legal documentation necessary to process the transaction. The Transfer Agent may accept written orders for the sale of fund shares on a future date. These orders are subject to the Transfer Agent's policies, which generally allow shareholders to provide a written request to sell shares at the net asset value on a specified date no more than five business days after receipt of the order by the Transfer Agent. Any request to sell shares on a future date will be rejected if the request is not in writing, if the requested transaction date is more than five business days after the Transfer Agent receives the request or if the request does not contain all information and legal documentation necessary to process the transaction.

The offering or net asset value price is effective for orders received prior to the time of determination of the net asset value and, in the case of orders placed with dealers or their authorized designees, accepted by the Principal Underwriter, the Transfer Agent, a dealer or any of their designees. In the case of orders sent directly to the fund or the Transfer Agent, an investment dealer should be indicated. The dealer is responsible for promptly transmitting purchase and sell orders to the Principal Underwriter.

Prices that appear in newspapers and websites do not always indicate prices at which you will be purchasing and redeeming shares of the fund, since such prices generally reflect the previous day's closing price, while purchases and redemptions are made at the next calculated price. The price you pay for shares, the offering price, is based on the net asset value per share, which is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. If the New York Stock Exchange makes a scheduled (e.g., the day after Thanksgiving) or an unscheduled close prior to 4 p.m. New York time, the net asset value of the fund will be determined at approximately the time the New York Stock Exchange closes on that day. If on such a day market quotations and prices from third-party pricing services are not based as of the time of the early close of the New York Stock Exchange but are as of a later time (up to approximately 4 p.m. New York time), for example because the market remains open after the close of the New York Stock Exchange, those later market quotations and prices will be used in determining the fund's net asset value.

Orders in good order received after the New York Stock Exchange closes (scheduled or unscheduled) will be processed at the net asset value (plus any applicable sales charge) calculated on the following business day. The New York Stock Exchange is currently closed on weekends and on the following holidays: New Year's Day; Martin Luther King Jr. Day; Presidents' Day; Good Friday; Memorial Day; Juneteenth National Independence Day; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. Each share class of the fund has a separately calculated net asset value (and share price).

Orders received by the investment dealer or authorized designee, the Transfer Agent or the fund after the time of the determination of the net asset value will be entered at the next calculated offering price. Note that investment dealers or other intermediaries may have their own rules about share transactions and may have earlier cut-off times than those of the fund. For more information about how to purchase through your intermediary, contact your intermediary directly.

All portfolio securities of funds managed by Capital Research and Management Company (other than American Funds U.S. Government Money Market Fund) are valued, and the net asset values per share for each share class are determined, as indicated below. The fund follows standard industry practice by typically reflecting changes in its holdings of portfolio securities on the first business day following a portfolio trade.

Tax-exempt income funds — Page 76

Equity securities, including depositary receipts, exchange-traded funds, and certain convertible preferred stocks that trade on an exchange or market, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

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

Fixed income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more inputs that may include, among other things, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, underlying equity of the issuer, interest rate volatilities, spreads and other relationships observed in the markets among comparable securities and proprietary pricing models such as yield measures calculated using factors such as cash flows, prepayment information, default rates, delinquency and loss assumptions, financial or collateral characteristics or performance, credit enhancements, liquidation value calculations, specific deal information and other reference data.

Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor.

Futures contracts are generally valued at the official settlement price of, or the last reported sale price on, the principal exchange or market on which such instruments are traded, as of the close of business on the day the contracts are being valued or, lacking any sales, at the last available bid price.

Swaps, including interest rate swaps, total return swaps and positions in credit default swap indices, are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Options are valued using market quotations or valuations provided by one or more pricing vendors. Similar to futures, options may also be valued at the official settlement price if listed on an exchange.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are valued at fair value as determined in good faith under fair value guidelines adopted by the investment adviser and approved by the fund's board. Subject to board oversight, the fund's board has designated the fund's investment adviser to make fair valuation determinations, which are directed by a valuation committee established by the fund's investment adviser. The board receives regular reports describing fair valued securities and the valuation methods used.

As a general principle, these guidelines consider relevant company, market and other data and considerations to determine the price that the fund might reasonably expect to receive if such fair valued securities were sold in an orderly transaction. Fair valuations may differ materially from valuations that would have been used had greater market activity occurred. The investment adviser's valuation committee 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, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities and transactions, dealer or broker quotes, conversion or

Tax-exempt income funds — Page 77

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. The valuation committee employs additional fair value procedures to address issues related to equity securities that trade principally in markets outside the United States. Such securities may trade in markets that open and close at different times, reflecting time zone differences. If significant events occur after the close of a market (and before the fund's net asset values are next determined) which affect the value of equity securities held in the fund's portfolio, appropriate adjustments from closing market prices may be made to reflect these events. Events of this type could include, for example, earthquakes and other natural disasters or significant price changes in other markets (e.g., U.S. stock markets).

Certain short-term securities, such as variable rate demand notes or repurchase agreements involving securities fully collateralized by cash or U.S. government securities, are valued at par.

Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars, prior to the next determination of the net asset value of the fund's shares, at the exchange rates obtained from a third-party pricing vendor.

Each class of shares represents interests in the same portfolio of investments and is identical in all respects to each other class, except for differences relating to distribution, service and other charges and expenses, certain voting rights, differences relating to eligible investors, the designation of each class of shares, conversion features and exchange privileges. Expenses attributable to the fund, but not to a particular class of shares, are borne by each class pro rata based on the relative aggregate net assets of the classes. Expenses directly attributable to a class of shares are borne by that class of shares. Liabilities attributable to particular share classes, such as liabilities for repurchase of fund shares, are deducted from total assets attributable to such share classes.

Net assets so obtained for each share class are then divided by the total number of shares outstanding of that share class, and the result, rounded to the nearest cent, is the net asset value per share for that class.

Tax-exempt income funds — Page 78

**Taxes and distributions**

*<u>Disclaimer:</u>* Some of the following information may not apply to certain shareholders, including those holding fund shares in a tax-deferred account, such as a retirement plan or education savings account. Shareholders should consult their tax advisors about the application of federal, state and local tax law in light of their particular situation.

**Taxation as a regulated investment company** — The fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code ("Code") so that it will not be liable for federal tax on income and capital gains distributed to shareholders. In order to qualify as a regulated investment company, and avoid being subject to federal income taxes, the fund intends to distribute substantially all of its net investment income and realized net capital gains on a fiscal year basis, and intends to comply with other tests applicable to regulated investment companies under Subchapter M.

The Code includes savings provisions allowing the fund to cure inadvertent failures of certain qualification tests required under Subchapter M. However, should the fund fail to qualify under Subchapter M, the fund would be subject to federal, and possibly state, corporate taxes on its taxable income and gains.

Amounts not distributed by the fund on a timely basis in accordance with a calendar year distribution requirement may be subject to a nondeductible 4% excise tax. Unless an applicable exception applies, to avoid the tax, the fund must distribute during each calendar year an amount equal to the sum of (*a*) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (*b*) at least 98.2% of its capital gains in excess of its capital losses for the twelve month period ending on October 31, and (*c*) all ordinary income and capital gains for previous years that were not distributed during such years and on which the fund paid no U.S. federal income tax.

Dividends paid by the fund from ordinary income or from an excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income dividends.

The fund may declare a capital gain distribution consisting of the excess of net realized long-term capital gains over net realized short-term capital losses. Net capital gains for a fiscal year are computed by taking into account any capital loss carryforward of the fund.

The fund may retain a portion of net capital gain for reinvestment and may elect to treat such capital gain as having been distributed to shareholders of the fund. Shareholders may receive a credit for the tax that the fund paid on such undistributed net capital gain and would increase the basis in their shares of the fund by the difference between the amount of includible gains and the tax deemed paid by the shareholder.

Distributions of net capital gain that the fund properly reports as a capital gain distribution generally will be taxable as long-term capital gain, regardless of the length of time the shares of the fund have been held by a shareholder. Any loss realized upon the redemption of shares held at the time of redemption for six months or less from the date of their purchase will be treated as a long-term capital loss to the extent of any capital gain distributions (including any undistributed amounts treated as distributed capital gains, as described above) during such six-month period.

Capital gain distributions by the fund result in a reduction in the net asset value of the fund's shares. Investors should consider the tax implications of buying shares just prior to a capital gain distribution. The price of shares purchased at that time includes the amount of the forthcoming distribution. Those purchasing just prior to a distribution will subsequently receive a partial return of their investment capital upon payment of the distribution, which will be taxable to them.

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Certain distributions reported by the fund as Section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the fund's business interest income over the sum of the fund's (i) business interest expense and (ii) other deductions properly allocable to the fund's business interest income.

Individuals (and certain other non-corporate entities) are generally eligible for a 20% deduction with respect to taxable ordinary REIT dividends through 2025. Applicable Treasury regulations allow the fund to pass through to its shareholders such taxable ordinary REIT dividends. Accordingly, individual (and certain other non-corporate) shareholders of the fund that have received such taxable ordinary REIT dividends may be able to take advantage of this 20% deduction with respect to any such amounts passed through.

**Redemptions and exchanges of fund shares —** Redemptions of shares, including exchanges for shares of other American Funds, may result in federal, state and local tax consequences (gain or loss) to the shareholder.

Any loss realized on a redemption or exchange of shares of the fund will be disallowed to the extent substantially identical shares are reacquired within the 61-day period beginning 30 days before and ending 30 days after the shares are disposed of. Any loss disallowed under this rule will be added to the shareholder's tax basis in the new shares purchased.

If a shareholder exchanges or otherwise disposes of shares of the fund within 90 days of having acquired such shares, and if, as a result of having acquired those shares, the shareholder subsequently pays a reduced or no sales charge for shares of the fund, or of a different fund acquired before January 31<sup>st</sup> of the year following the year the shareholder exchanged or otherwise disposed of the original fund shares, the sales charge previously incurred in acquiring the fund's shares will not be taken into account (to the extent such previous sales charges do not exceed the reduction in sales charges) for the purposes of determining the amount of gain or loss on the exchange, but will be treated as having been incurred in the acquisition of such other fund(s).

**Tax consequences applicable to tax-exempt funds —** Although a significant portion of the distributions by the fund generally are expected to constitute exempt-interest dividends, the funds may under certain circumstances invest in obligations on which the interest is fully taxable, or, although exempt from the regular federal income tax, is subject to the alternative minimum tax. Similarly, gains from the sale or exchange of obligations on which the interest is exempt from regular federal income tax will constitute taxable income to the funds. Taxable income or gain may also arise from certain derivatives transactions and from municipal obligations acquired at a market discount. Accordingly, it is possible that a portion of the distributions of the fund will constitute taxable rather than tax-exempt income in the hands of a shareholder. Furthermore, investors should be aware that tax laws may change, and issuers may fail to follow applicable laws, causing a tax exempt item to become taxable.

Income derived by the fund from taxable investments, including but not limited to certain derivatives transactions, will be taxable for federal, state and local income tax purposes when distributed to shareholders. Income derived by the fund from interest on direct obligations of the U.S. government will be taxable for federal income tax purposes when distributed to shareholders but, provided that the fund meets the requirements of state law and properly designates distributions to shareholders, such distributions may be excludable from income for state personal income tax purposes. Acquisitions of municipal securities at a market discount may also result in ordinary income and/or capital gains.

Tax-exempt income funds — Page 80

By meeting certain requirements of the Code, the fund qualifies to pay exempt-interest dividends to shareholders. These exempt-interest dividends are derived from interest income exempt from regular federal income tax, and are not subject to regular federal income tax when they are distributed to fund shareholders. In addition, to the extent that exempt-interest dividends are derived from interest on obligations of a state or its political subdivisions, or from interest on qualifying U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands or Guam), they also may be exempt from that state's personal income taxes.

Distributions paid by a tax-exempt fund that are designated as exempt-interest dividends will not be subject to regular federal income tax. Exempt-interest dividends paid by the fund will be reported to both the IRS and shareholders of the fund.

Private activity bonds are bonds that, although federally tax-exempt, are used for purposes other than those generally performed by governmental units and that benefit non-governmental entities. Interest on certain private activity bonds, while exempt from regular federal income tax, is a preference item for taxpayers when determining their alternative minimum tax under the Code and under the income tax provisions of several states.

The price of a bond purchased after its original issuance may reflect market discount which, depending on the particular circumstances, may result in the fund recognizing taxable ordinary income. In determining whether a bond is purchased with market discount, certain de minimis rules apply.

Any loss realized on the sale of fund shares held for six months or less may be disallowed to the extent of any distributions treated as exempt-interest dividends with respect to the shares.

**Tax consequences of investing in derivatives —** The fund may enter into transactions involving derivatives, such as futures, swaps, options and forward contracts. Special tax rules may apply to these types of transactions that could defer losses to the fund, accelerate the fund's income, alter the holding period of certain securities or change the classification of capital gains. These tax rules may therefore impact the amount, timing and character of fund distributions.

**Discount —** Certain bonds acquired by the fund, such as zero coupon bonds, may be treated as bonds that were originally issued at a discount. Original issue discount represents interest for federal income tax purposes and is generally defined as the difference between the price at which a bond was issued (or the price at which it was deemed issued for federal income tax purposes) and its stated redemption price at maturity. Original issue discount is treated for federal income tax purposes as tax exempt income earned by a fund over the term of the bond, and therefore is subject to the distribution requirements of the Code. The annual amount of income earned on such a bond by a fund generally is determined on the basis of a constant yield to maturity which takes into account the semiannual compounding of accrued interest (including original issue discount). Certain bonds acquired by the fund may also provide for contingent interest and/or principal. In such a case, rules similar to those for original issue discount bonds would require the accrual of income based on an assumed yield that may exceed the actual interest payments on the bond.

Some of the bonds may be acquired by a fund on the secondary market at a discount which exceeds the original issue discount, if any, on such bonds. This additional discount constitutes market discount for federal income tax purposes. Any gain recognized on the disposition of any bond having market discount generally will be treated as taxable ordinary income to the extent it does not exceed the accrued market discount on such bond (unless a fund elects to include market discount in income in the taxable years to which it is attributable). Realized accrued market discount on obligations that pay tax-exempt interest is nonetheless taxable. Generally, market discount accrues on a daily basis for each day the bond is held by a fund at a constant rate over the time remaining to the bond's maturity. In the case of any debt instrument having a fixed maturity date of not more than one year from date of issue,

Tax-exempt income funds — Page 81

the gain realized on disposition will be treated as short-term capital gain. Some of the bonds acquired by a fund with a fixed maturity date of one year or less from the date of their issuance may be treated as having original issue discount or, in certain cases, "acquisition discount" (generally, the excess of a bond's stated redemption price at maturity over its acquisition price). A fund will be required to include any such original issue discount or acquisition discount in taxable ordinary income. The rate at which such acquisition discount and market discount accrues, and is thus included in a fund's investment company taxable income, will depend upon which of the permitted accrual methods the fund elects.

**Other tax considerations —** After the end of each calendar year, individual shareholders holding fund shares in taxable accounts will receive a statement of the federal income tax status of all distributions. Shareholders of the fund also may be subject to state and local taxes on distributions received from the fund.

For fund shares acquired on or after January 1, 2012, the fund is required to report cost basis information for redemptions, including exchanges, to both shareholders and the IRS.

Shareholders may obtain more information about cost basis online at capitalgroup.com/costbasis.

Under the backup withholding provisions of the Code, the fund generally will be required to withhold federal income tax on all payments made to a shareholder if the shareholder either does not furnish the fund with the shareholder's correct taxpayer identification number or fails to certify that the shareholder is not subject to backup withholding. Backup withholding also applies if the IRS notifies the shareholder or the fund that the taxpayer identification number provided by the shareholder is incorrect or that the shareholder has previously failed to properly report interest or dividend income.

The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. persons (i.e., U.S. citizens and legal residents and U.S. corporations, partnerships, trusts and estates). Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the fund, including the possibility that such a shareholder may be subject to U.S. withholding taxes.

Tax-exempt income funds — Page 82

**Purchase and exchange of shares**

**Purchases by individuals —** As described in the prospectus, you may generally open an account and purchase fund shares by contacting a financial professional or investment dealer authorized to sell the fund's shares. You may make investments by any of the following means:

**Contacting your financial professional —** Deliver or mail a check to your financial professional.

**By mail —** For initial investments, you may mail a check, made payable to the fund, directly to the address indicated on the account application. Please indicate an investment dealer on the account application. You may make additional investments by filling out the "Account Additions" form at the bottom of a recent transaction confirmation and mailing the form, along with a check made payable to the fund, using the envelope provided with your confirmation.

The amount of time it takes for us to receive regular U.S. postal mail may vary and there is no assurance that we will receive such mail on the day you expect. Mailing addresses for regular U.S. postal mail can be found in the prospectus. To send investments or correspondence to us via overnight mail or courier service, use either of the following addresses:

American Funds

12711 North Meridian Street

Carmel, IN 46032-9181

American Funds

5300 Robin Hood Road

Norfolk, VA 23513-2407

**By telephone —** Calling American Funds Service Company. Please see the "Shareholder account services and privileges" section of this statement of additional information for more information regarding this service.

**By Internet —** Using capitalgroup.com. Please see the "Shareholder account services and privileges" section of this statement of additional information for more information regarding this service.

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**By wire —** If you are making a wire transfer, instruct your bank to wire funds to:

Wells Fargo Bank

ABA Routing No. 121000248

Account No. 4600-076178

Your bank should include the following information when wiring funds:

For credit to the account of:

American Funds Service Company

(fund's name)

For further credit to:

(shareholder's fund account number)

(shareholder's name)

You may contact American Funds Service Company at (800) 421-4225 if you have questions about making wire transfers.

**Other purchase information —** American Funds state tax-exempt funds are qualified for sale only in certain jurisdictions, and tax-exempt funds in general should not serve as retirement plan investments. The fund and the Principal Underwriter reserve the right to reject any purchase order.

Class R-6 shares are generally only available to American Funds Portfolio Series and other registered investment companies approved by the fund's investment adviser or distributor.

**Purchase minimums and maximums —** All investments are subject to the purchase minimums and maximums described in the prospectus. As noted in the prospectus, purchase minimums may be waived or reduced in certain cases.

In the case of American Funds non-tax-exempt funds, the initial purchase minimum of $250 may be waived for the following account types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Payroll deduction retirement plan accounts (such as, but not limited to, 403(b), 401(k), SIMPLE IRA, SARSEP and deferred compensation plan accounts); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employer-sponsored CollegeAmerica accounts.

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The following account types may be established without meeting the initial purchase minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Retirement accounts that are funded with employer contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that are funded with monies set by court decree.

The following account types may be established without meeting the initial purchase minimum, but shareholders wishing to invest in two or more funds must meet the normal initial purchase minimum of each fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that are funded with (*a)* transfers of assets, (*b*) rollovers from retirement plans, (*c*) rollovers from 529 college savings plans or (*d*) required minimum distribution automatic exchanges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· American Funds U.S. Government Money Market Fund accounts registered in the name of clients of Capital Group Private Client Services.

Certain accounts held on the fund's books, known as omnibus accounts, contain multiple underlying accounts that are invested in shares of the fund. These underlying accounts are maintained by entities such as financial intermediaries and are subject to the applicable initial purchase minimums as described in the prospectus and this statement of additional information. However, in the case where the entity maintaining these accounts aggregates the accounts' purchase orders for fund shares, such accounts are not required to meet the fund's minimum amount for subsequent purchases.

**Exchanges —** With the exception of Class T shares, for which rights of exchange are not generally available, you may only exchange shares without a sales charge into other American Funds, Capital Group KKR Public-Private+ Funds, or Emerging Markets Equities Fund, Inc. (collectively "Capital Group Funds") within the same share class; however, Class A, C, T or F shares may also generally be exchanged without a sales charge for the corresponding 529 share class. Clients of Capital Group Private Client Services may exchange the shares of the fund for those of any other fund(s) managed by Capital Research and Management Company or its affiliates. Class A-2 shares of Capital Group KKR Public-Private+ Funds may not be exchanged for shares of the American Funds or Emerging Markets Equities Fund, Inc.

Notwithstanding the above, exchanges from Class A shares of American Funds U.S. Government Money Market Fund may be made to Class C shares of other American Funds for dollar cost averaging purposes.

Exchange purchases are subject to the minimum investment requirements of the fund purchased and no sales charge generally applies. However, exchanges of shares from American Funds U.S. Government Money Market Fund are subject to applicable sales charges, unless the American Funds U.S. Government Money Market Fund shares were acquired by an exchange from a fund having a sales charge, or by reinvestment or cross-reinvestment of dividends or capital gain distributions.

Exchanges of Class F shares generally may only be made through fee-based programs of investment firms that have special agreements with the fund's distributor and certain registered investment advisors.

You may exchange shares of other classes by contacting your financial professional by calling American Funds Service Company at (800) 421-4225 or using capitalgroup.com, or faxing (see "American Funds Service Company service areas" in the prospectus for the appropriate fax numbers) the Transfer Agent. For more information, see "Shareholder account services and privileges" in this statement of additional information. **These transactions have the same tax consequences as ordinary sales and purchases.**

Tax-exempt income funds — Page 85

Shares held in employer-sponsored retirement plans may be exchanged into other Capital Group Funds by contacting your plan administrator or recordkeeper. Exchange redemptions and purchases are processed simultaneously at the share prices next determined after the exchange order is received (see "Price of shares" in this statement of additional information).

**Conversion —** Class C shares of the fund automatically convert to Class A shares in the month of the 8-year anniversary of the purchase date. The board of trustees of the fund reserves the right at any time, without shareholder approval, to amend the conversion features of the Class C shares, including without limitation, providing for conversion into a different share class or for no conversion. In making its decision, the board of trustees will consider, among other things, the effect of any such amendment on shareholders.

**Frequent trading of fund shares —** As noted in the prospectus, certain redemptions may trigger a restriction under the fund's "frequent trading policy." Under this policy, systematic redemptions will not trigger a restriction and systematic purchases will not be prevented if the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase. For purposes of this policy, systematic redemptions include, for example, regular periodic automatic redemptions and statement of intention escrow share redemptions. Systematic purchases include, for example, regular periodic automatic purchases and automatic reinvestments of dividends and capital gain distributions. Generally, purchases and redemptions will not be considered "systematic" unless the transaction is prescheduled for a specific date.

**Potentially abusive activity —** American Funds Service Company will monitor for the types of activity that could potentially be harmful to the American Funds — for example, short-term trading activity in multiple funds. When identified, American Funds Service Company will request that the shareholder discontinue the activity. If the activity continues, American Funds Service Company will freeze the shareholder account to prevent all activity other than redemptions of fund shares.

**Moving between share classes**

If you wish to "move" your investment between share classes (within the same fund or between different funds), we generally will process your request as an exchange of the shares you currently hold for shares in the new class or fund. Below is more information about how sales charges are handled for various scenarios. Class C shares are not currently offered by STEX.

**Exchanging Class C shares for Class A or Class T shares —** If you exchange Class C shares for Class A or Class T shares, you are still responsible for paying any Class C contingent deferred sales charges and applicable Class A or Class T sales charges.

**Exchanging Class C shares for Class F shares —** If you are part of a qualified fee-based program or approved self-directed platform and you wish to exchange your Class C shares for Class F shares to be held in the program, you are still responsible for paying any applicable Class C contingent deferred sales charges.

**Exchanging Class F shares for Class A shares —** You can exchange Class F shares held in a qualified fee-based program for Class A shares without paying an initial Class A sales charge if you are leaving or have left the fee-based program. Your financial intermediary can also convert Class F-1 shares to Class A shares without a sales charge if they are held in a brokerage account and they were initially transferred to the account or converted from Class C shares. You can exchange Class F shares received in a conversion from Class C shares for Class A shares at any time without paying an initial Class A sales charge if you notify American Funds Service Company of the conversion when you make your request. If you have already redeemed your Class F shares, the foregoing requirements apply and you must purchase Class

Tax-exempt income funds — Page 86

A shares within 90 days after redeeming your Class F shares to receive the Class A shares without paying an initial Class A sales charge.

**Exchanging Class A or Class T shares for Class F shares —** If you are part of a qualified fee-based program or approved self-directed platform and you wish to exchange your Class A or Class T shares for Class F shares to be held in the program, any Class A or Class T sales charges (including contingent deferred sales charges) that you paid or are payable will not be credited back to your account.

**Exchanging Class A shares for Class R shares —** Provided it is eligible to invest in Class R shares, a retirement plan currently invested in Class A shares may exchange its shares for Class R shares. Any Class A sales charges that the retirement plan previously paid will not be credited back to the plan's account. No contingent deferred sales charge will be assessed as part of the share class conversion.

**Moving between Class F shares —** If you are part of a qualified fee-based program that offers Class F shares, you may exchange your Class F shares for any other Class F shares to be held in the program. For example, if you hold Class F-2 shares, you may exchange your shares for Class F-1 or Class F-3 shares to be held in the program.

**Moving between other share classes —** If you desire to move your investment between share classes and the particular scenario is not described in this statement of additional information, please contact American Funds Service Company at (800) 421-4225 for more information.

**Non-reportable transactions —** Automatic conversions described in the prospectus will be non-reportable for tax purposes. In addition, an exchange of shares from one share class of a fund to another share class of the same fund will be treated as a non-reportable exchange for tax purposes, provided that the exchange request is received in writing by American Funds Service Company and processed as a single transaction.

Tax-exempt income funds — Page 87

**Sales charges**

**Class A purchases**

#### Purchases by certain 403(b) plans
Tax-exempt funds in general should not serve as retirement plan investments.

A 403(b) plan may not invest in American Funds Class A or C shares unless such plan was invested in Class A or C shares before January 1, 2009.

Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an individual-type plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an individual-type plan for sales charge purposes. Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an employer-sponsored plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an employer-sponsored plan for sales charge purposes. Participant accounts of a 403(b) plan that was established on or after January 1, 2009, are treated as accounts of an employer-sponsored plan for sales charge purposes.

#### Purchases by SEP plans and SIMPLE IRA plans
Participant accounts in a Simplified Employee Pension (SEP) plan or a Savings Incentive Match Plan for Employees of Small Employers IRA (SIMPLE IRA) will be aggregated at the plan level for Class A sales charge purposes if an employer adopts a prototype plan produced by Capital Client Group, Inc. or (*a*) the employer or plan sponsor submits all contributions for all participating employees in a single contribution transmittal or the contributions are identified as related to the same plan; (*b*) each transmittal is accompanied by checks or wire transfers and generally must be submitted through the transfer agent's automated contribution system if held on the fund's books; and (*c*) if the fund is expected to carry separate accounts in the name of each plan participant and (*i*) the employer or plan sponsor notifies the funds' transfer agent or the intermediary holding the account that the separate accounts of all plan participants should be linked and (*ii*) all new participant accounts are established by submitting the appropriate documentation on behalf of each new participant. Participant accounts in a SEP or SIMPLE plan that are eligible to aggregate their assets at the plan level may not also aggregate the assets with their individual accounts.

Tax-exempt income funds — Page 88

**Other purchases**

In addition, American Funds Class A shares may be offered at net asset value to companies exchanging securities with the fund through a merger, acquisition or exchange offer and to certain individuals meeting the criteria described above who invested in Class A shares before Class F-2 shares were made available under this privilege.

**Class F-2 purchases**

If requested, American Funds Class F-2 shares will be sold to:

(1) current
 or retired directors, trustees, officers and advisory board members of, and certain lawyers who provide services to the funds managed
 by Capital Research and Management Company, current or retired employees of The Capital Group Companies, Inc. and its affiliated companies,
 certain family members of the above persons, and trusts or plans primarily for such persons; and

(2) The
 Capital Group Companies, Inc. and its affiliated companies.

Once an account in Class F-2 is established under this privilege, additional investments can be made in Class F-2 for the life of the account. Depending on the financial intermediary holding your account, these privileges may be unavailable. Investors should consult their financial intermediary for further information.

**Moving between accounts —** American Funds investments by certain account types may be moved to other account types without incurring additional Class A sales charges. These transactions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase fund shares in an IRA or other individual-type retirement account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· required minimum distributions from an IRA or other individual-type retirement account used to purchase fund shares in a non-retirement account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· death distributions paid to a beneficiary's account that are used by the beneficiary to purchase fund shares in a different account.

Investors may not move investments from a Capital Bank & Trust Company SIMPLE IRA Plus to a Capital Bank & Trust Company SIMPLE IRA unless it is part of a plan transfer or to a current employer's Capital Bank & Trust Company SIMPLE IRA plan.

These privileges are generally available only if your account is held directly with the fund's transfer agent or if the financial intermediary holding your account has the systems, policies and procedures to support providing the privileges on its systems. Investors should consult their financial intermediary for further information.

**Loan repayments —** Repayments on loans taken from a retirement plan are not subject to sales charges if American Funds Service Company is notified of the repayment.

**Dealer commissions and compensation —** Commissions (up to .75%) are paid to dealers who initiate and are responsible for certain Class A share purchases not subject to initial sales charges. These purchases consist of *a*) purchases of $250,000 or more, and *b*) purchases by employer-sponsored defined contribution-type retirement plans investing $1 million or more or with 100 or more eligible employees. Only with respect to TEBF, AHIM, TEFCA and TEFNY, commissions on such investments

Tax-exempt income funds — Page 89

(other than IRA rollover assets that roll over at no sales charge under the fund's IRA rollover policy as described in the prospectus) are paid to dealers at the following rates: .75% on amounts of less than $10 million, .50% on amounts of at least $10 million but less than $25 million and .25% on amounts of at least $25 million. Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholder has accumulated investments in excess of $10 million (but less than $25 million) and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate a dealer commission of .50%.

Commissions (up to .75%) are paid to dealers who initiate and are responsible for certain Class A share purchases not subject to initial sales charges. These purchases consist of *a*) purchases of $250,000 or more and *b*) purchases by employer-sponsored defined contribution-type retirement plans investing $250,000 or more or with 100 or more eligible employees. Only with respect to STEX and LTEX, commissions on such investments (other than IRA, rollover assets that roll over at no sales charge under the fund's IRA rollover policy as described in the prospectus) are paid to dealers at the following rates: .75% on amounts of less than $4 million, .50% on amounts of at least $4 million but less than $10 million and .25% on amounts of at least $10 million. Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholder has accumulated investments in excess of $4 million (but less than $10 million) and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate a dealer commission of .50%.

A dealer concession of up to 1% may be paid by the fund under its Class A plan of distribution to reimburse the Principal Underwriter in connection with dealer and wholesaler compensation paid by it with respect to investments made with no initial sales charge.

Tax-exempt income funds — Page 90

**Sales charge reductions and waivers**

**Reducing your Class A sales charge —** As described in the prospectus, there are various ways to reduce your sales charge when purchasing Class A shares. Additional information about Class A sales charge reductions is provided below. Class A-2 shares of Capital Group KKR Public-Private+ Funds are not eligible for the sales charge reductions noted below.

**Statement of intention —** By establishing a statement of intention (the "Statement"), you enter into a nonbinding commitment to purchase eligible shares of Capital Group Funds (excluding American Funds U.S. Government Money Market Fund) over a 13-month period and receive the same sales charge (expressed as a percentage of your purchases) as if all shares had been purchased at once, unless the Statement is upgraded as described below.

The Statement period starts on the date on which your first purchase made toward satisfying the Statement is processed. Your accumulated holdings (as described in the paragraph below titled "Rights of accumulation") eligible to be aggregated as of the day immediately before the start of the Statement period may be credited toward satisfying the Statement.

You may revise the commitment you have made in your Statement upward at any time during the Statement period. If your prior commitment has not been met by the time of the revision, the Statement period during which purchases must be made will remain unchanged. Purchases made from the date of the revision will receive the reduced sales charge, if any, resulting from the revised Statement. If your prior commitment has been met by the time of the revision, your original Statement will be considered met and a new Statement will be established.

The Statement will be considered completed if the shareholder dies within the 13-month Statement period. Commissions to dealers will not be adjusted or paid on the difference between the Statement amount and the amount actually invested before the shareholder's death.

When a shareholder elects to use a Statement, shares equal to 5% of the dollar amount specified in the Statement may be held in escrow in the shareholder's account out of the initial purchase (or subsequent purchases, if necessary) by the Transfer Agent. All dividends and any capital gain distributions on shares held in escrow will be credited to the shareholder's account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified Statement period the investments made during the statement period will be adjusted to reflect the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder's account at the time a purchase was made during the Statement period will receive a corresponding commission adjustment if appropriate.

In addition, if you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a Statement.

Shareholders purchasing shares at a reduced sales charge under a Statement indicate their acceptance of these terms and those in the prospectus with their first purchase.

The Statement period may be extended in cases where the fund's distributor determines it is appropriate to do so; for example in periods when there are extenuating circumstances such as a natural disaster that may limit an individual's ability to meet the investment required under the Statement.

Tax-exempt income funds — Page 91

**Aggregation —** Qualifying investments for aggregation include purchases of eligible classes of shares of the Capital Group Funds made by you and your "immediate family" as defined in the prospectus, if all parties are purchasing shares for their own accounts and/or:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or a participant account of a 403(b) plan that is treated as an individual-type plan for sales charge purposes (see "Purchases by certain 403(b) plans" under "Sales charges" in this statement of additional information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEP plans and SIMPLE IRA plans established after November 15, 2004, by an employer adopting any plan document other than a prototype plan produced by Capital Client Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· business accounts solely controlled by you or your immediate family (for example, you own the entire business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor's death the trust account may be aggregated with such beneficiary's own accounts; for trusts with multiple primary beneficiaries, upon the trustor's death the trustees of the trust may instruct American Funds Service Company to establish separate trust accounts for each primary beneficiary; each primary beneficiary's separate trust account may then be aggregated with such beneficiary's own accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· endowments or foundations established and controlled by you or your immediate family; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CollegeAmerica<sup>®</sup> accounts invested in American Funds other than the funds, which will be aggregated at the account owner level. (Class 529-E accounts may only be aggregated with an eligible employer plan. For more information about CollegeAmerica and Class 529 shares, please see the prospectus of American Funds that offer Class 529 shares.)

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for participant accounts of a 403(b) plan that is treated as an employer-sponsored plan for sales charge purposes (see "Purchases by certain 403(b) plans" under "Sales charges" in this statement of additional information), or made for participant accounts of two or more such plans, in each case of a single employer or affiliated employers as defined in the 1940 Act; or

Tax-exempt income funds — Page 92

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for a SEP or SIMPLE IRA plan established after November 15, 2004, by an employer adopting a prototype plan produced by Capital Client Group, Inc.

Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of the customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

Joint accounts may be aggregated with other accounts belonging to the primary owner and/or his or her immediate family. The primary owner of a joint account is the individual responsible for taxes on the account.

**Concurrent purchases —** As described in the prospectus, you may reduce your Class A sales charge by combining simultaneous purchases of all eligible classes of shares in Capital Group Funds. Shares of American Funds U.S. Government Money Market Fund purchased through an exchange, reinvestment or cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under such contracts and policies to reduce your Class A sales charge.

**Rights of accumulation —** Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings in all eligible share classes of Capital Group Funds to determine your sales charge on investments in accounts eligible to be aggregated. Direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. Subject to your investment dealer's or recordkeeper's capabilities, your accumulated holdings will be calculated as the higher of (*a*) the current value of your existing holdings (the "market value") as of the day prior to your Capital Group Funds investment or (*b*) the amount you invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals (the "cost value"). Depending on the entity on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value for purposes of rights of accumulation.

The value of all of your holdings in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to the market value of those holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decrease according to actual investments or withdrawals.

You must contact your financial professional or American Funds Service Company if you have additional information that is relevant to the calculation of the value of your holdings.

When determining your Class A sales charge, if your investment is not in an employer-sponsored retirement plan, you may also continue to take into account the market value (as of the day prior to your investment) of your individual holdings in various American Legacy variable annuity contracts and variable life insurance policies that were established on or before March 31, 2007. An employer-sponsored retirement plan may also continue to take into account the market value of its investments in American Legacy Retirement Investment Plans that were established on or before March 31, 2007.

Tax-exempt income funds — Page 93

You may not purchase Class C shares of American High-Income Municipal Bond Fund or American Funds Tax-Exempt Fund of New York if such combined American Funds and American Funds Legacy holdings cause you to be eligible to purchase Class A shares at the $1 million or more sales charge discount rate (i.e., at net asset value).

If you make a gift of Class A shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your Capital Group Funds and applicable American Legacy accounts.

**Reducing your Class T sales charge —** As described in the prospectus, the initial sales charge you pay each time you buy Class T shares may differ depending upon the amount you invest and may be reduced for larger purchases. Additionally, Class T shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge. Sales charges on Class T shares are applied on a transaction-by-transaction basis, and, accordingly, Class T shares are not eligible for any other sales charge waivers or reductions, including through the aggregation of Class T shares concurrently purchased by other related accounts or in other American Funds. The sales charge applicable to Class T shares may not be reduced by establishing a statement of intention, and rights of accumulation are not available for Class T shares.

Tax-exempt income funds — Page 94

**CDSC waivers for Class A and C shares —** As noted in the prospectus, a contingent deferred sales charge ("CDSC") will be waived for redemptions due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Transfer Agent of the other joint tenant's death and removes the decedent's name from the account, may redeem shares from the account without incurring a CDSC. Redemptions made after the Transfer Agent is notified of the death of a joint tenant will be subject to a CDSC.

In addition, a CDSC will be waived for the following types of transactions, if they do not exceed 12% of the value of an "account" (defined below) annually (the "12% limit"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Required minimum distributions taken from retirement accounts in accordance with IRS regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Redemptions through an automatic withdrawal plan ("AWP") (see "Automatic withdrawals" under "Shareholder account services and privileges" in this statement of additional information). For each AWP payment, assets that are not subject to a CDSC, such as shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular AWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through an AWP will also count toward the 12% limit. In the case of an AWP, the 12% limit is calculated at the time an automatic redemption is first made, and is recalculated at the time each additional automatic redemption is made. Shareholders who establish an AWP should be aware that the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.

For purposes of this paragraph, "account" means your investment in the applicable class of shares of the particular fund from which you are making the redemption.

The CDSC on American Funds Class A shares may be waived in cases where the fund's transfer agent determines the benefit to the fund of collecting the CDSC would be outweighed by the cost of applying it.

CDSC waivers are allowed only in the cases listed here and in the prospectus.

Tax-exempt income funds — Page 95

**Selling shares**

The methods for selling (redeeming) shares are described more fully in the prospectus. If you wish to sell your shares by contacting American Funds Service Company directly, any such request must be signed by the registered shareholders. To contact American Funds Service Company via overnight mail or courier service, see "Purchase and exchange of shares."

A signature guarantee may be required for certain redemptions. In such an event, your signature may be guaranteed by a domestic stock exchange or the Financial Industry Regulatory Authority, bank, savings association or credit union that is an eligible guarantor institution. The Transfer Agent reserves the right to require a signature guarantee on any redemptions.

Additional documentation may be required for sales of shares held in corporate, partnership or fiduciary accounts. You must include with your written request any shares you wish to sell that are in certificate form.

If you sell Class A or C shares and request a specific dollar amount to be sold, we will sell sufficient shares so that the sale proceeds, after deducting any applicable CDSC, equals the dollar amount requested.

If you hold multiple American Funds and a CDSC applies to the shares you are redeeming, the CDSC will be calculated based on the applicable class of shares of the particular fund from which you are making the redemption.

Redemption proceeds will not be mailed until sufficient time has passed to provide reasonable assurance that checks or drafts (including certified or cashier's checks) for shares purchased have cleared (normally seven business days from the purchase date). Except for delays relating to clearance of checks for share purchases or in extraordinary circumstances (and as permissible under the 1940 Act), the fund typically expects to pay redemption proceeds one business day following receipt and acceptance of a redemption order. Interest will not accrue or be paid on amounts that represent uncashed distribution or redemption checks.

Tax-exempt income funds — Page 96

**Shareholder account services and privileges**

The following services and privileges are generally available to all shareholders. However, certain services and privileges described in the prospectus and this statement of additional information may not be available if your account is held with an investment dealer.

**Automatic investment plan —** An automatic investment plan enables you to make monthly or quarterly investments in American Funds through automatic debits from your bank account. To set up a plan, you must fill out an account application and specify the amount that you would like to invest and the date on which you would like your investments to occur. The plan will begin within 30 days after your account application is received. Your bank account will be debited on the day or a few days before your investment is made, depending on the bank's capabilities. The Transfer Agent will then invest your money into the fund you specified on or around the date you specified. If the date you specified falls on a weekend or holiday, your money will be invested on the following business day. However, if the following business day falls in the next month, your money will be invested on the business day immediately preceding the weekend or holiday. If your bank account cannot be debited due to insufficient funds, a stop-payment or the closing of the account, the plan may be terminated and the related investment reversed. You may change the amount of the investment or discontinue the plan at any time by contacting the Transfer Agent.

**Automatic reinvestment —** Dividends and capital gain distributions are reinvested in additional shares of the same class and fund at net asset value unless you indicate otherwise on the account application. You also may elect to have dividends and/or capital gain distributions paid in cash by informing the fund, the Transfer Agent or your investment dealer.

If you have elected to receive dividends and/or capital gain distributions in cash, and the postal or other delivery service is unable to deliver checks to your address of record, or you do not respond to mailings from American Funds Service Company with regard to uncashed distribution checks, your distribution option may be automatically converted to having all dividends and other distributions reinvested in additional shares.

**Cross-reinvestment of dividends and distributions —** For all share classes, except Class T shares, you may cross-reinvest dividends and capital gains (distributions) into other American Funds in the same share class at net asset value, subject to the following conditions:

(1) the aggregate value of your account(s) in the fund(s) paying distributions equals or exceeds $5,000 (this is waived if the value of the account in the fund receiving the distributions equals or exceeds that fund's minimum initial investment requirement);

(2) if the value of the account of the fund receiving distributions is below the minimum initial investment requirement, distributions must be automatically reinvested; and

(3) if you discontinue the cross-reinvestment of distributions, the value of the account of the fund receiving distributions must equal or exceed the minimum initial investment requirement. If you do not meet this requirement within 90 days of notification, the fund has the right to automatically redeem the account.

Depending on the financial intermediary holding your account, your reinvestment privileges may be unavailable or differ from those described in this statement of additional information. Investors should consult their financial intermediary for further information.

Tax-exempt income funds — Page 97

**Automatic exchanges —** For all share classes other than Class T shares, you may automatically exchange shares of the same class in amounts of $50 or more among any Capital Group Funds on any day (or preceding business day if the day falls on a nonbusiness day) of each month you designate.

**Automatic withdrawals —** Depending on the type of account, for all share classes except R shares, you may automatically withdraw shares from any of the American Funds or Emerging Markets Equities Fund, Inc. You can make automatic withdrawals of $50 or more. You can designate the day of each period for withdrawals and request that checks be sent to you or someone else. Withdrawals may also be electronically deposited to your bank account. The Transfer Agent will withdraw your money from the fund you specify on or around the date you specify. If the date you specified falls on a weekend or holiday, the redemption will take place on the previous business day. However, if the previous business day falls in the preceding month, the redemption will take place on the following business day after the weekend or holiday. You should consult with your financial professional or intermediary to determine if your account is eligible for automatic withdrawals.

Withdrawal payments are not to be considered as dividends, yield or income. Generally, automatic investments may not be made into a shareholder account from which there are automatic withdrawals. Withdrawals of amounts exceeding reinvested dividends and distributions and increases in share value would reduce the aggregate value of the shareholder's account. The Transfer Agent arranges for the redemption by the fund of sufficient shares, deposited by the shareholder with the Transfer Agent, to provide the withdrawal payment specified.

Redemption proceeds from an automatic withdrawal plan are not eligible for reinvestment without a sales charge.

**Account statements —** Your account is opened in accordance with your registration instructions. Transactions in the account, such as additional investments, will be reflected on regular confirmation statements from the Transfer Agent. Dividend and capital gain reinvestments, purchases through automatic investment plans and certain retirement plans, as well as automatic exchanges and withdrawals, will be confirmed at least quarterly.

**American Funds Service Company and capitalgroup.com —** You may check your share balance, the price of your shares or your most recent account transaction or redeem or exchange shares by calling American Funds Service Company at (800) 421-4225 or using capitalgroup.com. Redemptions and exchanges through American Funds Service Company and capitalgroup.com are subject to the conditions noted above and in "Telephone and Internet purchases, redemptions and exchanges" below. You will need your fund number (see the list of American Funds under the "General information — fund numbers" section in this statement of additional information), personal identification number (generally the last four digits of your Social Security number or other tax identification number associated with your account) and account number.

Generally, all shareholders are automatically eligible to use these services. However, if you are not currently authorized to do so, please contact American Funds Service Company for assistance. Once you establish this privilege, you, your financial professional or any person with your account information may use these services.

**Telephone and Internet purchases, redemptions and exchanges —** By using the telephone or the Internet (including capitalgroup.com), or fax purchase, redemption and/or exchange options, you agree to hold the fund, the Transfer Agent, any of its affiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these privileges. Generally, all shareholders are automatically eligible to use these services. However, you may elect to opt out of these services by writing the Transfer Agent (you may

Tax-exempt income funds — Page 98

also reinstate them at any time by writing the Transfer Agent). If the Transfer Agent does not employ reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine, it and/or the fund may be liable for losses due to unauthorized or fraudulent instructions. In the event that shareholders are unable to reach the fund by telephone because of technical difficulties, market conditions or a natural disaster, redemption and exchange requests may be made in writing only.

**Redemption of shares —** The fund's declaration of trust permits the fund to direct the Transfer Agent to redeem the shares of any shareholder for their then current net asset value per share if at such time the shareholder of record owns shares having an aggregate net asset value of less than the minimum initial investment amount required of new shareholders as set forth in the fund's current registration statement under the 1940 Act, and subject to such further terms and conditions as the board of trustees of the fund may from time to time adopt.

While payment of redemptions normally will be in cash, the fund's declaration of trust permits payment of the redemption price wholly or partly with portfolio securities or other fund assets under conditions and circumstances determined by the fund's board of trustees. For example, redemptions could be made in this manner if the board determined that making payments wholly in cash over a particular period would be unfair and/or harmful to other fund shareholders.

**Share certificates —** Shares are credited to your account. The fund does not issue share certificates.

Tax-exempt income funds — Page 99

**General information**

**Custodian of assets —** Securities and cash owned by the fund, including proceeds from the sale of shares of the fund and of securities in the fund's portfolios, are held by JP Morgan Chase Bank N.A., 270 Park Avenue, New York, NY 10017-2070 for STEX, LTEX, TEBF, AHIM and TEFCA, and by State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111 for TEFNY., as custodian. If the fund holds securities of issuers outside the United States, the custodian may hold these securities pursuant to subcustodial arrangements in banks outside the United States or branches of U.S. banks outside the United States.

**Transfer agent services —** American Funds Service Company, a wholly owned subsidiary of the investment adviser, maintains the records of shareholder accounts, processes purchases and redemptions of the fund's shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions. The principal office of American Funds Service Company is located at 6455 Irvine Center Drive, Irvine, CA 92618. Transfer agent fees are paid according to a fee schedule, based on the number of accounts serviced or a percentage of fund assets, contained in a Shareholder Services Agreement between the fund and American Funds Service Company.

In the case of certain shareholder accounts, third parties who may be unaffiliated with the investment adviser provide transfer agency and shareholder services in place of American Funds Service Company. These services are rendered under agreements with American Funds Service Company or its affiliates and the third parties receive compensation according to such agreements. Compensation for transfer agency and shareholder services, whether paid to American Funds Service Company or such third parties, is ultimately paid from fund assets and is reflected in the expenses of the fund as disclosed in the prospectus.

Tax-exempt income funds — Page 100

During the 2025 fiscal year, transfer agent fees, gross of any payments made by American Funds Service Company to third parties, were:

---

| | | |
|:---|:---|:---|
|  |  | **Transfer agent fee** |
| **STEX** | Class A | $468000 |
|  | Class T | —\* |
|  | Class F-1 | 4000 |
|  | Class F-2 | 156000 |
|  | Class F-3 | 10000 |
|  | Class R-6 | 2000 |
| **LTEX** | Class A | 1319000 |
|  | Class C | 4000 |
|  | Class T | —\* |
|  | Class F-1 | 33000 |
|  | Class F-2 | 743000 |
|  | Class F-3 | 31000 |
|  | Class R-6 | 3000 |
| **TEBF** | Class A | 4283000 |
|  | Class C | 54000 |
|  | Class T | —\* |
|  | Class F-1 | 191000 |
|  | Class F-2 | 6658000 |
|  | Class F-3 | 127000 |
|  | Class R-6 |  |

---

Tax-exempt income funds — Page 101

---

| | | |
|:---|:---|:---|
|  |  | **Transfer agent fee** |
| **AHIM** | Class A | $2626000 |
|  | Class C | 48000 |
|  | Class T | —\* |
|  | Class F-1 | 156000 |
|  | Class F-2 | 3435000 |
|  | Class F-3 | 63000 |
|  | Class R-6 | 22000 |
| **TEFCA** | Class A | 354000 |
|  | Class C | 5000 |
|  | Class T | —\* |
|  | Class F-1 | 50000 |
|  | Class F-2 | 728000 |
|  | Class F-3 | 20000 |
| **TEFNY** | Class A | 61000 |
|  | Class C | 2000 |
|  | Class T | —\* |
|  | Class F-1 | 1000 |
|  | Class F-2 | 47000 |
|  | Class F-3 | 1000 |

---

\* Amount less than $1,000.

STEX did not offer Class C shares in the 2025 fiscal year and is not currently offering C shares.

**Independent registered public accounting firm** — PricewaterhouseCoopers LLP, 601 South Figueroa Street, Los Angeles, CA 90017, serves as the fund's independent registered public accounting firm, providing audit services, preparation of tax returns and review of certain documents to be filed with the SEC. The financial statements and financial highlights of each fund included in this statement of additional information that are from the fund's Form N-CSR for the most recent fiscal year have been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements and financial highlights are included in reliance upon the respective reports of such firms given upon their authority as experts in accounting and auditing. The selection of the fund's independent registered public accounting firm is reviewed and determined annually by the board of trustees.

**Independent legal counsel —** Morgan, Lewis & Bockius LLP, One Federal Street, Boston, MA 02110-1726, serves as independent legal counsel ("counsel") for the fund and for independent trustees in their capacities as such. A determination with respect to the independence of the fund's counsel will be made at least annually by the independent trustees of the fund, as prescribed by applicable 1940 Act rules.

**Prospectuses, reports to shareholders and proxy statements —** The fund's fiscal year ends on July 31. Shareholders are provided updated summary prospectuses annually and at least semi-annually with reports showing the fund's expenses, key statistics, holdings information and investment results (annual report only). Shareholders may request a copy of the fund's current prospectus at no cost by calling (800) 421-4225 or by sending an email request to prospectus@americanfunds.com. Shareholders may also access the fund's current summary prospectus, prospectus, statement of additional information and shareholder reports at capitalgroup.com/prospectus. The annual financial

Tax-exempt income funds — Page 102

statements for each fund are audited by the fund's independent registered public accounting firm, PricewaterhouseCoopers LLP. In addition, shareholders may also receive proxy statements for the fund. In an effort to reduce the volume of mail shareholders receive from the fund when a household owns more than one account, the Transfer Agent has taken steps to eliminate duplicate mailings of summary prospectuses, shareholder reports and proxy statements. To receive additional copies of a summary prospectus, report or proxy statement, shareholders should contact the Transfer Agent.

Shareholders may also elect to receive updated summary prospectuses, annual reports and semi-annual reports electronically by signing up for electronic delivery on our website, capitalgroup.com. Shareholders who elect to receive documents electronically will receive such documents in electronic form and will not receive documents in paper form by mail. A shareholder who elects electronic delivery is able to cancel this service at any time and return to receiving updated summary prospectuses and other reports in paper form by mail.

Summary prospectuses, prospectuses, annual reports and semi-annual reports that are mailed to shareholders by the Capital Group organization are printed with ink containing soy and/or vegetable oil on paper containing recycled fibers.

**Codes of ethics —** The fund and Capital Research and Management Company and its affiliated companies, including the fund's Principal Underwriter, have adopted codes of ethics that allow for personal investments, including securities in which the fund may invest from time to time. These codes include a ban on acquisitions of securities pursuant to an initial public offering; restrictions on acquisitions of private placement securities; preclearance and reporting requirements; review of duplicate confirmation statements; annual recertification of compliance with codes of ethics; blackout periods on personal investing for certain investment personnel; ban on short-term trading profits for investment personnel; limitations on service as a director of publicly traded companies; disclosure of personal securities transactions; and policies regarding political contributions.

**Credit facility —** American High-Income Municipal Bond Fund, together with other U.S. registered investment funds managed by Capital Research and Management Company, has entered into a committed line of credit facility pursuant to which the funds may borrow up to $1.5 billion as a source of temporary liquidity on a first-come, first-served basis. Under the credit facility, loans are generally unsecured; however, a borrowing fund must collateralize any borrowings under the facility on an equivalent basis if it has certain other collateralized borrowings.

Tax-exempt income funds — Page 103

**American Funds Short-Term Tax-Exempt Bond Fund**

**Determination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2025**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share<br>(Net assets divided by shares outstanding)  | $10.03 |
| Maximum offering price per share (100/97.50 of net asset value per share, which takes into account the fund's current maximum sales charge)  | $10.29 |

---

**Limited Term Tax-Exempt Bond Fund of America**

#### Determination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share<br>(Net assets divided by shares outstanding)  | $15.41 |
| Maximum offering price per share (100/97.50 of net asset value per share, which takes into account the fund's current maximum sales charge)  | $15.81 |

---

**The Tax-Exempt Bond Fund of America**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share<br>(Net assets divided by shares outstanding)  | $12.07 |
| Maximum offering price per share (100/96.25 of net asset value per share, which takes into account the fund's current maximum sales charge)  | $12.54 |

---

**American High-Income Municipal Bond Fund**

**Determination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2025**

---

| | |
|:---|:---|
| Net asset value and redemption price per share<br>(Net assets divided by shares outstanding)  | $14.77 |
| Maximum offering price per share (100/96.25 of net asset value per share, which takes into account the fund's current maximum sales charge)  | $15.35 |

---

Tax-exempt income funds — Page 104

**The Tax-Exempt Fund of California**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share<br>(Net assets divided by shares outstanding)  | $16.15 |
| Maximum offering price per share (100/96.25 of net asset value per share, which takes into account the fund's current maximum sales charge)  | $16.78 |

---

**American Funds Tax-Exempt Fund of New York**

**Determination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2025**

---

| | |
|:---|:---|
| Net asset value and redemption price per share<br>(Net assets divided by shares outstanding)  | $9.63 |
| Maximum offering price per share (100/96.25 of net asset value per share, which takes into account the fund's current maximum sales charge)  | $10.01 |

---

**Other information —** The fund reserves the right to modify the privileges described in this statement of additional information at any time.

The fund's financial statements, including the investment portfolio and the reports of the fund's independent registered public accounting firms contained in the fund's Form N-CSR, are included in this statement of additional information.

Tax-exempt income funds — Page 105

Fund numbers — Here are the fund numbers for use when making share transactions:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**A** | **Class**<br>**A-2** | **Class**<br>**A-3** | **Class**<br>**C** | **Class**<br>**T** | **Class**<br>**F-1** | **Class**<br>**F-2** | **Class**<br>**F-3** |
| **Stock and stock/fixed income funds** |  |  |  |  |  |  |  |  |
| AMCAP Fund<sup>®</sup>  | 002 | N/A | N/A | 302 | 43002 | 402 | 602 | 702 |
| American Balanced Fund<sup>®</sup>  | 011 | N/A | N/A | 311 | 43011 | 411 | 611 | 711 |
| American Funds<sup>®</sup> Developing World Growth and Income Fund  | 30100 | N/A | N/A | 33100 | 43100 | 34100 | 36100 | 37100 |
| American Funds<sup>®</sup> Global Balanced Fund  | 037 | N/A | N/A | 337 | 43037 | 437 | 637 | 737 |
| American Funds<sup>®</sup> Global Insight Fund  | 30122 | N/A | N/A | 33122 | 43122 | 34122 | 36122 | 37122 |
| American Funds<sup>®</sup> International Vantage Fund  | 30123 | N/A | N/A | 33123 | 43123 | 34123 | 36123 | 37123 |
| American Mutual Fund<sup>®</sup>  | 003 | N/A | N/A | 303 | 43003 | 403 | 603 | 703 |
| Capital Income Builder<sup>®</sup>  | 012 | N/A | N/A | 312 | 43012 | 412 | 612 | 712 |
| Capital World Growth and Income Fund<sup>®</sup>  | 033 | N/A | N/A | 333 | 43033 | 433 | 633 | 733 |
| EUPAC Fund™  | 016 | N/A | N/A | 316 | 43016 | 416 | 616 | 716 |
| Fundamental Investors<sup>®</sup>  | 010 | N/A | N/A | 310 | 43010 | 410 | 610 | 710 |
| The Growth Fund of America<sup>®</sup>  | 005 | N/A | N/A | 305 | 43005 | 405 | 605 | 705 |
| The Income Fund of America<sup>®</sup>  | 006 | N/A | N/A | 306 | 43006 | 406 | 606 | 706 |
| International Growth and Income Fund  | 034 | N/A | N/A | 334 | 43034 | 434 | 634 | 734 |
| The Investment Company of America<sup>®</sup>  | 004 | N/A | N/A | 304 | 43004 | 404 | 604 | 704 |
| The New Economy Fund<sup>®</sup>  | 014 | N/A | N/A | 314 | 43014 | 414 | 614 | 714 |
| New Perspective Fund<sup>®</sup>  | 007 | N/A | N/A | 307 | 43007 | 407 | 607 | 707 |
| New World Fund<sup>®</sup>  | 036 | N/A | N/A | 336 | 43036 | 436 | 636 | 736 |
| SMALLCAP World Fund<sup>®</sup>  | 035 | N/A | N/A | 335 | 43035 | 435 | 635 | 735 |
| Washington Mutual Investors Fund  | 001 | N/A | N/A | 301 | 43001 | 401 | 601 | 701 |
| **Fixed income funds** |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> Core Plus Bond Fund  | 30410 | N/A | N/A | 33410 | N/A | 34410 | 36410 | 37410 |
| American Funds Emerging Markets Bond Fund <sup>®</sup>  | 30114 | N/A | N/A | 33114 | 43114 | 34114 | 36114 | 37114 |
| American Funds Corporate Bond Fund <sup>®</sup>  | 032 | N/A | N/A | 332 | 43032 | 432 | 632 | 732 |
| American Funds Inflation Linked Bond Fund<sup>®</sup>  | 060 | N/A | N/A | 360 | 43060 | 460 | 660 | 760 |
| American Funds Mortgage Fund<sup>®</sup>  | 042 | N/A | N/A | 342 | 43042 | 442 | 642 | 742 |
| American Funds<sup>®</sup> Multi-Sector Income Fund  | 30126 | N/A | N/A | 33126 | 43126 | 34126 | 36126 | 37126 |
| American Funds Short-Term Tax-Exempt<br>Bond Fund<sup>®</sup>  | 039 | N/A | N/A | N/A | 43039 | 439 | 639 | 739 |
| American Funds<sup>®</sup> Strategic Bond Fund  | 30112 | N/A | N/A | 33112 | 43112 | 34112 | 36112 | 37112 |
| American Funds Tax-Exempt Fund of<br>New York<sup>®</sup>  | 041 | N/A | N/A | 341 | 43041 | 441 | 641 | 741 |
| American High-Income Municipal Bond Fund<sup>®</sup> | 040 | N/A | N/A | 340 | 43040 | 440 | 640 | 740 |
| American High-Income Trust<sup>®</sup>  | 021 | N/A | N/A | 321 | 43021 | 421 | 621 | 721 |
| The Bond Fund of America<sup>®</sup>  | 008 | N/A | N/A | 308 | 43008 | 408 | 608 | 708 |
| Capital Group KKR Core Plus+  | 30400 | 39400 | 61400 | N/A | N/A | N/A | 36400 | 37400 |
| Capital Group KKR Multi-Sector+  | 30401 | 39401 | 61401 | N/A | N/A | N/A | 36401 | 37401 |
| Capital World Bond Fund<sup>®</sup>  | 031 | N/A | N/A | 331 | 43031 | 431 | 631 | 731 |
| Intermediate Bond Fund of America<sup>®</sup>  | 023 | N/A | N/A | 323 | 43023 | 423 | 623 | 723 |
| Limited Term Tax-Exempt Bond Fund<br>of America<sup>®</sup>  | 043 | N/A | N/A | 343 | 43043 | 443 | 643 | 743 |
| Short-Term Bond Fund of America<sup>®</sup>  | 048 | N/A | N/A | 348 | 43048 | 448 | 648 | 748 |
| The Tax-Exempt Bond Fund of America<sup>®</sup>  | 019 | N/A | N/A | 319 | 43019 | 419 | 619 | 719 |
| The Tax-Exempt Fund of California<sup>®</sup>  | 020 | N/A | N/A | 320 | 43020 | 420 | 620 | 720 |
| U.S. Government Securities Fund<sup>®</sup>  | 022 | N/A | N/A | 322 | 43022 | 422 | 622 | 722 |

---

Tax-exempt income funds — Page 106

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**A** | **Class**<br>**A-2** | **Class**<br>**A-3** | **Class**<br>**C** | **Class**<br>**T** | **Class**<br>**F-1** | **Class**<br>**F-2** | **Class**<br>**F-3** |
| **Money market fund** |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> U.S. Government <br>Money Market Fund  | 059 | N/A | N/A | 359 | 43059 | 459 | 659 | 759 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class** <br>**529-A** | **Class**<br>**529-C** | **Class**<br>**529-E** | **Class**<br>**529-T** | **Class**<br>**529-F-1** | **Class**<br>**529-F-2** | **Class**<br>**529-F-3** | **Class**<br>**ABLE-A** | **Class**<br>**ABLE-F-2** |
| **Stock and stock/fixed income funds** |  |  |  |  |  |  |  |  |  |
| AMCAP Fund  | 1002 | 1302 | 1502 | 46002 | 1402 | 1602 | 1702 | N/A | N/A |
| American Balanced Fund  | 1011 | 1311 | 1511 | 46011 | 1411 | 1611 | 1711 | N/A | N/A |
| American Funds Developing World Growth and Income Fund  | 10100 | 13100 | 15100 | 46100 | 14100 | 16100 | 17100 | N/A | N/A |
| American Funds Global Balanced Fund  | 1037 | 1337 | 1537 | 46037 | 1437 | 1637 | 1737 | N/A | N/A |
| American Funds Global Insight Fund  | 10122 | 13122 | 15122 | 46122 | 14122 | 16122 | 17122 | N/A | N/A |
| American Funds International Vantage Fund  | 10123 | 13123 | 15123 | 46123 | 14123 | 16123 | 17123 | N/A | N/A |
| American Mutual Fund  | 1003 | 1303 | 1503 | 46003 | 1403 | 1603 | 1703 | N/A | N/A |
| Capital Income Builder  | 1012 | 1312 | 1512 | 46012 | 1412 | 1612 | 1712 | N/A | N/A |
| Capital World Growth and Income Fund  | 1033 | 1333 | 1533 | 46033 | 1433 | 1633 | 1733 | N/A | N/A |
| EUPAC Fund  | 1016 | 1316 | 1516 | 46016 | 1416 | 1616 | 1716 | N/A | N/A |
| Fundamental Investors  | 1010 | 1310 | 1510 | 46010 | 1410 | 1610 | 1710 | N/A | N/A |
| The Growth Fund of America  | 1005 | 1305 | 1505 | 46005 | 1405 | 1605 | 1705 | N/A | N/A |
| The Income Fund of America  | 1006 | 1306 | 1506 | 46006 | 1406 | 1606 | 1706 | N/A | N/A |
| International Growth and Income Fund  | 1034 | 1334 | 1534 | 46034 | 1434 | 1634 | 1734 | N/A | N/A |
| The Investment Company of America  | 1004 | 1304 | 1504 | 46004 | 1404 | 1604 | 1704 | N/A | N/A |
| The New Economy Fund  | 1014 | 1314 | 1514 | 46014 | 1414 | 1614 | 1714 | N/A | N/A |
| New Perspective Fund  | 1007 | 1307 | 1507 | 46007 | 1407 | 1607 | 1707 | N/A | N/A |
| New World Fund  | 1036 | 1336 | 1536 | 46036 | 1436 | 1636 | 1736 | N/A | N/A |
| SMALLCAP World Fund  | 1035 | 1335 | 1535 | 46035 | 1435 | 1635 | 1735 | N/A | N/A |
| Washington Mutual Investors Fund  | 1001 | 1301 | 1501 | 46001 | 1401 | 1601 | 1701 | N/A | N/A |
| **Fixed income funds** |  |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> Core Plus Bond Fund  | 10410 | 13410 | 15410 | N/A | 14410 | 16410 | 17410 | N/A | N/A |
| American Funds Emerging Markets Bond Fund  | 10114 | 13114 | 15114 | 46114 | 14114 | 16114 | 17114 | N/A | N/A |
| American Funds Corporate Bond Fund  | 1032 | 1332 | 1532 | 46032 | 1432 | 1632 | 1732 | N/A | N/A |
| American Funds Inflation Linked Bond Fund  | 1060 | 1360 | 1560 | 46060 | 1460 | 1660 | 1760 | N/A | N/A |
| American Funds Mortgage Fund  | 1042 | 1342 | 1542 | 46042 | 1442 | 1642 | 1742 | N/A | N/A |
| American Funds Multi-Sector Income Fund  | 10126 | 13126 | 15126 | 46126 | 14126 | 16126 | 17126 | N/A | N/A |
| American Funds Strategic Bond Fund  | 10112 | 13112 | 15112 | 46112 | 14112 | 16112 | 17112 | N/A | N/A |
| American High-Income Trust  | 1021 | 1321 | 1521 | 46021 | 1421 | 1621 | 1721 | N/A | N/A |
| The Bond Fund of America  | 1008 | 1308 | 1508 | 46008 | 1408 | 1608 | 1708 | N/A | N/A |
| Capital World Bond Fund  | 1031 | 1331 | 1531 | 46031 | 1431 | 1631 | 1731 | N/A | N/A |
| Intermediate Bond Fund of America  | 1023 | 1323 | 1523 | 46023 | 1423 | 1623 | 1723 | N/A | N/A |
| Short-Term Bond Fund of America  | 1048 | 1348 | 1548 | 46048 | 1448 | 1648 | 1748 | N/A | N/A |
| U.S. Government Securities Fund  | 1022 | 1322 | 1522 | 46022 | 1422 | 1622 | 1722 | N/A | N/A |
| **Money market fund** |  |  |  |  |  |  |  |  |  |
| American Funds U.S. Government <br>Money Market Fund  | 1059 | 1359 | 1559 | 46059 | 1459 | 1659 | 1759 | 48059 | 60059 |

---

Tax-exempt income funds — Page 107

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| **Stock and stock/fixed income funds** |  |  |  |  |  |  |  |  |
| AMCAP Fund  | 2102 | 2202 | 4102 | 2302 | 2402 | 2702 | 2502 | 2602 |
| American Balanced Fund  | 2111 | 2211 | 4111 | 2311 | 2411 | 2711 | 2511 | 2611 |
| American Funds Developing World Growth and Income Fund  | 21100 | 22100 | 41100 | 23100 | 24100 | 27100 | 25100 | 26100 |
| American Funds Global Balanced Fund  | 2137 | 2237 | 4137 | 2337 | 2437 | 2737 | 2537 | 2637 |
| American Funds Global Insight Fund | 21122 | 22122 | 41122 | 23122 | 24122 | 27122 | 25122 | 26122 |
| American Funds International Vantage Fund  | 21123 | 22123 | 41123 | 23123 | 24123 | 27123 | 25123 | 26123 |
| American Mutual Fund  | 2103 | 2203 | 4103 | 2303 | 2403 | 2703 | 2503 | 2603 |
| Capital Income Builder  | 2112 | 2212 | 4112 | 2312 | 2412 | 2712 | 2512 | 2612 |
| Capital World Growth and Income Fund | 2133 | 2233 | 4133 | 2333 | 2433 | 2733 | 2533 | 2633 |
| EUPAC Fund  | 2116 | 2216 | 4116 | 2316 | 2416 | 2716 | 2516 | 2616 |
| Fundamental Investors  | 2110 | 2210 | 4110 | 2310 | 2410 | 2710 | 2510 | 2610 |
| The Growth Fund of America  | 2105 | 2205 | 4105 | 2305 | 2405 | 2705 | 2505 | 2605 |
| The Income Fund of America  | 2106 | 2206 | 4106 | 2306 | 2406 | 2706 | 2506 | 2606 |
| International Growth and Income Fund  | 2134 | 2234 | 41034 | 2334 | 2434 | 27034 | 2534 | 2634 |
| The Investment Company of America | 2104 | 2204 | 4104 | 2304 | 2404 | 2704 | 2504 | 2604 |
| The New Economy Fund  | 2114 | 2214 | 4114 | 2314 | 2414 | 2714 | 2514 | 2614 |
| New Perspective Fund  | 2107 | 2207 | 4107 | 2307 | 2407 | 2707 | 2507 | 2607 |
| New World Fund  | 2136 | 2236 | 4136 | 2336 | 2436 | 2736 | 2536 | 2636 |
| SMALLCAP World Fund  | 2135 | 2235 | 4135 | 2335 | 2435 | 2735 | 2535 | 2635 |
| Washington Mutual Investors Fund  | 2101 | 2201 | 4101 | 2301 | 2401 | 2701 | 2501 | 2601 |
| **Fixed income funds** |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> Core Plus Bond Fund  | 21410 | 22410 | 41410 | 23410 | 24410 | 27410 | 25410 | 26410 |
| American Funds Emerging Markets Bond Fund  | 21114 | 22114 | 41114 | 23114 | 24114 | 27114 | 25114 | 26114 |
| American Funds Corporate Bond Fund  | 2132 | 2232 | 4132 | 2332 | 2432 | 2732 | 2532 | 2632 |
| American Funds Inflation Linked Bond Fund  | 2160 | 2260 | 4160 | 2360 | 2460 | 2760 | 2560 | 2660 |
| American Funds Mortgage Fund  | 2142 | 2242 | 4142 | 2342 | 2442 | 2742 | 2542 | 2642 |
| American Funds Multi-Sector Income Fund  | 21126 | 22126 | 41126 | 23126 | 24126 | 27126 | 25126 | 26126 |
| American Funds Strategic Bond Fund  | 21112 | 22112 | 41112 | 23112 | 24112 | 27112 | 25112 | 26112 |
| American High-Income Trust  | 2121 | 2221 | 4121 | 2321 | 2421 | 2721 | 2521 | 2621 |
| The Bond Fund of America  | 2108 | 2208 | 4108 | 2308 | 2408 | 2708 | 2508 | 2608 |
| Capital Group KKR Core Plus+  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26400 |
| Capital Group KKR Multi-Sector+  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26401 |
| Capital World Bond Fund  | 2131 | 2231 | 4131 | 2331 | 2431 | 2731 | 2531 | 2631 |
| Intermediate Bond Fund of America | 2123 | 2223 | 4123 | 2323 | 2423 | 2723 | 2523 | 2623 |
| Short-Term Bond Fund of America  | 2148 | 2248 | 4148 | 2348 | 2448 | 2748 | 2548 | 2648 |
| U.S. Government Securities Fund  | 2122 | 2222 | 4122 | 2322 | 2422 | 2722 | 2522 | 2622 |
| **Money market fund** |  |  |  |  |  |  |  |  |
| American Funds U.S. Government <br>Money Market Fund  | 2159 | 2259 | 4159 | 2359 | 2459 | 2759 | 2559 | 2659 |

---

Tax-exempt income funds — Page 108

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class A** | **Class C** | **Class T** | **Class F-1** | **Class F-2** | **Class F-3** |
| **American Funds Target Date Retirement Series<sup>®</sup>** |  |  |  |  |  |  |
| American Funds<sup>®</sup> 2070 Target Date Retirement Fund | 30187 | 33187 | 43187 | 34187 | 36187 | 37187 |
| American Funds<sup>®</sup> 2065 Target Date Retirement Fund | 30185 | 33185 | 43185 | 34185 | 36185 | 37185 |
| American Funds 2060 Target Date Retirement Fund<sup>®</sup> | 083 | 383 | 43083 | 483 | 683 | 783 |
| American Funds 2055 Target Date Retirement Fund<sup>®</sup> | 082 | 382 | 43082 | 482 | 682 | 782 |
| American Funds 2050 Target Date Retirement Fund<sup>®</sup> | 069 | 369 | 43069 | 469 | 669 | 769 |
| American Funds 2045 Target Date Retirement Fund<sup>®</sup> | 068 | 368 | 43068 | 468 | 668 | 768 |
| American Funds 2040 Target Date Retirement Fund<sup>®</sup> | 067 | 367 | 43067 | 467 | 667 | 767 |
| American Funds 2035 Target Date Retirement Fund<sup>®</sup> | 066 | 366 | 43066 | 466 | 36066 | 766 |
| American Funds 2030 Target Date Retirement Fund<sup>®</sup> | 065 | 365 | 43065 | 465 | 665 | 765 |
| American Funds 2025 Target Date Retirement Fund<sup>®</sup> | 064 | 364 | 43064 | 464 | 664 | 764 |
| American Funds 2020 Target Date Retirement Fund<sup>®</sup> | 063 | 363 | 43063 | 463 | 663 | 763 |
| American Funds 2015 Target Date Retirement Fund<sup>®</sup> | 062 | 362 | 43062 | 462 | 662 | 762 |
| American Funds 2010 Target Date Retirement Fund<sup>®</sup> | 061 | 361 | 43061 | 461 | 661 | 761 |

---

Tax-exempt income funds — Page 109

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| **American Funds Target Date Retirement Series<sup>®</sup>** |  |  |  |  |  |  |  |  |
| **American Funds<sup>®</sup> 2070<br>Target Date Retirement Fund** | 21187 | 22187 | 41187 | 23187 | 24187 | 27187 | 25187 | 26187 |
| American Funds<sup>®</sup> 2065<br>Target Date Retirement Fund | 21185 | 22185 | 41185 | 23185 | 24185 | 27185 | 25185 | 26185 |
| American Funds 2060 <br>Target Date Retirement Fund<sup>®</sup> | 2183 | 2283 | 4183 | 2383 | 2483 | 2783 | 2583 | 2683 |
| American Funds 2055<br>Target Date Retirement Fund<sup>®</sup> | 2182 | 2282 | 4182 | 2382 | 2482 | 2782 | 2582 | 2682 |
| American Funds 2050<br>Target Date Retirement Fund<sup>®</sup> | 2169 | 2269 | 4169 | 2369 | 2469 | 2769 | 2569 | 2669 |
| American Funds 2045<br>Target Date Retirement Fund<sup>®</sup> | 2168 | 2268 | 4168 | 2368 | 2468 | 2768 | 2568 | 2668 |
| American Funds 2040<br>Target Date Retirement Fund<sup>®</sup> | 2167 | 2267 | 4167 | 2367 | 2467 | 2767 | 2567 | 2667 |
| American Funds 2035<br>Target Date Retirement Fund<sup>®</sup> | 2166 | 2266 | 4166 | 2366 | 2466 | 2766 | 2566 | 2666 |
| American Funds 2030<br>Target Date Retirement Fund<sup>®</sup> | 2165 | 2265 | 4165 | 2365 | 2465 | 2765 | 2565 | 2665 |
| American Funds 2025<br>Target Date Retirement Fund<sup>®</sup> | 2164 | 2264 | 4164 | 2364 | 2464 | 2764 | 2564 | 2664 |
| American Funds 2020<br>Target Date Retirement Fund<sup>®</sup> | 2163 | 2263 | 4163 | 2363 | 2463 | 2763 | 2563 | 2663 |
| American Funds 2015<br>Target Date Retirement Fund<sup>®</sup> | 2162 | 2262 | 4162 | 2362 | 2462 | 2762 | 2562 | 2662 |
| American Funds 2010<br>Target Date Retirement Fund<sup>®</sup> | 2161 | 2261 | 4161 | 2361 | 2461 | 2761 | 2561 | 2661 |

---

Tax-exempt income funds — Page 110

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class** <br>**529-A** | **Class** <br>**529-C** | **Class** <br>**529-E** | **Class** <br>**529-T** | **Class** <br>**529-F-1** | **Class** <br>**529-F-2** | **Class** <br>**529-F-3** |
| **American Funds College Target Date Series<sup>®</sup>** |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> College 2042 Fund  | 10144 | 13144 | 15144 | 46144 | 14144 | 16144 | 17144 |
| American Funds<sup>®</sup> College 2039 Fund  | 10136 | 13136 | 15136 | 46136 | 14136 | 16136 | 17136 |
| American Funds<sup>®</sup> College 2036 Fund  | 10125 | 13125 | 15125 | 46125 | 14125 | 16125 | 17125 |
| American Funds College 2033 Fund<sup>®</sup>  | 10103 | 13103 | 15103 | 46103 | 14103 | 16103 | 17103 |
| American Funds College 2030 Fund<sup>®</sup>  | 1094 | 1394 | 1594 | 46094 | 1494 | 1694 | 1794 |
| American Funds College 2027 Fund<sup>®</sup>  | 1093 | 1393 | 1593 | 46093 | 1493 | 1693 | 1793 |
| American Funds College Enrollment Fund<sup>®</sup>  | 1088 | 1388 | 1588 | 46088 | 1488 | 1688 | 1788 |

---

Tax-exempt income funds — Page 111

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class A** | **Class C** | **Class T** | **Class F-1** | **Class F-2** | **Class F-3** |
| **American Funds<sup>®</sup> Portfolio Series** |  |  |  |  |  |  |
| American Funds<sup>®</sup> Global Growth Portfolio  | 055 | 355 | 43055 | 455 | 655 | 755 |
| American Funds<sup>®</sup> Growth Portfolio  | 053 | 353 | 43053 | 453 | 653 | 753 |
| American Funds<sup>®</sup> Growth and Income Portfolio  | 051 | 351 | 43051 | 451 | 651 | 751 |
| American Funds<sup>®</sup> Moderate Growth and Income Portfolio  | 050 | 350 | 43050 | 450 | 650 | 750 |
| American Funds<sup>®</sup> Conservative Growth and Income Portfolio  | 047 | 347 | 43047 | 447 | 647 | 747 |
| American Funds<sup>®</sup> Tax-Aware Conservative <br>Growth and Income Portfolio  | 046 | 346 | 43046 | 446 | 646 | 746 |
| American Funds<sup>®</sup> Preservation Portfolio  | 045 | 345 | 43045 | 445 | 645 | 745 |
| American Funds<sup>®</sup> Tax-Exempt Preservation Portfolio | 044 | 344 | 43044 | 444 | 644 | 744 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**529-A** | **Class**<br>**529-C** | **Class**<br>**529-E** | **Class**<br>**529-T** | **Class**<br>**529-F-1** | **Class**<br>**529-F-2** | **Class**<br>**529-F-3** | **Class**<br>**ABLE-A** | **Class**<br>**ABLE-F-2** |
| American Funds Global Growth Portfolio  | 1055 | 1355 | 1555 | 46055 | 1455 | 1655 | 1755 | 48055 | 60055 |
| American Funds Growth Portfolio  | 1053 | 1353 | 1553 | 46053 | 1453 | 1653 | 1753 | 48053 | 60053 |
| American Funds Growth and Income Portfolio  | 1051 | 1351 | 1551 | 46051 | 1451 | 1651 | 1751 | 48051 | 60051 |
| American Funds Moderate Growth and Income Portfolio  | 1050 | 1350 | 1550 | 46050 | 1450 | 1650 | 1750 | 48050 | 60050 |
| American Funds Conservative Growth and Income Portfolio  | 1047 | 1347 | 1547 | 46047 | 1447 | 1647 | 1747 | 48047 | 60047 |
| American Funds Tax-Aware Conservative Growth and Income Portfolio  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| American Funds Preservation Portfolio  | 1045 | 1345 | 1545 | 46045 | 1445 | 1645 | 1745 | 48045 | 60045 |
| American Funds Tax-Exempt Preservation Portfolio  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| American Funds Global Growth Portfolio  | 2155 | 2255 | 4155 | 2355 | 2455 | 2755 | 2555 | 2655 |
| American Funds Growth Portfolio  | 2153 | 2253 | 4153 | 2353 | 2453 | 2753 | 2553 | 2653 |
| American Funds Growth and Income Portfolio  | 2151 | 2251 | 4151 | 2351 | 2451 | 2751 | 2551 | 2651 |
| American Funds Moderate Growth and Income Portfolio  | 2150 | 2250 | 4150 | 2350 | 2450 | 2750 | 2550 | 2650 |
| American Funds Conservative Growth and Income Portfolio  | 2147 | 2247 | 4147 | 2347 | 2447 | 2747 | 2547 | 2647 |
| American Funds Tax-Aware Conservative <br>Growth and Income Portfolio  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| American Funds Preservation Portfolio  | 2145 | 2245 | 4145 | 2345 | 2445 | 2745 | 2545 | 2645 |
| American Funds Tax-Exempt Preservation Portfolio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

Tax-exempt income funds — Page 112

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class A** | **Class C** | **Class T** | **Class F-1** | **Class F-2** | **Class F-3** |
| **American Funds<sup>®</sup> Retirement Income Portfolio Series** |  |  |  |  |  |  |
| American Funds<sup>®</sup> Retirement Income Portfolio – Conservative  | 30109 | 33109 | 43109 | 34109 | 36109 | 37109 |
| American Funds<sup>®</sup> Retirement Income Portfolio – Moderate  | 30110 | 33110 | 43110 | 34110 | 36110 | 37110 |
| American Funds<sup>®</sup> Retirement Income Portfolio – Enhanced  | 30111 | 33111 | 43111 | 34111 | 36111 | 37111 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| American Funds Retirement Income Portfolio – Conservative  | 21109 | 22109 | 41109 | 23109 | 24109 | 27109 | 25109 | 26109 |
| American Funds Retirement Income Portfolio – Moderate  | 21110 | 22110 | 41110 | 23110 | 24110 | 27110 | 25110 | 26110 |
| American Funds Retirement Income Portfolio – Enhanced  | 21111 | 22111 | 41111 | 23111 | 24111 | 27111 | 25111 | 26111 |

---

Tax-exempt income funds — Page 113

**Appendix**

The following descriptions of debt security ratings are based on information provided by Moody's Investors Service and S&P Global Ratings.

#### Description of bond ratings
**Moody's**

**Municipal long-term rating definitions**

**Aaa**

Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

#### Aa
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A**

Obligations rated A are considered upper-medium grade and are subject to low credit risk.

**Baa**

Obligations rated Baa are judged to be medium grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba**

Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**

Obligations rated B are considered speculative and are subject to high credit risk.

#### Caa
Obligations rated Caa are judged to be speculative and of poor standing and are subject to very high credit risk.

**Ca**

Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C**

Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies and securities firms.

Tax-exempt income funds — Page 114

**S&P Global Ratings** **Long-term issue credit ratings**

**AAA**

An obligation rated AAA has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**

An obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**

An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**

An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC, and C**

Obligations rated BB, B, CCC, CC, and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

**BB**

An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B**

An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC**

An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC**

An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

Tax-exempt income funds — Page 115

**C**

An obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D**

An obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to D if it is subject to a distressed debt restructuring.

#### Plus (+) or minus (–)
The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

#### NR
Indicates that a rating has not been assigned or is no longer assigned.

Tax-exempt income funds — Page 116

**Fitch Ratings, Inc.** **Long-term credit ratings**

**AAA**

Highest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**

Very high credit quality. AA ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**

High credit quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

**BBB**

Good credit quality. BBB ratings indicate that expectations of default risk are low. The capacity for payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.

**BB**

Speculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

**B**

Highly speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC**

Substantial credit risk. Default is a real possibility.

**CC**

Very high levels of credit risk. Default of some kind appears probable.

**C**

Exceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a C category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The issuer has entered into a grace or cure period following nonpayment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fitch Ratings otherwise believes a condition of RD or D to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.

Tax-exempt income funds — Page 117

**RD**

Restricted default. RD ratings indicate an issuer that in Fitch Ratings' opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, and which has not otherwise ceased operating. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Execution of a distressed debt exchange on one or more material financial obligations.

**D**

Default. D ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, nonpayment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**Note:** The modifiers "+" or "–" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the AAA long-term rating category, or to categories below B.

Tax-exempt income funds — Page 118

**Description of note ratings**

#### Moody's
**Municipal short-term debt ratings**

**MIG 1**

This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2**

This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

#### MIG 3
This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

#### SG
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Tax-exempt income funds — Page 119

**S&P Global Ratings**

#### Short-term issue credit ratings
**SP-1**

Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2**

Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

#### SP-3
Speculative capacity to pay principal and interest.

Tax-exempt income funds — Page 120

**Description of commercial paper ratings**

**Moody's**

**Global short-term rating scale**

#### P-1
Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

**P-2**

Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

#### P-3
Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

**NP**

Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

#### S&P Global Ratings
**Commercial paper ratings (highest three ratings)**

**A-1**

A short-term obligation rated A-1 is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**

A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**

A short-term obligation rated A-3 exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

Tax-exempt income funds — Page 121

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup>

**Investment portfolio** July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 90.46% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Alabama 3.12%** | **Alabama 3.12%** | **Alabama 3.12%** |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2022-B-1, 4.00% 4/1/2053 (put 10/1/2027)  | USD6,000 | $6041 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-D, 5.00% 3/1/2055 (put 11/1/2034)  | 8045 | 8468 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-C, 5.00% 5/1/2055 (put 7/1/2031)  | 3405 | 3591 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-B, 5.00% 10/1/2055 (put 9/1/2032)  | 1000 | 1053 |
| Black Belt Energy Gas Dist., Gas Project Rev. Ref. Bonds, Series 2023-D-1, 5.50% 6/1/2049 (put 2/1/2029)  | 5835 | 6148 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2022-D-1, 4.00% 7/1/2052 (put 6/1/2027)  | 4595 | 4644 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2022-F, 5.50% 11/1/2053 (put 12/1/2028)  | 440 | 462 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2023-B, 5.25% 12/1/2053 (put 12/1/2026)  | 2930 | 3148 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2023-A-1, 5.50% 11/1/2053 (put <br> 1/1/2031)  | 2350 | 2530 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2024-B, 5.25% 7/1/2054 (put 6/1/2032)  | 1670 | 1790 |
| Federal Aid Highway Fin. Auth., Special Obligation Rev. Bonds, Series 2016-A, 5.00% 9/1/2033 (preref. 9/1/2026)  | 1500 | 1539 |
| Federal Aid Highway Fin. Auth., Special Obligation Rev. Bonds, Series 2017-A, 4.00% 6/1/2037 (preref. 9/1/2027)  | 1780 | 1834 |
| City of Hoover, GO Warrants, Series 2016, 4.00% 7/1/2033 (preref. 7/1/2026)  | 1000 | 1014 |
| Housing Fin. Auth., Multi Family Housing Rev. Bonds (Cooper Green Homes Project), Series 2024-C, 5.00% <br> 2/1/2029 (put 2/1/2028)  | 485 | 510 |
| Housing Fin. Auth., Multi Family Housing Rev. Bonds (Forest Hills Village Project), Series 2024-A, 5.00% 11/1/2027 <br> (put 11/1/2026)  | 1000 | 1024 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.00% 10/1/2025  | 1000 | 1003 |
| City of Prattville, Industrial Dev. Board, Improvement Rev. Ref. Bonds (International Paper Co. Project), Series <br> 2019-B, 3.45% 11/1/2033 (put 10/1/2031)  | 125 | 123 |
| City of Selma, Industrial Dev. Board, Gulf Opportunity Zone Rev. Ref. Bonds (International Paper Co. Project), <br> Series 2019-A, 3.45% 11/1/2033 (put 10/1/2031)  | 305 | 299 |
| South East Gas Supply Dist., Gas Supply Rev. Ref. Bonds (Project No. 2), Series 2024-B, 5.00% 6/1/2049 (put <br> 5/1/2032)  | 1450 | 1532 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2025-B, 5.25% 3/1/2055 (put <br> 1/1/2033)  | 5005 | 5197 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2025-C, 5.00% 5/1/2055 (put <br> 2/1/2031)  | 10075 | 10718 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 1), Series 2021-A, 4.00% 11/1/2051 (put <br> 10/1/2028)  | 1000 | 1005 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 2), Series 2021-B-1, 4.00% 12/1/2051 (put <br> 12/1/2031)  | 450 | 448 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 4), Series 2022-B-1, 5.00% 5/1/2053 (put <br> 8/1/2028)  | 3065 | 3169 |
|  |  | 67290 |
| **Alaska 0.66%** | **Alaska 0.66%** | **Alaska 0.66%** |
| GO Rev. Ref. Bonds, Series 2025-3, 5.00% 10/1/2026  | 300 | 308 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 2.15% 6/1/2026  | 495 | 490 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2020-A, 3.25% 12/1/2044  | 2170 | 2158 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 6/1/2046  | 15 | 15 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2022-C, 5.75% 12/1/2052  | 1060 | 1126 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2024-A, 6.00% 6/1/2054  | 420 | 456 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 6/1/2026  | 550 | 560 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 12/1/2026  | 725 | 746 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 6/1/2027  | 590 | 615 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 12/1/2027  | 600 | 632 |
| Industrial Dev. and Export Auth., Power Rev. Ref. Bonds, Series 2015, AMT, 5.00% 1/1/2033  | 950 | 950 |
| International Airport System, Rev. Ref. Bonds, Series 2021-C, AMT, 5.00% 10/1/2026  | 1500 | 1539 |
| International Airport System, Rev. Ref. Bonds, Series 2025-A, 5.00% 10/1/2028  | 1200 | 1289 |
| International Airport System, Rev. Ref. Bonds, Series 2021-C, AMT, 5.00% 10/1/2029  | 3185 | 3424 |
|  |  | 14308 |
| **Arizona 1.63%** | **Arizona 1.63%** | **Arizona 1.63%** |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2023-A, 5.00% <br> 11/1/2028  | 2950 | 3091 |
| Industrial Dev. Auth., Hospital Rev. Bonds (Phoenix Children's Hospital), Series 2021-A, 5.00% 2/1/2026  | 1200 | 1214 |
| Industrial Dev. Auth., Multi Family Housing (The Ranches at Gunsmoke Project), Series 2024, 5.00% 3/1/2058 (put <br> 11/1/2026)  | 1000 | 1025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Industrial Dev. Auth., Multi Family Housing Bonds (Ironwood Ranch Apartments Project), Series 2024, 5.00% <br> 2/1/2058 (put 9/1/2026)  | USD1,000 | $1021 |
| Industrial Dev. Auth., Multi Family Housing Rev. Bonds (The Acacia At Youngtown Phase II Project), Series 2024, <br> 5.00% 11/1/2058 (put 7/1/2027)  | 12425 | 12788 |
| Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 8/1/2025  | 1675 | 1675 |
| Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 11/1/2025  | 1500 | 1509 |
| County of Maricopa, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Honor Health), Series 2024-D, 5.00% <br> 12/1/2026  | 1500 | 1546 |
| County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2016-A, 5.00% 1/1/2038  | 390 | 396 |
| City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2029  | 1350 | 1444 |
| City of Phoenix, Industrial Dev. Auth., Multi Family Housing Rev. Bonds (Memorial Towers Project), Series 2024-A, <br> 3.35% 12/1/2027  | 1665 | 1680 |
| Phoenix Union High School Dist. No. 210, Improvement Bonds (Project of 2023), Series 2025-B, 5.00% 7/1/2028  | 2000 | 2147 |
| Phoenix Union High School Dist. No. 210, Improvement Bonds (Project of 2023), Series 2025-B, 5.00% 7/1/2029  | 3025 | 3314 |
| County of Pinal, Pledged Rev. Ref. Obligations, Series 2025, BAM, 5.00% 8/1/2029  | 725 | 777 |
| County of Pinal, Pledged Rev. Ref. Obligations, Series 2025, BAM, 5.00% 8/1/2028  | 750 | 821 |
| Board of Regents of the Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 7/1/2026  | 300 | 307 |
| County of Yavapai, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), <br> Series 2002, AMT, 1.30% 6/1/2027  | 450 | 430 |
|  |  | 35185 |
| **California 10.95%** | **California 10.95%** | **California 10.95%** |
| Alvord Unified School Dist., GO Bonds, 2007 Election, CAB, Series 2011-B, AGI, 0% 8/1/2036  | 2000 | 1231 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2018-A, 2.625% 4/1/2045 (put <br> 4/1/2026)  | 1545 | 1541 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-D, (SIFMA Municipal Swap Index <br> + 0.30%) 2.59% 4/1/2056 (put 4/1/2027) <sup>(a)</sup>  | 200 | 196 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-C, (SIFMA Municipal Swap Index <br> + 0.45%) 2.74% 4/1/2056 (put 4/1/2026) <sup>(a)</sup>  | 730 | 725 |
| Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, 5.00% 7/1/2031  | 1000 | 1082 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2017-A, 5.00% 11/1/2026  | 365 | 377 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 5.00% 11/1/2027  | 350 | 357 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 0.55% 11/1/2049 (put <br> 11/1/2026)  | 945 | 912 |
| Clovis Unified School Dist., GO Bonds, CAB, 2001 Election, Series 2002-B, NATL, 0% 8/1/2027  | 1350 | 1278 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1, 5.00% 7/1/2053 <br>(put 8/1/2029)  | 6755 | 7068 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-E-1, 5.00% 2/1/2054 (put <br> 3/1/2031)  | 2435 | 2560 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-A, 5.00% 5/1/2054 (put <br> 4/1/2032)  | 4000 | 4230 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-D, 5.50% 5/1/2054 (put <br> 8/1/2028)  | 1500 | 1584 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-B, 5.00% 1/1/2055 (put <br> 12/1/2032)  | 1835 | 1911 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-F, 5.00% 2/1/2055 (put <br> 11/1/2032)  | 8345 | 8847 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, 5.00% 8/1/2055 (put <br> 10/1/2032)  | 4465 | 4725 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, 5.00% 11/1/2055 (put <br> 8/1/2032)  | 1000 | 1038 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, 5.00% 1/1/2056 (put <br> 8/1/2033)  | 815 | 884 |
| County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series <br> 2012, 5.00% 9/1/2025  | 1560 | 1563 |
| El Rancho Unified School Dist., GO Bonds, 2016 Election, Series 2023-D, BAM, 5.50% 8/1/2026  | 450 | 463 |
| City of Fairfield, Community Facs. Dist. No. 2023-1 (One Lake Planning Area 5), Improvement Area No. 1, Special <br> Tax Bonds, Series 2024-A, 5.00% 9/1/2032  | 400 | 424 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 5.90% 1/15/2027  | 3000 | 3139 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.125% 1/15/2028  | 2000 | 2172 |
| GO Bonds, Series 2020, 4.00% 3/1/2028  | 500 | 520 |
| GO Rev. Ref. Bonds, Series 2022-B, 4.00% 9/1/2028  | 500 | 524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Tax-Exempt Income Funds<sub>2</sub>

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| GO Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2028  | USD650 | $704 |
| GO Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2029  | 120 | 131 |
| GO Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2031  | 1305 | 1316 |
| Hayward Unified School Dist., GO Rev. Ref. Bonds, Series 2025-B, AGI, 5.00% 8/1/2029  | 410 | 449 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-A, 3.85% 11/15/2027  | 110 | 110 |
| Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2019-B, 5.00% 10/1/2039 (put <br> 10/1/2027)  | 1000 | 1038 |
| Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2019-C, 5.00% 10/1/2039 (put <br> 10/1/2025)  | 300 | 301 |
| Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Symphony at Del Sur), Series 2023-V, <br> 5.00% 5/1/2054 (put 11/1/2026)  | 695 | 709 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2022-B, <br> 5.00% 11/1/2025  | 115 | 116 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Los Angeles County Museum of Art Project), Series 2021-B, <br> (SIFMA Municipal Swap Index + 0.60%) 2.99% 12/1/2050 (put 6/1/2026) <sup>(a)</sup>  | 945 | 940 |
| City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series <br> 2017-A, BAM, 5.00% 5/1/2028  | 1490 | 1554 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2030  | 175 | 193 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2031  | 700 | 780 |
| City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2029  | 1600 | 1604 |
| City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 9/1/2031  | 600 | 601 |
| Lake Tahoe Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2009, AGI, 0% 8/1/2030  | 1030 | 887 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2022-C, <br> AMT, 5.00% 5/15/2026  | 3500 | 3563 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-A, <br> AMT, 5.00% 5/15/2027  | 1230 | 1276 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-A, <br> AMT, 5.00% 5/15/2028  | 1250 | 1319 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Green Bonds, Series <br> 2025-D, 5.00% 5/15/2030  | 800 | 898 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2020-C, AMT, 5.00% <br> 5/15/2026  | 3605 | 3670 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-F, AMT, 5.00% <br> 5/15/2028  | 3615 | 3815 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, AMT, 5.00% <br> 5/15/2028  | 500 | 528 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2022-G, AMT, 5.00% <br> 5/15/2028  | 2100 | 2216 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, Series 2023-A, <br> AMT, 5.00% 5/15/2028  | 750 | 792 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, Series 2025-A, <br> AMT, 5.00% 5/15/2029  | 5165 | 5534 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, Series 2025-A, <br> AMT, 5.00% 5/15/2030  | 2120 | 2298 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, 5.00% 7/1/2028  | 425 | 448 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-A, 5.00% 7/1/2029  | 1915 | 2074 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-E, 5.00% 7/1/2030  | 1000 | 1096 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, 5.00% 7/1/2030  | 750 | 822 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2030  | 215 | 236 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2027  | 625 | 650 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2022-C, 5.00% 6/1/2026  | 500 | 511 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-C, 5.00% <br> 7/1/2026  | 295 | 302 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2025-A-1, <br> 5.00% 7/1/2031  | 2500 | 2839 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2024-A, 5.00% 7/1/2031  | 2000 | 2271 |
| Madera Unified School Dist., GO Bonds, CAB, 2006 Election, Series 2007, NATL, 0% 8/1/2028  | 1680 | 1535 |
| Monrovia Unified School Dist., GO Bonds, CAB, 2006 Election, Series 2009-B, AGI, 0% 8/1/2029  | 1150 | 1025 |
| Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2029  | 1800 | 1981 |
| Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2030  | 325 | 364 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (View At San Bruno), Series 2024-A-1, 5.00% 6/1/2056 (put <br> 7/1/2028)  | 1690 | 1782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **3** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2023-A, AMT, <br> 4.375% 9/1/2053 (put 9/1/2033)  | USD5,080 | $5050 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2024-A, AMT, <br> 3.875% 3/1/2054 (put 3/1/2034)  | 2750 | 2610 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2009-A, 3.30% <br> 2/1/2039 (put 2/1/2028) <sup>(b)</sup>  | 1755 | 1734 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2019-A, AMT, <br> 2.40% 10/1/2044 (put 10/1/2029)  | 5280 | 4984 |
| New Haven Unified School Dist., GO Bonds, CAB, Series 2008-C, AGI, 0% 8/1/2029  | 7650 | 6802 |
| North Natomas Community Facs. Dist. No. 4, Special Tax Rev. Ref. Bonds, Series 2023-G, AGI, 5.00% 9/1/2028  | 1500 | 1610 |
| Port of Oakland, Rev. Ref. Bonds, Series 2021-H, AMT, 5.00% 5/1/2028  | 2740 | 2875 |
| Port of Oakland, Rev. Ref. Bonds, Series 2021-H, AMT, 5.00% 5/1/2028 (escrowed to maturity)  | 30 | 32 |
| Port of Oakland, Rev. Ref. Bonds, Series 2021-H, AMT, 5.00% 5/1/2029  | 615 | 654 |
| Palomar Community College Dist., GO Bonds, 2006 Election, Series 2015-C, 4.00% 8/1/2040 (preref. 8/1/2025)  | 4000 | 4000 |
| Peralta Community College Dist., GO Bonds, 2018 Election, Series 2025-C-1, 5.00% 8/1/2026  | 5000 | 5140 |
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series <br> 2015-B-1, AMT, 3.00% 11/1/2025  | 500 | 500 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2023-C, 5.00% 9/1/2025  | 300 | 301 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2023-C, 5.00% 9/1/2026  | 500 | 514 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2023-C, 5.00% 9/1/2029  | 1300 | 1431 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2029  | 4240 | 4666 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2030  | 1615 | 1802 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 4.00% 11/1/2031  | 1560 | 1574 |
| Rialto Unified School Dist., GO Bonds, 2022 Election, Series 2023, BAM, 0% 8/1/2030  | 340 | 290 |
| City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Green Bonds, Series 2025-J, 5.00% 8/15/2055 (put <br> 10/15/2031)  | 1015 | 1136 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2022, BAM, 5.00% 7/1/2027  | 685 | 718 |
| City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds, Series 2023-B, 5.00% 5/1/2057 <br>(put 11/1/2026)  | 1000 | 1021 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2023-B, AMT, 5.00% 7/1/2028  | 1570 | 1660 |
| San Diego Unified School Dist., GO Bonds, Series 2009-1, 0% 7/1/2030 (escrowed to maturity)  | 1800 | 1555 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series <br> 2018-G, AMT, 5.00% 5/1/2027  | 780 | 808 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series <br> 2025-A-2, AMT, 5.00% 5/1/2029  | 2000 | 2142 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Special Facs. Lease <br> Rev. Bonds (SFO Fuel Co., LLC), Series 2019-A, AMT, 5.00% 1/1/2026  | 1500 | 1512 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2023-C, <br> 4.00% 10/1/2048 (put 10/1/2029)  | 3150 | 3294 |
| San Francisco Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 6/15/2027  | 2400 | 2515 |
| San Francisco Unified School Dist., GO Bonds, 2016 Election, Series 2022-C, 5.00% 6/15/2027  | 1175 | 1229 |
| City of San Jose, Multi Family Housing Rev. Bonds (Parkmoor), Series 2023-F-2, 5.00% 6/1/2027 (put 6/1/2026)  | 260 | 264 |
| Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, <br> 5.00% 9/1/2029  | 1150 | 1152 |
| South San Francisco Unified School Dist., Rev. Ref. GO Bonds, Series 2025, 5.00% 9/1/2030  | 835 | 944 |
| Southern California Public Power Auth., Clean Energy Project Rev. Bonds, Series 2024-A, 5.00% 4/1/2055 <br>(put 9/1/2030)  | 500 | 523 |
| Southern California Public Power Auth., Rev. Ref. Bonds (Canyon Power Project), Series 2025-B, 3.70% 7/1/2040 <br> (put 7/1/2027)  | 7800 | 7817 |
| Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1, <br> 5.00% 7/1/2029  | 1500 | 1625 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-A, 5.00% 10/1/2028 <sup>(b)</sup>  | 15500 | 16451 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-B, 5.00% 10/1/2032 <sup>(b)</sup>  | 3000 | 3291 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 8/15/2028 <br> (preref. 2/15/2026)  | 250 | 253 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children's Hospital), Series 2016-B, 5.00% 8/15/2025  | 1050 | 1051 |
| Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2027  | 800 | 841 |
| Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego <br> County Tobacco Asset Securitization Corp.), Series 2019-A-1, 5.00% 6/1/2027  | 750 | 769 |
| Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego <br> County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2028  | 750 | 778 |
| Tulare Joint Union High School Dist., GO Bonds, CAB, 2004 Election, Series 2004-A, NATL, 0% 8/1/2026  | 500 | 486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Tax-Exempt Income Funds<sub>4</sub>

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. Ref. Bonds, <br> Series 2015-A, 5.00% 9/1/2030  | USD2,750 | $2753 |
| City of Tustin, Community Facs. Dist. No. 2014-1 (Tustin Legacy / Standard Pacific), Special Tax Bonds, Series <br> 2015-A, 5.00% 9/1/2027  | 200 | 200 |
| Ukiah Unified School Dist., GO Bonds, CAB, 2005 Election, Series 2006, NATL, 0% 8/1/2028  | 500 | 458 |
| Regents of the University of California, General Rev. Bonds, Series 2025-BZ, 5.00% 5/15/2028  | 5000 | 5367 |
| Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 5/15/2026  | 25 | 26 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2028  | 1985 | 2117 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2029  | 3270 | 3567 |
| Various Purpose GO Rev. Ref. Bonds, Series 2021, 5.00% 10/1/2029  | 3000 | 3310 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 3/1/2030  | 1250 | 1387 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 3/1/2032  | 485 | 550 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045  | 45 | 45 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052  | 1355 | 1436 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2019-CS, 4.00% 12/1/2049  | 865 | 872 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2020-CT, 3.00% 12/1/2050  | 2475 | 2467 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2022-CU, 5.50% 12/1/2052  | 315 | 334 |
| Walnut Valley Unified School Dist., GO Bonds, CAB, 2007 Election, Series 2011-B, 0% 8/1/2031  | 1030 | 811 |
| Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AW, 5.00% 12/1/2033 <br> (preref. 12/1/2026)  | 230 | 238 |
| Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2017-AX, 5.00% 12/1/2033 <br> (preref. 12/1/2027)  | 245 | 260 |
| William S. Hart Union High School Dist., GO Bonds, CAB, 2001 Election, Series 2005-B, AGI, 0% 9/1/2025  | 5000 | 4989 |
| Wright Elementary School Dist., GO Bonds, Series 2003-A, NATL, CAB, 0% 8/1/2028  | 320 | 291 |
|  |  | 236511 |
| **Colorado 2.66%** | **Colorado 2.66%** | **Colorado 2.66%** |
| Adams County School Dist. No. 14, GO Bonds, Series 2025, 5.00% 12/1/2033  | 1180 | 1332 |
| Bridge and Tunnel Enterprise, Infrastructure Rev. Bonds, Series 2025-A, AGI, 5.00% 12/1/2031  | 1000 | 1115 |
| City and County of Broomfield, Baseline Metropolitan Dist. No. 1, Special Rev. Ref. and Improvement Bonds, <br> Series 2024-A, AGI, 5.00% 12/1/2027  | 1000 | 1047 |
| City and County of Broomfield, Baseline Metropolitan Dist. No. 1, Special Rev. Ref. and Improvement Bonds, <br> Series 2024-A, AGI, 5.00% 12/1/2029  | 400 | 433 |
| Canyons Metropolitan Dist. No. 5, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series 2024-A, <br> BAM, 5.00% 12/1/2028  | 200 | 212 |
| Canyons Metropolitan Dist. No. 5, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series 2024-A, <br> BAM, 5.00% 12/1/2029  | 200 | 215 |
| Canyons Metropolitan Dist. No. 5, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series 2024-A, <br> BAM, 5.00% 12/1/2031  | 200 | 218 |
| Canyons Metropolitan Dist. No. 5, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series 2024-A, <br> BAM, 5.00% 12/1/2032  | 250 | 273 |
| Canyons Metropolitan Dist. No. 5, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series 2024-A, <br> BAM, 5.00% 12/1/2033  | 250 | 273 |
| Canyons Metropolitan Dist. No. 5, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series 2024-A, <br> BAM, 5.00% 12/1/2034  | 250 | 273 |
| City and County of Denver, Airport System Rev. Bonds, Series 2022-A, AMT, 5.00% 11/15/2027  | 1995 | 2089 |
| City and County of Denver, Airport System Rev. Bonds, Series 2022-A, AMT, 5.00% 11/15/2028  | 4500 | 4794 |
| City and County of Denver, Airport System Rev. Bonds, Series 2022-B, 5.00% 11/15/2028  | 125 | 135 |
| City and County of Denver, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 12/1/2029  | 1000 | 1053 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 12/1/2027  | 1500 | 1572 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2022-A, AMT, 5.00% 11/15/2029  | 2000 | 2155 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, NATL, 5.00% 12/1/2033  | 1055 | 1060 |
| E-470 Public Highway Auth., Rev. Bonds, CAB, Series 2000-B, NATL, 0% 9/1/2025  | 675 | 673 |
| Health Facs. Auth., Hospital Rev. Bonds (AdventHealth Obligated Group), Series 2025-A, 5.00% 11/15/2060 (put <br> 11/15/2030)  | 5940 | 6479 |
| Health Facs. Auth., Hospital Rev. Bonds (Parkview Medical Center, Inc. Project), Series 2016, 5.00% 9/1/2046 <br> (preref. 9/1/2026)  | 125 | 128 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2025-A, 5.00% 12/1/2026  | 740 | 756 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2025-A, 5.00% 12/1/2027  | 800 | 832 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2025-A, 5.00% 12/1/2028  | 1000 | 1055 |
| Housing and Fin. Auth., Multi Family Housing Bonds, Series 2024-B-2, 3.10% 10/1/2027  | 5295 | 5333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **5** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-C, Class I, 4.00% 5/1/2048  | USD255 | $256 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-B-1, Class I, 4.00% 11/1/2048  | 250 | 251 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-C, Class I, 4.25% 11/1/2048  | 305 | 308 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-C, Class I, 4.25% 5/1/2049  | 2290 | 2311 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-E, Class I, 4.25% 5/1/2049  | 485 | 490 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-E, Class I, 3.00% 11/1/2051  | 1285 | 1272 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-L, Class I, 3.25% 11/1/2051  | 1560 | 1552 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2022-B, Class I, 3.25% 5/1/2052  | 4105 | 4084 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2022-E, Class I, 5.25% 11/1/2052  | 3980 | 4140 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2023-I, Class III, 6.00% 5/1/2053  | 1265 | 1380 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2025-F, Class I, 6.50% 5/1/2055  | 1670 | 1887 |
| Joint School Dists. No. 28J, GO Bonds, Series 2025, 5.50% 12/1/2026  | 1000 | 1040 |
| Metro Water Recovery, Sewer Rev. Ref. Bonds, Series 2025-A, 5.00% 4/1/2028  | 3800 | 4052 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-B, <br> 3.00% 1/15/2026  | 325 | 325 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 5.00% 7/15/2027  | 205 | 211 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 5.00% 1/15/2029  | 400 | 421 |
|  |  | 57485 |
| **Connecticut 1.19%** | **Connecticut 1.19%** | **Connecticut 1.19%** |
| Health and Educational Facs. Auth., Rev. Bonds (Hartford Healthcare Issue), Series 2021-A, 5.00% 7/1/2028  | 925 | 982 |
| Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 2.80% 7/1/2048 (put <br> 2/10/2026)  | 5000 | 4982 |
| Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2025-B-1, 5.00% 7/1/2064 (put <br> 7/1/2030)  | 3575 | 3960 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2027  | 750 | 774 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2028  | 545 | 570 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2025-B-1, AMT, 5.25% <br> 11/15/2028  | 495 | 521 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2029  | 560 | 591 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2025-B-1, AMT, 5.25% <br> 11/15/2029  | 1590 | 1692 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2030  | 440 | 465 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2025-B-1, AMT, 5.25% <br> 11/15/2030  | 1840 | 1967 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2025-B-1, AMT, 5.25% <br> 11/15/2031  | 2500 | 2677 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2024-B, AMT, 4.125% <br> 11/15/2040  | 1135 | 1080 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-A-2, AMT, 4.00% 11/15/2041  | 610 | 611 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-E-1, 4.25% 5/15/2042  | 445 | 449 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-F-1, 3.50% 11/15/2043  | 365 | 365 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-E-1, 3.50% 11/15/2046  | 45 | 45 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 11/15/2047  | 705 | 707 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 11/15/2047  | 350 | 351 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D-1, 4.00% 11/15/2047  | 435 | 436 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2021-B-1, 3.00% 11/15/2049  | 980 | 969 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2022-A-1, 3.50% 11/15/2051  | 575 | 575 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2023-B, 5.75% 11/15/2053  | 920 | 983 |
|  |  | 25752 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Tax-Exempt Income Funds<sub>6</sub>

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Delaware 0.12%** | **Delaware 0.12%** | **Delaware 0.12%** |
| Econ. Dev. Auth., Gas Facs. Rev. Ref. Bonds (Delmarva Power & Light Co. Project), Series 2020-A, 3.60% 1/1/2031  | USD1,560 | $1596 |
| GO Rev. Ref. Bonds, Series 2020-B, 5.00% 7/1/2028  | 1005 | 1080 |
|  |  | 2676 |
| **District of Columbia 1.43%** | **District of Columbia 1.43%** | **District of Columbia 1.43%** |
| GO Bonds, Series 2021-D, 5.00% 2/1/2030  | 700 | 772 |
| GO Bonds, Series 2024-A, 5.00% 8/1/2030  | 490 | 544 |
| Hospital Rev. Ref. Bonds (Children's Hospital Obligated Group Issue), Series 2015, 5.00% 7/15/2035  | 800 | 803 |
| Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (Belmont Crossing Phase II), Series 2025, <br> 5.00% 3/1/2029 (put 2/1/2028)  | 1590 | 1662 |
| Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (Paxton Project), Series 2022, 4.00% 9/1/2040 <br> (put 9/1/2025)  | 1550 | 1551 |
| Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (The Edmonson), Series 2024, 5.00% <br> 12/1/2028 (put 12/1/2027)  | 695 | 728 |
| Income Tax Secured Rev. Ref. Bonds, Series 2019-C, 5.00% 10/1/2026  | 1100 | 1133 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2031  | 1795 | 2008 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2032  | 850 | 958 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. and Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% <br> 10/1/2026  | 1000 | 1024 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. and Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% <br> 10/1/2026  | 1500 | 1537 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2022-A, AMT, 5.00% <br> 10/1/2026  | 2000 | 2049 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-B, AMT, 5.00% <br> 10/1/2027  | 1000 | 1044 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2022-A, AMT, 5.00% <br> 10/1/2027  | 490 | 512 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% <br> 10/1/2028  | 1375 | 1428 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% <br> 10/1/2029  | 1075 | 1157 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% <br> 10/1/2029  | 5000 | 5381 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% <br> 10/1/2033  | 560 | 611 |
| Metropolitan Washington DC Airports Auth., Rev and Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 10/1/2028  | 1500 | 1593 |
| Rev. Ref. Bonds (National Public Radio, Inc. Issue), Series 2016, 5.00% 4/1/2028 (preref. 4/1/2026)  | 230 | 234 |
| Rev. Ref. Bonds (National Public Radio, Inc. Issue), Series 2016, 5.00% 4/1/2029 (preref. 4/1/2026)  | 225 | 228 |
| Water and Sewer Auth., Public Utility Multimodal Rev. Bonds, Series 2022-E, 3.00% 10/1/2057 (put 10/1/2027)  | 4000 | 3938 |
|  |  | 30895 |
| **Florida 2.71%** | **Florida 2.71%** | **Florida 2.71%** |
| County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Bonds (Oak Hammock at the <br> University of Florida, Inc. Project), Series 2025-B-3, 3.625% 10/1/2030  | 520 | 520 |
| County of Brevard, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Emerald Place Apartments), Series 2025, <br> 3.30% 2/1/2028 (put 2/1/2027)  | 1285 | 1293 |
| County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Pinnacle 441 Phase 2), Series 2023, <br> 4.05% 9/1/2056 (put 3/1/2026)  | 1755 | 1766 |
| County of Broward, Port Facs. Rev. Ref. Bonds, Series 2019-D, AMT, 5.00% 9/1/2026  | 1535 | 1566 |
| Central Florida Expressway Auth., Rev. Ref. Bonds, Series 2016-B, 4.00% 7/1/2035 (preref. 7/1/2026)  | 8645 | 8761 |
| Board of Education, Lottery Rev. Ref. Bonds, Series 2016-B, 5.00% 7/1/2027  | 3175 | 3246 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2016-A, AMT, 5.00% 10/1/2029 (preref. <br> 10/1/2026)  | 1000 | 1025 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 10/1/2030 (preref. <br> 10/1/2027)  | 1025 | 1072 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 7/1/2048  | 95 | 95 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 7/1/2049  | 310 | 311 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 1/1/2050  | 515 | 519 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2020-2, 3.00% 7/1/2051  | 210 | 208 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2020-1, 3.50% 7/1/2051  | 415 | 415 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2021-2, 3.00% 7/1/2052  | 3835 | 3791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **7** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2022-1, 3.50% 7/1/2052  | USD665 | $666 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2023-3, 5.75% 1/1/2054  | 990 | 1075 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-5, 6.25% 1/1/2055  | 405 | 446 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-1, 6.25% 7/1/2055  | 895 | 995 |
| Housing Fin. Corp., Multi Family Mortgage Housing Rev. Bonds (Brownsville Transit Village V), Series 2024-B, <br> 3.35% 10/1/2027 (put 10/1/2026)  | 1235 | 1238 |
| Jacksonville Housing Fin. Auth., Multi Family Housing Rev. Bonds (Egret Landing), Series 2025, 3.40% 7/1/2058 <br> (put 7/1/2028)  | 1400 | 1405 |
| JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 5.00% 10/1/2025  | 1540 | 1546 |
| JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 5.00% 10/1/2025  | 280 | 281 |
| County of Lee, Airport Rev. Bonds, Series 2021-B, AMT, 5.00% 10/1/2029  | 350 | 376 |
| County of Lee, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Ekos on Evans), Series 2025, 3.50% <br> 12/1/2042 (put 12/1/2027)  | 2850 | 2869 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% 10/1/2029  | 1665 | 1792 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% 10/1/2032  | 3000 | 3262 |
| County of Miami-Dade, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Quail Roost Transit Village I), Series <br> 2023, 5.00% 9/1/2026 (put 9/1/2025)  | 1000 | 1002 |
| County of Miami-Dade, Seaport Rev. Ref. Bonds, Series 2022-A, AMT, 5.00% 10/1/2030  | 2670 | 2857 |
| North Miami Community Redev. Agcy., Redev. Rev. Bonds, Series 2024, 5.00% 3/1/2026  | 1000 | 1012 |
| County of Okaloosa, Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2025, 5.00% 10/1/2030  | 5000 | 5461 |
| School Board of Orange County, Certs. Of Part., Series 2015-C, 5.00% 8/1/2031 (preref. 8/1/2025)  | 150 | 150 |
| Orlando Utilities Commission, Utility System Rev. Bonds, Series 2024-A, 5.00% 10/1/2031  | 500 | 561 |
| Orlando Utilities Commission, Utility System Rev. Bonds, Series 2024-A, 5.00% 10/1/2032  | 500 | 565 |
| County of Pinellas, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Indigo Apartments), Series 2025, 3.40% <br> 7/1/2028 (put 7/1/2027)  | 2590 | 2606 |
| City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 7/1/2026  | 100 | 102 |
| Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2016-A, 5.00% 7/1/2027  | 315 | 323 |
| Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2018-B, 5.00% 7/1/2027  | 445 | 467 |
| Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2023-A, 5.00% 7/1/2026  | 1515 | 1551 |
| Dept. of Transportation Fncg. Corp., Rev. Bonds, Series 2022, 5.00% 7/1/2026  | 1000 | 1024 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2024, 3.75% <br> 5/1/2029 <sup>(b)</sup>  | 355 | 356 |
|  |  | 58576 |
| **Georgia 2.88%** | **Georgia 2.88%** | **Georgia 2.88%** |
| City of Atlanta, Airport General Rev. Ref. Bonds, Series 2021-B, 5.00% 7/1/2027  | 430 | 450 |
| City of Atlanta, Airport General Rev. Ref. Bonds, Series 2021-C, AMT, 5.00% 7/1/2028  | 665 | 705 |
| City of Atlanta, Urban Residential Fin. Auth., Multi Family Rev. Bonds (Metropolitan Place), Series 2024, 2.99% <br> 10/1/2042 (put 10/1/2027)  | 5600 | 5622 |
| City of Atlanta, Urban Residential Fin. Auth., Multi Family Rev. Bonds (North Block), Series 2025, 3.40% 2/1/2029 <br> (put 2/1/2028)  | 1050 | 1063 |
| County of Bartow, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Bowen Project), Series <br> 1997-1, 1.80% 9/1/2029  | 560 | 504 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Series 2012-2, <br> 3.30% 12/1/2049 (put 8/21/2029)  | 930 | 930 |
| City of Columbus, Housing Auth., Multi Family Housing Rev. Bonds (HACG RAD II Project), Series 2025, 3.30% <br> 11/1/2028 (put 11/1/2027)  | 875 | 880 |
| City of Decatur, Housing Auth., Multi Family Housing Rev. Bonds (Philips Tower Project), Series 2025, 3.25% <br> 9/1/2028 (put 9/1/2027)  | 1050 | 1057 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.00% <br> 10/1/2026  | 440 | 449 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.00% <br> 10/1/2027  | 670 | 697 |
| GO Bonds, Series 2015-A, 5.00% 2/1/2027  | 1000 | 1002 |
| GO Rev. Ref. Bonds, Series 2016-E, 5.00% 12/1/2027  | 500 | 517 |
| City of Homerville, Housing Auth. Multi Family Housing Rev. Bonds, Series 2024, 3.45% 1/1/2028 (put 1/1/2027)  | 1245 | 1254 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2016-A-1, 3.50% 12/1/2046  | 15 | 15 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 12/1/2047  | 235 | 235 |
| City of Lawrenceville, Housing Auth., Multi Family Housing Rev. Bonds (Applewood Towers Project), Series <br> 2024-B, 5.00% 10/1/2028 (put 10/1/2027)  | 505 | 527 |
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 9/15/2028  | 1500 | 1596 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-A, 5.00% 5/15/2026  | 3000 | 3037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Tax-Exempt Income Funds<sub>8</sub>

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 7/1/2052 (put 9/1/2027)  | USD1,250 | $1264 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-C, 5.00% 9/1/2053 (put 12/1/2029)  | 2465 | 2606 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-D, 5.00% 4/1/2054 (put 4/1/2031)  | 2045 | 2170 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-A, 5.00% 5/1/2054 (put 9/1/2031)  | 4390 | 4656 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-B, 5.00% 12/1/2054 (put 3/1/2032)  | 4695 | 4977 |
| Municipal Electric Auth., Combined Cycle Project Rev. Bonds, Series 2020-A, 4.00% 11/1/2025  | 1400 | 1404 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 4.00% 1/1/2027  | 270 | 275 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2024-A, 5.00% 1/1/2030  | 300 | 326 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2021-A, AGI, 5.00% 1/1/2026  | 280 | 283 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2021-A, AGI, 5.00% 1/1/2027  | 220 | 227 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2023-A, AGI, 5.00% 7/1/2029  | 500 | 543 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2023-A, AGI, 5.00% 7/1/2030  | 500 | 549 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2023-A, AGI, 5.00% 7/1/2031  | 500 | 554 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2021-A, 5.00% 1/1/2026  | 200 | 201 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2021-A, 5.00% 1/1/2027  | 200 | 205 |
| Municipal Electric Auth., Project One Bonds, Series 2020-A, 5.00% 1/1/2028  | 1285 | 1353 |
| Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2025-A, 5.00% 9/1/2029  | 12995 | 14175 |
| Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2025-A, 5.00% 9/1/2032  | 4000 | 4482 |
| Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series <br> 2021, 5.00% 4/1/2028  | 400 | 422 |
| Savannah Econ. Dev. Auth. Recovery Zone Fac. Rev. Ref. Bonds (International Paper Co. Project), Series 2019-A, <br> 3.45% 11/1/2033 (put 10/1/2031)  | 925 | 907 |
|  |  | 62119 |
| **Guam 0.05%** | **Guam 0.05%** | **Guam 0.05%** |
| Power Auth., Rev. Ref. Bonds, Series 2022-A, 5.00% 10/1/2028  | 1000 | 1062 |
| **Hawaii 0.15%** | **Hawaii 0.15%** | **Hawaii 0.15%** |
| Airports System Rev. Bonds, Series 2018-A, AMT, 5.00% 7/1/2029  | 1000 | 1048 |
| GO Rev. Ref. Bonds, Series 2016, 5.00% 10/1/2028  | 2080 | 2135 |
|  |  | 3183 |
| **Idaho 0.19%** | **Idaho 0.19%** | **Idaho 0.19%** |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2021-A, 5.00% 3/1/2027  | 200 | 207 |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2021-A, 5.00% 3/1/2028  | 260 | 274 |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2021-A, 5.00% 3/1/2029  | 165 | 176 |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2018-A, 5.00% 3/1/2037  | 280 | 285 |
| Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2019-A, 4.00% 1/1/2050  | 405 | 408 |
| Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2024-A, 6.00% 7/1/2054  | 2425 | 2670 |
|  |  | 4020 |
| **Illinois 3.67%** | **Illinois 3.67%** | **Illinois 3.67%** |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, AGI, <br> 5.00% 12/1/2027  | 1950 | 2023 |
| City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2023-C, AMT, 5.00% 1/1/2027  | 4500 | 4613 |
| City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2023-C, AMT, 5.00% 1/1/2028  | 4045 | 4236 |
| City of Chicago, GO Bonds (City Colleges of Chicago Capital Improvement Project), CAB, Series 1999, NATL, 0% <br> 1/1/2026 (escrowed to maturity)  | 1500 | 1481 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2024-C, AMT, 5.00% <br> 1/1/2031  | 1110 | 1197 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Ref. Bonds, Series 2024-A, 5.00% 12/1/2029  | 1225 | 1334 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 1/1/2030  | 1885 | 2054 |
| City of Chicago, Water Rev. Bonds, Series 2024-A, 5.00% 11/1/2029  | 2575 | 2783 |
| City of Chicago, Water Rev. Bonds, Series 2024-A, 5.00% 11/1/2030  | 1005 | 1096 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, AGI, 5.00% 11/1/2031  | 2300 | 2381 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 11/1/2031  | 1455 | 1612 |
| County of Cook, GO Rev. Ref. Bonds, Series 2022-A, 5.00% 11/15/2029  | 3005 | 3281 |
| County of Cook, Sales Tax Rev. Bonds, Series 2024, 5.00% 11/15/2028  | 1000 | 1071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **9** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2025-A, 5.00% 7/1/2029  | USD270 | $284 |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2025-A, 5.00% 7/1/2031  | 190 | 200 |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2025-A, 4.25% 7/1/2041  | 470 | 455 |
| Fin. Auth., Rev. Bonds (Northshore University HealthSystem), Series 2020-A, 5.00% 8/15/2025  | 1265 | 1266 |
| Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2020-B-2, 5.00% 5/15/2050 (put 11/15/2026)  | 1285 | 1303 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-B, (SIFMA Municipal Swap Index + <br> 0.70%) 2.99% 5/1/2042 (put 5/1/2026) <sup>(a)</sup>  | 250 | 248 |
| Fin. Auth., Rev. Bonds (University of Chicago), Series 2024-A, 5.00% 4/1/2032  | 3000 | 3319 |
| Fin. Auth., Rev. Ref. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-B, 5.00% 1/1/2030  | 1210 | 1331 |
| Fin. Auth., Rev. Ref. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-B, 5.00% 7/1/2030  | 1210 | 1340 |
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2023, AMT, 4.60% <br> 10/1/2053 (put 10/1/2026)  | 4685 | 4702 |
| Fin. Auth., Water Facs. Rev. Ref. Bonds (American Water Capital Corp. Project), Series 2020, 3.875% 5/1/2040 (put <br> 9/1/2028)  | 1370 | 1342 |
| GO Bonds, Series 2020, 5.50% 5/1/2026  | 1500 | 1530 |
| GO Bonds, Series 2021-A, 5.00% 3/1/2029  | 1500 | 1598 |
| Housing Dev. Auth., Multi Family Housing Rev. Bonds, Series 2021-C, 0.80% 7/1/2026  | 410 | 399 |
| Housing Dev. Auth., Multi Family Housing Rev. Bonds (Walden Oaks), Series 2024, 5.00% 10/1/2027 (put <br> 10/1/2026)  | 1450 | 1481 |
| Housing Dev. Auth., Multi Family Rev. Green Bonds, Series 2024-C-2, FHA, 3.60% 8/1/2032 (put 8/1/2028)  | 1175 | 1187 |
| Housing Dev. Auth., Rev. Bonds, Series 2019-C, 4.00% 10/1/2049  | 220 | 222 |
| Housing Dev. Auth., Rev. Bonds, Series 2019-A, 4.25% 10/1/2049  | 150 | 151 |
| Housing Dev. Auth., Rev. Bonds, Series 2020-A, 3.75% 4/1/2050  | 1385 | 1393 |
| Housing Dev. Auth., Rev. Bonds, Series 2021-D, 3.00% 10/1/2051  | 3120 | 3085 |
| Housing Dev. Auth., Rev. Bonds, Series 2023-H, 5.75% 10/1/2053  | 2375 | 2544 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-A, 6.00% 10/1/2054  | 520 | 564 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-I, 6.00% 10/1/2055  | 5190 | 5727 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 6/15/2031  | 3000 | 2416 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2024-B, <br> 4.00% 12/15/2026  | 2470 | 2504 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2024-B, <br> 4.00% 12/15/2027  | 470 | 481 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-B, <br> 5.00% 12/15/2027  | 100 | 105 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2022-B, <br> 5.00% 12/15/2027  | 675 | 679 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2023-A, <br> 5.00% 12/15/2027  | 2500 | 2616 |
| Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2017-A, 5.00% 1/1/2027  | 1000 | 1028 |
| Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2023-C, 5.00% 1/1/2029  | 1930 | 2075 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 1/1/2040  | 1275 | 1275 |
| Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2029  | 600 | 647 |
| Will Community Unified School Dist. No. 201-U (Crete-Monee), GO Bonds, Series 2005, NATL, CAB, 0% <br> 11/1/2025  | 530 | 526 |
|  |  | 79185 |
| **Indiana 2.50%** | **Indiana 2.50%** | **Indiana 2.50%** |
| Fin. Auth., Environmental Facs. Rev. Ref. Bonds (Indianapolis Power & Light Co. Project), Series 2020-B, AMT, <br> 0.95% 12/1/2038 (put 4/1/2026)  | 520 | 511 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-D-2, 5.00% 10/1/2063 (put <br> 10/1/2031)  | 4600 | 4973 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-D-1, 5.00% 10/1/2064 (put <br> 10/1/2029)  | 7745 | 8272 |
| Fin. Auth., Lease Appropriation Rev. Ref. Bonds (Stadium Project), Series 2015-A, 5.25% 2/1/2034  | 200 | 200 |
| Fin. Auth., State Revolving Fund Green Bonds, Series 2019-E, 5.00% 2/1/2026  | 1465 | 1483 |
| Fin. Auth., State Revolving Fund Program Green Bonds, Series 2021-B, 5.00% 2/1/2027  | 330 | 342 |
| Fin. Auth., State Revolving Fund Program Green Bonds, Series 2021-B, 5.00% 2/1/2028  | 425 | 452 |
| Fin. Auth., State Revolving Fund Program Green Bonds, Series 2019-E, 5.00% 2/1/2030  | 1385 | 1482 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Tax-Exempt Income Funds<sub>10</sub>

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
| Fin. Auth., State Revolving Fund Program Green Bonds, Series 2025-C, 5.00% 2/1/2033  | USD1,500 | $1701 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2021-2, 5.00% 10/1/2025  | 1250 | 1255 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2021-2, 5.00% 10/1/2028  | 1250 | 1340 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2024-A, 5.00% 10/1/2031  | 1000 | 1116 |
| Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2001-A-1, 5.00% 11/15/2036  | 935 | 937 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 7/1/2048  | 1365 | 1372 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 7/1/2048  | 1010 | 1019 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 1/1/2049  | 160 | 161 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-B, 3.00% 7/1/2050  | 450 | 445 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-C-1, 3.00% 1/1/2052  | 1605 | 1583 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-C-1, 5.00% 7/1/2053  | 360 | 374 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A-1, 5.75% 7/1/2053  | 1790 | 1902 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev. Bonds, Series 2022-1A, AMT, <br> 5.00% 6/1/2027  | 1500 | 1538 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev. Bonds, Series 2022-1A, AMT, <br> 5.00% 6/1/2028  | 1350 | 1398 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev. Bonds, Series 2022-1A, AMT, <br> 5.00% 6/1/2029  | 1225 | 1279 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2023-I-2, AMT, 5.00% 1/1/2028  | 3110 | 3267 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2023-I-2, AMT, 5.00% 1/1/2029  | 2290 | 2434 |
| City of Indianapolis, Local Public Improvement Bond Bank Rev. Ref. Bonds (Indianapolis Airport Auth. Project), <br> Series 2016-A-1, AMT, 5.00% 1/1/2028  | 300 | 304 |
| City of Indianapolis, Water System Rev. Ref. Bonds, Series 2016-B, 5.00% 10/1/2028  | 4000 | 4100 |
| Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2022-A, 5.00% 1/1/2028  | 700 | 737 |
| City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2015, AMT, <br> 4.40% 11/1/2045 (put 6/10/2031)  | 4000 | 4076 |
| City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2016-A, AMT, <br> 4.40% 3/1/2046 (put 6/10/2031)  | 1000 | 1019 |
| City of Whiting, Environmental Facs. Rev. Ref. Bonds (BP Products North America, Inc. Project), Series 2019-A, <br> AMT, 5.00% 12/1/2044 (put 6/15/2026)  | 3000 | 3040 |
|  |  | 54112 |
| **Iowa 0.69%** | **Iowa 0.69%** | **Iowa 0.69%** |
| Fin. Auth., Multi Family Housing Rev. Bonds (AHEPA 192-IV Apartments Projects), Series 2023, 5.00% 11/1/2026 <br> (put 11/1/2025)  | 2125 | 2133 |
| Fin. Auth., Single Family Mortgage Bonds, Series 2022-A, 3.00% 1/1/2052  | 2645 | 2608 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-D, 3.50% 1/1/2049  | 200 | 200 |
| PEFA, Inc., Gas Project Rev. Bonds, Series 2019, 5.00% 9/1/2049 (put 9/1/2026)  | 7160 | 7236 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2023-B, AMT, 5.00% 12/1/2026  | 600 | 613 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2023-B, AMT, 5.00% 12/1/2027  | 1000 | 1035 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2023-B, AMT, 5.00% 12/1/2028  | 435 | 456 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2024-B, AMT, 5.00% 12/1/2028  | 585 | 615 |
|  |  | 14896 |
| **Kansas 0.34%** | **Kansas 0.34%** | **Kansas 0.34%** |
| Dev. Fin. Auth., Hospital Rev. Bonds (Advent Health Obligated Group), Series 2021-B, 5.00% 11/15/2054 (put <br> 11/15/2028)  | 5040 | 5356 |
| Johnson County Unified School Dist. No. 512, GO Rev. Ref. and Improvement Bonds (Shawnee Mission), Series <br> 2015-A, 5.00% 10/1/2033 (preref. 10/1/2025)  | 2000 | 2007 |
|  |  | 7363 |
| **Kentucky 1.69%** | **Kentucky 1.69%** | **Kentucky 1.69%** |
| Econ. Dev. Fin. Auth., Health System Rev. Bonds (Norton Healthcare, Inc.), CAB, Series 2000-B, NATL, 0% <br> 10/1/2028  | 125 | 111 |
| Fayette County School Dist., Fin. Corp. School Building Rev. Bonds, Series 2015-D, 5.00% 8/1/2034  | 3240 | 3240 |
| Higher Education Student Loan Corp., Student Loan Rev. Bonds, Series 2025-A-1, AMT, 5.00% 6/1/2032  | 1530 | 1597 |
| Higher Education Student Loan Corp., Student Loan Rev. Bonds, Series 2025-A-1, AMT, 4.75% 6/1/2040  | 1970 | 1979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **11** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Housing Corp., Multi Family Housing Rev. Bonds (Beecher Terrace Phase IV Project), Series 2023, 5.00% 9/1/2043 <br> (put 9/1/2026)  | USD2,030 | $2054 |
| Housing Corp., Multi Family Housing Rev. Bonds (Winterwood III Rural Housing Portfolio), Series 2024, 3.50% <br> 7/1/2028 (put 7/1/2027)  | 3000 | 3022 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.25% 7/1/2054  | 530 | 588 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-C, 6.25% 1/1/2055  | 305 | 335 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2016-A, 5.00% 10/1/2033  | 2000 | 2023 |
| Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-1, 4.00% 8/1/2052 (put 8/1/2030)  | 2500 | 2495 |
| Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-2, (USD-SOFR x 0.67 + 1.20%) 4.121% 8/1/2052 (put <br> 8/1/2030) <sup>(a)</sup>  | 570 | 571 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2029  | 625 | 658 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2030  | 525 | 557 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2023-A-1, 5.25% 4/1/2054 (put 2/1/2032)  | 1615 | 1732 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2024-B, 5.00% 1/1/2055 (put 8/1/2032)  | 8015 | 8481 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2025-A, 5.25% 6/1/2055 (put 12/1/2029)  | 4890 | 5164 |
| County of Trimble, Pollution Control Rev. Ref. Bonds (Louisville Gas and Electric Co. Project), Series 2016-A, AMT, <br> 1.30% 9/1/2044 (put 9/1/2027)  | 1975 | 1837 |
|  |  | 36444 |
| **Louisiana 1.17%** | **Louisiana 1.17%** | **Louisiana 1.17%** |
| Parish of East Baton Rouge, Sewerage Commission, Multi Modal Rev. Ref. Bonds, Series 2021-A, 1.30% 2/1/2041 <br> (put 2/1/2028)  | 3000 | 2799 |
| Parish of East Baton Rouge, Sewerage Commission, Rev. Ref. Bonds, Series 2019, 5.00% 2/1/2026  | 1125 | 1139 |
| Housing Corp., Multi Family Housing Rev. Bonds (Arbours at Lafayette Phase II Project), Series 2024, 5.00% <br> 4/1/2028 (put 4/1/2027)  | 2200 | 2267 |
| Housing Corp., Multi Family Housing Rev. Bonds (Deerwood Apartments Project), Series 2024, 4.00% 1/1/2043 <br> (put 7/1/2027)  | 1445 | 1459 |
| Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2022-A, 5.00% 6/1/2052  | 8380 | 8702 |
| Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2023-A, 5.75% 6/1/2054  | 565 | 610 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (East Baton Rouge Sewerage <br> Commission Projects), Series 2023, 5.00% 2/1/2027  | 400 | 413 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (East Baton Rouge Sewerage <br> Commission Projects), Series 2023, 5.00% 2/1/2029  | 700 | 749 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (East Baton Rouge Sewerage <br> Commission Projects), Series 2024, BAM, 5.00% 2/1/2030  | 925 | 1011 |
| Louisiana Stadium and Exposition Dist., Rev. Bonds, Series 2023-A, 5.00% 7/1/2030  | 475 | 519 |
| Public Facs. Auth., Rev. and Rev. Ref. Bonds (Ochsner Clinic Foundation Project), Series 2017, 5.00% 5/15/2034  | 4000 | 4070 |
| Parish of Tangipahoa, Hospital Service Dist. No. 1, Hospital Rev. Ref. Bonds (North Oaks Health System Project), <br> Series 2021, 5.00% 2/1/2027  | 1500 | 1539 |
|  |  | 25277 |
| **Maine 0.21%** | **Maine 0.21%** | **Maine 0.21%** |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2025  | 75 | 75 |
| Fin. Auth., Student Loan Rev. Bonds (Supplemental Education Loan Program), Series 2025-A-1, AMT, AGI, 5.00% <br> 12/1/2032  | 1170 | 1227 |
| Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 11/15/2047  | 15 | 15 |
| Housing Auth., Mortgage Purchase Bonds, Series 2021-D, 3.00% 11/15/2051  | 3180 | 3148 |
|  |  | 4465 |
| **Maryland 1.16%** | **Maryland 1.16%** | **Maryland 1.16%** |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-A, <br> 4.50% 9/1/2048  | 1470 | 1494 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-B, <br> AMT, 4.50% 9/1/2048  | 625 | 633 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2019-C, <br> 3.50% 3/1/2050  | 460 | 460 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-A, <br> 3.75% 3/1/2050  | 505 | 507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Tax-Exempt Income Funds<sub>12</sub>

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-D, <br> 3.25% 9/1/2050  | USD2,950 | $2939 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-A, <br> 3.00% 9/1/2051  | 2785 | 2761 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-B, <br> 3.00% 9/1/2051  | 865 | 856 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-C, <br> 3.00% 9/1/2051  | 3067 | 3035 |
| GO Bonds, State and Local Facs. Loan of 2017, Series 2017-A-2, 5.00% 8/1/2028  | 1535 | 1609 |
| GO Bonds, State and Local Facs. Loan of 2024, Series 2024-A-1, 5.00% 6/1/2030  | 1000 | 1111 |
| GO Bonds, State and Local Facs. Loan of 2024, Series 2024-A-1, 5.00% 6/1/2034  | 1000 | 1139 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Maryland Institute College of Art Issue), Series 2024, <br> 5.25% 6/1/2032  | 1115 | 1187 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Maryland Institute College of Art Issue), Series 2024, <br> 5.25% 6/1/2042  | 1500 | 1481 |
| County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, <br> 4.00% 7/1/2048  | 785 | 788 |
| County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, <br> 4.00% 7/1/2049  | 1075 | 1080 |
| Dept. of Transportation, Consolidated Transportation Bonds, Series 2019, 5.00% 10/1/2026  | 635 | 654 |
| Dept. of Transportation, Consolidated Transportation Bonds, Series 2016, 5.00% 11/1/2026  | 3050 | 3057 |
| Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2020, 5.00% 7/1/2026  | 320 | 327 |
|  |  | 25118 |
| **Massachusetts 0.64%** | **Massachusetts 0.64%** | **Massachusetts 0.64%** |
| Clean Water Trust, Revolving Fund Green Bonds, Series 2024-A, 5.00% 2/1/2027  | 500 | 519 |
| Clean Water Trust, Revolving Fund Green Bonds, Series 2024-B, 5.00% 2/1/2027  | 500 | 519 |
| Clean Water Trust, Revolving Fund Green Bonds, Series 2025-26A, 5.00% 2/1/2027  | 1500 | 1558 |
| Clean Water Trust, Revolving Fund Rev. Ref. Green Bonds, Series 2022, 5.00% 2/1/2027  | 750 | 779 |
| Dev. Fin. Agcy., Rev. Bonds (Mass General Brigham, Inc.), Series 2019-T-1, (SIFMA Municipal Swap Index + 0.60%) <br> 2.89% 7/1/2049 (put 1/29/2026) <sup>(a)(b)</sup>  | 470 | 470 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-B, AMT, 4.25% 7/1/2032  | 80 | 80 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2021-B, AMT, 2.00% 7/1/2037  | 145 | 118 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2022-B, AMT, 3.625% 7/1/2038  | 2080 | 2014 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2023-B, AMT, 4.25% 7/1/2044  | 1235 | 1215 |
| GO Rev. Ref. Bonds, Series 2025-A, 5.00% 7/1/2030  | 1250 | 1394 |
| Housing Fin. Agcy., Housing Green Bonds, Series 2022-D-3, 3.35% 6/1/2027  | 1950 | 1953 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 181, 4.00% 12/1/2044  | 45 | 45 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 12/1/2046  | 65 | 65 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 223, 3.00% 6/1/2047  | 665 | 658 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 224, 5.00% 6/1/2050  | 320 | 333 |
| Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 188, AMT, 4.00% 6/1/2043  | 175 | 175 |
| Transportation Fund Rev. Bonds (Rail Enhancement Program), Series 2021-B, 5.00% 6/1/2026  | 350 | 358 |
| Water Resources Auth., General Rev. Green Bonds, Series 2024-B, 5.00% 8/1/2025  | 1585 | 1585 |
|  |  | 13838 |
| **Michigan 2.56%** | **Michigan 2.56%** | **Michigan 2.56%** |
| Great Lakes Water Auth., Sewage Disposal System Rev. Ref. Bonds, Series 2018-B, 5.00% 7/1/2028  | 215 | 230 |
| Hospital Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2010-F-6, 4.00% 11/15/2047 (preref. <br> 11/15/2026)  | 2045 | 2083 |
| Housing Dev. Auth., Multi Family Housing Rev. Bonds (4401 Rosa Parks Apartments Project), Series 2025, 5.00% <br> 2/1/2028 (put 2/1/2027)  | 5310 | 5473 |
| Housing Dev. Auth., Multi Family Housing Rev. Bonds (Kalamazoo Community Courtyard Project), Series 2025, <br> 5.00% 12/1/2027 (put 12/1/2026)  | 2000 | 2049 |
| Housing Dev. Auth., Multi Family Housing Rev. Bonds (North Port Apartments Project), Series 2025, 5.00% <br> 8/1/2027 (put 8/1/2026)  | 7070 | 7214 |
| Housing Dev. Auth., Multi Family Housing Rev. Bonds (The Flats at Carriage Commons Phase I Project), Series <br> 2024, 3.80% 7/1/2041 (put 7/1/2026)  | 2250 | 2258 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 6/1/2047  | 185 | 185 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 6/1/2048  | 830 | 829 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 12/1/2048  | 1555 | 1562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **13** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 6/1/2049  | USD1,980 | $1997 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 12/1/2050  | 2115 | 2117 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 6/1/2052  | 2320 | 2295 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-A, 5.00% 6/1/2053  | 2210 | 2307 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-D, 5.50% 6/1/2053  | 4725 | 5001 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A, 5.50% 12/1/2053  | 4565 | 4905 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.00% 6/1/2054  | 1990 | 2161 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2024-D, 6.25% 6/1/2055  | 1955 | 2153 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2025-A, 6.25% 12/1/2055  | 7000 | 7773 |
| Board of Trustees of Michigan State University, Rev. Bonds, Series 2015-A, 5.00% 8/15/2040  | 1055 | 1056 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2023-B, <br> AMT, AGI, 5.00% 12/1/2030  | 1450 | 1570 |
|  |  | 55218 |
| **Minnesota 1.03%** | **Minnesota 1.03%** | **Minnesota 1.03%** |
| GO State Trunk Highway Rev. Ref. Bonds, Series 2022-B, 5.00% 8/1/2028  | 1400 | 1506 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 1/1/2045  | 145 | 145 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-E, AMT, 3.50% 1/1/2046  | 60 | 60 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2016-E, 4.00% 1/1/2047  | 5 | 5 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 1/1/2048  | 155 | 156 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-B, 4.00% 7/1/2048  | 875 | 876 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 1/1/2049  | 1635 | 1655 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-B, 3.50% 7/1/2050  | 760 | 761 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-E, 3.50% 7/1/2050  | 600 | 600 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-I, 3.00% 1/1/2051  | 2485 | 2461 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-B, 3.00% 7/1/2051  | 430 | 425 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-D, 3.00% 1/1/2052  | 3180 | 3145 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-F, 3.00% 7/1/2052  | 2870 | 2836 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-H, 3.00% 7/1/2052  | 2135 | 2110 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2022-A, 3.00% 7/1/2052  | 3795 | 3745 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2023-F, 5.75% 7/1/2053  | 870 | 929 |
| City of St. Paul, Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2022-B, AMT, 5.00% 1/1/2026  | 880 | 888 |
|  |  | 22303 |
| **Missouri 1.41%** | **Missouri 1.41%** | **Missouri 1.41%** |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (BJC Health System), Series 2021-B, 4.00% 5/1/2051 <br> (put 5/1/2026)  | 1000 | 1008 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2016-B, 3.50% 5/1/2041  | 365 | 365 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2018-A, 4.25% 5/1/2049  | 675 | 681 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2020-A, 3.50% 11/1/2050  | 1610 | 1611 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2020-C, 3.50% 11/1/2050  | 540 | 540 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2020-D, 3.25% 5/1/2051  | 2320 | 2309 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-A, 3.00% 5/1/2052  | 730 | 722 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-B, 3.00% 5/1/2052  | 3075 | 3043 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-C, 3.25% 11/1/2052  | 720 | 716 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2023-E, 6.50% 5/1/2054  | 1020 | 1142 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-A, 5.75% 5/1/2055  | 2665 | 2911 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2025-C, 5.75% 5/1/2056  | 6000 | 6540 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2025-A, 6.00% 5/1/2056  | 3520 | 3862 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Tax-Exempt Income Funds<sub>14</sub>

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series <br> 2015-B-1, AMT, 4.00% 11/1/2045  | USD220 | $220 |
| Kansas City Area Transportation Auth., Multi Family Housing Rev. Bonds (Mabion Fac.), Series 2024-A, 3.05% <br> 10/1/2045 (put 10/1/2027)  | 4215 | 4218 |
| City of St. Louis, Industrial Dev. Auth., Multi Family Rev. Bonds (The Brewery Apartments), Series 2025, 3.15% <br> 4/1/2046 (put 4/1/2028)  | 620 | 621 |
|  |  | 30509 |
| **Montana 0.44%** | **Montana 0.44%** | **Montana 0.44%** |
| Board of Housing, Multi Family Housing Rev. Bonds (Aurora Apartments), Series 2024, 3.32% 7/1/2046 (put <br> 2/1/2028)  | 4355 | 4374 |
| Board of Housing, Multi Family Housing Rev. Bonds (Franklin School Apartments Project), Series 2025-A, 3.625% <br> 10/1/2028  | 1000 | 1002 |
| Board of Housing, Multi Family Housing Rev. Bonds (Twin Creek 4 Apartments Project), Series 2024, 5.00% <br> 9/1/2028 (put 9/1/2027)  | 1084 | 1130 |
| Board of Housing, Single Family Mortgage Bonds, Series 2015-B-2, AMT, 3.50% 12/1/2042  | 15 | 15 |
| Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 6/1/2044  | 35 | 35 |
| Board of Housing, Single Family Mortgage Bonds, Series 2019-A, FHA, 4.25% 12/1/2045  | 635 | 641 |
| Board of Housing, Single Family Mortgage Bonds, Series 2020-C, 3.00% 12/1/2050  | 615 | 610 |
| Board of Housing, Single Family Mortgage Bonds, Series 2020-B, 4.00% 12/1/2050  | 520 | 525 |
| Board of Housing, Single Family Mortgage Bonds, Series 2021-B, 3.00% 12/1/2051  | 245 | 243 |
| Board of Housing, Single Family Mortgage Bonds, Series 2022-A, 3.00% 6/1/2052  | 1010 | 999 |
|  |  | 9574 |
| **Nebraska 0.63%** | **Nebraska 0.63%** | **Nebraska 0.63%** |
| Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2019, 4.00% 12/1/2049 (put 8/1/2025)  | 5000 | 5000 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2017-B, AMT, 3.50% 3/1/2040  | 40 | 40 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 9/1/2046  | 65 | 65 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 9/1/2048  | 245 | 246 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 9/1/2048  | 2470 | 2485 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2019-B, AMT, 4.00% 9/1/2049  | 1665 | 1670 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2020-C, 3.00% 9/1/2050  | 320 | 317 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2021-C, 3.00% 9/1/2050  | 3890 | 3848 |
|  |  | 13671 |
| **Nevada 0.47%** | **Nevada 0.47%** | **Nevada 0.47%** |
| Housing Division, Multi Unit Housing Rev. Bonds (Carville Park Apartments), Series 2024, 5.00% 7/1/2028 (put <br> 7/1/2027)  | 745 | 774 |
| Housing Division, Single Family Mortgage Rev. Ref. Bonds, Series 2022-A, 3.50% 4/1/2051  | 730 | 731 |
| City of Las Vegas, Special Improvement Dist. No. 812 (Summerlin Village 24), Local Improvement Rev. Ref. Bonds, <br> Series 2015, 4.50% 12/1/2025  | 555 | 556 |
| City of Las Vegas, Special Improvement Dist. No. 818 (Summerlin Village 27), Local Improvement Bonds, Series <br> 2024, 4.50% 12/1/2027  | 300 | 305 |
| Las Vegas Convention and Visitors Auth., Convention Center Expansion and Renovation Rev. Bonds, Series <br> 2022-B, 5.00% 7/1/2029  | 1210 | 1314 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Rev. Ref. Bonds, Series 2020-A, 5.00% 6/1/2026  | 1685 | 1721 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Rev. Ref. Bonds, Series 2016-B, 5.00% 6/1/2031  | 1750 | 1778 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Rev. Ref. Bonds, Series 2016-B, 5.00% 6/1/2034  | 2195 | 2226 |
| City of Sparks, Tourism Improvement Dist. No. 1 (Legends at Sparks Marina), Sales Tax Anticipation Rev. Ref. <br> Bonds, Series 2019-A, 2.75% 6/15/2028 <sup>(b)</sup>  | 735 | 721 |
|  |  | 10126 |
| **New Hampshire 0.38%** | **New Hampshire 0.38%** | **New Hampshire 0.38%** |
| Health and Education Facs. Auth., Education Loan Rev. Bonds (Granite Edvance Corp. Issue), Series 2024-B, AMT, <br> 5.00% 11/1/2029  | 750 | 792 |
| Health and Education Facs. Auth., Education Loan Rev. Bonds (Granite Edvance Corp. Issue), Series 2024-B, AMT, <br> 4.00% 11/1/2044  | 310 | 281 |
| Health and Education Facs. Auth., Education Loan Rev. Bonds (New Hampshire Higher Education Loan Corp. <br> Issue), Series 2023-B, AMT, 5.00% 11/1/2043  | 580 | 588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **15** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New Hampshire (continued)** | **New Hampshire (continued)** | **New Hampshire (continued)** |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A, 6.00% 7/1/2053  | USD370 | $396 |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2023-B, 6.00% 1/1/2055  | 2550 | 2748 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.00% 6/1/2031  | 660 | 712 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.00% 6/1/2032  | 2500 | 2698 |
|  |  | 8215 |
| **New Jersey 2.86%** | **New Jersey 2.86%** | **New Jersey 2.86%** |
| City of Bayonne, General Improvement Rev. Ref. Bonds, Series 2016, BAM, 5.00% 7/1/2031 (preref. 7/1/2026)  | 1000 | 1022 |
| City of Bayonne, General Improvement Rev. Ref. Bonds, Series 2016, BAM, 5.00% 7/1/2032 (preref. 7/1/2026)  | 1000 | 1022 |
| City of Bayonne, General Improvement Rev. Ref. Bonds, Series 2016, BAM, 5.00% 7/1/2035 (preref. 7/1/2026)  | 1000 | 1022 |
| Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 6/15/2031 (preref. 6/15/2027)  | 1670 | 1746 |
| Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2023-RRR, 5.00% 3/1/2028  | 3150 | 3343 |
| Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2020-E, AMT, 0.85% <br> 12/1/2025  | 1755 | 1733 |
| Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2020, AMT, 1.10% <br> 11/1/2029 (put 12/1/2027)  | 2325 | 2157 |
| Health Care Facs. Fncg. Auth., Rev. and Rev. Ref. Bonds (RWJ Barnabas Health Obligated Group Issue), Series <br> 2019-B-3, 5.00% 7/1/2045 (put 7/1/2026)  | 1000 | 1018 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2037  | 1130 | 1155 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2038  | 4735 | 4830 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2039  | 1460 | 1486 |
| Higher Education Student Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2022, AMT, 4.00% <br> 12/1/2041  | 155 | 153 |
| Higher Education Student Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2025, AMT, 4.50% <br> 12/1/2045  | 4180 | 4124 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2018-A, AMT, 3.75% 12/1/2031  | 155 | 154 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2015-1B, AMT, 5.00% 12/1/2031  | 1000 | 1048 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2019-B, AMT, 3.00% 12/1/2032  | 2500 | 2427 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2020-B, AMT, 3.50% 12/1/2039  | 805 | 777 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2019-B, AMT, 5.00% 12/1/2026  | 1025 | 1055 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% 12/1/2027  | 1275 | 1323 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2024-B, AMT, 5.00% 12/1/2027  | 2440 | 2532 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2019-B, AMT, 3.00% 12/1/2034  | 1500 | 1353 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2020-A, AMT, 3.50% 12/1/2039  | 1365 | 1331 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2023-B, AMT, 4.00% 12/1/2044  | 5690 | 5245 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2024-B, AMT, 4.25% 12/1/2045  | 465 | 452 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 10/1/2048  | 1840 | 1871 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2019-C, 4.75% 10/1/2050  | 315 | 321 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2020-E, 3.50% 4/1/2051  | 975 | 976 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2023-J, 5.50% 4/1/2053  | 1885 | 2022 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2022-I, 5.00% 10/1/2053  | 1515 | 1569 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2024-K, 6.00% 10/1/2055  | 530 | 575 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A, 5.00% 12/15/2032  | 2070 | 2178 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2020-D, 5.00% 1/1/2028  | 2550 | 2626 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2025-B, 5.00% 1/1/2030  | 6560 | 7178 |
|  |  | 61824 |
| **New Mexico 0.32%** | **New Mexico 0.32%** | **New Mexico 0.32%** |
| Educational Assistance Foundation, Education Loan Bonds, Series 2021-1-A, AMT, 2.05% 9/1/2051  | 415 | 371 |
| Hospital Equipment Loan Council, Hospital System Rev. Bonds (Presbyterian Healthcare Services), Series 2015-A, <br> 5.00% 8/1/2044 (preref. 8/1/2025)  | 1350 | 1350 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2016-A-2, Class I, AMT, 3.50% 3/1/2046  | 165 | 164 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2017-B-2, Class I, AMT, 3.75% 3/1/2048  | 225 | 225 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-C, Class I, 4.00% 1/1/2049  | 495 | 498 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **16** |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New Mexico (continued)** | **New Mexico (continued)** | **New Mexico (continued)** |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-C-1, Class I, 4.00% 7/1/2050  | USD260 | $262 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2022-D, Class I, 5.25% 3/1/2053  | 2870 | 3033 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2023-C, Class I, 5.75% 3/1/2054  | 875 | 941 |
|  |  | 6844 |
| **New York 8.76%** | **New York 8.76%** | **New York 8.76%** |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2022-A, 5.00% 3/15/2027 <br> (escrowed to maturity)  | 1565 | 1632 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2022-A, 5.00% 3/15/2027 <br> (escrowed to maturity)  | 1485 | 1545 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.00% 3/15/2031  | 1500 | 1674 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2015-E, 5.00% 3/15/2032  | 3300 | 3308 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 3/15/2027 (escrowed to maturity)  | 1065 | 1111 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2024-B, 5.00% 3/15/2030  | 2120 | 2348 |
| Housing Fin. Agcy., 160 West 62nd Street Housing Rev. Bonds, Series 2011-A-1, 3.60% 11/1/2044 (put 4/1/2032)  | 1895 | 1903 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-E-2, 0.65% 11/1/2056 (put 11/1/2025)  | 1515 | 1505 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-J-2, 1.10% 11/1/2061 (put 5/1/2027)  | 6265 | 6012 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2023-A-2, 3.60% 11/1/2062 (put 5/1/2027)  | 3410 | 3410 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 0.95% <br> 11/15/2027  | 3645 | 3385 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 5.00% 11/15/2045 (put <br> 5/15/2030)  | 3000 | 3153 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-A-2, AGI, (USD-SOFR x 0.67 + <br> 0.80%) 3.721% 11/1/2032 (put 4/1/2026) <sup>(a)</sup>  | 30 | 30 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2028  | 3490 | 3711 |
| County of Monroe, Industrial Dev. Agcy., Multi Family Housing Rev. Bonds (Andrews Terrace Community Partners, <br> L.P. Project), Series 2023-B-2, 5.00% 7/1/2028 (put 7/1/2027)  | 1520 | 1581 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 223, 1.95% 4/1/2027  | 1750 | 1713 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 206, AMT, 4.00% 10/1/2037  | 330 | 330 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 10/1/2044  | 110 | 110 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 233, 3.00% 10/1/2045  | 3940 | 3898 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 10/1/2045  | 10 | 10 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 10/1/2047  | 590 | 590 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 10/1/2047  | 1705 | 1718 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 239, 3.25% 10/1/2051  | 845 | 841 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 242, 3.50% 10/1/2052  | 105 | 105 |
| New York City GO Bonds, Fiscal 2006, Series 2006-I-6, 5.00% 4/1/2032  | 3550 | 3959 |
| New York City GO Bonds, Fiscal 2006, Series 2006-I-6, 5.00% 4/1/2033  | 2500 | 2799 |
| New York City GO Bonds, Fiscal 2016, Series 2016-A, 5.00% 8/1/2025  | 155 | 155 |
| New York City GO Bonds, Fiscal 2018, Series 2018-1, 5.00% 8/1/2031  | 1560 | 1626 |
| New York City GO Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 8/1/2027  | 1000 | 1051 |
| New York City GO Bonds, Fiscal 2022, Series 2022-C, 5.00% 8/1/2031  | 490 | 546 |
| New York City GO Bonds, Fiscal 2022, Series 2022-A-1, 5.00% 8/1/2033  | 15 | 16 |
| New York City GO Bonds, Fiscal 2023, Series 2023-F-1, 5.00% 8/1/2027  | 1250 | 1314 |
| New York City GO Bonds, Fiscal 2023, Series 2023-F-1, 5.00% 8/1/2028  | 600 | 644 |
| New York City GO Bonds, Fiscal 2023, Series 2023-F-1, 5.00% 8/1/2030  | 665 | 737 |
| New York City GO Bonds, Fiscal 2025, Series 2025-F, 5.00% 8/1/2029  | 5830 | 6372 |
| New York City GO Bonds, Fiscal 2025, Series 2025-G-1, 5.00% 2/1/2030  | 1150 | 1266 |
| New York City GO Bonds, Fiscal 2025, Series 2025-A, 5.00% 8/1/2031  | 1700 | 1894 |
| New York City GO Bonds, Fiscal 2025, Series 2025-G-1, 5.00% 2/1/2032  | 3905 | 4350 |
| New York City GO Bonds, Fiscal 2025, Series 2025-A, 5.00% 8/1/2032  | 5570 | 6224 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds, Series 2025, 3.30% 5/1/2055 (put <br> 12/22/2025)  | 5130 | 5131 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2024-B-2, <br> 3.70% 5/1/2064 (put 7/3/2028)  | 4185 | 4232 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2024-F-2, <br> 3.40% 11/1/2064 (put 1/2/2029)  | 6185 | 6227 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2023-E-2, 3.80% 11/1/2063  | 1830 | 1851 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2025-A-2, 3.25% 11/1/2064 (put 7/1/2029)  | 4230 | 4251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **17** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2025-C-2, 3.75% 5/1/2065 (put 7/2/2029)  | USD4,505 | $4566 |
| New York City Housing Dev. Corp., Multi Family Mortgage Rev. Bonds (8 Spruce Street), Series 2024-D, 4.00% <br> 12/15/2031  | 110 | 113 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2015-DD, 5.00% 6/15/2028  | 6500 | 6985 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 11/1/2032  | 1470 | 1520 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-1, 5.00% 11/1/2025  | 30 | 30 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2022, Series 2022-A-1, 5.00% 11/1/2027  | 775 | 819 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G-1, 5.00% 5/1/2028  | 1985 | 2120 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-A, 5.00% 11/1/2028  | 4300 | 4642 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2030  | 1630 | 1802 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-A-1, 5.00% 11/1/2030  | 1500 | 1668 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-F, 5.00% 11/1/2030  | 4040 | 4494 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-G, 5.00% 11/1/2030  | 4165 | 4633 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2030  | 1100 | 1224 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-F-F1, 5.00% 11/1/2031  | 6500 | 7286 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-H1, 5.00% 11/1/2031  | 1400 | 1569 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2026, Series 2026-A-1, 5.00% 5/1/2030  | 2500 | 2762 |
| Port Auth., Consolidated Bonds, Series 226, AMT, 5.00% 10/15/2027  | 3675 | 3845 |
| Port Auth., Consolidated Bonds, Series 246, AMT, 5.00% 9/1/2028  | 2000 | 2126 |
| Port Auth., Consolidated Bonds, Series 207, AMT, 5.00% 9/15/2028  | 4455 | 4672 |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2022-A-1, 5.00% 3/15/2027 (escrowed to maturity)  | 1000 | 1041 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-A, AMT, 5.00% 12/1/2025  | 1000 | 1006 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 5.00% 12/1/2025  | 880 | 886 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2028  | 5510 | 5841 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-A, AMT, 5.00% 12/1/2029  | 1000 | 1074 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Green Bonds (MTA Bridges and Tunnels), Series <br> 2022-E-1, 5.00% 11/15/2027  | 4950 | 5210 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Rev. Ref. Green Bonds (MTA Bridges and Tunnels), Series <br> 2024-B, 5.00% 11/15/2043 (put 11/15/2025)  | 2000 | 2012 |
| Triborough Bridge and Tunnel Auth., Real Estate Transfer Tax Rev. Bonds (MTA Bridges and Tunnels), Series <br> 2025-A, 5.00% 12/1/2031  | 1600 | 1799 |
| Triborough Bridge and Tunnel Auth., Sales Tax Rev. Bonds (MTA Bridges and Tunnels), Series 2024-A-1, 5.00% <br> 5/15/2030  | 625 | 696 |
| Triborough Bridge and Tunnel Auth., Sales Tax Rev. Bonds (MTA Bridges and Tunnels), Series 2024-A-1, 5.00% <br> 5/15/2031  | 900 | 1012 |
| Triborough Bridge and Tunnel Auth., Sales Tax Rev. Bonds (MTA Bridges and Tunnels), Series 2024-A-1, 5.00% <br> 5/15/2032  | 800 | 907 |
| TSASC, Inc., Tobacco Settlement Bonds, Series 2017-A, 5.00% 6/1/2027  | 1500 | 1536 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 3/15/2026 <br> (escrowed to maturity)  | 1145 | 1164 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 3/15/2026 <br> (escrowed to maturity)  | 275 | 279 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 3/15/2027 <br> (preref. 3/15/2026)  | 3705 | 3764 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2022-A, 5.00% 9/15/2031  | 3500 | 3925 |
|  |  | 189296 |
| **North Carolina 2.43%** | **North Carolina 2.43%** | **North Carolina 2.43%** |
| City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2023-B, AMT, 5.00% <br> 7/1/2026  | 375 | 382 |
| City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2023-B, AMT, 5.00% <br> 7/1/2027  | 500 | 519 |
| City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2023-B, AMT, 5.00% <br> 7/1/2028  | 500 | 530 |
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 1/1/2026 (escrowed to <br> maturity)  | 1000 | 1013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **18** |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |
| Educational Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2045  | USD1,680 | $1691 |
| Educational Assistance Auth., Student Loan Rev. Bonds, Series 2023-A, AMT, 5.00% 6/1/2043  | 1405 | 1424 |
| Gastonia Housing Auth. Multi Family Housing Rev. Bonds (Stonecroft Village), Series 2024-B, 3.50% 5/1/2028 (put <br> 5/1/2027)  | 2024 | 2045 |
| GO School Bonds, Series 2023, 5.00% 9/1/2029  | 1700 | 1869 |
| GO School Bonds, Series 2023, 5.00% 9/1/2030  | 1020 | 1138 |
| Hospital Auth., Health Care Rev. Bonds (Charlotte-Mecklenburg Hospital), Series 2018-E, 0.80% 1/15/2048 (put <br> 10/31/2025)  | 3230 | 3208 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 44, 2.05% 1/1/2028  | 745 | 722 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 40, 4.25% 7/1/2047  | 935 | 944 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 47, 3.00% 7/1/2051  | 4215 | 4170 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 51, 5.75% 1/1/2054  | 1895 | 2026 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 49, 6.00% 7/1/2053  | 375 | 401 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 50, 5.50% 1/1/2054  | 1950 | 2092 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 53-A, 6.25% 1/1/2055  | 975 | 1062 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 54-A, 6.25% 1/1/2055  | 870 | 969 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 55-A, 6.25% 7/1/2055  | 915 | 1010 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 57-A, 6.25% 1/1/2056  | 2460 | 2753 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 55-C, 3.20% 7/1/2056 (put <br> 1/15/2026)  | 3760 | 3762 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 37-A, AMT, 3.50% 7/1/2039  | 5 | 5 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 7/1/2047  | 945 | 948 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 42, 4.00% 1/1/2050  | 725 | 730 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 44, 4.00% 7/1/2050  | 2090 | 2107 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 46-A, 3.00% 7/1/2051  | 1230 | 1217 |
| Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Fitch Irick Portfolio), Series 2024, 5.00% 4/1/2029 (put <br> 4/1/2028)  | 1000 | 1054 |
| Housing Fin. Corp., Multi Family Housing Rev. Bonds (Weaver-PPM Portfolio), Series 2024, 4.00% 3/1/2028 (put <br> 3/1/2027)  | 2680 | 2721 |
| Inlivian Multi Family Housing Rev. Bonds (Central At Old Concord), Series 2025, 3.30% 11/10/2043  | 1915 | 1927 |
| County of Mecklenburg, Limited Obligation Bonds, Series 2025, 5.00% 2/1/2030  | 1615 | 1784 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (The United Methodist Retirement Homes <br> Project), Series 2024-B-2, 3.75% 10/1/2028  | 80 | 80 |
| Town of Morehead City, Multi Family Housing Rev. Bonds (Elijah's Landing), Series 2024, 4.05% 1/1/2028 (put <br> 1/1/2027)  | 3490 | 3539 |
| Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2015-B, AMT, 5.00% 5/1/2026  | 1615 | 1618 |
| Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2015-B, AMT, 5.00% 5/1/2028  | 1000 | 1001 |
|  |  | 52461 |
| **North Dakota 1.38%** | **North Dakota 1.38%** | **North Dakota 1.38%** |
| County of Cass, Joint Water Resource Dist., Temporary Rev. Ref. Improvement Bonds, Series 2024-A, 3.45% <br> 4/1/2027  | 6290 | 6296 |
| Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 7/1/2046  | 325 | 325 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2016-A, 2.40% 1/1/2026  | 1000 | 995 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2016-B, AMT, 4.00% <br> 1/1/2047  | 850 | 851 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-D, 4.00% 1/1/2048  | 225 | 226 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-F, 4.00% 7/1/2048  | 970 | 974 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2018-A, 4.00% 1/1/2049  | 3080 | 3094 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2018-D, 4.25% 1/1/2049  | 1825 | 1839 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-A, 4.25% 7/1/2049  | 245 | 247 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-C, 4.00% 1/1/2050  | 545 | 551 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-F, 3.75% 7/1/2050  | 340 | 342 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2020-B, 3.00% 7/1/2051  | 1005 | 995 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-A, 3.00% 1/1/2052  | 480 | 475 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-B, 3.00% 7/1/2052  | 1700 | 1675 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2022-A, 4.00% 1/1/2053  | 4475 | 4527 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2023-A, 5.75% 7/1/2053  | 1690 | 1799 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2023-D, 5.75% 1/1/2054  | 900 | 962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **19** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **North Dakota (continued)** | **North Dakota (continued)** | **North Dakota (continued)** |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-A, 6.00% 7/1/2054  | USD440 | $477 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-C, 6.25% 1/1/2055  | 2575 | 2869 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-D, 6.00% 7/1/2055  | 275 | 304 |
|  |  | 29823 |
| **Ohio 2.05%** | **Ohio 2.05%** | **Ohio 2.05%** |
| Air Quality Dev. Auth. Rev. Ref. Bonds, (American Electric Power Co. Project), Series 2005-C, AMT, 3.70% 4/1/2028  | 1695 | 1693 |
| Air Quality Dev. Auth. Rev. Ref. Bonds, (American Electric Power Co. Project), Series 2005-B, AMT, 3.70% 7/1/2028  | 1965 | 1962 |
| Air Quality Dev. Auth. Rev. Ref. Bonds, (American Electric Power Co. Project), Series 2005-A, AMT, 3.75% 1/1/2029  | 1000 | 998 |
| Air Quality Dev. Auth., Air Quality Dev. Rev. Ref. Bonds (Duke Energy Corp. Project), Series 2022-B, AMT, 4.25% <br> 11/1/2039 (put 6/1/2027)  | 3220 | 3267 |
| Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated <br> Group), Series 2020, 5.00% 11/15/2028  | 460 | 485 |
| County of Cuyahoga, Metropolitan Housing Auth., Multi Family Housing Rev. Bonds (Wade Park Apartments), <br> Series 2022, 4.75% 12/1/2027 (put 12/1/2025)  | 1175 | 1181 |
| GO Infrastructure Improvement Bonds, Series 2025-A, 5.00% 3/1/2032  | 1000 | 1128 |
| GO Infrastructure Improvement Rev. Ref. Bonds, Series 2021-B, 5.00% 2/1/2030  | 170 | 188 |
| GO Rev. Ref. Bonds (Conservation Projects), Series 2023-A, 4.00% 3/1/2026  | 940 | 949 |
| Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2024-A, 5.00% 1/1/2032  | 5000 | 5551 |
| Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Beechwood Apartments), Series 2025, 3.37% 3/1/2028 (put <br> 3/1/2027)  | 2350 | 2366 |
| Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Community Pendleton Project), Series 2025, 3.40% <br> 7/1/2042 (put 2/1/2028)  | 1300 | 1306 |
| Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Hitchcock Housing), Series 2024-A, 5.00% 4/1/2027 (put <br> 4/1/2026)  | 1300 | 1317 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-K, <br> 3.50% 9/1/2046  | 240 | 240 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-D, <br> 4.00% 3/1/2047  | 130 | 130 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-B, AMT, <br> 4.50% 3/1/2047  | 125 | 126 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, <br> 4.00% 3/1/2048  | 935 | 938 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, <br> 4.50% 9/1/2049  | 1235 | 1251 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, <br> 3.75% 9/1/2050  | 1475 | 1484 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2021-C, <br> 3.25% 3/1/2051  | 2285 | 2275 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2021-A, <br> 3.00% 3/1/2052  | 1285 | 1272 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2025-B, <br> 6.50% 3/1/2056  | 4300 | 4860 |
| Miami University, General Receipts and Rev. Ref. Bonds, Series 2022-A, 5.00% 9/1/2027  | 575 | 604 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 5.00% 8/1/2029  | 175 | 189 |
| County of Summit, Dev. Fin. Auth. Multi Family Housing Rev. Bonds (Wintergreen Ledges Apartments), Series <br> 2025, 5.00% 4/1/2028 (put 4/1/2027)  | 3780 | 3903 |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2022-A, 5.00% <br> 2/15/2028  | 500 | 531 |
| Water Dev. Auth., Drinking Water Assistance Fund Rev. Green Bonds, Series 2022-A, 5.00% 6/1/2026  | 300 | 306 |
| Water Dev. Auth., Drinking Water Assistance Fund Rev. Green Bonds, Series 2022-A, 5.00% 12/1/2026  | 450 | 465 |
| Water Dev. Auth., Drinking Water Assistance Fund Rev. Green Bonds, Series 2022-A, 5.00% 6/1/2029  | 245 | 268 |
| Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2023-C, 5.00% 6/1/2028  | 725 | 777 |
| Water Dev. Auth., Water Pollution Control Loan Fund Rev. Green Bonds, Series 2024-D, 5.00% 12/1/2031  | 2000 | 2258 |
|  |  | 44268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **20** |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Oklahoma 0.53%** | **Oklahoma 0.53%** | **Oklahoma 0.53%** |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2022-A, 5.00% <br> 3/1/2052  | USD2,680 | $2777 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2023-B, 5.75% <br> 9/1/2053  | 1010 | 1096 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-A, 6.00% <br> 9/1/2054  | 980 | 1075 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-B, 6.25% <br> 9/1/2055  | 770 | 857 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-C, 6.00% <br> 3/1/2056  | 1870 | 2064 |
| Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 9/1/2025  | 420 | 421 |
| Tulsa County Independent School Dist. No. 1, Combined Purpose GO Bonds, Series 2021-B, 2.00% 9/1/2026  | 2000 | 1978 |
| Turnpike Auth., Turnpike System Rev. Bonds, Series 2017-C, 5.00% 1/1/2042  | 1200 | 1213 |
|  |  | 11481 |
| **Oregon 1.33%** | **Oregon 1.33%** | **Oregon 1.33%** |
| Dept. of Administrative Services, State Lottery Rev. Bonds, Series 2025-A, 5.00% 4/1/2029  | 2735 | 2975 |
| GO Bonds (Article XI-M, XI-N, and XI-P State Grant Programs), Series 2023-A, 5.00% 6/1/2026  | 1200 | 1226 |
| GO Bonds (Article XI-Q State Projects), Series 2023-A, 5.00% 5/1/2027  | 776 | 810 |
| GO Bonds (Article XI-Q State Projects), Series 2025-A, 5.00% 5/1/2029  | 7395 | 8067 |
| GO Bonds (Veteran's Welfare Bonds Series 96), Series 2015-Q, 4.00% 12/1/2045  | 75 | 75 |
| GO Bonds (Veteran's Welfare Bonds Series 99B), Series 2017-Q, 3.50% 12/1/2047  | 335 | 335 |
| GO Bonds (Veteran's Welfare Bonds Series 108), Series 2021-O, 3.00% 12/1/2051  | 1960 | 1925 |
| GO Bonds (Veteran's Welfare Bonds Series 109), Series 2022-D, 5.00% 12/1/2052  | 1345 | 1395 |
| GO Bonds (Veteran's Welfare Bonds Series 111), Series 2023-E, 5.50% 12/1/2053  | 610 | 654 |
| GO Rev. Ref. Bonds (Article XI-F1 State Projects), Series 2025-F, 5.00% 8/1/2030  | 1500 | 1668 |
| GO Rev. Ref. Bonds (Article XI-G State Projects), Series 2025-G, 5.00% 8/1/2029  | 1560 | 1710 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-A, <br> 4.00% 7/1/2047  | 640 | 642 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2024-C, <br> 6.50% 7/1/2054  | 585 | 652 |
| Port of Portland, Portland International Airport Rev. Ref. Green Bonds, Series 30-A, AMT, 5.00% 7/1/2031  | 6000 | 6518 |
|  |  | 28652 |
| **Pennsylvania 3.30%** | **Pennsylvania 3.30%** | **Pennsylvania 3.30%** |
| County of Allegheny, Hospital Dev. Auth. Rev. Bonds (Allegheny Health Network Obligated Group Issue), Series <br> 2018-A, 5.00% 4/1/2026  | 410 | 416 |
| Central Dauphin School Dist., GO Bonds, Series 2016, 5.00% 2/1/2027 (preref. 8/1/2026)  | 995 | 1019 |
| Delaware County Auth., Villanova University Rev. Bonds, Series 2015, 5.00% 8/1/2034 (preref. 8/1/2025)  | 250 | 250 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series <br> 2015, AMT, 5.00% 12/31/2025  | 2225 | 2240 |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2009, 0.95% <br> 12/1/2033 (put 12/1/2026)  | 5000 | 4798 |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2011, AMT, <br> 4.25% 7/1/2041 (put 7/1/2027)  | 2000 | 2008 |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2021-A-2, AMT, <br> 4.60% 10/1/2046 (put 10/1/2026)  | 17500 | 17562 |
| County of Erie, Erie City Water Auth., Water Rev. Bonds, Series 2016, 5.00% 12/1/2043 (preref. 12/1/2026)  | 1200 | 1238 |
| GO Bonds, Series 2015-1, 4.00% 3/15/2034  | 500 | 501 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/1/2026  | 95 | 96 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/1/2027  | 525 | 537 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/1/2030  | 400 | 420 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2023-A, AMT, 5.00% 6/1/2030  | 3055 | 3210 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2025-1A, AMT, 5.00% 6/1/2030  | 2550 | 2691 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2024-1A, AMT, 5.00% 6/1/2031  | 1275 | 1341 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2025-1A, AMT, 5.00% 6/1/2031  | 1670 | 1758 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2020, 2.45% 6/1/2041  | 265 | 236 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2024-1A, AMT, 4.125% 6/1/2045  | 455 | 433 |
| Higher Educational Facs. Auth., Health System Rev. Bonds, Series 2016-AT-1, 5.00% 6/15/2030 (escrowed to <br> maturity)  | 595 | 606 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2019-128-A, AMT, 4.75% 4/1/2033  | 265 | 266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **21** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-123-A, AMT, 4.00% 4/1/2039  | USD125 | $125 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-118-A, AMT, 3.50% 4/1/2040  | 65 | 65 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 10/1/2041  | 35 | 35 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 10/1/2046  | 25 | 25 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 10/1/2046  | 1620 | 1622 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2020-133, 3.00% 10/1/2050  | 2200 | 2181 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2020-132-A, 3.50% 4/1/2051  | 300 | 300 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-135-A, 3.00% 10/1/2051  | 570 | 566 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2022-138-A, 3.00% 10/1/2052  | 1280 | 1260 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2022-140-A, 5.00% 10/1/2052  | 500 | 516 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2023-141-A, 5.75% 10/1/2053  | 5980 | 6351 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2024-144A, 6.00% 10/1/2054  | 1515 | 1643 |
| City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2022-C, 5.00% 6/1/2030  | 800 | 878 |
| City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2022-C, 5.00% 6/1/2031  | 780 | 864 |
| Philadelphia School Dist., GO Bonds, Series 2021-A, 5.00% 9/1/2028  | 1265 | 1345 |
| Philadelphia School Dist., GO Green Bonds, Series 2021-B, 5.00% 9/1/2026  | 1000 | 1025 |
| Philadelphia School Dist., GO Green Bonds, Series 2021-B, 5.00% 9/1/2027  | 600 | 626 |
| Philadelphia School Dist., GO Green Bonds, Series 2021-B, 5.00% 9/1/2028  | 365 | 388 |
| Philadelphia School Dist., GO Green Bonds, Series 2021-B, 5.00% 9/1/2029  | 1080 | 1164 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2025  | 500 | 504 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2026  | 400 | 413 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2027  | 1000 | 1055 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2025-A, 5.00% 12/1/2028  | 1100 | 1188 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2025-A, 5.00% 12/1/2029  | 1210 | 1328 |
| Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2016, 5.00% 6/1/2026  | 3000 | 3021 |
| Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2017-A-2, 5.00% 12/1/2027  | 515 | 544 |
| Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2024-1, 5.00% 12/1/2028  | 510 | 551 |
|  |  | 71209 |
| **Puerto Rico 0.05%** | **Puerto Rico 0.05%** | **Puerto Rico 0.05%** |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. <br> Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2021, 5.00% 7/1/2028  | 1140 | 1185 |
| **Rhode Island 0.41%** | **Rhode Island 0.41%** | **Rhode Island 0.41%** |
| Health and Educational Building Corp., Higher Education Facs. Rev. Bonds (Brown University Issue), Series <br> 2019-A, 5.00% 9/1/2029  | 1085 | 1184 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 69-B, 4.00% 10/1/2048  | 290 | 292 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 75-A, 3.00% 10/1/2051  | 3270 | 3236 |
| Housing and Mortgage Fin. Corp., Multi Family Dev. Green Bonds, Series 2024-1-A, FHA, 3.60% 10/1/2054 (put <br> 10/1/2027)  | 1750 | 1756 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2022-A, AMT, 4.125% 12/1/2041  | 1845 | 1743 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2023-A, AMT, 4.125% 12/1/2042  | 430 | 396 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2024-A, AMT, 4.125% 12/1/2043  | 280 | 254 |
|  |  | 8861 |
| **South Carolina 0.97%** | **South Carolina 0.97%** | **South Carolina 0.97%** |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-A, 4.00% 1/1/2047  | 40 | 40 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-B, FHA, 4.00% 7/1/2047  | 35 | 35 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2018-A, 4.50% 7/1/2048  | 375 | 379 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 7/1/2050  | 855 | 863 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2021-A, 3.00% 1/1/2052  | 460 | 455 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-B, 3.25% 1/1/2052  | 975 | 971 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2022-A, 4.00% 1/1/2052  | 650 | 658 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2022-B, 5.00% 1/1/2052  | 2885 | 3014 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2025-A, 6.50% 7/1/2055  | 4735 | 5368 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 7/1/2036  | 55 | 55 |
| Housing Fin. and Dev. Auth., Multi Family Housing Rev. Bonds (573 Meeting Street Project), Series 2024, 3.00% <br> 4/1/2043 (put 4/1/2027)  | 1000 | 1000 |
| Housing Fin. and Dev. Auth., Multi Family Housing Rev. Bonds (Poplar Square Apartments Project), Series 2025, <br> 5.00% 4/1/2028 (put 4/1/2027)  | 1125 | 1163 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **22** |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **South Carolina (continued)** | **South Carolina (continued)** | **South Carolina (continued)** |
| Jobs-Econ. Dev. Auth., Environmental Improvement Rev. Ref. Bonds (International Paper Company Project), Series <br> 2023-A, AMT, 4.00% 4/1/2033 (put 4/1/2026)  | USD1,830 | $1836 |
| Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2023-B-1, 5.25% 2/1/2054 (put 3/1/2031)  | 630 | 677 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2025-B, 5.00% 12/1/2028  | 1210 | 1299 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 5.00% 12/1/2029  | 85 | 93 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2031  | 2015 | 2031 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2033  | 1050 | 1056 |
|  |  | 20993 |
| **South Dakota 0.67%** | **South Dakota 0.67%** | **South Dakota 0.67%** |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 11/1/2045  | 5 | 5 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 11/1/2046  | 265 | 265 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-A, 4.00% 11/1/2048  | 130 | 131 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 11/1/2048  | 850 | 860 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2021-B, 3.00% 11/1/2051  | 1595 | 1578 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2022-C, 5.00% 5/1/2053  | 1725 | 1789 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2024-A, 6.25% 5/1/2055  | 5310 | 5801 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2024-C, 6.25% 11/1/2055  | 2020 | 2247 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2025-A, 6.50% 11/1/2055  | 1535 | 1737 |
|  |  | 14413 |
| **Tennessee 1.09%** | **Tennessee 1.09%** | **Tennessee 1.09%** |
| City of Chattanooga, Electric System Rev. Ref. Bonds, Series 2015-C, 5.00% 9/1/2040  | 350 | 351 |
| Health and Educational Facs. Auth., Collateralized Multi Family Rev. Bonds (BTT Dev. IV and Housing Assoc. Rural <br> Dev. Program), Series 2024, 3.00% 4/1/2028 (put 4/1/2027)  | 6495 | 6509 |
| Health and Educational Facs. Board of the Metropolitan Government of Nashville and Davidson County, Multi <br> Family Rev. Bonds (Trinity Flats Apartments), Series 2024-B, 3.65% 10/1/2046 (put 7/1/2028)  | 1040 | 1053 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2-B, 4.00% 1/1/2042  | 780 | 784 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 7/1/2042  | 520 | 522 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 1/1/2045  | 10 | 10 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, 4.00% 7/1/2045  | 160 | 160 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, AMT, 4.00% 7/1/2045  | 10 | 10 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 4.00% 1/1/2046  | 210 | 210 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-B, 3.50% 1/1/2047  | 125 | 125 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2022-2, 5.00% 1/1/2053  | 515 | 535 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2025-1A, 6.00% 1/1/2056  | 2195 | 2419 |
| County of Knox, Health, Educational and Housing Fac. Board, Multi Family Housing Rev. Bonds (Westview Towers <br> Project), Series 2022, 3.95% 12/1/2027  | 1090 | 1092 |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.00% 7/1/2026  | 560 | 570 |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.00% 7/1/2028  | 1275 | 1348 |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.00% 7/1/2029  | 1915 | 2051 |
| Metropolitan Nashville Airport Auth., Subordinate Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2031  | 1500 | 1595 |
| County of Williamson Industrial Dev. Board, Multi Family Housing Rev. Bonds (Wood Duck Court Apartments), <br> Series 2023, 5.00% 5/1/2042 (put 5/1/2027)  | 4070 | 4175 |
|  |  | 23519 |
| **Texas 11.89%** | **Texas 11.89%** | **Texas 11.89%** |
| Affordable Housing Corp., Multi Family Housing Rev. Bonds (Juniper Creek Apartments Project), Series 2023, <br> 3.75% 7/1/2044 (put 7/1/2026)  | 2085 | 2100 |
| Affordable Housing Corp., Multi Family Housing Rev. Bonds (Norman Commons), Series 2023, 3.625% 1/1/2045 <br> (put 1/1/2027)  | 1150 | 1161 |
| Alamo Community College Dist., Maintenance Tax Notes, Series 2022, 5.00% 2/15/2026  | 2885 | 2924 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2024, 5.00% 2/15/2029  | 750 | 811 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2021-A, 4.00% <br> 8/15/2025  | 175 | 175 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2021-A, 4.00% <br> 8/15/2026  | 110 | 111 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Harmony Public Schools), Series 2024, 5.00% <br> 2/15/2034  | 1300 | 1428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **23** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, <br> 5.00% 8/15/2025  | USD800 | $801 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Trinity Basin Preparatory, Inc.), Series 2023, 5.00% <br> 8/15/2025  | 600 | 600 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Trinity Basin Preparatory, Inc.), Series 2023, 5.00% <br> 8/15/2026  | 500 | 512 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Trinity Basin Preparatory, Inc.), Series 2023, 5.00% <br> 8/15/2027  | 560 | 588 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 12/1/2025  | 425 | 427 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 12/1/2026  | 440 | 448 |
| Austin Affordable PFC, Inc., Multi Family Housing Rev. Bonds (Eagle's Landing Family Apartments), Series 2024-B, <br> 5.00% 9/1/2028 (put 9/1/2027)  | 330 | 345 |
| Austin Affordable PFC, Inc., Multi Family Housing Rev. Bonds (Village at Cottonwood Apartments), Series 2024-B, <br> 5.00% 9/1/2028 (put 9/1/2027)  | 235 | 245 |
| City of Austin, Airport System Rev. Bonds, Series 2022, AMT, 5.00% 11/15/2026  | 2820 | 2891 |
| City of Austin, Airport System Rev. Bonds, Series 2022, AMT, 5.00% 11/15/2027  | 2000 | 2088 |
| City of Austin, Airport System Rev. Ref. Bonds, Series 2019, AMT, 5.00% 11/15/2025  | 315 | 317 |
| Barbers Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2/15/2026  | 1735 | 1758 |
| County of Bexar, Limited Tax Rev. Ref. Bonds, Series 2017, 5.00% 6/15/2043 (preref. 6/15/2026)  | 8000 | 8176 |
| Boerne Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2/1/2027  | 1200 | 1244 |
| Brazos Higher Education Auth., Inc., Student Loan Program Rev. Bonds, Series 2024-1-A, AMT, 5.00% 4/1/2030  | 1800 | 1904 |
| Carrollton-Farmers Branch Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2027  | 7000 | 7271 |
| Central Texas Regional Mobility Auth., Rev. Bond Anticipation Notes, Series 2021-C, 5.00% 1/1/2027  | 1500 | 1513 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Idea Public Schools), Series 2025, 5.00% <br> 8/15/2027  | 1650 | 1724 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2025  | 75 | 75 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2026  | 410 | 420 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2027  | 200 | 209 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2028  | 40 | 43 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (International Leadership of Texas, Inc.), Series 2021, <br> 4.00% 8/15/2025  | 160 | 160 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (International Leadership of Texas, Inc.), Series 2018-D, <br> 6.125% 8/15/2048  | 8700 | 8712 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (Idea Public Schools), Series 2024, 5.00% <br> 8/15/2026  | 600 | 614 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2027  | 1400 | 1460 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2029  | 1325 | 1427 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2030  | 2270 | 2473 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2025-B, 4.00% 2/15/2055 (put 2/15/2030)  | 750 | 769 |
| Collin County Community College Dist., GO Bonds, Series 2020-A, 5.00% 8/15/2025  | 1000 | 1001 |
| Corpus Christi Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2029  | 1000 | 1092 |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Palladium Buckner Station), Series 2025, <br> 3.05% 8/1/2030 (put 8/1/2028)  | 2900 | 2907 |
| City of Dallas, Special Tax Rev. Bonds (Kay Bailey Hutchison Convention Center Dallas Venue Project), Series 2023, <br> 6.00% 8/15/2053 (put 8/15/2028) <sup>(b)</sup>  | 2210 | 2214 |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Highpoint at Wynnewood), Series 2022, <br> 3.50% 2/1/2044 (put 2/1/2026)  | 580 | 580 |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Rosemont at Ash Creek Apartments), Series <br> 2023, 5.00% 7/1/2026 (put 12/1/2025)  | 915 | 921 |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (The Mondello), Series 2024, 5.00% 8/1/2027 <br> (put 8/1/2026)  | 480 | 489 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 5.00% 8/15/2025  | 210 | 210 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-B, 5.00% 8/15/2025  | 315 | 315 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 5.00% 8/15/2026  | 335 | 343 |
| Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 6/15/2026  | 1000 | 1021 |
| Denton Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 8/15/2027  | 1650 | 1731 |
| El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 8/15/2025  | 270 | 270 |
| El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 8/15/2026  | 400 | 401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **24** |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Forney Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2029  | USD2,500 | $2727 |
| Fort Bend Grand Parkway Toll Road Auth., Limited Contract Tax and Toll Road Rev. Ref. Bonds, Series 2021-A, <br> 5.00% 3/1/2027  | 330 | 343 |
| Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2021-B, 0.72% 8/1/2051 (put 8/1/2026)  | 3165 | 3074 |
| Fort Bend Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020-B, 0.875% <br> 8/1/2050 (put 8/1/2025)  | 6920 | 6920 |
| Fort Worth Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2/15/2026  | 500 | 507 |
| Fort Worth Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2/15/2027  | 1000 | 1039 |
| Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, CAB, Series 1999, 0% <br> 8/15/2027  | 1000 | 944 |
| Garland Independent School Dist., Unlimited Tax School Building Bonds, Series 2016, 5.00% 2/15/2030  | 1000 | 1002 |
| City of Georgetown, Utility System Rev. Bonds, Series 2022, AGI, 5.00% 8/15/2026  | 1000 | 1024 |
| Georgetown Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2026  | 500 | 507 |
| Georgetown Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2027  | 500 | 519 |
| Georgetown Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2028  | 500 | 530 |
| GO Water Financial Assistance Rev. Ref. Bonds, Series 2021-B, 4.00% 8/1/2030  | 560 | 560 |
| Goose Creek Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% <br> 2/15/2027  | 1125 | 1170 |
| Goose Creek Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2014-B, <br> 0.60% 2/15/2035 (put 8/17/2026)  | 810 | 791 |
| Grapevine-Colleyville Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2026  | 4615 | 4730 |
| Gregory-Portland Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2026  | 1000 | 1013 |
| Gregory-Portland Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2033  | 1850 | 2064 |
| County of Harris, Port of Houston Auth., Rev. Bonds, Series 2023, 5.00% 10/1/2026  | 775 | 797 |
| County of Harris, Port of Houston Auth., Rev. Bonds, Series 2023, 5.00% 10/1/2027  | 900 | 945 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2024-A, AGI, 5.00% 11/15/2030  | 1320 | 1448 |
| Hays Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2026  | 1000 | 1014 |
| Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Palladium Old FM 471 W), Series <br> 2024, 3.05% 9/1/2029 (put 9/1/2027)  | 2625 | 2635 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2021-A, 3.00% 1/1/2052  | 1780 | 1759 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2022-B, 5.75% 1/1/2053  | 3365 | 3632 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2023-A, 5.50% 7/1/2053  | 3100 | 3323 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 3/1/2050  | 1710 | 1730 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 3/1/2051  | 500 | 500 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 3/1/2052  | 5455 | 5343 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2022-B, 6.00% 3/1/2053  | 1845 | 2013 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2023-C, 6.00% 3/1/2054  | 855 | 938 |
| Housing Options, Inc., Multi Family Housing Rev. Bonds (Royal Crest Apartments), Series 2025, 3.05% 2/1/2045 <br> (put 2/1/2028)  | 905 | 906 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 7/1/2027  | 1000 | 1038 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2023-B, AGI, AMT, 5.00% 7/1/2028  | 2625 | 2775 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2025  | 40 | 40 |
| City of Houston, Memorial City Redev. Auth., Tax Increment Contract Rev. and Rev. Ref. Bonds, Series 2019, AGI, <br> 5.00% 9/1/2025  | 445 | 446 |
| City of Houston, Memorial City Redev. Auth., Tax Increment Contract Rev. and Rev. Ref. Bonds, Series 2019, AGI, <br> 5.00% 9/1/2026  | 320 | 327 |
| Houston Independent School Dist., Maintenance Tax Notes, Series 2025-A, 5.00% 7/15/2045 (put 7/15/2028)  | 6935 | 7337 |
| Hutto Independent School Dist., Unlimited Tax School Building Bonds, Series 2015, 2.00% 2/1/2055 (put <br> 8/1/2025)  | 2000 | 2000 |
| Irving Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2027  | 1345 | 1395 |
| Irving Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2029  | 760 | 823 |
| Joshua Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2029  | 500 | 546 |
| Katy Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2028  | 2000 | 2125 |
| Kilgore Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/15/2026  | 435 | 441 |
| Klein Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016-A, 3.00% 8/1/2028  | 1500 | 1500 |
| Krum Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/15/2033  | 1665 | 1861 |
| Krum Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/15/2034  | 1000 | 1118 |
| Lamar Consolidated Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2021, 5.00% 2/15/2029  | 345 | 374 |
| Leander Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2027  | 4250 | 4406 |
| Leander Independent School Dist., Unlimited Tax School Building Bonds, CAB, Series 2025-A, 0% 8/15/2026  | 800 | 776 |
| Lower Colorado River Auth., Rev. Ref. Bonds, Series 2023-A, 5.00% 5/15/2027  | 780 | 810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **25** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Lower Colorado River Auth., Rev. Ref. Bonds, Series 2023-B, 5.00% 5/15/2039 (put 5/15/2028)  | USD1,600 | $1675 |
| City of Lubbock, Electric Light and Power System Rev. Ref. Bonds, Series 2023, 5.00% 4/15/2029  | 795 | 861 |
| City of Lubbock, Electric Light and Power System Rev. Ref. Bonds, Series 2023, AGI, 5.00% 4/15/2030  | 1000 | 1096 |
| Mabank Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2024, 5.00% <br> 8/15/2029  | 760 | 831 |
| Medina Valley Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 0.82% 2/15/2051 <br> (put 2/15/2026)  | 605 | 595 |
| Mesquite Independent School Dist., Unlimited Tax Building Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2026  | 565 | 579 |
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2008-D, 6.25% 12/15/2026  | 4505 | 4621 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2025  | 1480 | 1488 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2026  | 1000 | 1021 |
| Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Rev. Bonds, Series 2023-A, 5.50% 1/1/2054 (put <br> 1/1/2030)  | 6450 | 6867 |
| Nacogdoches Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2/15/2027  | 985 | 1022 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2027  | 1000 | 1038 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2028  | 525 | 558 |
| North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2033  | 2500 | 2804 |
| North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2024, 3.75% 8/1/2049 (put 8/1/2027)  | 995 | 1009 |
| North Texas Higher Education Auth., Inc., Education Loan Rev. Bonds, Senior Series 2024-1-A, AMT, 4.125% <br> 6/1/2045  | 565 | 546 |
| Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/15/2029  | 1000 | 1094 |
| Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-A, 5.00% 2/15/2026  | 600 | 608 |
| Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2/15/2042 (preref. <br> 2/15/2026)  | 1175 | 1190 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2027  | 700 | 727 |
| County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2/1/2026  | 260 | 263 |
| Round Rock Independent School Dist., Unlimited Tax School Building Bonds, Series 2016, 5.00% 8/1/2027 <br> (preref. 8/1/2025)  | 1535 | 1535 |
| City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2015-D, 1.125% 12/1/2045 (put 12/1/2026)  | 3515 | 3408 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015, 5.00% 2/1/2026  | 1400 | 1418 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2/1/2027  | 90 | 93 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2028  | 550 | 583 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2029  | 200 | 216 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2013-F, 1.00% 5/1/2043 (put 11/1/2026)  | 1000 | 970 |
| San Antonio Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/15/2026  | 3845 | 3936 |
| San Jacinto Community College Dist., Limited Tax GO Building Bonds, Series 2021, 5.00% 2/15/2026  | 1000 | 1012 |
| San Marcos Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 8/15/2026  | 1740 | 1784 |
| Southwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/1/2027  | 860 | 892 |
| Spring Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-A, 5.00% 8/15/2029  | 420 | 460 |
| Spring Branch Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2025, 5.00% <br> 2/1/2030  | 2000 | 2190 |
| County of Tarrant, Housing Fin. Corp., Multi Family Housing Rev. Bonds (The Meridian Apartments), Series 2024-B, <br> 5.00% 9/1/2028 (put 9/1/2027)  | 450 | 469 |
| County of Tarrant, Housing Fin. Corp., Multi Family Housing Rev. Notes (Wildwood Branch), Series 2025, 3.60% <br> 2/1/2043 (put 2/1/2028)  | 3125 | 3156 |
| Greater Texoma Utility Auth., Contract Rev. Bonds (City of Sherman Project), Series 2024, BAM, 5.00% 10/1/2028  | 3360 | 3586 |
| THF Public Fac. Corp., Multi Family Housing Rev. Bonds (Covington Acres), Series 2025, 3.34% 2/1/2044 (put <br> 2/1/2029)  | 2085 | 2097 |
| Tomball Business Improvement Dist. No. 1, Unlimited Tax Bonds, Series 2024, 6.50% 11/15/2028  | 265 | 291 |
| Tomball Business Improvement Dist. No. 1, Unlimited Tax Bonds, Series 2024, 6.00% 11/15/2029  | 280 | 309 |
| Tomball Business Improvement Dist. No. 1, Unlimited Tax Bonds, Series 2024, 6.50% 11/15/2030  | 290 | 331 |
| Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2027  | 1050 | 1089 |
| Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2024-C, 5.00% 8/15/2031  | 1800 | 1991 |
| Transportation Commission, GO Mobility Fund Bonds, Series 2014-B, 0.65% 10/1/2041 (put 4/1/2026)  | 5500 | 5384 |
| Transportation Commission, GO Rev. Ref. Bonds, Series 2024, 5.00% 4/1/2032  | 1200 | 1343 |
| Transportation Commission, Highway Improvement GO Bonds, Series 2016-A, 5.00% 4/1/2031  | 2990 | 3029 |
| Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, CAB, Series 2002-A, AMBAC, 0% 8/15/2025  | 10585 | 10573 |
| Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, CAB, Series 2002-A, AMBAC, 0% 8/15/2027  | 3370 | 3179 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2025-A, 5.00% 4/15/2029  | 675 | 733 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **26** |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2025-A, 5.00% 4/15/2031  | USD1,600 | $1777 |
| Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2024-B, 5.00% 8/15/2033  | 1680 | 1900 |
| Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2014-B, 5.00% <br> 8/15/2025  | 4530 | 4534 |
| Water Dev. Board, State Water Implementation Rev. Fund, Reserve Bonds (Master Trust), Series 2024-A, 5.00% <br> 10/15/2037  | 2480 | 2702 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2023-A, 5.00% <br> 10/15/2028  | 230 | 248 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-B, 5.00% <br> 10/15/2030  | 780 | 831 |
| Williamson County, Limited Tax Rev. Ref. Bonds, Series 2015, 4.00% 2/15/2034  | 250 | 250 |
|  |  | 256796 |
| **Utah 0.95%** | **Utah 0.95%** | **Utah 0.95%** |
| Board of Higher Education, General Rev. Bonds (University of Utah), Series 2023-B, 5.00% 8/1/2029  | 500 | 547 |
| GO Bonds, Series 2019, 5.00% 7/1/2026  | 1000 | 1023 |
| Housing Corp., Multi Family Housing Rev. Bonds (New City Plaza Apartments Project), Series 2021, 3.625% <br> 2/1/2026 (put 8/1/2024)  | 9830 | 9855 |
| Housing Corp., Single Family Mortgage Bonds, Series 2023-A, 6.00% 7/1/2053  | 225 | 243 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-A, 6.50% 1/1/2054  | 375 | 411 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-E, 6.00% 7/1/2054  | 510 | 562 |
| Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, FHA, 4.00% 1/1/2045  | 130 | 130 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-A, AMT, 5.00% 7/1/2026  | 2250 | 2291 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2023-A, AMT, 5.00% 7/1/2027  | 830 | 860 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2018-A, AMT, 5.00% 7/1/2028  | 1000 | 1060 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2017-A, AMT, 5.00% 7/1/2029  | 800 | 826 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-A, AMT, 5.00% 7/1/2029  | 1500 | 1609 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.00% 6/1/2026  | 400 | 407 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.00% 6/1/2027  | 320 | 334 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.00% 6/1/2029  | 130 | 141 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.00% 6/1/2030  | 305 | 336 |
|  |  | 20635 |
| **Vermont 0.08%** | **Vermont 0.08%** | **Vermont 0.08%** |
| Housing Fin. Agcy., Multiple Purpose Bonds, Series 2014-A, AMT, 4.00% 11/1/2044  | 50 | 50 |
| Housing Fin. Agcy., Multiple Purpose Bonds, Series 2020-A, 3.75% 11/1/2050  | 175 | 176 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2024-A, AMT, 5.25% 6/15/2033  | 700 | 743 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2024-A, AMT, 5.25% 6/15/2034  | 700 | 737 |
|  |  | 1706 |
| **Virginia 1.07%** | **Virginia 1.07%** | **Virginia 1.07%** |
| County of Amelia, Industrial Dev. Auth., Solid Waste Disposal Rev. and Rev. Ref. Bonds (Waste Management, Inc. <br> Project), Series 2002, AMT, 1.45% 4/1/2027  | 575 | 554 |
| County of Fairfax, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Dominion Square North Project), <br> Series 2023, 5.00% 1/1/2045 (put 1/1/2028)  | 1885 | 1955 |
| Hampton Roads Sanitation Dist., Wastewater Rev. Bonds, Series 2025-A, 5.00% 7/15/2026  | 6000 | 6130 |
| Hampton Roads, Transportation Accountability Commission, Bond Anticipation Notes (Hampton Roads <br> Transportation Fund), Series 2021-A, 5.00% 7/1/2026 (escrowed to maturity)  | 3400 | 3478 |
| City of Lynchburg, Econ. Dev. Auth., Hospital Rev. and Rev. Ref. Bonds (Centra Health Obligated Group), Series <br> 2021, 4.00% 1/1/2027  | 850 | 865 |
| City of Norfolk, GO Capital Improvement Bonds, Series 2019, 5.00% 8/1/2044 (preref. 8/1/2028)  | 1000 | 1073 |
| City of Norfolk, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Braywood Manor Apartments), <br> Series 2023, 5.00% 5/1/2043 (put 5/1/2026)  | 2280 | 2314 |
| Port Auth., Commonwealth Port Fund Rev. Bonds, Series 2020-B, AMT, 5.00% 7/1/2028  | 1615 | 1697 |
| Rector and Visitors of the University, Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 4/1/2039  | 3000 | 3049 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **27** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, <br> 3.00% 12/1/2025  | USD230 | $229 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, <br> 3.00% 12/1/2026  | 235 | 233 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2022, AMT, <br> 4.00% 1/1/2029  | 610 | 621 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2022, AMT, <br> 4.00% 1/1/2031  | 800 | 813 |
|  |  | 23011 |
| **Washington 1.68%** | **Washington 1.68%** | **Washington 1.68%** |
| Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Improvement and Rev. Ref. <br> Green Bonds, Series 2021-S-1, 5.00% 11/1/2028  | 65 | 70 |
| Energy Northwest, Electric Rev. Bonds (Columbia Generating Station), Series 2024-B, 5.00% 7/1/2032  | 1700 | 1914 |
| Energy Northwest, Electric Rev. Ref. Bonds (Columbia Generating Station), Series 2025-A, 5.00% 7/1/2030  | 1250 | 1385 |
| Energy Northwest, Electric Rev. Ref. Bonds (Project No. 1), Series 2025-A, 5.00% 7/1/2028  | 2000 | 2143 |
| Energy Northwest, Electric Rev. Ref. Bonds (Project No. 3), Series 2016-A, 5.00% 7/1/2026  | 1075 | 1099 |
| County of Grant Public Utility Dist. No. 2, Rev. Ref. Bonds (Priest Rapids Hydroelectric Project), Series 2024-B, <br> 5.00% 1/1/2030  | 1000 | 1099 |
| Housing Fin. Commission, Multi Family Housing Rev. Bonds (Camas Flats Apartments Project), Series 2024-B, <br> 5.00% 2/1/2028 (put 2/1/2027)  | 810 | 835 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 12/1/2047  | 115 | 115 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2018-1-N, 4.00% 12/1/2048  | 835 | 840 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2019-1-N, 4.00% 6/1/2049  | 220 | 222 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2020-1-N, 4.00% 12/1/2050  | 970 | 979 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2021-2-N, 3.00% 6/1/2051  | 585 | 577 |
| Housing Fin. Commission, Single Family Program Rev. Ref. Bonds, Series 2022-1-N, 5.00% 12/1/2052  | 635 | 664 |
| County of King, Sewer Improvement and Rev. Ref. Bonds, Series 2016-B, 5.00% 7/1/2041 (preref. 7/1/2026)  | 2680 | 2739 |
| Northshore School Dist., Unlimited Tax GO Rev. Ref. Bonds, Series 2022, 5.00% 12/1/2029  | 400 | 440 |
| City of Seattle, Housing Auth., Rev. and Rev. Ref. Bonds (Northgate Plaza Project), Series 2021, 1.00% 6/1/2026  | 680 | 665 |
| City of Seattle, Water System Improvement and Rev. Ref. Bonds, Series 2021, 5.00% 8/1/2027  | 595 | 625 |
| Port of Seattle, Rev. Ref. Bonds, Series 2024-B, AMT, 5.00% 7/1/2026  | 3000 | 3056 |
| Port of Seattle, Rev. Ref. Bonds, Series 2016, 5.00% 2/1/2028  | 1000 | 1010 |
| Port of Seattle, Rev. Ref. Bonds, Series 2022-B, AMT, 5.00% 8/1/2029  | 4750 | 5060 |
| City of Tacoma, Electric System Rev. and Rev. Ref. Bonds, Series 2013-A, 4.00% 1/1/2042  | 1810 | 1646 |
| Various Purpose GO Bonds, Series 2023-B, 5.00% 2/1/2037  | 1020 | 1105 |
| Various Purpose GO Bonds, Series 2024-A, 5.00% 8/1/2037  | 730 | 791 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025-R-B, 5.00% 7/1/2030  | 1335 | 1479 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025-R-D, 5.00% 8/1/2032  | 5115 | 5777 |
|  |  | 36335 |
| **West Virginia 0.24%** | **West Virginia 0.24%** | **West Virginia 0.24%** |
| Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Appalachian Power Co. - Amos Project), Series 2011-A, <br> AMT, 1.00% 1/1/2041 (put 9/1/2025)  | 1310 | 1307 |
| Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Kentucky Power Co. - Mitchell Project), Series <br> 2014-A, AMT, 4.70% 4/1/2036 (put 6/17/2026)  | 1485 | 1490 |
| GO State Road Bonds, Series 2021-A, 5.00% 12/1/2025  | 15 | 15 |
| Housing Dev. Fund, Multi Family Housing Rev. Bonds (Five Points), Series 2024, 5.00% 3/1/2027 (put 3/1/2026)  | 2300 | 2327 |
|  |  | 5139 |
| **Wisconsin 1.43%** | **Wisconsin 1.43%** | **Wisconsin 1.43%** |
| Germantown School Dist., GO School Building and Improvement Bonds, Series 2017-A, 3.00% 4/1/2030 (preref. <br> 4/1/2027)  | 1395 | 1409 |
| GO Rev. Ref. Bonds, Series 2017-3, 5.00% 11/1/2027  | 1050 | 1097 |
| GO Rev. Ref. Bonds, Series 2020-1, 5.00% 5/1/2030  | 1000 | 1106 |
| GO Rev. Ref. Bonds, Series 2025-3, 5.00% 5/1/2032  | 4500 | 5061 |
| GO Rev. Ref. Bonds, Series 2025-1, 5.00% 5/1/2033  | 155 | 175 |
| Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-B-2, <br> 5.00% 8/15/2054 (put 6/24/2026)  | 1510 | 1534 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **28** |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, <br> 5.00% 8/15/2054 (put 6/24/2026)  | USD4,845 | $4923 |
| Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2016-A, 4.00% <br> 11/15/2046 (preref. 5/15/2026)  | 1205 | 1219 |
| Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 2/15/2026 <sup>(b)</sup>  | 4000 | 4002 |
| Housing and Econ Dev. Auth., Multi Family Housing Bonds (100 E. National Project), Series 2024-J, 5.00% <br> 8/1/2058 (put 8/1/2026)  | 505 | 514 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2016-A, AMT, 3.50% 3/1/2046  | 90 | 90 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 3/1/2048  | 145 | 146 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2018-B, 4.00% 3/1/2048  | 515 | 517 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2019-C, 4.00% 3/1/2050  | 690 | 695 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2020-A, 3.50% 9/1/2050  | 1480 | 1481 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-A, 3.00% 3/1/2052  | 1575 | 1557 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-C, 3.00% 9/1/2052  | 610 | 603 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds (Social Bonds), Series 2024-C, 6.00% 3/1/2055  | 875 | 957 |
| Housing and Econ. Dev. Auth., Housing Rev. Bonds, Series 2023-E, 3.875% 11/1/2054 (put 5/1/2027)  | 1170 | 1172 |
| Public Fin. Auth., Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (The United Methodist Retirement <br> Homes), Series 2021-A, 4.00% 10/1/2025  | 60 | 60 |
| Public Fin. Auth., Rev. Ref. Bonds (Providence St. Joseph Health Obligated Group), Series 2021-C, 4.00% <br> 10/1/2041 (put 10/1/2030)  | 140 | 149 |
| Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2016-A-3, AMT, <br> 1.10% 7/1/2029 (put 6/1/2026)  | 2380 | 2327 |
|  |  | 30794 |
| **Wyoming 0.24%** | **Wyoming 0.24%** | **Wyoming 0.24%** |
| Community Dev. Auth., Housing Rev. Bonds, Series 2021-1, 3.00% 6/1/2050  | 3045 | 3008 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2021-3, 3.00% 6/1/2050  | 430 | 427 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2020-1, 4.00% 12/1/2050  | 545 | 551 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2023-1, 5.75% 6/1/2053  | 775 | 821 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2024-1, 6.00% 12/1/2054  | 325 | 354 |
|  |  | 5161 |
| **Total bonds, notes & other debt instruments** (cost: $1,951,453,000) |  | 1953782 |
| Short-term securities 11.69% |  |  |
| **Municipals 11.69%** | **Municipals 11.69%** | **Municipals 11.69%** |
| Freddie Mac, Multi Family Mortgage Certs., Series 2019-M-055, 2.50% 12/15/2028 <sup>(a)(b)</sup> <br>| 1980 | 1980 |
| State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series <br> 1993-B, 2.75% 12/1/2033 <sup>(a)</sup> <br>| 1100 | 1100 |
| State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project), Series 2001, <br> 2.75% 12/1/2029 <sup>(a)</sup> <br>| 1400 | 1400 |
| State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children's Hospital), Series <br> 2019-A, 2.75% 2/1/2048 <sup>(a)</sup> <br>| 3240 | 3240 |
| State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children's Hospital), Series <br> 2019-B, 2.75% 2/1/2048 <sup>(a)</sup> <br>| 2525 | 2525 |
| State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), <br> Series 2014-A, 2.10% 11/15/2052 <sup>(a)</sup> <br>| 9995 | 9995 |
| State of California, City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2025, 5.00% <br> 6/25/2026 <br>| 10000 | 10241 |
| State of California, Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Martha Gardens <br> Apartments), Series 2024-A-2, 3.45% 12/1/2029 (put 6/2/2025) <sup>(c)</sup> <br>| 1920 | 1945 |
| State of California, Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste <br> Management, Inc. Project), Series 2001-A, AMT, 4.20% 7/1/2031 (put 7/2/2029) <sup>(c)</sup> <br>| 2000 | 2023 |
| State of California, Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic <br> Services, Inc. Project), Series 2023, AMT, 4.05% 7/1/2043 (put 8/15/2025) <sup>(b)(c)</sup> <br>| 3005 | 3005 |
| State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, <br> 2.30% 5/15/2048 <sup>(a)</sup> <br>| 8400 | 8400 |
| State of District of Columbia, Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds <br> (Parcel 42 Project), Series 2022, 3.05% 9/1/2041 (put 9/1/2025) <sup>(c)</sup> <br>| 2765 | 2765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **29** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| State of Florida, Capital Facs. Fin. Agcy., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, <br> Inc. Project), Series 2010-A, 3.70% 7/1/2034 (put 3/3/2025) <sup>(c)</sup> <br>| USD3,135 | $3137 |
| State of Hawaii, Dept. of Budget and Fin., Special Purpose Rev. Bonds (The Queen's Health <br> Systems), Series 2025-C, 2.35% 7/1/2051 <sup>(a)</sup> <br>| 8000 | 8000 |
| State of Hawaii, Dept. of Budget and Fin., Special Purpose Rev. Bonds (The Queen's Health <br> Systems), Series 2025-B, 2.35% 7/1/2060 <sup>(a)</sup> <br>| 6300 | 6300 |
| State of Idaho, Health Facs. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series <br> 2013-ID, 3.00% 12/1/2048 (put 2/3/2025) <sup>(c)</sup> <br>| 3400 | 3400 |
| State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series <br> 2010-A, 2.60% 8/1/2044 <sup>(a)</sup> <br>| 2200 | 2200 |
| State of Iowa, Fin. Auth., Rev. Bonds (UnityPoint Health), Series 2018-E, 2.45% 2/15/2041 <sup>(a)</sup> <br>| 2400 | 2400 |
| State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. <br> Bonds (ExxonMobil Project), Series 2010-B, 2.77% 12/1/2040 <sup>(a)</sup> <br>| 6800 | 6800 |
| State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil <br> Project), Series 2010-A, 2.77% 8/1/2035 <sup>(a)</sup> <br>| 3000 | 3000 |
| State of Maryland, County of Montgomery, GO Consolidated Public Improvement Bonds, Series <br> 2017-E, 2.55% 11/1/2037 <sup>(a)</sup> <br>| 6300 | 6300 |
| State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2012-B, <br> 2.55% 4/1/2042 <sup>(a)</sup> <br>| 8600 | 8600 |
| State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2025-C, <br> 2.10% 11/15/2064 <sup>(a)</sup> <br>| 5600 | 5600 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2009-D, 2.75% 12/1/2030 <sup>(a)</sup> <br>| 4300 | 4300 |
| State of Mississippi, Business Fin. Corp., Port Fac. Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), <br> Series 2023, 2.75% 6/1/2043 <sup>(a)</sup> <br>| 8400 | 8400 |
| State of Nevada, City of Las Vegas, Special Improvement Dist. No. 818 (Summerlin Village 27), <br> Local Improvement Bonds, Series 2024, 5.00% 12/1/2025 <br>| 165 | 166 |
| State of New York, New York City GO Bonds, Fiscal 2012, Series 2012-G-6, 2.85% 4/1/2042 <sup>(a)</sup> <br>| 5500 | 5500 |
| State of New York, New York City GO Bonds, Fiscal 2021, Series 2021-2, 2.80% 4/1/2042 <sup>(a)</sup> <br>| 195 | 195 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2011-FF-1, 2.75% 6/15/2044 <sup>(a)</sup> <br>| 1300 | 1300 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2015-BB-1, 2.75% 6/15/2049 <sup>(a)</sup> <br>| 20000 | 20000 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2015-BB-4, 2.80% 6/15/2050 <sup>(a)</sup> <br>| 3780 | 3780 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Fiscal 2023, Series 2023-CC, 2.80% 6/15/2053 <sup>(a)</sup> <br>| 1100 | 1100 |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2015, <br> Series 2015-E-4, 2.75% 2/1/2045 <sup>(a)</sup> <br>| 6400 | 6400 |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, <br> Series 2016-A-4, 2.75% 8/1/2041 <sup>(a)</sup> <br>| 18100 | 18100 |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, <br> Series 2025-H-3, 2.75% 11/1/2054 <sup>(a)</sup> <br>| 2800 | 2800 |
| State of New York, Triborough Bridge and Tunnel Auth., General Rev. Bonds, Series 2001-C, 2.80% <br> 1/1/2032 <sup>(a)</sup> <br>| 3305 | 3305 |
| State of New York, Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds, Series 2005-B-3, <br> 2.75% 1/1/2035 <sup>(a)</sup> <br>| 9700 | 9700 |
| State of Ohio, Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010, 3.50% <br> 11/1/2035 (put 9/2/2025) <sup>(c)</sup> <br>| 7235 | 7238 |
| State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic <br> Services, Inc. Project), Series 2019-A, AMT, 3.85% 4/1/2034 (put 10/15/2025) <sup>(c)</sup> <br>| 1080 | 1080 |
| State of South Carolina, Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2025-B, <br> 5.00% 12/1/2025 <br>| 6250 | 6295 |
| State of Texas, County of Collin, Limited Tax Permanent Improvement and Rev. Ref. Bonds, Series <br> 2025, 5.00% 2/15/2026 <br>| 1380 | 1398 |
| State of Texas, Georgetown Independent School Dist., Unlimited Tax School Building and Rev. Ref. <br> Bonds, Series 2025, 5.00% 2/15/2026 <br>| 380 | 384 |
| State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (Exxon Project), <br> Series 2002, AMT, 2.84% 12/1/2025 <sup>(a)</sup> <br>| 2760 | 2760 |
| State of Texas, City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2012-B, 2.40% <br> 5/15/2034 <sup>(a)</sup> <br>| 10000 | 10000 |
| State of Texas, Marble Falls Independent School Dist., Unlimited Tax School Building Bonds, Series <br> 2025, 5.00% 2/15/2026 <br>| 1700 | 1723 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **30** |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| State of Texas, Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, <br> Inc. Project), Series 2023-A, AMT, 4.25% 6/1/2048 (put 7/1/2027) <sup>(c)</sup> <br>| USD11,335 | $11367 |
| State of Texas, Sherman Independent School Dist., Unlimited Tax School Building Bonds, Series <br> 2025, 5.00% 2/15/2026 <br>| 2210 | 2239 |
| State of Texas, Spring Independent School Dist., Unlimited Tax School Building and Rev. Ref. <br> Bonds, Series 2025, 5.00% 8/15/2026 <br>| 1165 | 1194 |
| State of Texas, Travis County Strategic Housing Fin. Corp., Multi Family Housing Rev. Bonds (Yager <br> Flats), Series 2021, 3.50% 9/1/2041 (put 2/1/2026) <sup>(c)</sup> <br>| 12100 | 12130 |
| State of Virginia, College Building Auth., Educational Facs. Rev. Bonds (University of Richmond <br> Project), Series 2006, 2.70% 11/1/2036 <sup>(a)</sup> <br>| 5300 | 5300 |
|  |  | 252510 |
| **Total short-term securities** (cost: $252,324,000) |  | 252510 |
| **Total investment securities 102.15%** (cost: $2,203,777,000) |  | 2206292 |
| **Other assets less liabilities (2.15%)** |  | (46499)<br>|
| **Net assets 100.00%** |  | $2159793 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 7/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD28,978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(85)<br>|
| 5 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14587)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(68)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. 

<sup>(b)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $34,224,000, which represented 1.58% of the net assets of the fund. 

<sup>(c)</sup> For short-term securities, the mandatory put date is considered to be the maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **31** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Short-Term Tax-Exempt Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Agcy. = Agency |
| AGI = Assured Guaranty insured |
| AMBAC = American Municipal Bond Assurance Company insured |
| AMT = Alternative Minimum Tax |
| Assn. = Association |
| Auth. = Authority |
| BAM = Build America Mutual insured |
| CAB = Capital Appreciation Bonds |
| Certs. = Certificates |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Dists. = Districts |
| Econ. = Economic |
| Fac. = Facility |

---

---

| |
|:---|
| Facs. = Facilities |
| FHA = Federal Housing Administration insured |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| NATL = National Public Finance Guarantee Corp. insured |
| Part. = Participation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| SIFMA = Securities Industry and Financial Markets Association |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **32** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup>

**Investment portfolio** July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 93.93% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Alabama 3.76%** | **Alabama 3.76%** | **Alabama 3.76%** |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2022-B-1, 4.00% 4/1/2053 (put 10/1/2027)  | USD40,000 | $40271 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-D, 5.00% 3/1/2055 (put 11/1/2034)  | 29375 | 30921 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-B, 5.00% 10/1/2055 (put 9/1/2032)  | 3335 | 3513 |
| Black Belt Energy Gas Dist., Gas Project Rev. Ref. Bonds, Series 2023-D-1, 5.50% 6/1/2049 (put 2/1/2029)  | 20890 | 22010 |
| Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 5), Series 2020-A-1, 4.00% 10/1/2049 (put <br> 10/1/2026)  | 2000 | 2005 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 6/1/2051 (put 12/1/2031)  | 19360 | 19590 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2022-D-1, 4.00% 7/1/2052 (put 6/1/2027)  | 5685 | 5745 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2023-B, 5.25% 12/1/2053 (put 12/1/2026)  | 6755 | 7257 |
| Town of Columbia, Industrial Dev. Board, Pollution Control Rev. Ref. Bonds (Alabama Power Co. Project), Series <br> 2014-D, 3.81% 12/1/2037 (put 6/1/2028)  | 2000 | 2042 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2023-A-1, 5.50% 11/1/2053 (put <br> 1/1/2031)  | 5650 | 6082 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2024-B, 5.25% 7/1/2054 (put 6/1/2032)  | 4575 | 4904 |
| Housing Fin. Auth., Multi Family Housing Rev. Bonds (Cooper Green Homes Project), Series 2024-C, 5.00% <br> 2/1/2029 (put 2/1/2028)  | 965 | 1014 |
| County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 9/15/2026  | 1000 | 1026 |
| County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 9/15/2027  | 2000 | 2076 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.00% 10/1/2034  | 5350 | 5822 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.00% 10/1/2038  | 4900 | 5119 |
| City of Prattville, Industrial Dev. Board, Pollution Control Rev. Ref. Bonds (Union Camp Corp. Project), Series 1998, <br> 5.30% 9/1/2028  | 1250 | 1319 |
| City of Selma, Industrial Dev. Board, Gulf Opportunity Zone Rev. Ref. Bonds (International Paper Co. Project), <br> Series 2019-A, 3.45% 11/1/2033 (put 10/1/2031)  | 1050 | 1030 |
| South East Gas Supply Dist., Gas Supply Rev. Ref. Bonds (Project No. 2), Series 2024-B, 5.00% 6/1/2049 (put <br> 5/1/2032)  | 5755 | 6082 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2025-B, 5.25% 3/1/2055 (put <br> 1/1/2033)  | 10790 | 11203 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2025-C, 5.00% 5/1/2055 (put <br> 2/1/2031)  | 9135 | 9718 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 1), Series 2021-A, 4.00% 11/1/2051 (put <br> 10/1/2028)  | 8000 | 8038 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 2), Series 2021-B-1, 4.00% 12/1/2051 (put <br> 12/1/2031)  | 10720 | 10663 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 4), Series 2022-B-1, 5.00% 5/1/2053 (put <br> 8/1/2028)  | 3420 | 3536 |
|  |  | 210986 |
| **Alaska 0.65%** | **Alaska 0.65%** | **Alaska 0.65%** |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2020, 1.95% 12/1/2033  | 1000 | 835 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2020-A, 3.25% 12/1/2044  | 12790 | 12721 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 6/1/2046  | 60 | 60 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2022-C, 5.75% 12/1/2052  | 3535 | 3756 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2024-A, 6.00% 6/1/2054  | 2840 | 3082 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2025-A, 6.00% 12/1/2054  | 6610 | 7251 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 6/1/2028  | 600 | 639 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 12/1/2028  | 575 | 618 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 6/1/2029  | 750 | 813 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 12/1/2029  | 750 | 820 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 6/1/2030  | 665 | 732 |
| Housing Fin. Corp., State Capital Project Bonds, Series 2022-B, 5.00% 12/1/2030  | 665 | 735 |
| Industrial Dev. and Export Auth., Power Rev. Ref. Bonds, Series 2015, AMT, 5.00% 1/1/2033  | 2000 | 2001 |
| International Airport System, Rev. Ref. Bonds, Series 2025-A, 5.00% 10/1/2033  | 1945 | 2189 |
|  |  | 36252 |
| **Arizona 1.30%** | **Arizona 1.30%** | **Arizona 1.30%** |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2025-B, 5.00% <br> 1/1/2037  | 3000 | 3351 |
| Board of Regents of the Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 7/1/2027  | 400 | 418 |
| Board of Regents of the Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 7/1/2028  | 550 | 588 |
| Bullhead City, Excise Taxes Rev. Obligations, Series 2021-2, 1.15% 7/1/2027  | 375 | 359 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **33** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Bullhead City, Excise Taxes Rev. Obligations, Series 2021-2, 1.30% 7/1/2028  | USD485 | $458 |
| Bullhead City, Excise Taxes Rev. Obligations, Series 2021-2, 1.65% 7/1/2030  | 825 | 751 |
| Bullhead City, Excise Taxes Rev. Obligations, Series 2021-2, 1.70% 7/1/2031  | 450 | 398 |
| Coconino County Pollution Control Corp., Pollution Control Rev. Ref. Bonds (Nevada Power Company Projects), <br> Series 2017-A, AMT, 4.125% 9/1/2032 (put 3/31/2026)  | 6000 | 6012 |
| City of Glendale, Industrial Dev. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern <br> University Foundation), Series 2021-A, AMT, 2.125% 7/1/2033  | 2275 | 1856 |
| City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2020, 5.00% 5/15/2029  | 1000 | 1079 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 5.00% <br> 11/1/2027  | 1125 | 1170 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 5.00% <br> 11/1/2028  | 1175 | 1240 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2023-A, 5.00% <br> 11/1/2028  | 7370 | 7722 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 5.00% <br> 11/1/2031  | 1050 | 1095 |
| Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2021-A, 5.00% 7/1/2028  | 120 | 126 |
| Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2021-A, 5.00% 7/1/2029  | 115 | 122 |
| Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2021-A, 5.00% 7/1/2030  | 130 | 139 |
| Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2021-A, 5.00% 7/1/2031  | 125 | 134 |
| Industrial Dev. Auth., Hospital Rev. Bonds (Phoenix Children's Hospital), Series 2021-A, 5.00% 2/1/2029  | 1355 | 1453 |
| Industrial Dev. Auth., Multi Family Housing Rev. Bonds (The Acacia At Youngtown Phase II Project), Series 2024, <br> 5.00% 11/1/2058 (put 7/1/2027)  | 9555 | 9835 |
| Industrial Dev. Auth., Municipal Certs., Series 2019-2, Class A, 3.625% 5/20/2033  | 6328 | 6091 |
| Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 8/1/2026  | 1560 | 1599 |
| Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 11/1/2026  | 1350 | 1391 |
| Industrial Dev. Auth., Student Housing Rev. Bonds (Provident Group - NCCU Properties, LLC - North Carolina <br> Central University Project), Series 2019-A, BAM, 5.00% 6/1/2026  | 500 | 509 |
| Industrial Dev. Auth., Student Housing Rev. Bonds (Provident Group - NCCU Properties, LLC - North Carolina <br> Central University Project), Series 2019-A, BAM, 5.00% 6/1/2027  | 400 | 415 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, <br> 5.00% 7/1/2027  | 745 | 770 |
| County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2016-A, 5.00% 1/1/2038  | 1070 | 1088 |
| City of Phoenix, Industrial Dev. Auth., Multi Family Housing Rev. Bonds (Memorial Towers Project), Series 2024-A, <br> 3.35% 12/1/2027  | 490 | 494 |
| Phoenix Union High School Dist. No. 210, Improvement Bonds (Project of 2023), Series 2025-B, 5.00% 7/1/2030  | 3075 | 3421 |
| Phoenix Union High School Dist. No. 210, Improvement Bonds (Project of 2023), Series 2025-B, 5.00% 7/1/2031  | 3080 | 3460 |
| City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2031  | 4505 | 4727 |
| City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2023, AMT, 5.00% 7/1/2027  | 3330 | 3459 |
| Board of Regents of the University of Arizona, Speed Rev. Ref. Bonds, Series 2024, BAM, 5.00% 8/1/2031  | 1500 | 1678 |
| Board of Regents of the University of Arizona, Speed Rev. Ref. Bonds, Series 2024, BAM, 5.00% 8/1/2032  | 2765 | 3117 |
| County of Yavapai, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), <br> Series 2002, AMT, 1.30% 6/1/2027  | 2625 | 2511 |
|  |  | 73036 |
| **California 11.83%** | **California 11.83%** | **California 11.83%** |
| Alvord Unified School Dist., GO Bonds, 2007 Election, CAB, Series 2011-B, AGI, 0% 8/1/2036  | 6000 | 3693 |
| Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2035  | 650 | 428 |
| Barstow Unified School Dist., GO Bonds, CAB, 2001 Election, Series 2004-B, NATL, 0% 8/1/2029  | 1000 | 884 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2018-A, 2.625% 4/1/2045 (put <br> 4/1/2026)  | 3625 | 3615 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-A, 2.00% 4/1/2056 (put 4/1/2028)  | 2000 | 1937 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-D, (SIFMA Municipal Swap Index <br> + 0.30%) 2.59% 4/1/2056 (put 4/1/2027) <sup>(a)</sup>  | 665 | 650 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-C, (SIFMA Municipal Swap Index <br> + 0.45%) 2.74% 4/1/2056 (put 4/1/2026) <sup>(a)</sup>  | 4595 | 4564 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 0.55% 11/1/2049 (put <br> 11/1/2026)  | 2135 | 2059 |
| Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2024-A, 5.00% 12/1/2028  | 875 | 943 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% 2/1/2052 (put <br> 8/1/2031)  | 31050 | 30872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **34** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2022-A-1, 4.00% 5/1/2053 (put <br> 8/1/2028)  | USD7,200 | $7235 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 5.00% 12/1/2053 <br>(put 8/1/2029)  | 5565 | 5801 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-E-1, 5.00% 2/1/2054 (put <br> 3/1/2031)  | 12175 | 12798 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-A, 5.00% 5/1/2054 (put <br> 4/1/2032)  | 31500 | 33313 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-D, 5.50% 5/1/2054 (put <br> 8/1/2028)  | 3500 | 3697 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-G, 5.25% 11/1/2054 (put <br> 4/1/2030)  | 8505 | 9004 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-D, 5.00% 2/1/2055 (put <br> 9/1/2032)  | 2500 | 2662 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-F, 5.00% 2/1/2055 (put <br> 11/1/2032)  | 16305 | 17286 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, 5.00% 8/1/2055 (put <br> 10/1/2032)  | 22315 | 23616 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, 5.00% 11/1/2055 (put <br> 8/1/2032)  | 6000 | 6228 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, 5.00% 1/1/2056 (put <br> 8/1/2033)  | 11560 | 12540 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-A, 5.00% 1/1/2056 (put <br> 5/1/2035)  | 3695 | 3806 |
| Educational Facs. Auth., Rev. Bonds (University of Southern California), Series 2025-A, 5.00% 10/1/2035  | 1480 | 1729 |
| City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, AGI, 5.00% 10/1/2028  | 1000 | 1001 |
| City of Fairfield, Community Facs. Dist. No. 2023-1 (One Lake Planning Area 5), Improvement Area No. 1, Special <br> Tax Bonds, Series 2024-A, 5.00% 9/1/2034  | 915 | 962 |
| City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2027  | 375 | 380 |
| City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2029  | 290 | 296 |
| Garvey School Dist., GO Bonds, CAB, Series 2004-B, NATL, 0% 8/1/2032  | 1800 | 1408 |
| Gavilan Joint Community College Dist., GO Rev. Ref. Bonds, Series 2015, 5.00% 8/1/2032  | 150 | 150 |
| GO Rev. Ref. Bonds, Series 2022-B, 4.00% 9/1/2028  | 1500 | 1571 |
| GO Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2028  | 1850 | 2002 |
| GO Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2031  | 3000 | 3025 |
| Hayward Unified School Dist., GO Rev. Ref. Bonds, Series 2025-B, AGI, 5.00% 8/1/2029  | 1000 | 1096 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-A, 3.85% 11/15/2027  | 315 | 315 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-1, 3.50% 11/20/2035  | 12477 | 11649 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036  | 9730 | 9073 |
| Housing Fin. Agcy., Municipal Certs., Series 2023-1, Class A, 4.375% 9/20/2036  | 2751 | 2740 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Los Angeles County Museum of Art Project), Series 2021-B, <br> (SIFMA Municipal Swap Index + 0.60%) 2.99% 12/1/2050 (put 6/1/2026) <sup>(a)</sup>  | 3435 | 3418 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2034  | 1000 | 1126 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2035  | 1000 | 1126 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, 5.00% 9/1/2025  | 1865 | 1868 |
| City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM, 4.00% 9/1/2026  | 545 | 554 |
| City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 9/1/2026  | 3590 | 3597 |
| Lake Tahoe Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2009, AGI, 0% 8/1/2030  | 3000 | 2582 |
| Lake Tahoe Unified School Dist., School Dist. Bonds, CAB, Series 2009, AGI, 0%, 8/1/2032  | 2180 | 1733 |
| Lake Tahoe Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2009, AGI, 0% 8/1/2031  | 3690 | 3055 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-A, <br> AMT, 5.00% 5/15/2028  | 1255 | 1325 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2022-C, <br> AMT, 5.00% 5/15/2029  | 730 | 782 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2022-C, <br> AMT, 5.00% 5/15/2030  | 1100 | 1193 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Green Bonds, Series <br> 2025-D, 5.00% 5/15/2033  | 2750 | 3159 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Green Bonds, Series <br> 2025-D, 5.00% 5/15/2035  | 3000 | 3456 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Green Bonds, Series <br> 2025-D, 5.00% 5/15/2036  | 3000 | 3418 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **35** | American Funds Tax-Exempt Income Funds |

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------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% <br> 5/15/2027  | USD1,250 | $1271 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, AMT, 5.00% <br> 5/15/2028  | 1500 | 1583 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00% <br> 5/15/2031  | 2000 | 2104 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2018-B, AMT, <br> 5.00% 5/15/2033  | 5145 | 5302 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2018-B, AMT, <br> 5.00% 5/15/2034  | 3000 | 3080 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, Series 2023-A, <br> AMT, 5.00% 5/15/2028  | 1250 | 1319 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, Series 2025-A, <br> AMT, 5.00% 5/15/2030  | 5255 | 5697 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, Series 2025-A, <br> AMT, 5.00% 5/15/2031  | 7000 | 7616 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2028  | 2040 | 2170 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-D, 5.00% 7/1/2028  | 1005 | 1069 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, 5.00% 7/1/2028  | 605 | 637 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-A, 5.00% 7/1/2030  | 2640 | 2895 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-E, 5.00% 7/1/2033  | 1685 | 1877 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2033  | 1215 | 1354 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, 5.00% 7/1/2034  | 1250 | 1391 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2035  | 4255 | 4535 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2035  | 2835 | 3084 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2035  | 1840 | 2011 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% 7/1/2035  | 1000 | 1097 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2036  | 500 | 541 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2036  | 6650 | 7172 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2037  | 1000 | 1082 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2040  | 750 | 786 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-D, 5.00% 7/1/2032  | 1065 | 1185 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-C, 5.00% 7/1/2034  | 920 | 979 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-A, 5.00% 7/1/2034  | 705 | 782 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2021-B, 5.00% 7/1/2035  | 1230 | 1308 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2028  | 480 | 508 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2029  | 1325 | 1423 |
| Los Angeles County Dev. Auth. Multi Family Housing Rev. Bonds (Century and Restorative Care Village Phase I), <br> Series 2025-C, 3.35% 9/1/2059 (put 9/1/2028)  | 4680 | 4716 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2025-A, 5.00% 7/1/2029  | 3000 | 3309 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2024-A, 5.00% 7/1/2031  | 3000 | 3407 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2025-A, 5.00% 7/1/2033  | 2000 | 2304 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2025-A, 5.00% 7/1/2034  | 4435 | 5136 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2025-A, 5.00% 7/1/2040  | 5000 | 5409 |
| Manhattan Beach Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2010-B, 0% 9/1/2038  | 1040 | 609 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM, 5.00% 9/1/2029  | 400 | 401 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM, 5.00% 9/1/2030  | 625 | 626 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2024-B-3, 5.00% 7/1/2037 (put <br> 7/1/2031)  | 610 | 675 |
| Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2030  | 1175 | 1315 |
| Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2031  | 1875 | 2121 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (View At San Bruno), Series 2024-A-1, 5.00% 6/1/2056 (put <br> 7/1/2028)  | 4780 | 5041 |
| Municipal Fin. Auth., Municipal Certs., Series 2025-1, 3.438% 2/20/2041 <sup>(a)</sup>  | 10882 | 9597 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2023-A, AMT, <br> 4.375% 9/1/2053 (put 9/1/2033)  | 12515 | 12442 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2024-A, AMT, <br> 3.875% 3/1/2054 (put 3/1/2034)  | 2955 | 2805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **36** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2022-A, AMT, <br> 4.125% 10/1/2041 (put 10/1/2025)  | USD17,510 | $17511 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2019-A, AMT, <br> 2.40% 10/1/2044 (put 10/1/2029)  | 12765 | 12050 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM, 5.00% 5/15/2028  | 400 | 424 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM, 5.00% 5/15/2029  | 700 | 754 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing Project), Series <br> 2019, 5.00% 5/15/2029  | 1000 | 1063 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class A-CA, 3.811% 7/20/2039 <sup>(a)</sup>  | 7317 | 6737 |
| New Haven Unified School Dist., GO Bonds, CAB, Series 2008-C, AGI, 0% 8/1/2029  | 2500 | 2223 |
| New Haven Unified School Dist., GO Bonds, CAB, Series 2008-C, AGI, 0% 8/1/2031  | 6890 | 5682 |
| Northern California Energy Auth. Commodity Supply Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2054 (put <br> 8/1/2030)  | 8500 | 8992 |
| Port of Oakland, Rev. Ref. Bonds, Series 2021-H, AMT, 5.00% 5/1/2029  | 2225 | 2367 |
| Port of Oakland, Rev. Ref. Bonds, Series 2021-H, AMT, 5.00% 5/1/2029 (escrowed to maturity)  | 5 | 5 |
| Port of Oakland, Rev. Ref. Bonds, Series 2021-H, AMT, 5.00% 11/1/2029  | 4560 | 4880 |
| Ontario International Airport Auth., Ontario International Airport Rev. Bonds, Series 2021-B, AGI, AMT, 5.00% <br> 5/15/2028  | 300 | 316 |
| Ontario International Airport Auth., Ontario International Airport Rev. Bonds, Series 2021-B, AGI, AMT, 5.00% <br> 5/15/2029  | 835 | 895 |
| Ontario International Airport Auth., Ontario International Airport Rev. Bonds, Series 2021-B, AGI, AMT, 5.00% <br> 5/15/2030  | 1315 | 1426 |
| Ontario International Airport Auth., Ontario International Airport Rev. Bonds, Series 2021-B, AGI, AMT, 5.00% <br> 5/15/2031  | 1000 | 1088 |
| Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2007-A, NATL, 0% 8/1/2026  | 3485 | 3325 |
| Peralta Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2030  | 2000 | 2245 |
| Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 10/15/2025  | 790 | 790 |
| Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 10/15/2026  | 415 | 418 |
| Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 10/15/2027  | 400 | 406 |
| Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 10/15/2028  | 360 | 367 |
| Public Works Board, Lease Rev. Bonds (Dept. of General Services, May Lee State Office Complex), Series 2024-A, <br> 5.00% 4/1/2041  | 730 | 772 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2023-C, 5.00% 9/1/2029  | 3700 | 4072 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 4.00% 11/1/2031  | 5440 | 5489 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2032  | 2245 | 2547 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2038  | 3575 | 3884 |
| City of Rancho Mirage, Redev. Agcy., Tax Allocation Bonds, CAB, Series 2003-A-1, NATL, 0% 4/1/2034  | 1050 | 772 |
| Rialto Unified School Dist., GO Bonds, CAB, 2022 Election, Series 2023, BAM, 0% 8/1/2031  | 365 | 299 |
| Rialto Unified School Dist., GO Bonds, CAB, 2022 Election, Series 2023, BAM, 0% 8/1/2033  | 435 | 326 |
| Rialto Unified School Dist., GO Bonds, CAB,2022 Election, Series 2023, BAM, 0% 8/1/2032  | 500 | 392 |
| Richland School Dist., GO Bonds, 2002 Election, Series 2006, AGI, 0% 8/1/2030  | 1515 | 1286 |
| Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, 5.00% 9/1/2027  | 835 | 854 |
| Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, 5.00% 9/1/2028  | 405 | 413 |
| City of Sacramento, Community Drainage Facs. Dist. No. 97-1 (North Natomas), Special Tax Bonds, Series 2015, <br> 5.00% 9/1/2027  | 1500 | 1503 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2028  | 1455 | 1538 |
| City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2029  | 250 | 259 |
| City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2030  | 155 | 161 |
| City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds, Series 2023-B, 5.00% 5/1/2057 <br>(put 11/1/2026)  | 1000 | 1021 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2023-B, AMT, 5.25% 7/1/2034  | 8000 | 8816 |
| San Diego Unified School Dist., GO Bonds, Series 2009-1, 0% 7/1/2030 (escrowed to maturity)  | 3000 | 2591 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series <br> 2025-A-2, AMT, 5.00% 5/1/2030  | 3000 | 3246 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series <br> 2025-A-2, AMT, 5.00% 5/1/2031  | 1500 | 1632 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2023-C, <br> 4.00% 10/1/2048 (put 10/1/2029)  | 4000 | 4183 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 3/1/2029  | 570 | 607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **37** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 3/1/2030  | USD1,550 | $1665 |
| City of San Jose, Multi Family Housing Rev. Bonds (Parkmoor), Series 2023-F-2, 5.00% 6/1/2027 (put 6/1/2026)  | 480 | 488 |
| Santa Ana Unified School Dist., GO Bonds, CAB, 1999 Election, Series 2002-B, NATL, 0% 8/1/2030  | 1000 | 851 |
| South San Francisco Unified School Dist., Rev. Ref. GO Bonds, Series 2025, 5.00% 9/1/2034  | 1010 | 1181 |
| South San Francisco Unified School Dist., Rev. Ref. GO Bonds, Series 2025, 5.00% 9/1/2035  | 480 | 563 |
| Southern California Public Power Auth., Clean Energy Project Rev. Bonds, Series 2024-A, 5.00% 4/1/2055 <br>(put 9/1/2030)  | 9745 | 10200 |
| Southern California Public Power Auth., Rev. Ref. Bonds (Canyon Power Project), Series 2025-B, 3.70% 7/1/2040 <br> (put 7/1/2027)  | 7795 | 7812 |
| Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1, <br> 5.00% 7/1/2029  | 1275 | 1381 |
| Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% <br> 10/1/2025 (escrowed to maturity)  | 2585 | 2595 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-B, 5.00% 10/1/2032 <sup>(b)</sup>  | 5000 | 5485 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-B, 5.00% 10/1/2035 <sup>(b)</sup>  | 16300 | 17795 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (University of California, Irvine East Campus <br> Apartments, Phase I Ref. and Phase IV-B CHF-Irvine, LLC), Series 2021, BAM, 5.00% 5/15/2030  | 4145 | 4494 |
| Stockton Unified School Dist., GO Bonds, 2022 Election, Series 2025-A, BAM, 5.00% 8/1/2032  | 625 | 712 |
| Stockton Unified School Dist., GO Bonds, 2022 Election, Series 2025-A, BAM, 5.00% 8/1/2033  | 750 | 860 |
| Stockton Unified School Dist., GO Bonds, 2022 Election, Series 2025-A, BAM, 5.00% 8/1/2039  | 2650 | 2914 |
| Stockton Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2011-D, AGI, 0% 8/1/2033  | 2000 | 1519 |
| Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2028  | 465 | 500 |
| Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego <br> County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2030  | 2000 | 2098 |
| Tulare Joint Union High School Dist., GO Bonds, CAB, 2004 Election, Series 2004-A, NATL, 0% 8/1/2028  | 4150 | 3800 |
| Ukiah Unified School Dist., GO Bonds, CAB, 2005 Election, Series 2006, NATL, 0% 8/1/2028  | 1000 | 917 |
| Regents of the University of California, General Rev. Bonds, Series 2025-BZ, 5.00% 5/15/2028  | 7000 | 7514 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CA, 5.00% 5/15/2037  | 10000 | 11079 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.00% 5/15/2037  | 14200 | 15732 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CA, 5.00% 5/15/2038  | 8000 | 8729 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.00% 5/15/2038  | 5000 | 5456 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2028  | 3115 | 3322 |
| Various Purpose GO Rev. Ref. Bonds, Series 2021, 5.00% 10/1/2029  | 6000 | 6620 |
| Various Purpose GO Rev. Ref. Bonds, Series 2024, 5.00% 8/1/2030  | 8525 | 9516 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 3/1/2033  | 6000 | 6854 |
| Various Purpose GO Rev. Ref. Bonds, Series 2020, 3.00% 11/1/2034  | 2270 | 2143 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 10/1/2027  | 650 | 677 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028  | 230 | 242 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2017-CQ, 4.00% 12/1/2047  | 210 | 211 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2019-CS, 4.00% 12/1/2049  | 2300 | 2319 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2020-CT, 3.00% 12/1/2050  | 1845 | 1839 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2022-CU, 5.50% 12/1/2052  | 2170 | 2299 |
| Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AW, 5.00% 12/1/2033 <br> (preref. 12/1/2026)  | 255 | 264 |
| Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2017-AX, 5.00% 12/1/2033 <br> (preref. 12/1/2027)  | 230 | 244 |
| West Contra Costa Unified School Dist., GO Bonds, CAB, 2002 Election, Series 2005-D, NATL, 0% 8/1/2031  | 5000 | 4063 |
| West Contra Costa Unified School Dist., GO Rev. Ref. Bonds, CAB, Series 2010-D-2, AGI, 0% 8/1/2036  | 5000 | 3208 |
| Wright Elementary School Dist., GO Bonds, Series 2003-A, NATL, CAB, 0% 8/1/2028  | 290 | 263 |
|  |  | 664242 |
| **Colorado 2.37%** | **Colorado 2.37%** | **Colorado 2.37%** |
| Adams County School Dist. No. 14, GO Bonds, Series 2025, 5.00% 12/1/2034  | 1500 | 1690 |
| Adams County School Dist. No. 14, GO Bonds, Series 2025, 5.50% 12/1/2035  | 1250 | 1443 |
| City of Arvada, Mountain Shadows Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series <br> 2016, 4.00% 12/1/2026  | 296 | 296 |
| City of Arvada, Mountain Shadows Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series <br> 2016, 5.00% 12/1/2035  | 733 | 734 |
| Bridge Enterprise, Senior Rev. Bonds (Central 70 Project), Series 2017, AMT, 4.00% 12/31/2027  | 1870 | 1893 |
| City and County of Broomfield, Baseline Metropolitan Dist. No. 1, Special Rev. Ref. and Improvement Bonds, <br> Series 2024-A, AGI, 5.00% 12/1/2028  | 600 | 640 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **38** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| City and County of Broomfield, Baseline Metropolitan Dist. No. 1, Special Rev. Ref. and Improvement Bonds, <br> Series 2024-A, AGI, 5.00% 12/1/2030  | USD1,000 | $1092 |
| City and County of Broomfield, Baseline Metropolitan Dist. No. 1, Special Rev. Ref. and Improvement Bonds, <br> Series 2024-A, AGI, 5.00% 12/1/2031  | 1000 | 1096 |
| City and County of Broomfield, Baseline Metropolitan Dist. No. 1, Special Rev. Ref. and Improvement Bonds, <br> Series 2024-A, AGI, 5.00% 12/1/2032  | 665 | 724 |
| City and County of Denver, Airport System Rev. Bonds, Series 2022-A, AMT, 5.00% 11/15/2027  | 870 | 911 |
| City and County of Denver, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 12/1/2029  | 4000 | 4212 |
| City and County of Denver, Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2016, 5.00% <br> 12/1/2029  | 6500 | 6610 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2017-A, AMT, 5.00% 11/15/2028  | 3610 | 3756 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2022-A, AMT, 5.00% 11/15/2029  | 18800 | 20259 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 12/1/2030  | 1000 | 1080 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 12/1/2032  | 5000 | 5194 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2025  | 3835 | 3857 |
| E-470 Public Highway Auth., Rev. Bonds, Series 2020-A, 5.00% 9/1/2026  | 750 | 769 |
| E-470 Public Highway Auth., Rev. Bonds, Series 2020-A, 5.00% 9/1/2027  | 2030 | 2130 |
| County of Eagle, The Village Metropolitan Dist., Special Rev. and Limited Property Tax Rev. Ref. and Improvement <br> Bonds, Series 2020, 4.15% 12/1/2030  | 2160 | 2143 |
| Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), <br> Series 2017, 5.00% 6/1/2026 (escrowed to maturity)  | 615 | 626 |
| Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), <br> Series 2017, 5.00% 6/1/2029 (preref. 6/1/2027)  | 1750 | 1823 |
| Health Facs. Auth., Hospital Rev. Bonds (AdventHealth Obligated Group), Series 2025-A, 5.00% 11/15/2060 (put <br> 11/15/2030)  | 12730 | 13885 |
| Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2018-B, 5.00% <br> 11/15/2048 (put 11/20/2025)  | 5505 | 5534 |
| Health Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2024-A, 5.00% 12/1/2034  | 6000 | 6568 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2025-A, 5.00% 12/1/2033  | 1000 | 1082 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2025-A, 5.00% 12/1/2034  | 2475 | 2673 |
| Housing and Fin. Auth., Multi Family Housing Rev. Bonds, (Fitzsimons Gateway Apartment Project), Series 2024-B, <br> 3.18% 9/1/2028 (put 9/1/2027)  | 960 | 968 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-C, Class I, 4.00% 5/1/2048  | 450 | 452 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-C, Class I, 4.25% 11/1/2048  | 2280 | 2300 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-E, Class I, 4.25% 5/1/2049  | 3160 | 3195 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2020-B, Class I, 3.75% 5/1/2050  | 1865 | 1873 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-E, Class I, 3.00% 11/1/2051  | 625 | 619 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-L, Class I, 3.25% 11/1/2051  | 4660 | 4635 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2022-B, Class I, 3.25% 5/1/2052  | 4790 | 4765 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2023-I, Class III, 6.00% 5/1/2053  | 3805 | 4151 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2025-F, Class I, 6.50% 5/1/2055  | 4660 | 5265 |
| Metro Water Recovery, Sewer Rev. Ref. Bonds, Series 2025-A, 5.00% 4/1/2029  | 2550 | 2775 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 5.00% 1/15/2029  | 1000 | 1051 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 5.00% 7/15/2029  | 1500 | 1587 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 5.00% 1/15/2030  | 1100 | 1169 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 5.00% 7/15/2030  | 675 | 720 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 4.00% 7/15/2033  | 1935 | 1939 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-B, <br> 4.00% 7/15/2034  | 2020 | 2004 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 4.00% 7/15/2036  | 1000 | 971 |
|  |  | 133159 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **39** | American Funds Tax-Exempt Income Funds |

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------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Connecticut 0.74%** | **Connecticut 0.74%** | **Connecticut 0.74%** |
| Health and Educational Facs. Auth., Rev. Bonds (Hartford Healthcare Issue), Series 2021-A, 5.00% 7/1/2029  | USD750 | $808 |
| Health and Educational Facs. Auth., Rev. Bonds (Hartford Healthcare Issue), Series 2021-A, 5.00% 7/1/2032  | 1000 | 1067 |
| Health and Educational Facs. Auth., Rev. Bonds (Hartford Healthcare Issue), Series 2021-A, 5.00% 7/1/2033  | 435 | 461 |
| Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2025-B-1, 5.00% 7/1/2064 (put <br> 7/1/2030)  | 9340 | 10345 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2020-D, 5.00% <br> 11/15/2025 (escrowed to maturity)  | 250 | 252 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2025  | 695 | 698 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2026  | 470 | 479 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2027  | 250 | 258 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2028  | 345 | 361 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2025-B-1, AMT, 4.75% <br> 11/15/2036  | 800 | 798 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2024-B, AMT, 4.125% <br> 11/15/2040  | 2025 | 1928 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2021-A-3, 1.70% 5/15/2034  | 2635 | 2069 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-B-2, AMT, 3.50% 5/15/2039  | 80 | 80 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-F-2, AMT, 3.50% 5/15/2039  | 205 | 204 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-A-2, AMT, 4.00% 11/15/2041  | 495 | 496 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-E-1, 4.25% 5/15/2042  | 890 | 898 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-F-1, 3.50% 11/15/2043  | 375 | 375 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2020-A-1, 3.50% 11/15/2045  | 475 | 475 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-C-1, 4.00% 11/15/2045  | 2510 | 2528 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-A-1, 4.00% 11/15/2045  | 1450 | 1459 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-E-1, 3.50% 11/15/2046  | 265 | 265 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 11/15/2047  | 555 | 557 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-D-1, 4.00% 11/15/2049  | 2915 | 2953 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2022-A-1, 3.50% 11/15/2051  | 3875 | 3876 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2023-B, 5.75% 11/15/2053  | 4595 | 4912 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2024-A, 6.00% 11/15/2054  | 2485 | 2694 |
|  |  | 41296 |
| **Delaware 0.20%** | **Delaware 0.20%** | **Delaware 0.20%** |
| Econ. Dev. Auth., Exempt Fac. Rev. Ref. Bonds (NRG Energy Project), Series 2020-A, 1.25% 10/1/2040 (put <br> 10/1/2025)  | 4437 | 4411 |
| Econ. Dev. Auth., Exempt Fac. Rev. Ref. Bonds (NRG Energy Project), Series 2020-A, 1.25% 10/1/2045 (put <br> 10/1/2025)  | 2560 | 2545 |
| Econ. Dev. Auth., Gas Facs. Rev. Ref. Bonds (Delmarva Power & Light Co. Project), Series 2020-A, 3.60% 1/1/2031  | 4295 | 4396 |
|  |  | 11352 |
| **District of Columbia 1.34%** | **District of Columbia 1.34%** | **District of Columbia 1.34%** |
| GO Bonds, Series 2021-D, 5.00% 2/1/2030  | 1500 | 1655 |
| GO Bonds, Series 2024-A, 5.00% 8/1/2030  | 1460 | 1622 |
| GO Rev. Ref. Bonds, Series 2024-B, 5.00% 8/1/2032  | 1350 | 1523 |
| Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (Belmont Crossing Phase II), Series 2025, <br> 5.00% 3/1/2029 (put 2/1/2028)  | 1055 | 1103 |
| Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (Paxton Project), Series 2022, 4.00% 9/1/2040 <br> (put 9/1/2025)  | 3750 | 3752 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2032  | 4810 | 5420 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2033  | 2500 | 2826 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2034  | 2660 | 3011 |
| Metropolitan Area Transit Auth., Gross Rev. Ref. Transit Rev. Bonds, Series 2017-A-2, 5.00% 7/1/2033  | 1000 | 1025 |
| Metropolitan Area Transit Auth., Gross Rev. Transit Rev. Bonds, Series 2017-B, 5.00% 7/1/2029  | 1110 | 1157 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. and Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% <br> 10/1/2028  | 1520 | 1614 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. and Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% <br> 10/1/2030  | 2500 | 2713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **40** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2015-B, AMT, 5.00% <br> 10/1/2027  | USD1,000 | $1004 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2022-A, AMT, 5.00% <br> 10/1/2027  | 1510 | 1577 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% <br> 10/1/2028  | 1945 | 2066 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% <br> 10/1/2028  | 6750 | 7170 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% <br> 10/1/2029  | 5810 | 6252 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% <br> 10/1/2029  | 3300 | 3551 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% <br> 10/1/2030  | 7010 | 7607 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2022-A, AMT, 5.00% <br> 10/1/2031  | 2500 | 2719 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% <br> 10/1/2033  | 4000 | 4210 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% <br> 10/1/2033  | 3315 | 3616 |
| Rev. Ref. Bonds (National Public Radio, Inc. Issue), Series 2016, 5.00% 4/1/2028 (preref. 4/1/2026)  | 500 | 508 |
| Rev. Ref. Bonds (National Public Radio, Inc. Issue), Series 2016, 5.00% 4/1/2029 (preref. 4/1/2026)  | 500 | 508 |
| Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 10/1/2027  | 600 | 628 |
| Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 10/1/2028 <br> (escrowed to maturity)  | 310 | 334 |
| Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 10/1/2029 <br> (escrowed to maturity)  | 400 | 439 |
| Water and Sewer Auth., Public Utility Multimodal Rev. Bonds, Series 2022-E, 3.00% 10/1/2057 (put 10/1/2027)  | 4500 | 4430 |
| Water and Sewer Auth., Public Utility Rev. Bonds, Series 1998, AGI, 5.50% 10/1/2028  | 965 | 1011 |
|  |  | 75051 |
| **Florida 2.36%** | **Florida 2.36%** | **Florida 2.36%** |
| County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Bonds (Oak Hammock at the <br> University of Florida, Inc. Project), Series 2025-B-1, 4.00% 10/1/2030  | 440 | 440 |
| County of Broward, Airport System Rev. Bonds, Series 2019-B, AMT, 5.00% 10/1/2029  | 1250 | 1341 |
| County of Broward, Port Facs. Rev. Ref. Bonds, Series 2019-D, AMT, 5.00% 9/1/2027  | 1000 | 1036 |
| Central Florida Expressway Auth., Rev. Bonds, Series 2021-D, 5.00% 7/1/2029  | 835 | 906 |
| Central Florida Expressway Auth., Rev. Ref. Bonds, Series 2016-B, 4.00% 7/1/2035 (preref. 7/1/2026)  | 4845 | 4910 |
| County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings, Inc.), Series 2015-A, 5.00% <br> 5/1/2026  | 350 | 350 |
| County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings, Inc.), Series 2015-A, 5.00% <br> 5/1/2027  | 240 | 240 |
| County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings, Inc.), Series 2015-A, 5.00% <br> 5/1/2028  | 445 | 446 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 5.00% 6/15/2035  | 1260 | 1274 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 10/1/2025 (escrowed to <br> maturity)  | 715 | 717 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 10/1/2025  | 340 | 341 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 10/1/2026 (escrowed to <br> maturity)  | 720 | 738 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 10/1/2026  | 280 | 287 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 10/1/2027 (escrowed to <br> maturity)  | 385 | 403 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2017-A, AMT, 5.00% 10/1/2027  | 285 | 298 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2016-B, 5.00% 10/1/2028  | 750 | 769 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2019-A, AMT, 5.00% 10/1/2028  | 10000 | 10634 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2019-A, AMT, 4.00% 10/1/2039  | 1775 | 1655 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2016, AMT, 5.00% 10/1/2027  | 1125 | 1175 |
| Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), <br> Series 2016, 5.00% 4/1/2026  | 655 | 663 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 3.25% 7/1/2032  | 1610 | 1571 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2021-1, 1.80% 7/1/2036  | 2495 | 1856 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **41** | American Funds Tax-Exempt Income Funds |

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------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 7/1/2049  | USD250 | $251 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2020-2, 3.00% 7/1/2051  | 770 | 763 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2021-1, 3.00% 1/1/2052  | 2400 | 2377 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2021-2, 3.00% 7/1/2052  | 8780 | 8680 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2022-1, 3.50% 7/1/2052  | 735 | 736 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2023-3, 5.75% 1/1/2054  | 7385 | 8022 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-5, 6.25% 1/1/2055  | 1195 | 1316 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-1, 6.25% 7/1/2055  | 4475 | 4974 |
| Jacksonville Housing Fin. Auth., Multi Family Housing Rev. Bonds (Egret Landing), Series 2025, 3.40% 7/1/2058 <br> (put 7/1/2028)  | 1850 | 1857 |
| JEA, Electric System Rev. Bonds, Series 2017-B, 5.00% 10/1/2026  | 500 | 514 |
| JEA, Electric System Rev. Bonds, Series 2017-B-3, 5.00% 10/1/2026  | 340 | 350 |
| JEA, Electric System Rev. Bonds, Series 2017-B-3, 5.00% 10/1/2028  | 1500 | 1575 |
| County of Lee, Airport Rev. Bonds, Series 2021-B, AMT, 5.00% 10/1/2029  | 3640 | 3910 |
| County of Lee, Airport Rev. Bonds, Series 2021-B, AMT, 5.00% 10/1/2030  | 4985 | 5392 |
| County of Lee, Airport Rev. Bonds, Series 2021-B, AMT, 5.00% 10/1/2031  | 1875 | 2031 |
| County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM, <br> 2.50% 5/1/2026  | 295 | 294 |
| County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM, <br> 2.50% 5/1/2027  | 300 | 297 |
| County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM, <br> 2.50% 5/1/2028  | 305 | 299 |
| County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM, <br> 2.625% 5/1/2029  | 315 | 308 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% 10/1/2029  | 2915 | 3138 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% 10/1/2032  | 2000 | 2175 |
| County of Miami-Dade, Expressway Auth., Toll System Rev. Bonds, Series 2014-A, BAM, 5.00% 7/1/2026  | 780 | 781 |
| County of Miami-Dade, Health Facs. Auth., Hospital Rev. and Rev. Ref. Bonds (Nicklaus Children's Hospital <br> Project), Series 2021-A, 4.00% 8/1/2032  | 800 | 816 |
| County of Miami-Dade, Seaport Rev. Ref. Bonds, Series 2022-A, AMT, 5.00% 10/1/2031  | 6745 | 7243 |
| County of Miami-Dade, Water and Sewer System Rev. Bonds, Series 2021, 5.00% 10/1/2030  | 2405 | 2669 |
| County of Miami-Dade, Water and Sewer System Rev. Bonds, Series 2021, 5.00% 10/1/2031  | 1500 | 1670 |
| County of Miami-Dade, Water and Sewer System Rev. Ref. Bonds, Series 2017-B, 5.00% 10/1/2029  | 1000 | 1046 |
| City of Miami Beach, Health Facs. Auth., Hospital Rev. and Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), <br> Series 2014, 5.00% 11/15/2027  | 145 | 145 |
| North Miami Community Redev. Agcy., Redev. Rev. Bonds, Series 2024, 5.00% 3/1/2030  | 1075 | 1158 |
| North Miami Community Redev. Agcy., Redev. Rev. Bonds, Series 2024, 5.00% 3/1/2031  | 1000 | 1084 |
| County of Okaloosa, Mid-Bay Bridge Auth., Rev. Bonds, Series 2015-A, 5.00% 10/1/2028  | 1000 | 1004 |
| County of Orange, Health Facs. Auth., Hospital Rev. Bonds (Orlando Health Obligated Group), Series 2019-A, <br> 5.00% 10/1/2025  | 1965 | 1972 |
| County of Orange, Health Facs. Auth., Hospital Rev. Bonds (Orlando Health Obligated Group), Series 2023-A, <br> 5.00% 10/1/2034  | 1000 | 1095 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 5.00% 8/1/2029  | 1420 | 1500 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 5.00% 8/1/2030  | 2985 | 3167 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 5.00% 8/1/2031  | 3135 | 3328 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 5.00% 8/1/2032  | 2790 | 2959 |
| Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2021-B, 1.25% 10/1/2046 (put 10/1/2028)  | 7560 | 6767 |
| County of Pasco, Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, AGI, <br> 3.00% 5/1/2026  | 345 | 345 |
| County of Pasco, Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, AGI, <br> 3.20% 5/1/2027  | 355 | 357 |
| County of Pasco, Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, AGI, <br> 3.25% 5/1/2028  | 370 | 372 |
| County of Pinellas, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Indigo Apartments), Series 2025, 3.40% <br> 7/1/2028 (put 7/1/2027)  | 1080 | 1087 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-A-1, AGI, 3.50% <br> 5/1/2032  | 1790 | 1790 |
| City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), <br> Series 2017, 5.00% 8/15/2026  | 1000 | 1020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **42** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), <br> Series 2017, 5.00% 8/15/2027  | USD1,250 | $1305 |
| City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), <br> Series 2017, 5.00% 8/15/2037  | 4000 | 4061 |
| City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 7/1/2028  | 215 | 227 |
| City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 7/1/2029  | 250 | 269 |
| City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 7/1/2030  | 260 | 282 |
| City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 7/1/2031  | 325 | 350 |
| City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 7/1/2032  | 250 | 267 |
| City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 7/1/2033  | 250 | 265 |
| City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 7/1/2034  | 275 | 290 |
| City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 7/1/2035  | 300 | 314 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2024, 4.00% <br> 5/1/2034 <sup>(b)</sup>  | 450 | 441 |
|  |  | 132755 |
| **Georgia 3.46%** | **Georgia 3.46%** | **Georgia 3.46%** |
| City of Atlanta, Airport General Rev. Ref. Bonds, Series 2020-B, AMT, 5.00% 7/1/2029  | 5000 | 5374 |
| City of Atlanta, Airport General Rev. Ref. Bonds, Series 2020-B, AMT, 5.00% 7/1/2030  | 3000 | 3251 |
| City of Atlanta, Airport General Rev. Ref. Bonds, Series 2021-C, AMT, 5.00% 7/1/2033  | 1400 | 1489 |
| City of Atlanta, Tax Allocation Rev. Ref. Bonds (Beltline Project), Series 2016-D, 5.00% 1/1/2031  | 1525 | 1564 |
| City of Atlanta, Urban Redev. Agcy., Rev. Bonds (Atlanta Beltline Trail Completion Project), Series 2021, 2.375% <br> 7/1/2026 <sup>(b)</sup>  | 100 | 99 |
| City of Atlanta, Urban Redev. Agcy., Rev. Bonds (Atlanta Beltline Trail Completion Project), Series 2021, 2.875% <br> 7/1/2031 <sup>(b)</sup>  | 330 | 313 |
| City of Atlanta, Urban Residential Fin. Auth., Multi Family Rev. Bonds (North Block), Series 2025, 3.40% 2/1/2029 <br> (put 2/1/2028)  | 1200 | 1214 |
| City of Atlanta, Water and Wastewater Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 11/1/2033 (preref. <br> 11/1/2027)  | 1000 | 1056 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 5.00% 6/15/2027  | 260 | 272 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 5.00% 6/15/2028  | 310 | 330 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 5.00% 6/15/2029  | 270 | 293 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Series 1995-5, <br> 2.20% 10/1/2032  | 3860 | 3292 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Series 2012-2, <br> 3.30% 12/1/2049 (put 8/21/2029)  | 4975 | 4976 |
| City of Columbus, Housing Auth., Multi Family Housing Rev. Bonds (HACG RAD II Project), Series 2025, 3.30% <br> 11/1/2028 (put 11/1/2027)  | 1210 | 1217 |
| City of Decatur, Housing Auth., Multi Family Housing Rev. Bonds (Philips Tower Project), Series 2025, 3.25% <br> 9/1/2028 (put 9/1/2027)  | 1055 | 1062 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.00% <br> 10/1/2029  | 575 | 615 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.00% <br> 10/1/2030  | 400 | 431 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.00% <br> 10/1/2031  | 735 | 796 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.00% <br> 10/1/2032  | 1000 | 1085 |
| City of Homerville, Housing Auth. Multi Family Housing Rev. Bonds, Series 2024, 3.45% 1/1/2028 (put 1/1/2027)  | 665 | 670 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2020-A, 2.75% 12/1/2035  | 2500 | 2125 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2016-A-1, 3.50% 12/1/2046  | 30 | 30 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-B, 5.00% 7/1/2053 (put 3/1/2030)  | 11690 | 12343 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-C, 5.00% 9/1/2053 (put 12/1/2029)  | 21630 | 22871 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-D, 5.00% 4/1/2054 (put 4/1/2031)  | 10435 | 11072 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-A, 5.00% 5/1/2054 (put 9/1/2031)  | 9770 | 10363 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-B, 5.00% 12/1/2054 (put 3/1/2032)  | 28760 | 30486 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2025-A, 5.00% 6/1/2055 (put 6/1/2032)  | 16165 | 17206 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 5.00% 1/1/2029  | 660 | 706 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 5.00% 1/1/2030  | 680 | 738 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **43** | American Funds Tax-Exempt Income Funds |

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------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 5.00% 1/1/2031  | USD3,300 | $3618 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2024-A, 5.00% 1/1/2031  | 575 | 630 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2020-A, 5.00% 1/1/2032  | 1355 | 1475 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 5.00% 1/1/2032  | 2645 | 2918 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2024-A, 5.00% 1/1/2032  | 2610 | 2880 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 5.00% 1/1/2033  | 1255 | 1374 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2024-A, 5.00% 1/1/2033  | 1500 | 1662 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2021-A, AGI, 5.00% 1/1/2029  | 495 | 532 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 1/1/2027  | 1000 | 1033 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2021-A, AGI, 5.00% 1/1/2028  | 205 | 216 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2021-A, AGI, 5.00% 1/1/2029  | 240 | 258 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 1/1/2030  | 1000 | 1057 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2021-A, AGI, 5.00% 1/1/2030  | 290 | 316 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2021-A, 5.00% 1/1/2028  | 160 | 166 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2021-A, 5.00% 1/1/2029  | 330 | 348 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2021-A, 5.00% 1/1/2030  | 175 | 187 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2021-A, 5.00% 1/1/2031  | 165 | 175 |
| Municipal Electric Auth., Power Rev. Bonds, Series 2018-HH, 5.00% 1/1/2029  | 2000 | 2112 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2026  | 1710 | 1726 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2027  | 1020 | 1053 |
| Municipal Electric Auth., Project One Bonds, Series 2016-A, 5.00% 1/1/2028  | 1500 | 1532 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2030  | 1025 | 1094 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2031  | 1390 | 1477 |
| Municipal Electric Auth., Project One Bonds, Series 2021-A, 5.00% 1/1/2031  | 1720 | 1886 |
| Municipal Electric Auth., Project One Bonds, Series 2024-A, 5.00% 1/1/2031  | 1250 | 1370 |
| Municipal Electric Auth., Project One Bonds, Series 2024-A, 5.00% 1/1/2032  | 1515 | 1672 |
| Municipal Electric Auth., Project One Bonds, Series 2021-A, 5.00% 1/1/2034  | 1365 | 1483 |
| Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2025-A, 5.00% 9/1/2032  | 14000 | 15686 |
| Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2025-A, 5.00% 9/1/2033  | 5340 | 5988 |
| Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series <br> 2021, 5.00% 4/1/2029  | 230 | 246 |
| Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series <br> 2021, 5.00% 4/1/2030  | 530 | 574 |
|  |  | 194083 |
| **Guam 0.08%** | **Guam 0.08%** | **Guam 0.08%** |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2031  | 610 | 657 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2032  | 1465 | 1582 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2035  | 875 | 938 |
| Power Auth., Rev. Ref. Bonds, Series 2022-A, 5.00% 10/1/2028  | 1000 | 1062 |
|  |  | 4239 |
| **Hawaii 0.07%** | **Hawaii 0.07%** | **Hawaii 0.07%** |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2025-A, 5.00% <br> 7/1/2032  | 2415 | 2713 |
| City and County of Honolulu, Wastewater System Rev. Bonds (Second Bond Resolution), Series 2025-A, 5.00% <br> 7/1/2033  | 1300 | 1467 |
|  |  | 4180 |
| **Idaho 0.21%** | **Idaho 0.21%** | **Idaho 0.21%** |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2021-A, 5.00% 3/1/2029  | 235 | 251 |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2018-A, 5.00% 3/1/2037  | 765 | 778 |
| Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2021-A, 5.00% <br> 7/15/2029  | 1345 | 1464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **44** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Idaho (continued)** | **Idaho (continued)** | **Idaho (continued)** |
| Housing and Fin. Assn., Sales Tax Rev. Bonds (Transportation Expansion and Congestion Mitigation Fund), Series <br> 2022-A, 5.00% 8/15/2029  | USD600 | $658 |
| Housing and Fin. Assn., Sales Tax Rev. Bonds (Transportation Expansion and Congestion Mitigation Fund), Series <br> 2022-A, 5.00% 8/15/2031  | 750 | 841 |
| Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2024-A, 6.00% 7/1/2054  | 6895 | 7590 |
|  |  | 11582 |
| **Illinois 5.80%** | **Illinois 5.80%** | **Illinois 5.80%** |
| Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 6/15/2026  | 3000 | 3032 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, AGI, <br> 5.00% 12/1/2028  | 500 | 526 |
| City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2023-C, AMT, 5.00% 1/1/2029  | 10630 | 11248 |
| City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2023-C, AMT, 5.00% 1/1/2030  | 22000 | 23553 |
| City of Chicago, GO Bonds (City Colleges of Chicago Capital Improvement Project), CAB, Series 1999, NATL, 0% <br> 1/1/2026 (escrowed to maturity)  | 2845 | 2809 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2024-C, AMT, 5.00% <br> 1/1/2031  | 3890 | 4194 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2024-C, AMT, 5.00% <br> 1/1/2033  | 5000 | 5397 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2024-C, AMT, 5.00% <br> 1/1/2034  | 3200 | 3450 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Ref. Bonds, Series 2024-A, 5.00% 12/1/2035  | 1275 | 1409 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Ref. Bonds, Series 2024-A, 5.00% 12/1/2036  | 1270 | 1389 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 1/1/2026  | 1165 | 1175 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 1/1/2031  | 10000 | 11015 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 1/1/2032  | 8325 | 9237 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-A, AGI, 5.00% 1/1/2035  | 1000 | 1017 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2024-A, BAM, 5.00% 1/1/2040  | 750 | 787 |
| City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 11/1/2026  | 5225 | 5368 |
| City of Chicago, Water Rev. Bonds, Series 1999, AGI, 5.00% 11/1/2029  | 1000 | 1028 |
| City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 11/1/2030  | 1400 | 1429 |
| City of Chicago, Water Rev. Bonds, Series 2001, AMBAC, 5.75% 11/1/2030  | 2735 | 2943 |
| City of Chicago, Water Rev. Bonds, Series 2024-A, 5.00% 11/1/2031  | 1335 | 1468 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2017, 5.00% 11/1/2028  | 355 | 371 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 11/1/2032  | 4000 | 4397 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, AGI, 5.00% 11/1/2033  | 1000 | 1029 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 11/1/2034  | 1500 | 1623 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 11/1/2035  | 570 | 610 |
| County of Cook, GO Rev. Ref. Bonds, Series 2022-A, 5.00% 11/15/2033  | 1175 | 1298 |
| County of Cook, Sales Tax Rev. Bonds, Series 2024, 5.00% 11/15/2029  | 680 | 739 |
| County of Cook, Sales Tax Rev. Bonds, Series 2024, 5.00% 11/15/2030  | 1500 | 1648 |
| Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties, LLC - University of Illinois at <br> Urbana-Champaign Project), Series 2019-A, 5.00% 10/1/2025  | 110 | 110 |
| Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties, LLC - University of Illinois at <br> Urbana-Champaign Project), Series 2019-A, 5.00% 10/1/2027  | 500 | 522 |
| Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties, LLC - University of Illinois at <br> Urbana-Champaign Project), Series 2019-A, 5.00% 10/1/2028  | 400 | 425 |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2021-A, AMT, 5.00% 7/1/2026  | 240 | 243 |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2021-A, AMT, 2.25% 7/1/2033  | 975 | 805 |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2025-A, 4.25% 7/1/2041  | 1105 | 1069 |
| Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A-1, 4.00% 11/1/2030  | 3995 | 4064 |
| Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 3/1/2026  | 120 | 122 |
| Fin. Auth., Rev. Bonds (Memorial Health System), Series 2019, 5.00% 4/1/2028  | 1280 | 1348 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 12/1/2027  | 5000 | 5075 |
| Fin. Auth., Rev. Bonds (Northshore University HealthSystem), Series 2020-A, 5.00% 8/15/2027  | 2000 | 2092 |
| Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2027  | 250 | 251 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2030  | 2000 | 2028 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-B, (SIFMA Municipal Swap Index + <br> 0.70%) 2.99% 5/1/2042 (put 5/1/2026) <sup>(a)</sup>  | 1420 | 1411 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **45** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 11/15/2028  | USD5,000 | $5005 |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 11/15/2029  | 5000 | 5004 |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 4.00% 11/15/2039  | 500 | 455 |
| Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 5.00% 8/15/2030  | 2565 | 2808 |
| Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 4.00% 8/15/2037  | 2250 | 2130 |
| Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 4.00% 8/15/2039  | 2500 | 2288 |
| Fin. Auth., Rev. Bonds (University of Chicago), Series 2024-A, 5.00% 4/1/2032  | 12000 | 13274 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-A, 5.00% 1/1/2030  | 1000 | 1100 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-A, 5.00% 7/1/2030  | 1000 | 1108 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-A, 5.00% 1/1/2031  | 1750 | 1949 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-A, 5.00% 7/1/2031  | 2580 | 2886 |
| Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Healthcare), Series 2021-A, 5.00% 7/15/2033  | 365 | 394 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2026  | 1935 | 1945 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2029  | 1500 | 1505 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2035  | 2140 | 2141 |
| Fin. Auth., Rev. Ref. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-B, 5.00% 1/1/2030  | 1395 | 1534 |
| Fin. Auth., Rev. Ref. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-B, 5.00% 7/1/2030  | 1465 | 1623 |
| Fin. Auth., Rev. Ref. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-B, 5.00% 1/1/2031  | 550 | 613 |
| Fin. Auth., Rev. Ref. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-B, 5.00% 7/1/2031  | 2810 | 3144 |
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2023, AMT, 4.60% <br> 10/1/2053 (put 10/1/2026)  | 24730 | 24822 |
| Fin. Auth., Water Facs. Rev. Ref. Bonds (American Water Capital Corp. Project), Series 2020, 3.875% 5/1/2040 (put <br> 9/1/2028)  | 1940 | 1900 |
| GO Bonds, Series 2020, 5.50% 5/1/2026  | 1000 | 1020 |
| GO Bonds, Series 2017-D, 5.00% 11/1/2026  | 2500 | 2567 |
| GO Bonds, Series 2020-B, 5.00% 10/1/2029  | 19720 | 21151 |
| GO Bonds, Series 2023-B, 5.00% 5/1/2033  | 10000 | 10801 |
| GO Rev. Ref. Bonds, Series 2016, 5.00% 2/1/2028  | 2500 | 2574 |
| GO Rev. Ref. Bonds, Series 2022-B, 5.00% 3/1/2028  | 4000 | 4205 |
| Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-B, AMT, 3.50% 8/1/2046  | 525 | 524 |
| Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-C, 3.50% 8/1/2046  | 330 | 330 |
| Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2018-A-1, 4.00% 8/1/2048  | 2425 | 2440 |
| Housing Dev. Auth., Multi Family Housing Rev. Bonds, Series 2021-C, 0.80% 7/1/2026  | 420 | 409 |
| Housing Dev. Auth., Multi Family Rev. Green Bonds, Series 2024-C-2, FHA, 3.60% 8/1/2032 (put 8/1/2028)  | 2175 | 2196 |
| Housing Dev. Auth., Rev. Bonds, Series 2019-D, 2.70% 10/1/2034  | 1420 | 1238 |
| Housing Dev. Auth., Rev. Bonds, Series 2019-C, 2.80% 10/1/2034  | 1750 | 1543 |
| Housing Dev. Auth., Rev. Bonds, Series 2021-A, 1.85% 10/1/2036  | 2000 | 1485 |
| Housing Dev. Auth., Rev. Bonds, Series 2016-A, 4.00% 4/1/2046  | 150 | 150 |
| Housing Dev. Auth., Rev. Bonds, Series 2017-B, 4.00% 10/1/2048  | 675 | 678 |
| Housing Dev. Auth., Rev. Bonds, Series 2019-A, 4.25% 10/1/2049  | 2545 | 2570 |
| Housing Dev. Auth., Rev. Bonds, Series 2019-D, 3.75% 4/1/2050  | 3550 | 3566 |
| Housing Dev. Auth., Rev. Bonds, Series 2021-D, 3.00% 10/1/2051  | 1310 | 1295 |
| Housing Dev. Auth., Rev. Bonds, Series 2023-H, 5.75% 10/1/2053  | 4800 | 5142 |
| Housing Dev. Auth., Rev. Bonds, Series 2023-N, 6.25% 4/1/2054  | 3150 | 3434 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-A, 6.00% 10/1/2054  | 4335 | 4698 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-I, 6.00% 10/1/2055  | 16450 | 18152 |
| Board of Trustees of Illinois State University, Certs. of Part. (Capital Improvement Projects), Series 2024, AGI, 5.00% <br> 4/1/2036  | 1705 | 1835 |
| Board of Trustees of Illinois State University, Certs. of Part. (Capital Improvement Projects), Series 2024, AGI, 5.00% <br> 4/1/2037  | 1810 | 1929 |
| Board of Trustees of Illinois State University, Certs. of Part. (Capital Improvement Projects), Series 2024, AGI, 5.00% <br> 4/1/2038  | 1875 | 1978 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, AGI, 0% <br> 12/15/2029  | 1000 | 866 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, AGI, 0% <br> 6/15/2030  | 3320 | 2815 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 6/15/2031  | 2000 | 1611 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2032  | 4085 | 3074 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-B, <br> 5.00% 12/15/2025  | 1185 | 1193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **46** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-B, <br> 5.00% 12/15/2026  | USD1,000 | $1027 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2024-B, <br> 4.00% 12/15/2027  | 780 | 798 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2022-B, <br> 5.00% 12/15/2027  | 1650 | 1660 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2023-A, <br> 5.00% 12/15/2028  | 2500 | 2603 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 1994, <br> NATL, 0% 6/15/2029  | 825 | 725 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 12/15/2035  | 1440 | 919 |
| Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2/1/2027  | 1000 | 1001 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2021, BAM, 5.00% <br> 10/1/2029  | 325 | 346 |
| Sales Tax Rev. Bonds, Series 2021-A, BAM, 4.00% 6/15/2031  | 2250 | 2369 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-B, 5.00% 1/1/2028  | 515 | 544 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 1/1/2033  | 1000 | 1014 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2020-A, 5.00% 4/1/2028  | 2100 | 2226 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2020-A, 5.00% 4/1/2030  | 1310 | 1435 |
|  |  | 325518 |
| **Indiana 1.80%** | **Indiana 1.80%** | **Indiana 1.80%** |
| Fin. Auth., Environmental Facs. Rev. Ref. Bonds (Indianapolis Power & Light Co. Project), Series 2020-B, AMT, <br> 0.95% 12/1/2038 (put 4/1/2026)  | 1885 | 1852 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-E, 5.00% 10/1/2034  | 4705 | 5269 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-E, 5.00% 10/1/2035  | 5000 | 5586 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-D-2, 5.00% 10/1/2063 (put <br> 10/1/2031)  | 11550 | 12486 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-D-1, 5.00% 10/1/2064 (put <br> 10/1/2029)  | 7745 | 8273 |
| Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2017-A, 5.00% 11/1/2026  | 1365 | 1403 |
| Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 4.25% <br> 11/1/2030  | 4170 | 4235 |
| Fin. Auth., Pollution Control Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2010-A, 3.00% 11/1/2030  | 3300 | 3212 |
| Fin. Auth., State Revolving Fund Program Green Bonds, Series 2021-B, 5.00% 2/1/2028  | 575 | 611 |
| Fin. Auth., State Revolving Fund Program Green Bonds, Series 2025-C, 5.00% 2/1/2034  | 1000 | 1137 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2021-2, 5.00% 10/1/2028  | 1400 | 1501 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2024-A, 5.00% 10/1/2033  | 1505 | 1703 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2024-A, 5.00% 10/1/2035  | 1670 | 1865 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-B-1, 1.95% 7/1/2035  | 3000 | 2366 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 1/1/2049  | 560 | 563 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-B, 3.00% 7/1/2050  | 1710 | 1692 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-C-1, 3.00% 1/1/2052  | 3000 | 2958 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-C-1, 5.00% 7/1/2053  | 1425 | 1479 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A-1, 5.75% 7/1/2053  | 350 | 372 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev. Bonds, Series 2022-1A, AMT, <br> 5.00% 6/1/2030  | 625 | 654 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev. Bonds, Series 2022-1A, AMT, <br> 5.00% 6/1/2031  | 625 | 653 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev. Bonds, Series 2022-1A, AMT, <br> 4.50% 6/1/2039  | 30 | 30 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-2, 5.00% 1/1/2026  | 340 | 343 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-2, 5.00% 1/1/2027  | 330 | 341 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-2, 5.00% 1/1/2028  | 435 | 460 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-2, 5.00% 1/1/2029  | 265 | 286 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2023-I-2, AMT, 5.00% 1/1/2029  | 5515 | 5863 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **47** | American Funds Tax-Exempt Income Funds |

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------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-2, 5.00% 1/1/2030  | USD435 | $476 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2023-I-2, AMT, 5.00% 1/1/2032  | 2000 | 2165 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2023-I-2, AMT, 5.00% 1/1/2033  | 4000 | 4318 |
| City of Indianapolis, Local Public Improvement Bond Bank Rev. Ref. Bonds (Indianapolis Airport Auth. Project), <br> Series 2015-I, AMT, 5.00% 1/1/2026  | 2000 | 2002 |
| City of Indianapolis, Local Public Improvement Bond Bank Rev. Ref. Bonds (Indianapolis Airport Auth. Project), <br> Series 2016-A-1, AMT, 5.00% 1/1/2028  | 1095 | 1111 |
| City of Indianapolis, Local Public Improvement Bond Bank Rev. Ref. Bonds (Indianapolis Airport Auth. Project), <br> Series 2019-D, AMT, 5.00% 1/1/2029  | 5250 | 5581 |
| City of Indianapolis, Water System Rev. Ref. Bonds, Series 2016-B, 5.00% 10/1/2028  | 3000 | 3075 |
| Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2022-A, 5.00% 1/1/2032  | 300 | 332 |
| Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2022-A, 5.00% 1/1/2033  | 350 | 384 |
| Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2022-A, 5.00% 1/1/2034  | 500 | 544 |
| City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2015, AMT, <br> 4.40% 11/1/2045 (put 6/10/2031)  | 10000 | 10190 |
| City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2016-A, AMT, <br> 4.40% 3/1/2046 (put 6/10/2031)  | 3750 | 3821 |
|  |  | 101192 |
| **Iowa 0.29%** | **Iowa 0.29%** | **Iowa 0.29%** |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2022-A, 1.80% 7/1/2030  | 2020 | 1828 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2021-A, 3.00% 1/1/2047  | 1235 | 1221 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.00% 7/1/2047  | 2170 | 2197 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-D, 3.50% 1/1/2049  | 135 | 135 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2020, 3.25% 7/1/2050  | 1830 | 1822 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2023-B, AMT, 5.00% 12/1/2028  | 795 | 833 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2023-B, AMT, 5.00% 12/1/2029  | 3250 | 3426 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2024-B, AMT, 5.00% 12/1/2029  | 250 | 264 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2024-B, AMT, 5.00% 12/1/2030  | 615 | 648 |
| Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 5.00% 6/1/2028  | 1400 | 1447 |
| Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 5.00% 6/1/2031  | 1500 | 1585 |
| Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 5.00% 6/1/2033  | 700 | 734 |
|  |  | 16140 |
| **Kansas 0.06%** | **Kansas 0.06%** | **Kansas 0.06%** |
| Ellis County Unified School Dist. No. 489, GO Rev. Ref. and Improvement Bonds, Series 2022-B, AGI, 5.00% <br> 9/1/2033  | 850 | 927 |
| Ellis County Unified School Dist. No. 489, GO Rev. Ref. and Improvement Bonds, Series 2022-B, AGI, 5.00% <br> 9/1/2034  | 355 | 383 |
| Ellis County Unified School Dist. No. 489, GO Rev. Ref. and Improvement Bonds, Series 2022-B, AGI, 5.00% <br> 9/1/2035  | 500 | 535 |
| University of Kansas Hospital Auth., Health Facs. and Improvement Rev. Bonds (University of Kansas Health <br> System), Series 2019-B, 5.00% 3/1/2027  | 1315 | 1362 |
|  |  | 3207 |
| **Kentucky 2.07%** | **Kentucky 2.07%** | **Kentucky 2.07%** |
| County of Carroll, Environmental Facs. Rev. Bonds, Series 2008-A, 2.00% 2/1/2032  | 10710 | 9182 |
| County of Carroll, Environmental Facs. Rev. Ref. Bonds, Series 2006-B, AMT, 2.125% 10/1/2034  | 5485 | 4355 |
| Econ. Dev. Fin. Auth., Health System Rev. Bonds (Norton Healthcare, Inc.), CAB, Series 2000-B, NATL, 0% <br> 10/1/2027  | 6075 | 5589 |
| Fayette County School Dist., Fin. Corp. School Building Rev. Bonds, Series 2015-D, 5.00% 8/1/2034  | 3240 | 3240 |
| Higher Education Student Loan Corp., Student Loan Rev. Bonds, Series 2025-A-1, AMT, 5.00% 6/1/2033  | 1000 | 1042 |
| Higher Education Student Loan Corp., Student Loan Rev. Bonds, Series 2025-A-1, AMT, 4.75% 6/1/2040  | 5905 | 5931 |
| Housing Corp., Multi Family Housing Rev. Bonds (Winterwood III Rural Housing Portfolio), Series 2024, 3.50% <br> 7/1/2028 (put 7/1/2027)  | 3000 | 3022 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.25% 7/1/2054  | 2850 | 3163 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-C, 6.25% 1/1/2055  | 2925 | 3207 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **48** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Kenton County Airport Board, International Airport Rev. Bonds, Series 2024-A, AMT, 5.00% 1/1/2032  | USD1,180 | $1275 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2016-A, 5.00% 10/1/2033  | 5000 | 5058 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2016-A, 4.00% 10/1/2035  | 2785 | 2682 |
| Louisville/Jefferson Metro County Government, Pollution Control Rev. Bonds, Series 2001-A, 0.90% 9/1/2026  | 1000 | 971 |
| Louisville/Jefferson Metro County Government, Pollution Control Rev. Bonds (Louisville Gas and Electric Co. <br> Project), Series 2003-A, 2.00% 10/1/2033  | 8750 | 7259 |
| County of Owen, Water Facs. Rev. Ref. Bonds (Kentucky - American Water Co. Project), Series 2019, 2.45% <br> 9/1/2039 (put 10/1/2029)  | 6000 | 5595 |
| County of Owen, Water Facs. Rev. Ref. Bonds (Kentucky - American Water Co. Project), Series 2020, 3.875% <br> 6/1/2040 (put 9/1/2028)  | 3340 | 3281 |
| Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-1, 4.00% 8/1/2052 (put 8/1/2030)  | 13900 | 13870 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2024-B, 5.00% 8/1/2029  | 1000 | 1059 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2024-B, 5.00% 8/1/2030  | 1825 | 1943 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2023-A-1, 5.25% 4/1/2054 (put 2/1/2032)  | 4200 | 4505 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2024-B, 5.00% 1/1/2055 (put 8/1/2032)  | 10015 | 10598 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2025-A, 5.25% 6/1/2055 (put 12/1/2029)  | 13470 | 14225 |
| County of Trimble, Pollution Control Rev. Ref. Bonds (Louisville Gas and Electric Co. Project), Series 2016-A, AMT, <br> 1.30% 9/1/2044 (put 9/1/2027)  | 5500 | 5117 |
|  |  | 116169 |
| **Louisiana 1.20%** | **Louisiana 1.20%** | **Louisiana 1.20%** |
| Aviation Board, General Airport Rev. Ref. Bonds, Series 2017-D-2, AMT, 5.00% 1/1/2029  | 1000 | 1021 |
| Parish of East Baton Rouge, Road and Street Improvement Sales Tax Rev. Ref. Bonds, Series 2020, AGI, 5.00% <br> 8/1/2028  | 2000 | 2138 |
| Parish of East Baton Rouge, Sewerage Commission, Multi Modal Rev. Ref. Bonds, Series 2021-A, 1.30% 2/1/2041 <br> (put 2/1/2028)  | 19695 | 18379 |
| Parish of East Baton Rouge, Sewerage Commission, Rev. Ref. Bonds, Series 2020-A, 5.00% 2/1/2027  | 1000 | 1038 |
| Parish of East Baton Rouge, Sewerage Commission, Rev. Ref. Bonds, Series 2020-A, 5.00% 2/1/2028  | 1000 | 1060 |
| Parish of East Baton Rouge, Sewerage Commission, Rev. Ref. Bonds, Series 2020-A, 5.00% 2/1/2029  | 1000 | 1081 |
| Gasoline and Fuels Tax Rev. Ref. Bonds, Series 2022-A, (USD-SOFR x 0.50 + 0.50%) 3.552% 5/1/2043 (put <br> 5/1/2026) <sup>(a)</sup>  | 7165 | 7149 |
| Housing Corp., Multi Family Housing Rev. Bonds (Deerwood Apartments Project), Series 2024, 4.00% 1/1/2043 <br> (put 7/1/2027)  | 5065 | 5113 |
| Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2020-B, 3.50% 6/1/2050  | 585 | 586 |
| Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2021-B, 3.00% 12/1/2051  | 880 | 870 |
| Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2022-A, 5.00% 6/1/2052  | 5855 | 6080 |
| Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2023-A, 5.75% 6/1/2054  | 5520 | 5959 |
| Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-B, AGI, 5.00% 12/1/2027  | 2600 | 2737 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (East Baton Rouge Sewerage <br> Commission Projects), Series 2024, BAM, 5.00% 2/1/2031  | 1100 | 1215 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (East Baton Rouge Sewerage <br> Commission Projects), Series 2023, 5.00% 2/1/2035  | 825 | 888 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (East Baton Rouge Sewerage <br> Commission Projects), Series 2023, 5.00% 2/1/2036  | 495 | 528 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Entergy Louisiana, LLC <br> Projects), Series 2021-A, 2.00% 6/1/2030  | 955 | 878 |
| Louisiana Stadium and Exposition Dist., Rev. Bonds, Series 2023-A, 5.00% 7/1/2030  | 830 | 907 |
| Louisiana Stadium and Exposition Dist., Rev. Bonds, Series 2023-A, 5.00% 7/1/2032  | 2875 | 3186 |
| Louisiana Stadium and Exposition Dist., Rev. Bonds, Series 2023-A, 5.00% 7/1/2033  | 3000 | 3334 |
| City of New Orleans, Sewerage Service Rev. Bonds, Series 2020-B, 5.00% 6/1/2029  | 1000 | 1070 |
| City of New Orleans, Water Rev. and Rev. Ref. Bonds, Series 2014, 5.00% 12/1/2027  | 1000 | 1007 |
| City of New Orleans, Water Rev. and Rev. Ref. Bonds, Series 2014, 5.00% 12/1/2028  | 900 | 906 |
|  |  | 67130 |
| **Maine 0.13%** | **Maine 0.13%** | **Maine 0.13%** |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2026  | 190 | 193 |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2027  | 210 | 217 |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2028  | 255 | 268 |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2029  | 245 | 258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **49** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Maine (continued)** | **Maine (continued)** | **Maine (continued)** |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2030  | USD150 | $159 |
| Fin. Auth., Student Loan Rev. Bonds (Supplemental Education Loan Program), Series 2025-A-1, AMT, AGI, 4.75% <br> 12/1/2035  | 1100 | 1104 |
| Fin. Auth., Student Loan Rev. Bonds (Supplemental Education Loan Program), Series 2025-A-1, AMT, AGI, 5.00% <br> 12/1/2037  | 1000 | 1011 |
| Fin. Auth., Student Loan Rev. Bonds (Supplemental Education Loan Program), Series 2025-A-1, AMT, AGI, 5.00% <br> 12/1/2039  | 1340 | 1314 |
| Housing Auth., Mortgage Purchase Bonds, Series 2021-A, 1.85% 11/15/2036  | 2750 | 1993 |
| Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 11/15/2047  | 30 | 30 |
| Housing Auth., Mortgage Purchase Bonds, Series 2019-E, 3.75% 11/15/2049  | 725 | 728 |
|  |  | 7275 |
| **Maryland 0.93%** | **Maryland 0.93%** | **Maryland 0.93%** |
| Community Dev. Administration, Dept. of Housing and Community Dev., Housing Rev. Bonds, Series 2019-D, <br> 2.75% 7/1/2034  | 1005 | 866 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-C, <br> 1.90% 3/1/2031  | 1275 | 1136 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-C, <br> 1.95% 9/1/2031  | 1465 | 1292 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-C, <br> 2.10% 3/1/2033  | 1000 | 850 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-D, <br> 1.95% 9/1/2035  | 1000 | 784 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-C, <br> 4.00% 9/1/2044  | 35 | 35 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-A, <br> 4.50% 9/1/2048  | 810 | 823 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-B, <br> AMT, 4.50% 9/1/2048  | 1905 | 1928 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2019-C, <br> 3.50% 3/1/2050  | 1765 | 1766 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-A, <br> 3.75% 3/1/2050  | 1260 | 1266 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-D, <br> 3.25% 9/1/2050  | 5660 | 5639 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-A, <br> 3.00% 9/1/2051  | 7955 | 7886 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-C, <br> 3.00% 9/1/2051  | 5944 | 5882 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2023-D, <br> 5.75% 9/1/2054  | 4225 | 4514 |
| GO Bonds, State and Local Facs. Loan of 2018, Series 2018-2, 5.00% 8/1/2031  | 1295 | 1373 |
| GO Bonds, State and Local Facs. Loan of 2019, Series 2019-1, 3.00% 3/15/2034  | 1500 | 1416 |
| GO Bonds, State and Local Facs. Loan of 2022, Series 2022-A-1, 5.00% 6/1/2031  | 4500 | 5049 |
| County of Montgomery, Housing Opportunities Commission, Program Rev. Bonds, Series 2019-A, 4.00% <br> 7/1/2049  | 1775 | 1791 |
| County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, <br> 4.00% 7/1/2048  | 1420 | 1425 |
| Dept. of Transportation, Consolidated Transportation Bonds, Series 2016, 5.00% 11/1/2026  | 950 | 952 |
| Dept. of Transportation, Consolidated Transportation Bonds, Series 2021-A, 2.00% 10/1/2034  | 5000 | 4147 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2019, 5.00% 6/1/2030  | 1155 | 1258 |
|  |  | 52078 |
| **Massachusetts 0.87%** | **Massachusetts 0.87%** | **Massachusetts 0.87%** |
| Clean Water Trust, Revolving Fund Green Bonds, Series 2025-26A, 5.00% 2/1/2027  | 2500 | 2596 |
| Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2020-A, 5.00% 10/15/2029  | 1060 | 1169 |
| Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2022-B, 5.00% 11/15/2032  | 3960 | 4490 |
| Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 7/1/2026  | 1150 | 1172 |
| Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 7/1/2027  | 1150 | 1169 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2022-M, AMT, 5.00% 7/1/2027  | 1350 | 1392 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2023-B, AMT, 5.00% 7/1/2029  | 2650 | 2790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **50** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-B, AMT, 4.25% 7/1/2032  | USD160 | $160 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2023-B, AMT, 5.00% 7/1/2032  | 10000 | 10568 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-B, AMT, 5.00% 7/1/2032  | 980 | 1042 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2019-B, AMT, 3.00% 7/1/2035  | 85 | 84 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2020-B, AMT, 2.625% 7/1/2036  | 20 | 20 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2021-B, AMT, 2.00% 7/1/2037  | 1670 | 1362 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2022-B, AMT, 3.625% 7/1/2038  | 3085 | 2987 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2023-B, AMT, 4.25% 7/1/2044  | 1995 | 1963 |
| GO Rev. Ref. Bonds, Series 2025-A, 5.00% 7/1/2031  | 2000 | 2251 |
| GO Rev. Ref. Bonds, Series 2025-A, 5.00% 7/1/2032  | 1295 | 1465 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 181, 4.00% 12/1/2044  | 85 | 85 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 12/1/2046  | 125 | 125 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 190, 4.00% 12/1/2048  | 2245 | 2252 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 224, 5.00% 6/1/2050  | 950 | 988 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 215, 4.00% 12/1/2050  | 1590 | 1607 |
| Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 188, AMT, 4.00% 6/1/2043  | 1080 | 1080 |
| Massachusetts Bay Transportation Auth., Sales Tax Rev. Bonds, CAB, Series 2016-A, 0% 7/1/2028  | 1500 | 1375 |
| Port Auth., Rev. Bonds, Series 2017-A, AMT, 5.00% 7/1/2026  | 2510 | 2555 |
| Turnpike Auth., Metropolitan Highway System Rev. Bonds, CAB, Series 1997-A, NATL, 0% 1/1/2028  | 1320 | 1237 |
| Turnpike Auth., Metropolitan Highway System Rev. Bonds, CAB, Series 1997-A, NATL, 0% 1/1/2029  | 1000 | 909 |
|  |  | 48893 |
| **Michigan 2.71%** | **Michigan 2.71%** | **Michigan 2.71%** |
| Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 12/1/2026  | 1000 | 1030 |
| Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2019-A, 5.00% 2/15/2035  | 1020 | 1062 |
| Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 6/1/2026  | 1000 | 1011 |
| Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 6/1/2029  | 2000 | 2085 |
| Great Lakes Water Auth., Sewage Disposal System Rev. Ref. Bonds, Series 2018-B, 5.00% 7/1/2028  | 770 | 824 |
| Great Lakes Water Auth., Sewage Disposal System Rev. Ref. Bonds, Series 2025-B, 5.00% 7/1/2031  | 2915 | 3243 |
| Great Lakes Water Auth., Sewage Disposal System Rev. Ref. Bonds, Series 2025-B, 5.00% 7/1/2034  | 4500 | 5032 |
| Hospital Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2010-F-6, 4.00% 11/15/2047 (preref. <br> 11/15/2026)  | 3065 | 3122 |
| Housing Dev. Auth., Multi Family Housing Rev. Bonds (North Port Apartments Project), Series 2025, 5.00% <br> 8/1/2027 (put 8/1/2026)  | 6325 | 6454 |
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2021-A, 1.80% 10/1/2031  | 1000 | 861 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-A, 4.00% 6/1/2046  | 25 | 25 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 6/1/2047  | 1635 | 1634 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 6/1/2048  | 475 | 475 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 6/1/2049  | 5000 | 5043 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 12/1/2049  | 2725 | 2756 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-B, 3.75% 6/1/2050  | 1350 | 1356 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 12/1/2050  | 3560 | 3563 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 6/1/2052  | 5510 | 5450 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-A, 5.00% 6/1/2053  | 14335 | 14962 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-D, 5.50% 6/1/2053  | 21035 | 22266 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A, 5.50% 12/1/2053  | 19805 | 21280 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.00% 6/1/2054  | 12685 | 13776 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2024-D, 6.25% 6/1/2055  | 5855 | 6449 |
| County of Kent, Gerald R. Ford International Airport Auth., Limited Tax GO Rev. Bonds, Series 2021, AMT, 5.00% <br> 1/1/2030  | 500 | 542 |
| County of Kent, Gerald R. Ford International Airport Auth., Limited Tax GO Rev. Bonds, Series 2021, AMT, 5.00% <br> 1/1/2031  | 750 | 818 |
| County of Kent, Gerald R. Ford International Airport Auth., Limited Tax GO Rev. Bonds, Series 2021, AMT, 5.00% <br> 1/1/2032  | 745 | 815 |
| County of Kent, Gerald R. Ford International Airport Auth., Limited Tax GO Rev. Bonds, Series 2021, AMT, 5.00% <br> 1/1/2033  | 1040 | 1127 |
| Board of Trustees of Michigan State University, Rev. Ref. Bonds, Series 2020-A, 5.00% 8/15/2030  | 950 | 1053 |
| Strategic Fund, Limited Obligation Rev. Bonds (I-75 Improvement Project), Series 2018, AMT, 5.00% 12/31/2028  | 2575 | 2682 |
| Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-ET-2, <br> 1.35% 8/1/2029  | 3000 | 2704 |
| Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Pollution Control Bonds Project), Series <br> 1995-CC, 1.45% 9/1/2030  | 16780 | 14627 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **51** | American Funds Tax-Exempt Income Funds |

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------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2021-B, <br> AMT, 5.00% 12/1/2031  | USD1,135 | $1230 |
| County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series <br> 2015-F, AMT, 5.00% 12/1/2025  | 1885 | 1897 |
| County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series <br> 2015-F, AMT, 5.00% 12/1/2026  | 1000 | 1002 |
|  |  | 152256 |
| **Minnesota 1.70%** | **Minnesota 1.70%** | **Minnesota 1.70%** |
| Becker Independent School Dist. No. 726, GO School Building Bonds, Series 2022-A, CAB, 0% 2/1/2034  | 3420 | 2448 |
| GO State Trunk Highway Rev. Ref. Bonds, Series 2022-B, 5.00% 8/1/2028  | 1600 | 1721 |
| GO State Trunk Highway Rev. Ref. Bonds, Series 2024-E, 5.00% 8/1/2029  | 5605 | 6153 |
| GO State Trunk Highway Rev. Ref. Bonds, Series 2024-E, 5.00% 8/1/2030  | 9200 | 10256 |
| Higher Education Supplemental Loan Auth., Rev. Bonds, Series 2020, AMT, 2.65% 11/1/2038  | 5830 | 5344 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-D, 1.65% 7/1/2030  | 1120 | 1023 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2019-F, 2.45% 7/1/2034  | 1410 | 1212 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-B, 2.625% 1/1/2040  | 1925 | 1451 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 1/1/2045  | 250 | 250 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-E, AMT, 3.50% 1/1/2046  | 45 | 45 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-B, 3.50% 7/1/2046  | 660 | 659 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2016-E, 4.00% 1/1/2047  | 45 | 45 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-B, 4.00% 7/1/2047  | 540 | 542 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 1/1/2048  | 975 | 980 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-B, 4.00% 7/1/2048  | 560 | 561 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 1/1/2049  | 4520 | 4574 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2019-B, 4.25% 7/1/2049  | 2105 | 2134 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-B, 3.50% 7/1/2050  | 725 | 726 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-E, 3.50% 7/1/2050  | 4225 | 4229 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-I, 3.00% 1/1/2051  | 2390 | 2367 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-B, 3.00% 7/1/2051  | 2640 | 2612 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-D, 3.00% 1/1/2052  | 4855 | 4801 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-F, 3.00% 7/1/2052  | 7970 | 7876 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-H, 3.00% 7/1/2052  | 10025 | 9908 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2022-A, 3.00% 7/1/2052  | 5670 | 5595 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2023-F, 5.75% 7/1/2053  | 2610 | 2787 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2024-O, 6.25% 1/1/2055  | 9885 | 11025 |
| City of St. Paul, Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2022-B, AMT, 5.00% 1/1/2026  | 1620 | 1635 |
| City of St. Paul, Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2022-B, AMT, 5.00% 1/1/2033  | 1165 | 1248 |
| City of St. Paul, Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2022-B, AMT, 5.00% 1/1/2035  | 1350 | 1424 |
|  |  | 95631 |
| **Mississippi 0.16%** | **Mississippi 0.16%** | **Mississippi 0.16%** |
| Business Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004, 0.70% <br> 3/1/2029 (put 9/1/2026)  | 1460 | 1411 |
| Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project), Series 2015-A, <br> AGI, 5.00% 3/1/2026  | 1045 | 1057 |
| Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 10/15/2026  | 3425 | 3439 |
| Home Corp., Single Family Mortgage Rev. Bonds, Series 2019-B, 2.40% 12/1/2034  | 1000 | 845 |
| Home Corp., Single Family Mortgage Rev. Bonds, Series 2017-C, AMT, 4.00% 12/1/2046  | 235 | 235 |
| Home Corp., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 12/1/2048  | 920 | 926 |
| Home Corp., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 6/1/2049  | 1310 | 1317 |
|  |  | 9230 |
| **Missouri 1.04%** | **Missouri 1.04%** | **Missouri 1.04%** |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2016-B, 3.50% 5/1/2041  | 355 | 355 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2019-A, 4.25% 5/1/2047  | 715 | 723 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2017-B, 3.25% 9/1/2047  | 1194 | 1072 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **52** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2018-A, 4.25% 5/1/2049  | USD490 | $495 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2020-A, 3.50% 11/1/2050  | 2505 | 2507 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-A, 3.00% 5/1/2052  | 1885 | 1865 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-B, 3.00% 5/1/2052  | 4450 | 4403 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-C, 3.25% 11/1/2052  | 3135 | 3119 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2023-A, 5.75% 5/1/2053  | 3165 | 3378 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2023-E, 6.50% 5/1/2054  | 3130 | 3505 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-C, 6.00% 5/1/2055  | 10015 | 11047 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2025-C, 5.75% 5/1/2056  | 10000 | 10900 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2025-A, 6.00% 5/1/2056  | 10550 | 11575 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series <br> 2015-A, 3.75% 5/1/2038  | 5 | 5 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series <br> 2015-B-2, 4.00% 11/1/2045  | 190 | 190 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2019-C, 5.00% 7/1/2031  | 1750 | 1867 |
| City of St. Louis, Industrial Dev. Auth., Multi Family Rev. Bonds (The Brewery Apartments), Series 2025, 3.15% <br> 4/1/2046 (put 4/1/2028)  | 1190 | 1191 |
|  |  | 58197 |
| **Montana 0.21%** | **Montana 0.21%** | **Montana 0.21%** |
| City of Forsyth, Pollution Control Rev. Ref. Bonds (Northwestern Corp. Colstrip Project), Series 2023, 3.875% <br> 7/1/2028  | 8075 | 8225 |
| Board of Housing, Single Family Mortgage Bonds, Series 2015-B-2, AMT, 3.50% 12/1/2042  | 10 | 10 |
| Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 6/1/2044  | 210 | 210 |
| Board of Housing, Single Family Mortgage Bonds, Series 2021-A-1, 3.00% 6/1/2051  | 1265 | 1252 |
| Board of Housing, Single Family Mortgage Bonds, Series 2021-B, 3.00% 12/1/2051  | 635 | 628 |
| Board of Housing, Single Family Mortgage Bonds, Series 2024-A, 6.00% 12/1/2054  | 1225 | 1331 |
|  |  | 11656 |
| **Nebraska 0.58%** | **Nebraska 0.58%** | **Nebraska 0.58%** |
| Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2019, 4.00% 12/1/2049 (put 8/1/2025)  | 10000 | 10000 |
| County of Douglas, Hospital Auth. No. 2 (Methodist Health System), Health Facs. Rev. Ref. Bonds, Series 2015, <br> 5.00% 11/1/2026  | 1155 | 1161 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2017-B, AMT, 3.50% 3/1/2040  | 1365 | 1360 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-A, 3.50% 9/1/2045  | 190 | 190 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 9/1/2046  | 440 | 440 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2019-B, AMT, 4.00% 9/1/2049  | 2335 | 2342 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2020-C, 3.00% 9/1/2050  | 1175 | 1164 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2021-C, 3.00% 9/1/2050  | 7350 | 7270 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2020-A, 3.50% 9/1/2050  | 1825 | 1827 |
| Omaha Public Power Dist., Electric System Rev. Bonds, Series 2024-B, 5.00% 2/1/2032  | 6020 | 6736 |
|  |  | 32490 |
| **Nevada 0.64%** | **Nevada 0.64%** | **Nevada 0.64%** |
| Clark County School Dist., Limited Tax GO Building Bonds, Series 2024-B, 5.00% 6/15/2034  | 10000 | 11221 |
| County of Clark, Airport System Rev. Ref. Bonds (McCarran International Airport), Series 2021-A, 5.00% 7/1/2033  | 760 | 830 |
| County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2010, 2.10% 6/1/2031  | 1100 | 972 |
| City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Local Improvement Bonds, Series 2017, <br> 2.50% 9/1/2025  | 365 | 365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **53** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Nevada (continued)** | **Nevada (continued)** | **Nevada (continued)** |
| Housing Division, Multi Unit Housing Rev. Bonds (Carville Park Apartments), Series 2024, 5.00% 7/1/2028 (put <br> 7/1/2027)  | USD940 | $977 |
| Housing Division, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 4/1/2049  | 710 | 715 |
| City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 6/15/2027  | 1200 | 1216 |
| Las Vegas Convention and Visitors Auth., Convention Center Expansion and Renovation Rev. Bonds, Series <br> 2022-B, 5.00% 7/1/2035  | 7835 | 8504 |
| Las Vegas Convention and Visitors Auth., Convention Center Expansion and Renovation Rev. Bonds, Series <br> 2023-A, 5.00% 7/1/2036  | 1195 | 1290 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Rev. Ref. Bonds, Series 2016-B, 5.00% 6/1/2031  | 1750 | 1778 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Rev. Ref. Bonds, Series 2021-C, 2.00% 6/1/2034  | 5000 | 4154 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Rev. Ref. Bonds, Series 2016-B, 5.00% 6/1/2034  | 3900 | 3955 |
|  |  | 35977 |
| **New Hampshire 1.11%** | **New Hampshire 1.11%** | **New Hampshire 1.11%** |
| Health and Education Facs. Auth., Education Loan Rev. Bonds (Granite Edvance Corp. Issue), Series 2024-B, AMT, <br> 5.00% 11/1/2034  | 500 | 523 |
| Health and Education Facs. Auth., Education Loan Rev. Bonds (Granite Edvance Corp. Issue), Series 2024-B, AMT, <br> 4.00% 11/1/2044  | 440 | 399 |
| Health and Education Facs. Auth., Education Loan Rev. Bonds (New Hampshire Higher Education Loan Corp. <br> Issue), Series 2023-B, AMT, 5.00% 11/1/2043  | 4360 | 4418 |
| Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 10/1/2025  | 1250 | 1254 |
| Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 10/1/2026  | 1250 | 1281 |
| Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 10/1/2027  | 1250 | 1277 |
| National Fin. Auth., Affordable Housing Certs., Series 2024-1, Class A, 4.15% 10/20/2040 (put 10/1/2034)  | 6045 | 5688 |
| National Fin. Auth., Lease Rent Rev. Bonds (Centurion Foundation Lamar Boulevard, LLC), Series 2025-A, 5.05% <br> 6/15/2035 <sup>(b)</sup>  | 3590 | 3581 |
| National Fin. Auth., Lease Rent Rev. Bonds (Centurion Foundation Woodway Drive, LLC), Series 2024-A, 4.53% <br> 10/15/2034 <sup>(b)</sup>  | 6900 | 6854 |
| National Fin. Auth., Municipal Certs., Series 2022-2, Class A, 4.00% 10/20/2036  | 6566 | 6171 |
| National Fin. Auth., Municipal Certs., Series 2023-2, Class A, 3.875% 1/20/2038  | 2656 | 2417 |
| National Fin. Auth., Municipal Certs., Series 2024-2, Class X, 0.506% 8/20/2039 <sup>(a)</sup>  | 8790 | 347 |
| National Fin. Auth., Municipal Certs., Series 2024-2, Class X, 3.625% 8/20/2039  | 9259 | 8437 |
| National Fin. Auth., Municipal Certs., Series 2025-1, Class A-1, 4.087% 1/20/2041 <sup>(a)</sup>  | 5683 | 5369 |
| National Fin. Auth., Municipal Certs., Series 2025-1, Class A-2, 4.087% 1/20/2041 <sup>(a)</sup>  | 384 | 342 |
| National Fin. Auth., Municipal Certs., Series 2024-1, Class X, 0.495% 7/1/2051 <sup>(a)</sup>  | 9450 | 345 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.00% 12/1/2035  | 10150 | 10749 |
| National Fin. Auth., Specialty Pharmacy Rev. Bonds (University Hospitals Home Care Services, Inc.), Series 2024-A, <br> 5.625% 12/15/2033 <sup>(b)</sup>  | 2800 | 2845 |
|  |  | 62297 |
| **New Jersey 2.98%** | **New Jersey 2.98%** | **New Jersey 2.98%** |
| Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties, LLC - Montclair State University Student <br> Housing Project), Series 2017, AGI, 5.00% 6/1/2026  | 1000 | 1018 |
| Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 6/15/2026  | 1000 | 1022 |
| Econ. Dev. Auth., School Facs. Construction Bonds, Series 2016-BBB, 5.50% 6/15/2029 (preref. 12/15/2026)  | 1030 | 1071 |
| Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2023-RRR, 5.00% 3/1/2028  | 5375 | 5704 |
| Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2020-E, AMT, 0.85% <br> 12/1/2025  | 905 | 894 |
| Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2020, AMT, 1.10% <br> 11/1/2029 (put 12/1/2027)  | 1345 | 1248 |
| Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2019-A, AMT, 2.20% <br> 10/1/2039 (put 12/3/2029)  | 15730 | 14223 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (Atlanticare Health System Obligated Group Issue), Series 2021, 5.00% <br> 7/1/2032  | 680 | 739 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2027  | 1150 | 1199 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2037  | 4130 | 4221 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2038  | 8625 | 8797 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **54** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2039  | USD1,465 | $1491 |
| Higher Education Student Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2022, AMT, 4.00% <br> 12/1/2041  | 7325 | 7226 |
| Higher Education Student Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2025, AMT, 4.50% <br> 12/1/2045  | 13010 | 12837 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2015-1B, AMT, 5.00% 12/1/2033  | 3750 | 3983 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2019-B, AMT, 3.25% 12/1/2039  | 780 | 737 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2020-B, AMT, 3.50% 12/1/2039  | 3750 | 3620 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 12/1/2026  | 335 | 342 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2019-A, 5.00% 12/1/2027  | 1000 | 1046 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 12/1/2027  | 335 | 348 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2019-B, AMT, 3.00% 12/1/2034  | 3500 | 3157 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2020-A, AMT, 3.50% 12/1/2039  | 3800 | 3705 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2021-B, AMT, 2.50% 12/1/2040  | 5630 | 5175 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2023-B, AMT, 4.00% 12/1/2044  | 13680 | 12611 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2024-B, AMT, 4.25% 12/1/2045  | 5655 | 5494 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2021-H, 1.85% 10/1/2033  | 1020 | 825 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 10/1/2048  | 2785 | 2831 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2019-C, 4.75% 10/1/2050  | 2370 | 2414 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2020-E, 3.50% 4/1/2051  | 5395 | 5400 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2023-J, 5.50% 4/1/2053  | 5345 | 5734 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2022-I, 5.00% 10/1/2053  | 8175 | 8469 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2024-K, 6.00% 10/1/2055  | 3990 | 4331 |
| South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2022-A, BAM, 5.00% 11/1/2036  | 500 | 530 |
| South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2022-A, BAM, 5.00% 11/1/2037  | 500 | 525 |
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 6/1/2029  | 225 | 232 |
| Transportation Trust Fund Auth., Federal Highway Reimbursement Rev. Ref. Bonds, Series 2018-A, 5.00% <br> 6/15/2028  | 3000 | 3060 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2019-BB, 5.00% 6/15/2032  | 2000 | 2111 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2022-CC, 5.00% 6/15/2033  | 1625 | 1792 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2022-CC, 5.00% 6/15/2034  | 1450 | 1580 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2009-A, 0% 12/15/2032  | 4405 | 3395 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2020-D, 5.00% 1/1/2028  | 1780 | 1833 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2025-B, 5.00% 1/1/2031  | 10000 | 11068 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2025-B, 5.00% 1/1/2034  | 8145 | 9166 |
|  |  | 167204 |
| **New Mexico 0.62%** | **New Mexico 0.62%** | **New Mexico 0.62%** |
| Albuquerque Municipal School Dist. No. 12, GO School Bonds, Series 2021-A, 5.00% 8/1/2025  | 400 | 400 |
| Albuquerque Municipal School Dist. No. 12, GO School Bonds, Series 2021-A, 5.00% 8/1/2026  | 275 | 282 |
| Albuquerque Municipal School Dist. No. 12, GO School Bonds, Series 2021-A, 5.00% 8/1/2028  | 375 | 402 |
| Educational Assistance Foundation, Education Loan Bonds, Series 2021-1-A, AMT, 2.05% 9/1/2051  | 3650 | 3267 |
| City of Farmington, Pollution Control Rev. Ref. Bonds (Public Service Co. of San Juan and Four Corners Projects), <br> Series 2016-A, 2.15% 4/1/2033  | 2100 | 1769 |
| Hospital Equipment Loan Council, Hospital System Rev. Bonds (Presbyterian Healthcare Services), Series 2019-A, <br> 5.00% 8/1/2029  | 1195 | 1290 |
| Hospital Equipment Loan Council, Hospital System Rev. Bonds (Presbyterian Healthcare Services), Series 2019-A, <br> 5.00% 8/1/2030  | 1110 | 1193 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2016-A-2, Class I, AMT, 3.50% 3/1/2046  | 650 | 647 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2017-B-2, Class I, AMT, 3.75% 3/1/2048  | 385 | 384 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-B-1, Class I, 4.00% 1/1/2049  | 315 | 317 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-C, Class I, 4.00% 1/1/2049  | 540 | 543 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 1/1/2050  | 4055 | 4099 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-C-1, Class I, 4.00% 7/1/2050  | 1475 | 1486 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2020-B, Class I, 3.00% 1/1/2051  | 2360 | 2334 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2023-C, Class I, 5.75% 3/1/2054  | 4000 | 4301 |
| Municipal Energy Acquisition Auth., Gas Supply Rev. Ref. and Acquisition Bonds, Series 2025, 5.00% 6/1/2054 <br> (put 11/1/2030)  | 11565 | 12279 |
|  |  | 34993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **55** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York 7.13%** | **New York 7.13%** | **New York 7.13%** |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.00% 3/15/2030  | USD7,300 | $7790 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.00% 3/15/2031  | 3000 | 3348 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 5.00% 3/15/2032  | 1375 | 1496 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.00% 3/15/2036  | 1385 | 1528 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2016-A, 5.00% 3/15/2028  | 555 | 570 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 3/15/2033  | 1405 | 1468 |
| Energy Research and Dev. Auth., Pollution Control Rev. Bonds (New York State Electric & Gas Corp. Project), Series <br> 2004-C, 4.00% 4/1/2034  | 1340 | 1340 |
| Environmental Facs. Corp., Revolving Funds Rev. Green Bonds (2010 Master Fncg. Program), Series 2022-B, <br> 5.00% 9/15/2033  | 425 | 479 |
| Environmental Facs. Corp., Revolving Funds Rev. Green Bonds (2010 Master Fncg. Program), Series 2022-B, <br> 5.00% 9/15/2034  | 250 | 279 |
| Housing Fin. Agcy., 160 West 62nd Street Housing Rev. Bonds, Series 2011-A-1, 3.60% 11/1/2044 (put 4/1/2032)  | 6385 | 6411 |
| Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2020-H, 1.95% 5/1/2032  | 2295 | 2038 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-M-2, 0.75% 11/1/2025  | 305 | 303 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-L-1, 1.45% 5/1/2029  | 1560 | 1436 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-D-2, 0.65% 11/1/2056 (put 11/1/2025)  | 1340 | 1329 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-E-2, 0.65% 11/1/2056 (put 11/1/2025)  | 2760 | 2742 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-J-2, 1.10% 11/1/2061 (put 5/1/2027)  | 20280 | 19462 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2023-A-2, 3.75% 11/1/2062 (put 11/1/2029)  | 10000 | 10067 |
| Housing Fin. Agcy., Affordable Housing Rev. Ref. Bonds, Series 2020-H, 1.75% 5/1/2030  | 1685 | 1553 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 1.45% <br> 11/15/2029  | 1650 | 1472 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 1.70% <br> 11/15/2030  | 4000 | 3507 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 1.90% <br> 11/15/2031  | 2000 | 1719 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 5.00% 11/15/2045 (put <br> 5/15/2030)  | 22100 | 23223 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2015-F, 5.00% 11/15/2027  | 2815 | 2829 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-A-2, AGI, (USD-SOFR x 0.67 + <br> 0.80%) 3.721% 11/1/2032 (put 4/1/2026) <sup>(a)</sup>  | 3540 | 3546 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2027  | 535 | 564 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 11/15/2028  | 1185 | 1273 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2029  | 1945 | 2065 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 223, 2.25% 4/1/2030  | 1320 | 1247 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 223, 2.30% 10/1/2030  | 2205 | 2048 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 225, 2.00% 10/1/2035  | 1675 | 1317 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 206, AMT, 4.00% 10/1/2037  | 355 | 355 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 10/1/2044  | 890 | 890 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 233, 3.00% 10/1/2045  | 8375 | 8287 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 10/1/2045  | 75 | 75 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 10/1/2047  | 990 | 990 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 10/1/2047  | 565 | 569 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 217, 4.00% 10/1/2049  | 565 | 568 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 242, 3.50% 10/1/2052  | 2770 | 2774 |
| New York City GO Bonds, Fiscal 2006, Series 2006-I-6, 5.00% 4/1/2033  | 4000 | 4478 |
| New York City GO Bonds, Fiscal 2008, Series 2008-L-6, 5.00% 4/1/2030  | 2000 | 2160 |
| New York City GO Bonds, Fiscal 2017, Series 2017-C, 5.00% 8/1/2028  | 4300 | 4460 |
| New York City GO Bonds, Fiscal 2019, Series 2019-E, 5.00% 8/1/2030  | 2150 | 2312 |
| New York City GO Bonds, Fiscal 2019, Series 2019-E, 5.00% 8/1/2033  | 1000 | 1058 |
| New York City GO Bonds, Fiscal 2022, Series 2022-B, 5.00% 8/1/2031  | 1680 | 1872 |
| New York City GO Bonds, Fiscal 2022, Series 2022-C, 5.00% 8/1/2031  | 1100 | 1226 |
| New York City GO Bonds, Fiscal 2023, Series 2023-B-1, 5.00% 10/1/2033  | 1000 | 1100 |
| New York City GO Bonds, Fiscal 2023, Series 2023-F-1, 5.00% 8/1/2035  | 1000 | 1093 |
| New York City GO Bonds, Fiscal 2025, Series 2025-A, 5.00% 8/1/2031  | 800 | 891 |
| New York City GO Bonds, Fiscal 2025, Series 2025-G-1, 5.00% 2/1/2032  | 11230 | 12509 |
| New York City GO Bonds, Fiscal 2025, Series 2025-A, 5.00% 8/1/2032  | 2430 | 2715 |
| New York City GO Bonds, Fiscal 2025, Series 2025-G-1, 5.00% 2/1/2033  | 10000 | 11189 |
| New York City GO Bonds, Fiscal 2025, Series 2025-F, 5.00% 8/1/2033  | 25440 | 28502 |
| New York City Health and Hospitals Corp., Health System Bonds, Series 2020-A, 5.00% 2/15/2027  | 2675 | 2778 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds, Series 2025, 3.30% 5/1/2055 (put <br> 12/22/2025)  | 2565 | 2565 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **56** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2022-A, <br> 2.75% 11/1/2033  | USD2,250 | $2044 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2024-B-2, <br> 3.70% 5/1/2064 (put 7/3/2028)  | 8365 | 8459 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2024-F-2, <br> 3.40% 11/1/2064 (put 1/2/2029)  | 1000 | 1007 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series <br> 2019-G-1-A, 2.25% 11/1/2031  | 1150 | 1036 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2020-A-1-B, 2.10% 5/1/2032  | 1055 | 933 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-G, 1.85% 11/1/2032  | 1055 | 874 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2022-A, 2.80% 11/1/2034  | 2520 | 2201 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-C-1, 2.10% 11/1/2036  | 1340 | 1017 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2023-E-2, 3.80% 11/1/2063  | 2620 | 2651 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2025-A-2, 3.25% 11/1/2064 (put 7/1/2029)  | 7045 | 7079 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2025-C-2, 3.75% 5/1/2065 (put 7/2/2029)  | 8515 | 8630 |
| New York City Housing Dev. Corp., Multi Family Mortgage Rev. Bonds (8 Spruce Street), Series 2024-D, 4.00% <br> 12/15/2031  | 205 | 211 |
| New York City Housing Dev. Corp., Multi Family Mortgage Rev. Bonds (8 Spruce Street), Series 2024-E, 4.375% <br> 12/15/2031  | 190 | 195 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2018-FF, 5.00% 6/15/2040  | 11410 | 11671 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal <br> 2025, Series 2025-CC, 5.00% 6/15/2037  | 4000 | 4409 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 11/1/2028  | 1000 | 1043 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 5/1/2031  | 760 | 837 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2022, Series 2022-B, 4.00% 8/1/2037  | 4000 | 3894 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2023, Series 2022-A-1, 5.00% 8/1/2035  | 1200 | 1301 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G-1, 5.00% 5/1/2028  | 4460 | 4763 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.00% 5/1/2030  | 2285 | 2526 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.00% 5/1/2038  | 9800 | 10498 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2031  | 5585 | 6233 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-F-F1, 5.00% 11/1/2032  | 7685 | 8649 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-F-F1, 5.00% 11/1/2033  | 3250 | 3661 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-D, 5.00% 5/1/2034  | 3315 | 3736 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-A-A1, 5.00% 11/1/2034  | 4000 | 4509 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-F-F1, 5.00% 11/1/2034  | 1375 | 1550 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2034  | 5025 | 5665 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2036  | 2640 | 2902 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2038  | 12000 | 12831 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2026, Series 2026-A-1, 5.00% 5/1/2031  | 7000 | 7808 |
| Onongada Civic Dev. Corp., Rev. Bonds (Syracuse University Project), Series 2025, 5.00% 12/1/2033  | 1000 | 1139 |
| Onongada Civic Dev. Corp., Rev. Bonds (Syracuse University Project), Series 2025, 5.00% 12/1/2034  | 850 | 968 |
| Port Auth., Consolidated Bonds, Series 195, AMT, 5.00% 10/1/2025  | 1540 | 1545 |
| Port Auth., Consolidated Bonds, Series 221, AMT, 5.00% 7/15/2028  | 1000 | 1061 |
| Port Auth., Consolidated Bonds, Series 246, AMT, 5.00% 9/1/2028  | 6000 | 6377 |
| Port Auth., Consolidated Bonds, Series 207, AMT, 5.00% 9/15/2028  | 10000 | 10488 |
| Port Auth., Consolidated Bonds, Series 227, AMT, 3.00% 10/1/2028  | 6880 | 6851 |
| Port Auth., Consolidated Bonds, Series 226, AMT, 5.00% 10/15/2028  | 1725 | 1837 |
| Port Auth., Consolidated Bonds, Series 227, AMT, 2.00% 10/1/2031  | 1505 | 1291 |
| Port Auth., Consolidated Bonds, Series 238, AMT, 5.00% 7/15/2036  | 2350 | 2471 |
| Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 3.125% <br> 12/1/2025  | 75 | 75 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 5.00% 12/1/2029  | 810 | 873 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2032  | 6950 | 7502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **57** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-A, AMT, 5.00% 12/1/2035  | USD550 | $565 |
| Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, <br> 4.00% 7/1/2033  | 4000 | 3945 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2023, AMT, 6.00% 4/1/2035  | 2000 | 2167 |
| Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds (MTA Bridges and Tunnels), Series 2018-C, 5.00% <br> 11/15/2038  | 3750 | 3828 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Rev. Ref. Green Bonds (MTA Bridges and Tunnels), Series <br> 2023-A, 5.00% 11/15/2034  | 450 | 501 |
| Triborough Bridge and Tunnel Auth., Real Estate Transfer Tax Rev. Bonds (MTA Bridges and Tunnels), Series <br> 2025-A, 5.00% 12/1/2032  | 1160 | 1309 |
| Triborough Bridge and Tunnel Auth., Sales Tax Rev. Bonds (MTA Bridges and Tunnels), Series 2024-A-1, 5.00% <br> 5/15/2039  | 750 | 802 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 3/15/2030  | 2250 | 2282 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 3/15/2031  | 1000 | 1098 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-E, 4.00% 3/15/2038  | 2915 | 2835 |
|  |  | 400498 |
| **North Carolina 1.66%** | **North Carolina 1.66%** | **North Carolina 1.66%** |
| Columbus County Industrial Facs. and Pollution Control Fin. Auth. Environmental Improvement and Rev. Ref. <br> Bonds (International Paper Co. Project), Series 2019-A, 3.45% 11/1/2033 (put 10/1/2031)  | 1100 | 1079 |
| Educational Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2045  | 4350 | 4377 |
| Educational Assistance Auth., Student Loan Rev. Bonds, Series 2023-A, AMT, 5.00% 6/1/2043  | 2595 | 2630 |
| Gastonia Housing Auth. Multi Family Housing Rev. Bonds (Stonecroft Village), Series 2024-B, 3.50% 5/1/2028 (put <br> 5/1/2027)  | 2600 | 2627 |
| GO Public Improvement Bonds (Connect NC), Series 2019-B, 2.00% 6/1/2033  | 2500 | 2194 |
| GO School Bonds, Series 2023, 5.00% 9/1/2029  | 2300 | 2529 |
| GO School Bonds, Series 2023, 5.00% 9/1/2030  | 2000 | 2232 |
| Housing Fin. Agcy., Home Ownership Rev. and Rev. Ref. Bonds (1998 Trust Agreement), Series 45, 3.00% <br> 7/1/2051  | 2170 | 2148 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 44, 2.55% 7/1/2035  | 1140 | 948 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 40, 4.25% 7/1/2047  | 235 | 237 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 47, 3.00% 7/1/2051  | 8870 | 8775 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 51, 5.75% 1/1/2054  | 3515 | 3758 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 50, 5.50% 1/1/2054  | 9805 | 10517 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 53-A, 6.25% 1/1/2055  | 6730 | 7333 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 54-A, 6.25% 1/1/2055  | 5530 | 6158 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 55-A, 6.25% 7/1/2055  | 5545 | 6123 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 57-A, 6.25% 1/1/2056  | 7075 | 7918 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 37-A, AMT, 3.50% 7/1/2039  | 35 | 35 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 7/1/2047  | 350 | 351 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 39-B, 4.00% 7/1/2048  | 600 | 603 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 42, 4.00% 1/1/2050  | 665 | 670 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 44, 4.00% 7/1/2050  | 2850 | 2874 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 46-A, 3.00% 7/1/2051  | 1835 | 1815 |
| Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Fitch Irick Portfolio), Series 2024, 5.00% 4/1/2029 (put <br> 4/1/2028)  | 2825 | 2977 |
| Housing Fin. Corp., Multi Family Housing Rev. Bonds (Weaver-PPM Portfolio), Series 2024, 4.00% 3/1/2028 (put <br> 3/1/2027)  | 2670 | 2711 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (The United Methodist Retirement Homes <br> Project), Series 2024-B-2, 3.75% 10/1/2028  | 290 | 290 |
| Town of Morehead City, Multi Family Housing Rev. Bonds (Elijah's Landing), Series 2024, 4.05% 1/1/2028 (put <br> 1/1/2027)  | 4000 | 4057 |
| Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 5/1/2029  | 1500 | 1605 |
| Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 5/1/2030  | 1000 | 1028 |
| Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 5/1/2031  | 1000 | 1025 |
| Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 5/1/2031  | 1370 | 1459 |
|  |  | 93083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **58** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **North Dakota 0.85%** | **North Dakota 0.85%** | **North Dakota 0.85%** |
| County of Cass, Joint Water Resource Dist., Temporary Rev. Ref. Improvement Bonds, Series 2024-A, 3.45% <br> 4/1/2027  | USD15,805 | $15820 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2016-B, AMT, 4.00% <br> 1/1/2047  | 365 | 365 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-D, 4.00% 1/1/2048  | 2170 | 2177 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-F, 4.00% 7/1/2048  | 150 | 151 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2018-D, 4.25% 1/1/2049  | 990 | 998 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-A, 4.25% 7/1/2049  | 630 | 636 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-F, 3.75% 7/1/2050  | 610 | 613 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2020-B, 3.00% 7/1/2051  | 1535 | 1520 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-A, 3.00% 1/1/2052  | 3410 | 3374 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-B, 3.00% 7/1/2052  | 7775 | 7662 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2023-A, 5.75% 7/1/2053  | 2795 | 2974 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2023-D, 5.75% 1/1/2054  | 3030 | 3240 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-A, 6.00% 7/1/2054  | 2610 | 2831 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-C, 6.25% 1/1/2055  | 2385 | 2657 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-D, 6.00% 7/1/2055  | 2230 | 2469 |
|  |  | 47487 |
| **Ohio 1.91%** | **Ohio 1.91%** | **Ohio 1.91%** |
| Air Quality Dev. Auth. Rev. Ref. Bonds, (American Electric Power Co. Project), Series 2005-C, AMT, 3.70% 4/1/2028  | 2285 | 2282 |
| Air Quality Dev. Auth. Rev. Ref. Bonds, (American Electric Power Co. Project), Series 2005-B, AMT, 3.70% 7/1/2028  | 4820 | 4811 |
| Air Quality Dev. Auth., Air Quality Dev. Rev. Ref. Bonds (Duke Energy Corp. Project), Series 2022-B, AMT, 4.25% <br> 11/1/2039 (put 6/1/2027)  | 9705 | 9847 |
| Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-C, 1.50% 2/1/2026 <br> (put 11/4/2025)  | 655 | 649 |
| Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-A, 2.875% 2/1/2026  | 1000 | 994 |
| Air Quality Dev. Auth., Air Quality Rev. Ref. Bonds (Ohio Valley Electric Corp. Project), Series 2019-A, 3.25% <br> 9/1/2029  | 1000 | 986 |
| Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated <br> Group), Series 2020, 5.00% 11/15/2028  | 680 | 717 |
| Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated <br> Group), Series 2020, 5.00% 11/15/2030  | 350 | 376 |
| County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-A, 5.00% 8/1/2027  | 570 | 595 |
| Capital Facs. Lease Appropriation Bonds, Series 2021-A, 5.00% 2/1/2029  | 1945 | 2106 |
| Capital Facs. Lease Appropriation Bonds, Series 2021-A, 5.00% 4/1/2029  | 510 | 554 |
| Capital Facs. Lease Appropriation Bonds, Series 2021-A, 5.00% 4/1/2030  | 840 | 927 |
| Columbus-Franklin County Fin. Auth., Multi Family Housing Rev. Bonds (The Reserve At Chatford Apartments), <br> Series 2025-B, 3.65% 7/1/2029  | 1175 | 1189 |
| County of Cuyahoga, Hospital Rev. Bonds (MetroHealth System), Series 2017, 5.00% 2/15/2026  | 1000 | 1008 |
| County of Cuyahoga, Hospital Rev. Bonds (MetroHealth System), Series 2017, 5.00% 2/15/2027  | 1500 | 1539 |
| County of Cuyahoga, Metropolitan Housing Auth., Multi Family Housing Rev. Bonds (Wade Park Apartments), <br> Series 2022, 4.75% 12/1/2027 (put 12/1/2025)  | 2715 | 2730 |
| County of Hamilton, Metropolitan Sewer Dist. of Greater Cincinatti, Sewer System Rev. Ref. Bonds, Series 2019-A, <br> 5.00% 12/1/2029  | 1000 | 1101 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Ashtabula County Medical Center Obligated <br> Group), Series 2022, 5.00% 1/1/2026  | 300 | 301 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Ashtabula County Medical Center Obligated <br> Group), Series 2022, 5.00% 1/1/2027  | 545 | 556 |
| Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2024-A, 5.00% 1/1/2032  | 5000 | 5551 |
| Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2017-A, 3.25% 1/1/2035  | 5000 | 4725 |
| Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Beechwood Apartments), Series 2025, 3.37% 3/1/2028 (put <br> 3/1/2027)  | 1175 | 1183 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-K, <br> 3.50% 9/1/2046  | 745 | 745 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-D, <br> 4.00% 3/1/2047  | 595 | 597 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-B, AMT, <br> 4.50% 3/1/2047  | 515 | 517 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, <br> 4.00% 3/1/2048  | 3405 | 3415 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **59** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, <br> 4.50% 9/1/2049  | USD1,310 | $1327 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-B, <br> 4.50% 3/1/2050  | 765 | 775 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, <br> 3.75% 9/1/2050  | 6895 | 6939 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2021-C, <br> 3.25% 3/1/2051  | 5835 | 5809 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2021-A, <br> 3.00% 3/1/2052  | 1275 | 1263 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2025-B, <br> 6.50% 3/1/2056  | 5380 | 6081 |
| Major New State Infrastructure Project Rev. Bonds, Series 2024-1, 5.00% 12/15/2030  | 2500 | 2784 |
| Miami University, General Receipts and Rev. Ref. Bonds, Series 2022-A, 5.00% 9/1/2031  | 700 | 782 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 5.00% 8/1/2029  | 505 | 545 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 5.00% 8/1/2032  | 750 | 818 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 5.00% 8/1/2033  | 570 | 616 |
| Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, AGI, 5.00% 12/31/2026  | 865 | 866 |
| Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, AGI, 5.00% 12/31/2027  | 500 | 501 |
| County of Summit, Dev. Fin. Auth. Multi Family Housing Rev. Bonds (Wintergreen Ledges Apartments), Series <br> 2025, 5.00% 4/1/2028 (put 4/1/2027)  | 5670 | 5855 |
| University of Cincinnati, GO Receipt Bonds, Series 2025-A, 5.00% 6/1/2041  | 2765 | 2882 |
| County of Van Wert, Hospital Facs. Rev. Ref. and Improvement Bonds (Van Wert Health Obligated Group), Series <br> 2020, 6.125% 12/1/2049 (preref. 12/1/2029)  | 5900 | 6572 |
| Water Dev. Auth., Drinking Water Assistance Fund Rev. Bonds (Sustainability Bonds), Series 2024-A, 5.00% <br> 6/1/2034  | 3635 | 4135 |
| Water Dev. Auth., Drinking Water Assistance Fund Rev. Green Bonds, Series 2022-A, 5.00% 12/1/2032  | 400 | 454 |
| Water Dev. Auth., Drinking Water Assistance Fund Rev. Green Bonds, Series 2022-A, 5.00% 6/1/2033  | 350 | 395 |
| Water Dev. Auth., Drinking Water Assistance Fund Rev. Green Bonds, Series 2022-A, 5.00% 12/1/2033  | 400 | 449 |
| Water Dev. Auth., Drinking Water Assistance Fund Rev. Green Bonds, Series 2022-A, 5.00% 6/1/2034  | 300 | 335 |
| Water Dev. Auth., Drinking Water Assistance Fund Rev. Green Bonds, Series 2022-A, 5.00% 12/1/2034  | 400 | 445 |
| Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2024-D, 5.00% 12/1/2033  | 3000 | 3415 |
| Water Dev. Auth., Water Pollution Control Loan Fund Rev. Green Bonds, Series 2024-D, 5.00% 12/1/2031  | 2700 | 3049 |
|  |  | 107093 |
| **Oklahoma 0.18%** | **Oklahoma 0.18%** | **Oklahoma 0.18%** |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2022-A, 5.00% <br> 3/1/2052  | 475 | 492 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2023-B, 5.75% <br> 9/1/2053  | 3900 | 4232 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-A, 6.00% <br> 9/1/2054  | 4225 | 4637 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-B, 6.25% <br> 9/1/2055  | 770 | 857 |
|  |  | 10218 |
| **Oregon 1.52%** | **Oregon 1.52%** | **Oregon 1.52%** |
| Dept. of Administrative Services, State Lottery Rev. Bonds, Series 2025-A, 5.00% 4/1/2032  | 1250 | 1409 |
| Dept. of Administrative Services, State Lottery Rev. Bonds, Series 2025-A, 5.00% 4/1/2034  | 1410 | 1601 |
| GO Bonds, Series 2022-C, 5.00% 6/1/2028  | 1630 | 1747 |
| GO Bonds (Article XI-Q State Projects), Series 2025-A, 5.00% 5/1/2034  | 2500 | 2844 |
| GO Bonds (Veteran's Welfare Bonds Series 99B), Series 2020, 3.50% 12/1/2050  | 1930 | 1932 |
| GO Bonds (Veteran's Welfare Bonds Series 108), Series 2021-O, 3.00% 12/1/2051  | 5730 | 5627 |
| GO Bonds (Veteran's Welfare Bonds Series 109), Series 2022-D, 5.00% 12/1/2052  | 445 | 462 |
| GO Bonds (Veteran's Welfare Bonds Series 111), Series 2023-E, 5.50% 12/1/2053  | 7000 | 7509 |
| GO Rev. Ref. Bonds (Article XI-F1 State Projects), Series 2025-F, 5.00% 8/1/2031  | 1000 | 1124 |
| GO Rev. Ref. Bonds (Article XI-F1 State Projects), Series 2025-F, 5.00% 8/1/2032  | 625 | 708 |
| GO Rev. Ref. Bonds (Article XI-F1 State Projects), Series 2025-F, 5.00% 8/1/2033  | 725 | 823 |
| GO Rev. Ref. Bonds (Article XI-G State Projects), Series 2025-G, 5.00% 8/1/2032  | 500 | 566 |
| GO Rev. Ref. Bonds (Article XI-G State Projects), Series 2025-G, 5.00% 8/1/2033  | 720 | 817 |
| GO Rev. Ref. Bonds (Article XI-G State Projects), Series 2025-G, 5.00% 8/1/2034  | 1000 | 1139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **60** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Oregon (continued)** | **Oregon (continued)** | **Oregon (continued)** |
| GO Rev. Ref. Bonds (Higher Education), Series 2020-N, 5.00% 8/1/2028  | USD500 | $538 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2019-A, <br> 2.45% 7/1/2034  | 1220 | 1049 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-G, <br> AMT, 4.00% 1/1/2040  | 510 | 512 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-A, <br> 4.00% 7/1/2047  | 1265 | 1268 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-A, <br> 4.50% 1/1/2049  | 470 | 472 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2020-C, <br> 3.00% 1/1/2052  | 3495 | 3462 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2024-C, <br> 6.50% 7/1/2054  | 4105 | 4574 |
| City of Portland, Sewer System Rev. Ref. Bonds, Series 2016-A, 2.00% 6/15/2028  | 11450 | 11026 |
| Port of Portland, Portland International Airport Rev. Bonds, Series 27-A, AMT, 5.00% 7/1/2027  | 1780 | 1847 |
| Port of Portland, Portland International Airport Rev. Bonds, Series 27-A, AMT, 5.00% 7/1/2031  | 4000 | 4254 |
| Port of Portland, Portland International Airport Rev. Bonds, Series 27-A, AMT, 5.00% 7/1/2032  | 3300 | 3490 |
| Port of Portland, Portland International Airport Rev. Ref. Bonds, Series 25-B, AMT, 5.00% 7/1/2032  | 1500 | 1570 |
| Port of Portland, Portland International Airport Rev. Ref. Green Bonds, Series 30-A, AMT, 5.00% 7/1/2031  | 5005 | 5437 |
| Port of Portland, Portland International Airport Rev. Ref. Green Bonds, Series 30-A, AMT, 5.00% 7/1/2032  | 11545 | 12586 |
| Salem-Keizer School Dist. No. 24-J, GO Bonds, Series 2020-B, 5.00% 6/15/2035  | 3455 | 3690 |
| Tri-County Metropolitan Transportation Dist., Grant Receipt Rev. Ref. Bonds, Series 2017-A, 5.00% 10/1/2027  | 1100 | 1155 |
|  |  | 85238 |
| **Pennsylvania 3.48%** | **Pennsylvania 3.48%** | **Pennsylvania 3.48%** |
| County of Allegheny, Hospital Dev. Auth., UPMC Rev. Bonds, Series 2019-A, 4.00% 7/15/2039  | 2500 | 2306 |
| County of Allegheny, Sanitary Auth., Sewer Rev. Bonds, Series 2020-A, 5.00% 6/1/2026  | 500 | 510 |
| County of Chester, Industrial Dev. Auth., Rev. Notes (Avon Grove Charter School Project), Series 2024, 5.00% <br> 3/1/2027  | 620 | 628 |
| Delaware River Joint Toll Bridge Commission, Bridge System Rev. Bonds, Series 2019-A, 5.00% 7/1/2029  | 1000 | 1089 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Penndot Major Bridges Package One Project), Series 2022, <br> AMT, 5.00% 12/31/2030  | 6350 | 6781 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Penndot Major Bridges Package One Project), Series 2022, <br> AMT, 5.00% 6/30/2032  | 1270 | 1360 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series <br> 2015, AMT, 5.00% 6/30/2026  | 2645 | 2685 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series <br> 2015, AMT, 5.00% 12/31/2034  | 8355 | 8389 |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2009, 0.95% <br> 12/1/2033 (put 12/1/2026)  | 18000 | 17272 |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2011, AMT, <br> 4.25% 7/1/2041 (put 7/1/2027)  | 5000 | 5021 |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2021-A-2, AMT, <br> 4.60% 10/1/2046 (put 10/1/2026)  | 12435 | 12479 |
| Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 6/1/2026  | 4500 | 4576 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/1/2026  | 310 | 313 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/1/2029  | 535 | 560 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/1/2030  | 400 | 420 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2023-A, AMT, 5.00% 6/1/2030  | 1020 | 1072 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2020, 2.45% 6/1/2041  | 1015 | 904 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-A, AMT, 2.625% 6/1/2042  | 2410 | 2124 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2022-A, AMT, 4.50% 6/1/2043  | 4640 | 4649 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2023-B, AMT, 4.00% 6/1/2044  | 5700 | 5549 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2024-1A, AMT, 4.125% 6/1/2045  | 3565 | 3389 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2025-1A, AMT, 4.75% 6/1/2046  | 4230 | 4086 |
| Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series 2019, <br> 5.00% 8/15/2027  | 1200 | 1256 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-134A, 1.35% 4/1/2030  | 1105 | 998 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-134-A, 1.55% 10/1/2031  | 2285 | 1964 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-121, 2.80% 10/1/2031  | 1000 | 956 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-137, 2.15% 10/1/2032  | 2760 | 2450 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-135-A, 2.00% 4/1/2033  | 1390 | 1163 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **61** | American Funds Tax-Exempt Income Funds |

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------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2019-128-A, AMT, 4.75% 4/1/2033  | USD1,495 | $1500 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2019-129, 2.95% 10/1/2034  | 1500 | 1338 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-123-A, AMT, 4.00% 4/1/2039  | 370 | 370 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2015-118-A, AMT, 3.50% 4/1/2040  | 65 | 65 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 10/1/2041  | 30 | 30 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 10/1/2046  | 245 | 245 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-121, 3.50% 10/1/2046  | 210 | 210 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 10/1/2046  | 2250 | 2253 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2020-133, 3.00% 10/1/2050  | 3720 | 3688 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2020-132-A, 3.50% 4/1/2051  | 1025 | 1025 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-135-A, 3.00% 10/1/2051  | 2275 | 2259 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2022-138-A, 3.00% 10/1/2052  | 19655 | 19351 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2022-140-A, 5.00% 10/1/2052  | 1000 | 1032 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2024-144A, 6.00% 10/1/2054  | 7650 | 8298 |
| County of Lehigh, General Purpose Auth., Hospital Rev. Bonds (Lehigh Valley Health Network), Series 2019-A, <br> 5.00% 7/1/2026  | 1920 | 1957 |
| County of Lehigh, General Purpose Auth., Hospital Rev. Bonds (St. Luke's Hospital), Series 2017-B, (SIFMA <br> Municipal Swap Index + 1.10%) 3.39% 8/15/2038 <sup>(a)</sup>  | 2190 | 2161 |
| County of Luzerne, Industrial Dev. Auth., Rev. Ref. Bonds (Pennsylvania - American Water Co. Project), Series 2019, <br> AMT, 2.45% 12/1/2039 (put 12/3/2029)  | 4500 | 3987 |
| County of Monroe, Lease Rental Rev. Bonds (Centurion Foundation Lehigh Valley), Series 2024-A, 5.10% <br> 6/15/2039 <sup>(c)</sup>  | 4585 | 4332 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2018-A, 5.00% 9/1/2037  | 2205 | 2250 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Foulkeways at Gwynedd Project), Series 2016, 5.00% <br> 12/1/2026  | 400 | 403 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights, Ltd.), Series 2019, 4.00% 12/1/2027  | 200 | 202 |
| City of Philadelphia, Airport Rev. and Rev. Ref. Bonds, Series 2020-C, AMT, 5.00% 7/1/2028  | 1220 | 1290 |
| City of Philadelphia, Airport Rev. and Rev. Ref. Bonds, Series 2021, AMT, 5.00% 7/1/2030  | 2255 | 2430 |
| City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2022-C, 5.00% 6/1/2032  | 860 | 959 |
| City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2022-C, 5.00% 6/1/2033  | 650 | 722 |
| City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2022-C, 5.00% 6/1/2034  | 770 | 848 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, 5.00% 9/1/2025  | 3590 | 3595 |
| Philadelphia School Dist., GO Bonds, Series 2019-A, NATL, 5.00% 9/1/2025  | 1200 | 1202 |
| Philadelphia School Dist., GO Bonds, Series 2019-A, NATL, 5.00% 9/1/2026  | 2000 | 2049 |
| Philadelphia School Dist., GO Bonds, Series 2021-A, 5.00% 9/1/2029  | 1340 | 1444 |
| Philadelphia School Dist., GO Bonds, Series 2021-A, 5.00% 9/1/2030  | 1000 | 1087 |
| Philadelphia School Dist., GO Bonds, Series 2021-A, 5.00% 9/1/2031  | 855 | 935 |
| Philadelphia School Dist., GO Bonds, Series 2021-A, 5.00% 9/1/2032  | 2230 | 2428 |
| Philadelphia School Dist., GO Bonds, Series 2021-A, 5.00% 9/1/2033  | 2900 | 3133 |
| Philadelphia School Dist., GO Green Bonds, Series 2019-B, 5.00% 9/1/2028  | 3740 | 3975 |
| Philadelphia School Dist., GO Green Bonds, Series 2021-B, 5.00% 9/1/2029  | 335 | 361 |
| Philadelphia School Dist., GO Green Bonds, Series 2021-B, 5.00% 9/1/2030  | 1245 | 1353 |
| Philadelphia School Dist., GO Green Bonds, Series 2021-B, 5.00% 9/1/2031  | 1500 | 1640 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2017-A-1, 5.00% 12/1/2028  | 1500 | 1576 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-C, 5.00% 12/1/2028  | 725 | 783 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-C, 5.00% 12/1/2029  | 875 | 960 |
| Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2024-1, 5.00% 12/1/2028  | 1015 | 1096 |
| Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2019, 5.00% 12/1/2030  | 1250 | 1330 |
| Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2025-2, 5.00% 12/1/2038  | 4500 | 4873 |
| Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2025-2, 5.00% 12/1/2039  | 3250 | 3486 |
|  |  | 195460 |
| **Puerto Rico 0.02%** | **Puerto Rico 0.02%** | **Puerto Rico 0.02%** |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. <br> Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2021, 5.00% 7/1/2029  | 875 | 918 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. <br> Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2021, 5.00% 7/1/2031  | 330 | 348 |
|  |  | 1266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **62** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Rhode Island 0.65%** | **Rhode Island 0.65%** | **Rhode Island 0.65%** |
| Health and Educational Building Corp., Educational Institution Rev. Bonds (St. George's School Issue), Series <br> 2021, 5.00% 10/1/2028  | USD1,000 | $1072 |
| Health and Educational Building Corp., Providence Public Schools Rev. Bond Fncg. Program, Rev. Ref. Bonds <br> (Providence Public Buildings Auth. Issue), Series 2015, AGI, 5.00% 5/15/2026  | 2000 | 2003 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 75-A, 3.00% 10/1/2051  | 8510 | 8421 |
| Housing and Mortgage Fin. Corp., Multi Family Dev. Green Bonds, Series 2024-1-A, FHA, 3.60% 10/1/2054 (put <br> 10/1/2027)  | 4770 | 4786 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 12/1/2025  | 525 | 528 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 12/1/2026  | 825 | 843 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2022-A, AMT, 4.125% 12/1/2041  | 5855 | 5531 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2023-A, AMT, 4.125% 12/1/2042  | 3115 | 2866 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2024-A, AMT, 4.125% 12/1/2043  | 3500 | 3179 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2024-B, AMT, 4.125% 12/1/2043  | 1690 | 1523 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2025-1, AMT, 5.00% 12/1/2044  | 3960 | 3813 |
| Student Loan Auth., Student Loan Program Rev. Bonds, Series 2018-A, AMT, 3.50% 12/1/2034  | 365 | 341 |
| Student Loan Auth., Student Loan Program Rev. Bonds, Series 2020-A, AMT, 3.625% 12/1/2037  | 1800 | 1712 |
|  |  | 36618 |
| **South Carolina 1.12%** | **South Carolina 1.12%** | **South Carolina 1.12%** |
| City of Columbia, Waterworks and Sewer System Rev. Bonds, Series 2019-A, 5.00% 2/1/2028  | 100 | 106 |
| City of Columbia, Waterworks and Sewer System Rev. Bonds, Series 2019-A, 5.00% 2/1/2029  | 500 | 543 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2016-B-2, AMT, 4.00% 7/1/2043  | 45 | 45 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-A, 4.00% 1/1/2047  | 55 | 55 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-B, FHA, 4.00% 7/1/2047  | 205 | 205 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2018-A, 4.50% 7/1/2048  | 605 | 611 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 7/1/2050  | 7330 | 7401 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2021-A, 3.00% 1/1/2052  | 8030 | 7944 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-B, 3.25% 1/1/2052  | 3590 | 3576 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2022-A, 4.00% 1/1/2052  | 4070 | 4121 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2024-A, 6.25% 7/1/2054  | 6150 | 6813 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2025-A, 6.50% 7/1/2055  | 4990 | 5657 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 7/1/2036  | 340 | 341 |
| Jobs-Econ. Dev. Auth., Environmental Improvement Rev. Ref. Bonds (International Paper Company Project), Series <br> 2023-A, AMT, 4.00% 4/1/2033 (put 4/1/2026)  | 3270 | 3281 |
| Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2023-B-1, 5.25% 2/1/2054 (put 3/1/2031)  | 1220 | 1312 |
| Public Service Auth., Improvement Rev. Obligations, Series 2021-B, 5.00% 12/1/2031  | 1600 | 1770 |
| Public Service Auth., Improvement Rev. Obligations, Series 2021-B, 5.00% 12/1/2032  | 1625 | 1779 |
| Public Service Auth., Improvement Rev. Obligations (Santee Cooper), Series 2025-A, 5.00% 12/1/2034  | 750 | 831 |
| Public Service Auth., Improvement Rev. Obligations (Santee Cooper), Series 2025-A, 5.00% 12/1/2036  | 1000 | 1088 |
| Public Service Auth., Improvement Rev. Ref. Obligations (Santee Cooper), Series 2024-B, AGI, 5.00% 12/1/2037  | 6560 | 7037 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2028  | 2455 | 2481 |
| Public Service Auth., Rev. Ref. and Improvement Obligations (Santee Cooper), Series 2020-A, 5.00% 12/1/2032  | 500 | 539 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2025-B, 5.00% 12/1/2028  | 2345 | 2517 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 5.00% 12/1/2029  | 865 | 942 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2025-B, 5.00% 12/1/2031  | 1250 | 1382 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 5.00% 12/1/2032  | 620 | 682 |
|  |  | 63059 |
| **South Dakota 0.72%** | **South Dakota 0.72%** | **South Dakota 0.72%** |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 11/1/2045  | 5 | 5 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-B, 3.50% 11/1/2046  | 50 | 50 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 11/1/2046  | 660 | 660 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2017-B, 4.00% 11/1/2047  | 935 | 937 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 11/1/2048  | 2290 | 2317 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2019-B, 4.00% 5/1/2049  | 810 | 815 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2020-C, 3.50% 5/1/2051  | 6535 | 6541 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2021-B, 3.00% 11/1/2051  | 14600 | 14446 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **63** | American Funds Tax-Exempt Income Funds |

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------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **South Dakota (continued)** | **South Dakota (continued)** | **South Dakota (continued)** |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2022-C, 5.00% 5/1/2053  | USD4,050 | $4199 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2024-A, 6.25% 5/1/2055  | 4260 | 4654 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2025-A, 6.50% 11/1/2055  | 5205 | 5891 |
|  |  | 40515 |
| **Tennessee 0.51%** | **Tennessee 0.51%** | **Tennessee 0.51%** |
| Health and Educational Facs. Board of the Metropolitan Government of Nashville and Davidson County, Rev. <br> Bonds (Vanderbilt University Medical Center), Series 2016-A, 5.00% 7/1/2040  | 1000 | 996 |
| Housing Dev. Agcy., Homeownership Program Bonds, Series 2015-A, 3.50% 7/1/2045  | 110 | 110 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-4, 2.25% 7/1/2030  | 1560 | 1466 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-4, 2.65% 7/1/2034  | 805 | 702 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2A, AMT, 4.00% 1/1/2042  | 1005 | 1007 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2-B, 4.00% 1/1/2042  | 580 | 583 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 7/1/2042  | 655 | 657 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 1/1/2045  | 5 | 5 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, AMT, 4.00% 1/1/2046  | 105 | 105 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-B, 3.50% 1/1/2047  | 30 | 30 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-1, 4.25% 1/1/2050  | 1190 | 1202 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2020-3-A, 3.50% 7/1/2050  | 450 | 450 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2022-2, 5.00% 1/1/2053  | 2975 | 3088 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2025-1A, 6.00% 1/1/2056  | 5485 | 6045 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC - University of Tennessee Project), Series 2024-A-1, BAM, 5.00% 7/1/2032  | 540 | 590 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC - University of Tennessee Project), Series 2024-A-1, BAM, 5.00% 7/1/2034  | 550 | 597 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC - University of Tennessee Project), Series 2024-A-1, BAM, 5.00% 7/1/2035  | 615 | 661 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC - University of Tennessee Project), Series 2024-A-1, BAM, 5.00% 7/1/2036  | 500 | 533 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC - University of Tennessee Project), Series 2024-A-1, BAM, 5.00% 7/1/2037  | 500 | 528 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC - University of Tennessee Project), Series 2024-A-1, BAM, 5.00% 7/1/2038  | 210 | 220 |
| City of Memphis, Electric System Rev. and Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2030  | 400 | 445 |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.00% 7/1/2027  | 530 | 549 |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.00% 7/1/2028  | 625 | 661 |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.25% 7/1/2033  | 855 | 934 |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.25% 7/1/2034  | 2415 | 2619 |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.25% 7/1/2035  | 725 | 780 |
| Tennessee Energy Acquisition Corp., Commodity Project Rev. Bonds, Series 2021-A, 5.00% 5/1/2052 (put <br> 11/1/2031)  | 2815 | 2946 |
|  |  | 28509 |
| **Texas 11.59%** | **Texas 11.59%** | **Texas 11.59%** |
| Affordable Housing Corp., Multi Family Housing Rev. Bonds (Juniper Creek Apartments Project), Series 2023, <br> 3.75% 7/1/2044 (put 7/1/2026)  | 1190 | 1199 |
| Affordable Housing Corp., Multi Family Housing Rev. Bonds (Norman Commons), Series 2023, 3.625% 1/1/2045 <br> (put 1/1/2027)  | 1645 | 1661 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2020, 5.00% 2/15/2027  | 225 | 233 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2020, 5.00% 2/15/2028  | 500 | 530 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2020, 5.00% 2/15/2029  | 700 | 757 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2020, 5.00% 2/15/2030  | 350 | 384 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2025-A, 5.00% 2/15/2035  | 2170 | 2445 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2025-A, 5.00% 2/15/2036  | 2295 | 2524 |
| Angleton Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2/15/2026  | 1545 | 1565 |
| Angleton Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2/15/2027  | 1070 | 1111 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% <br> 8/15/2026  | 400 | 409 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2021-A, 4.00% <br> 8/15/2027  | 375 | 382 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **64** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2021-A, 4.00% <br> 8/15/2028  | USD400 | $410 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% <br> 8/15/2028  | 595 | 636 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2021-A, 4.00% <br> 8/15/2029  | 360 | 371 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% <br> 8/15/2029  | 495 | 539 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 4.25% <br> 8/15/2034  | 890 | 875 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 4.50% <br> 8/15/2039  | 470 | 444 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Harmony Public Schools), Series 2024, 5.00% <br> 2/15/2035  | 1200 | 1312 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Harmony Public Schools), Series 2024, 5.00% <br> 2/15/2036  | 2000 | 2169 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 8/15/2027  | 2310 | 2424 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 5.00% 8/15/2027  | 1280 | 1343 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 5.00% 8/15/2028  | 750 | 804 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 5.00% 8/15/2029  | 1310 | 1425 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 5.00% 8/15/2030  | 830 | 913 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 5.00% 8/15/2031  | 445 | 494 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, <br> 5.00% 8/15/2027  | 1025 | 1076 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, <br> 5.00% 8/15/2028  | 1300 | 1394 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, <br> 5.00% 8/15/2030  | 850 | 919 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, <br> 5.00% 8/15/2031  | 880 | 943 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 2.75% 12/1/2026  | 240 | 239 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 12/1/2026  | 450 | 464 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 12/1/2027  | 460 | 469 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 12/1/2027  | 250 | 261 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 12/1/2028  | 475 | 483 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 12/1/2029  | 395 | 401 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 12/1/2033  | 585 | 586 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 12/1/2034  | 605 | 602 |
| Arlington Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 5.00% <br> 2/15/2026  | 325 | 330 |
| Aubrey Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/15/2033  | 1205 | 1335 |
| Austin Affordable PFC, Inc., Multi Family Housing Rev. Bonds (Eagle's Landing Family Apartments), Series 2024-B, <br> 5.00% 9/1/2028 (put 9/1/2027)  | 235 | 246 |
| City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2015-A, 5.00% 11/15/2030  | 1520 | 1528 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 5.00% 5/15/2030  | 3680 | 3701 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 5.00% 5/15/2030 (preref. <br> 11/15/2025)  | 20 | 20 |
| Azle Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2024, 5.00% 2/15/2033  | 1000 | 1126 |
| County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2/15/2031  | 2480 | 2607 |
| Boerne Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2023, 3.125% 2/1/2053 <br> (put 2/1/2027)  | 3000 | 3005 |
| Brazos Higher Education Auth., Inc., Student Loan Program Rev. Bonds, Series 2024-1-A, AMT, 5.00% 4/1/2032  | 5675 | 6029 |
| Brazos Higher Education Auth., Inc., Student Loan Program Rev. Bonds, Series 2024-1-A, AMT, 4.00% 4/1/2045  | 6570 | 5576 |
| City of Bryan, Electric System Rev. Bonds, Series 2021, BAM, 5.00% 7/1/2028  | 265 | 282 |
| Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (The Katy), Series 2024, 3.125% 9/1/2029 (put <br> 9/1/2027)  | 3475 | 3501 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2025-A, 5.00% 2/15/2036  | 1360 | 1490 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2025-A, 5.00% 2/15/2037  | 1435 | 1552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **65** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2021-D, 5.00% 1/1/2028  | USD1,095 | $1153 |
| Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2021-D, 5.00% 1/1/2031  | 3000 | 3286 |
| Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2021-D, 5.00% 1/1/2032  | 520 | 569 |
| Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2021-D, 5.00% 1/1/2033  | 2770 | 3005 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Idea Public Schools), Series 2017, 5.00% <br> 8/15/2027  | 1360 | 1421 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Idea Public Schools), Series 2025, 5.00% <br> 8/15/2030  | 2000 | 2189 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Idea Public Schools), Series 2025, 5.00% <br> 8/15/2031  | 2250 | 2474 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Idea Public Schools), Series 2025, 5.00% <br> 8/15/2035  | 5385 | 5860 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2025  | 315 | 315 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 8/15/2026  | 4800 | 4913 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2026  | 245 | 251 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2018, 5.00% 8/15/2027  | 1150 | 1201 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2027  | 315 | 329 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2022-A, 5.00% 8/15/2027  | 500 | 519 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 8/15/2028  | 2535 | 2700 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2028  | 410 | 437 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2022-A, 5.00% 8/15/2028  | 300 | 316 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2029  | 470 | 509 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2022-A, 5.00% 8/15/2029  | 315 | 337 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2030  | 250 | 274 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2022-A, 5.00% 8/15/2030  | 385 | 414 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2031  | 575 | 632 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (International Leadership of Texas, Inc.), Series 2018-D, <br> 6.125% 8/15/2048  | 5750 | 5758 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (Idea Public Schools), Series 2024, 5.00% <br> 8/15/2035  | 1300 | 1398 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (Idea Public Schools), Series 2024, 5.00% <br> 8/15/2036  | 2500 | 2666 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2031  | 2820 | 3088 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2035  | 1080 | 1162 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2036  | 270 | 287 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2037  | 210 | 221 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2038  | 235 | 246 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2039  | 350 | 363 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2025-B, 4.00% 2/15/2055 (put 2/15/2030)  | 6620 | 6784 |
| College Student Loan GO Bonds, Series 2019, AMT, 5.00% 8/1/2027  | 3590 | 3742 |
| Collin County Community College Dist., GO Bonds, Series 2020-A, 5.00% 8/15/2031  | 1000 | 1078 |
| Corpus Christi Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2033  | 1750 | 1970 |
| City of Corpus Christi, Utility System Rev. Improvement and Rev. Ref. Bonds, Series 2023, 5.00% 7/15/2030  | 2220 | 2443 |
| Port of Corpus Christi Auth. of Nueces County, Rev. Bonds, Series 2018-A, 5.00% 12/1/2027  | 490 | 516 |
| Crandall Independent School Dist., Unlimited Tax School Building Bonds, Series 2022-A. 5.00% 8/15/2035  | 1085 | 1179 |
| Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 8/1/2028  | 310 | 333 |
| Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 8/1/2032  | 855 | 910 |
| Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, <br> 5.00% 2/15/2027  | 1000 | 1038 |
| Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2032  | 2000 | 2240 |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. and Improvement Bonds, <br> Series 2024, 5.00% 11/1/2031  | 2500 | 2789 |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2023-C, AMT, <br> 5.00% 11/1/2032  | 8400 | 9162 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **66** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Palladium Buckner Station), Series 2025, <br> 3.05% 8/1/2030 (put 8/1/2028)  | USD4,345 | $4355 |
| City of Dallas, Special Tax Rev. Bonds (Kay Bailey Hutchison Convention Center Dallas Venue Project), Series 2023, <br> 6.00% 8/15/2053 (put 8/15/2028) <sup>(b)</sup>  | 2210 | 2214 |
| City of Dallas, Waterworks and Sewer System Rev. Ref. Bonds, Series 2024, 5.00% 10/1/2034  | 4010 | 4500 |
| Dallas Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 3.00% 2/15/2034  | 4000 | 3732 |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Highpoint at Wynnewood), Series 2022, <br> 3.50% 2/1/2044 (put 2/1/2026)  | 2330 | 2330 |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Rosemont at Ash Creek Apartments), Series <br> 2023, 5.00% 7/1/2026 (put 12/1/2025)  | 1835 | 1847 |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (The Mondello), Series 2024, 5.00% 8/1/2027 <br> (put 8/1/2026)  | 955 | 973 |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (West Virginia Apartments), Series 2024-B, <br> 5.00% 10/1/2028 (put 10/1/2027)  | 305 | 318 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 5.00% 8/15/2028  | 370 | 396 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-B, 5.00% 8/15/2028  | 455 | 487 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 5.00% 8/15/2029  | 775 | 845 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-B, 5.00% 8/15/2029  | 460 | 502 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 5.00% 8/15/2030  | 450 | 490 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-B, 5.00% 8/15/2030  | 505 | 550 |
| Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 6/15/2027  | 1000 | 1047 |
| City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 12/1/2028  | 7320 | 7524 |
| Dumas Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2/1/2027  | 1505 | 1561 |
| Dumas Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2/1/2028  | 1335 | 1417 |
| Eagle Mountain-Saginaw Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% <br> 8/15/2028  | 1000 | 1074 |
| Eagle Mountain-Saginaw Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% <br> 8/15/2030  | 1010 | 1078 |
| City of El Paso, Combination Tax and Rev. Bonds Certs. of Obligation, Series 2021-A, 5.00% 8/15/2027  | 275 | 288 |
| City of El Paso, Combination Tax and Rev. Bonds Certs. of Obligation, Series 2021-A, 5.00% 8/15/2028  | 350 | 374 |
| County of El Paso, Hospital Dist. GO Bonds, Series 2025, AGI, 5.00% 2/15/2033  | 1500 | 1656 |
| County of El Paso, Hospital Dist. GO Bonds, Series 2025, AGI, 5.00% 2/15/2036  | 900 | 985 |
| Forney Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2031  | 1700 | 1893 |
| Forney Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2032  | 1500 | 1677 |
| Fort Bend Grand Parkway Toll Road Auth., Limited Contract Tax and Toll Road Rev. Ref. Bonds, Series 2021-A, <br> 5.00% 3/1/2031  | 1000 | 1106 |
| Fort Bend Grand Parkway Toll Road Auth., Limited Contract Tax and Toll Road Rev. Ref. Bonds, Series 2021-A, <br> 4.00% 3/1/2032  | 500 | 524 |
| Fort Bend Grand Parkway Toll Road Auth., Limited Contract Tax and Toll Road Rev. Ref. Bonds, Series 2021-A, <br> 4.00% 3/1/2033  | 1000 | 1037 |
| Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2021-B, 0.72% 8/1/2051 (put 8/1/2026)  | 13890 | 13492 |
| Fort Bend Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020-B, 0.875% <br> 8/1/2050 (put 8/1/2025)  | 5535 | 5535 |
| Fort Worth Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 5.00% 2/15/2027  | 1075 | 1117 |
| City of Fort Worth, Water and Sewer System Rev. Bonds, Series 2024, 5.00% 2/15/2037  | 1860 | 2000 |
| Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, CAB, Series 1999, 0% <br> 8/15/2027  | 2410 | 2276 |
| Galveston Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/1/2032  | 1360 | 1476 |
| City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2028  | 275 | 291 |
| City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2029  | 385 | 415 |
| City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2030  | 375 | 410 |
| City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2031  | 625 | 690 |
| City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2032  | 720 | 786 |
| Georgetown Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2030  | 700 | 769 |
| Georgetown Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2031  | 525 | 581 |
| Georgetown Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2032  | 750 | 837 |
| GO Water Financial Assistance Rev. Ref. Bonds, Series 2021-B, 4.00% 8/1/2028  | 1500 | 1501 |
| GO Water Financial Assistance Rev. Ref. Bonds, Series 2021-B, 4.00% 8/1/2029  | 1500 | 1501 |
| GO Water Financial Assistance Rev. Ref. Bonds, Series 2021-B, 4.00% 8/1/2030  | 630 | 630 |
| Goose Creek Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2014-B, <br> 0.60% 2/15/2035 (put 8/17/2026)  | 3190 | 3116 |
| Gregory-Portland Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2035  | 2500 | 2757 |
| Gregory-Portland Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2036  | 3250 | 3539 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **67** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Gregory-Portland Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2037  | USD3,750 | $4036 |
| Gulf Coast Waste Disposal Auth., Solid Waste Disposal Rev. Bonds (Waste Management of Texas, Inc. Denton <br> County Project), Series 2003-B, AMT, 1.50% 5/1/2028  | 1565 | 1472 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2024-A, AGI, 5.00% 11/15/2034  | 1500 | 1658 |
| Harris County Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Ref. Bonds (TECO Project), Series 2017, <br> 5.00% 11/15/2031  | 2045 | 2113 |
| Hays Consolidated Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2/15/2027  | 1790 | 1861 |
| Hays Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2027  | 1000 | 1039 |
| Hays Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 4.00% <br> 2/15/2031  | 1230 | 1277 |
| Hays Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2034  | 960 | 1055 |
| Hays Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% <br> 2/15/2035  | 1000 | 1078 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2019-A, 4.75% 1/1/2049  | 1180 | 1197 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2021-A, 3.00% 1/1/2052  | 13585 | 13422 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2022-B, 5.75% 1/1/2053  | 2300 | 2483 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2023-A, 5.50% 7/1/2053  | 20570 | 22052 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2018-A, 4.75% 3/1/2049  | 1505 | 1523 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 3/1/2050  | 5620 | 5685 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 3/1/2051  | 5380 | 5385 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 3/1/2052  | 16095 | 15764 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2022-A, 5.50% 9/1/2052  | 1585 | 1688 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2022-B, 6.00% 3/1/2053  | 9040 | 9864 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2023-C, 6.00% 3/1/2054  | 8715 | 9561 |
| Housing Options, Inc., Multi Family Housing Rev. Bonds (Royal Crest Apartments), Series 2025, 3.05% 2/1/2045 <br> (put 2/1/2028)  | 1815 | 1816 |
| City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-A, AMT, 5.00% 7/1/2028  | 1000 | 1057 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2026  | 1380 | 1408 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2029  | 1500 | 1570 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 7/1/2029  | 1700 | 1818 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2023-B, AGI, AMT, 5.00% 7/1/2029  | 4920 | 5269 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2030  | 1035 | 1080 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 5.00% 7/1/2030  | 3440 | 3716 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2020-A, AMT, 4.00% 7/1/2037  | 2945 | 2820 |
| City of Houston, Combined Utility System Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 11/15/2027  | 1535 | 1582 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 11/15/2027  | 550 | 580 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 11/15/2028  | 500 | 538 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 11/15/2029  | 490 | 536 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 11/15/2030  | 650 | 708 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2025  | 85 | 85 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2026  | 140 | 142 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2028  | 355 | 366 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2030  | 280 | 290 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2031  | 160 | 165 |
| City of Houston, Downtown Redev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2015, BAM, 5.00% <br> 9/1/2027  | 2460 | 2463 |
| City of Houston, Memorial City Redev. Auth., Tax Increment Contract Rev. and Rev. Ref. Bonds, Series 2019, AGI, <br> 5.00% 9/1/2027  | 1050 | 1095 |
| City of Houston, Memorial City Redev. Auth., Tax Increment Contract Rev. and Rev. Ref. Bonds, Series 2019, AGI, <br> 5.00% 9/1/2028  | 1250 | 1326 |
| City of Houston, Water and Sewer System Rev. Ref. Bonds, CAB, Series 1998-A, AGI, 0% 12/1/2028 (escrowed to <br> maturity)  | 1300 | 1181 |
| Houston Independent School Dist., Maintenance Tax Notes, Series 2025-A, 5.00% 7/15/2045 (put 7/15/2028)  | 8665 | 9167 |
| Humble Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2033  | 650 | 732 |
| Humble Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2034  | 725 | 819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **68** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Hurst-Euless-Bedford Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% <br> 8/15/2026  | USD1,250 | $1283 |
| City of Hutto, Combination Tax and Waterworks and Sewer System Rev. Certs. of Obligation, Series 2024, BAM, <br> 5.00% 8/1/2030  | 1070 | 1181 |
| City of Hutto, Combination Tax and Waterworks and Sewer System Rev. Certs. of Obligation, Series 2024, BAM, <br> 5.00% 8/1/2044  | 1665 | 1708 |
| Hutto Independent School Dist., Unlimited Tax School Building Bonds, Series 2015, 2.00% 2/1/2055 (put <br> 8/1/2025)  | 3750 | 3750 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 5.00% 2/15/2031  | 1000 | 1062 |
| Kilgore Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/15/2026  | 205 | 208 |
| Klein Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016-A, 3.00% 8/1/2028  | 1810 | 1810 |
| Krum Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/15/2035  | 1085 | 1208 |
| Krum Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.25% 8/15/2036  | 1925 | 2153 |
| Krum Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.25% 8/15/2037  | 2030 | 2246 |
| Lake Dallas Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, CAB, Series 2001, 0% <br> 8/15/2027  | 2180 | 2058 |
| Lamar Consolidated Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2021, 5.00% 2/15/2029  | 740 | 802 |
| Leander Independent School Dist., Unlimited Tax School Building Bonds, CAB, Series 2025-A, 0% 8/15/2028  | 500 | 456 |
| Leander Independent School Dist., Unlimited Tax School Building Bonds, CAB, Series 2025-A, 0% 8/15/2029  | 700 | 619 |
| Lewisville Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/15/2031  | 2170 | 2425 |
| Love Field Airport Modernization Corp., General Airport Rev. Bonds, Series 2017, AMT, 5.00% 11/1/2026  | 1000 | 1024 |
| Love Field Airport Modernization Corp., General Airport Rev. Ref. Bonds, Series 2021, AMT, AGI, 5.00% 11/1/2032  | 3535 | 3759 |
| Lower Colorado River Auth., Rev. Ref. Bonds, Series 2023-B, 5.00% 5/15/2039 (put 5/15/2028)  | 2400 | 2512 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020-A, 5.00% 5/15/2030  | 1000 | 1094 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020, 5.00% 5/15/2033  | 2010 | 2112 |
| City of Lubbock, Electric Light and Power System Rev. Ref. Bonds, Series 2023, AGI, 5.00% 4/15/2032  | 1145 | 1272 |
| Mabank Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2024, 5.00% <br> 8/15/2030  | 400 | 443 |
| Manor Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 8/1/2032  | 575 | 646 |
| McAllen Independent School Dist., Maintenance Tax Notes, Series 2020, 5.00% 2/15/2026  | 895 | 906 |
| City of McKinney, Waterworks and Sewer System Rev. Bonds, Series 2022, 5.00% 3/15/2029  | 400 | 433 |
| Medina Valley Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 0.82% 2/15/2051 <br> (put 2/15/2026)  | 3255 | 3203 |
| County of Midland, Fresh Water Supply Dist. No. 1, Rev. Bonds and Notes, CAB, Series 2012-A, 0% 9/15/2035 <br> (preref. 9/15/2027)  | 1485 | 946 |
| Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2024, AMT, <br> 4.00% 6/1/2054 (put 6/1/2034)  | 6000 | 5745 |
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2008-D, 6.25% 12/15/2026  | 1830 | 1877 |
| Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-B, (SIFMA Municipal Swap <br> Index + 0.55%) 2.84% 9/15/2027 <sup>(a)</sup>  | 1270 | 1263 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2025  | 1215 | 1222 |
| Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Rev. Bonds, Series 2023-A, 5.50% 1/1/2054 (put <br> 1/1/2030)  | 23900 | 25444 |
| Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Rev. Bonds, Series 2023-B, 5.50% 1/1/2054 (put <br> 1/1/2034)  | 12680 | 13778 |
| Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, AGI, 2.00% 9/1/2033  | 1790 | 1520 |
| Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, AGI, 3.00% 9/1/2034  | 1040 | 962 |
| Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, AGI, 3.00% 9/1/2036  | 1345 | 1189 |
| Nederland Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 8/15/2030  | 1000 | 1089 |
| Nederland Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 8/15/2031  | 1075 | 1162 |
| Nederland Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 4.00% 8/15/2032  | 1000 | 1030 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2035  | 750 | 823 |
| New Hope Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Children's Health System of Texas Project), <br> Series 2017-A, 5.00% 8/15/2028  | 1500 | 1564 |
| North Central Texas Health Facs. Dev. Corp., Hospital Rev. Bonds (Presbyterian Healthcare System Project), Series <br> 1996, NATL, 5.75% 6/1/2026 (escrowed to maturity)  | 515 | 528 |
| North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2035  | 3750 | 4160 |
| North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2036  | 4000 | 4373 |
| North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2024, 3.75% 8/1/2049 (put 8/1/2027)  | 2980 | 3022 |
| North East Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019-A, 4.00% <br> 8/1/2032  | 215 | 220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **69** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2021, BAM, 5.00% 12/15/2028  | USD1,450 | $1562 |
| North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 5.00% 12/15/2034  | 950 | 969 |
| North Texas Higher Education Auth., Inc., Education Loan Rev. Bonds, Senior Series 2024-1-A, AMT, 4.125% <br> 6/1/2045  | 4465 | 4316 |
| North Texas Municipal Water Dist., Contract Rev. Bonds (Sabine Creek Regional Wastewater System), Series 2022, <br> AGI, 5.00% 6/1/2030  | 1000 | 1104 |
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2024-B, 5.00% 1/1/2032  | 6060 | 6712 |
| Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/15/2032  | 1000 | 1125 |
| Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/15/2033  | 1000 | 1129 |
| Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 4.00% 6/1/2035  | 1705 | 1719 |
| Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2/15/2030  | 1070 | 1176 |
| Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-A, 5.00% 2/15/2030  | 540 | 592 |
| Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2/15/2031  | 1000 | 1090 |
| Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-A, 5.00% 2/15/2031  | 600 | 665 |
| Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-A, 5.00% 2/15/2032  | 1000 | 1117 |
| County of Nueces, Combination Tax and Limited Tax Rev. Ref. Certs. of Obligation, Series 2021-A, 5.00% <br> 2/15/2029  | 460 | 494 |
| Pasadena Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2034  | 1000 | 1111 |
| Pasadena Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2035  | 1000 | 1100 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2028  | 1000 | 1061 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2029  | 1200 | 1271 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% <br> 2/15/2031  | 1000 | 1088 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% <br> 2/15/2032  | 3615 | 3908 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2035  | 1440 | 1491 |
| County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2/1/2028  | 1400 | 1483 |
| County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2/1/2029  | 1495 | 1615 |
| County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2/1/2030  | 950 | 1023 |
| City of San Antonio, Airport System Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% 7/1/2028  | 1250 | 1321 |
| City of San Antonio, Combination Tax and Rev. Certs. of Obligation, Series 2024, 5.00% 2/1/2031  | 1250 | 1389 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2/1/2027  | 180 | 187 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2027  | 650 | 675 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2029  | 200 | 216 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2030  | 500 | 547 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-D, 5.00% 2/1/2030  | 2385 | 2610 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2031  | 600 | 663 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2/1/2032  | 380 | 419 |
| City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% <br> 7/1/2028  | 1000 | 1055 |
| City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds, Series 2019-A, AMT, 5.00% <br> 7/1/2029  | 1000 | 1070 |
| Spring Branch Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2019, 5.00% 2/1/2027  | 1725 | 1790 |
| Spring Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2024-B, 5.00% 8/15/2029  | 625 | 680 |
| Spring Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2024-B, 5.00% 8/15/2030  | 1210 | 1331 |
| Spring Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-A, 5.00% 8/15/2030  | 535 | 595 |
| Spring Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 8/15/2031  | 1850 | 1964 |
| Spring Branch Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2025, 5.00% <br> 2/1/2037  | 1375 | 1494 |
| Spring Branch Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2025, 5.00% <br> 2/1/2038  | 1500 | 1611 |
| Surface Transportation Corp., Private Activity Rev. Ref. Bonds (NTE Mobility Partners Segments 3 LLC), Series 2023, <br> AMT, 5.00% 12/31/2034  | 3650 | 3808 |
| Surface Transportation Corp., Private Activity Rev. Ref. Bonds (NTE Mobility Partners Segments 3 LLC), Series 2023, <br> AMT, 5.125% 12/31/2035  | 2880 | 2994 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 12/31/2030  | 280 | 286 |
| County of Tarrant, Housing Fin. Corp., Multi Family Housing Rev. Bonds (The Meridian Apartments), Series 2024-B, <br> 5.00% 9/1/2028 (put 9/1/2027)  | 550 | 573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **70** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Baylor Scott & White Health Project), <br> Series 2016-A, 5.00% 11/15/2029  | USD5,020 | $5097 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Baylor Scott & White Health Project), <br> Series 2016-A, 5.00% 11/15/2037  | 5500 | 5540 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Cook Children's Medical Center), Series <br> 2020, 4.00% 12/1/2034  | 2000 | 2021 |
| Tarrant County Cultural Education Facs. Fin. Corp., Rev. Bonds (Christus Health), Series 2018-B, 5.00% 7/1/2036  | 5000 | 5126 |
| Temple Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/1/2032  | 1560 | 1717 |
| Temple Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/1/2033  | 1500 | 1640 |
| Temple Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/1/2034  | 1865 | 2021 |
| Greater Texoma Utility Auth., Contract Rev. Bonds (City of Sherman Project), Series 2024, BAM, 5.00% 10/1/2029  | 1700 | 1842 |
| Greater Texoma Utility Auth., Contract Rev. Bonds (City of Sherman Project), Series 2024, BAM, 5.00% 10/1/2030  | 1225 | 1342 |
| THF Public Fac. Corp., Multi Family Housing Rev. Bonds (Covington Acres), Series 2025, 3.34% 2/1/2044 (put <br> 2/1/2029)  | 2915 | 2932 |
| Tomball Business Improvement Dist. No. 1, Unlimited Tax Bonds, Series 2024, 4.00% 11/15/2035  | 1070 | 1050 |
| Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2024-C, 5.00% 8/15/2031  | 5960 | 6591 |
| Trinity River Auth., Improvement Rev. and Rev. Ref. Bonds (Tarrant County Water Project), Series 2023, 5.00% <br> 2/1/2035  | 1000 | 1090 |
| Trinity River Auth., Regional Wastewater System Rev. Improvement and Rev. Ref. Bonds, Series 2019, 5.00% <br> 8/1/2027  | 1250 | 1310 |
| Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, CAB, Series 2002-A, AMBAC, 0% 8/15/2025  | 4700 | 4695 |
| Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, CAB, Series 2002-A, AMBAC, 0% 8/15/2027  | 6500 | 6131 |
| United Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 8/15/2026  | 1420 | 1456 |
| Board of Regents of the University of Houston System, Consolidated Rev. and Rev. Ref. Bonds, Series 2017-C, <br> 5.00% 2/15/2028  | 2665 | 2696 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2018-A, 5.00% 4/15/2026  | 760 | 773 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2025-A, 5.00% 4/15/2029  | 725 | 787 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2025-A, 5.00% 4/15/2030  | 1050 | 1157 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2025-A, 5.00% 4/15/2033  | 2345 | 2632 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2025-A, 5.00% 4/15/2034  | 1875 | 2102 |
| Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2022-A, 4.00% 8/15/2036  | 1810 | 1823 |
| Upper Trinity Regional Water Dist., Treated Water Supply System Rev. Ref. Bonds, Series 2022, BAM, 5.00% <br> 8/1/2028  | 815 | 870 |
| Upper Trinity Regional Water Dist., Treated Water Supply System Rev. Ref. Bonds, Series 2022, BAM, 5.00% <br> 8/1/2029  | 465 | 505 |
| Via Metropolitan Transit Advanced Transportation Dist., Sales Tax Rev. Bonds, Series 2024, 5.00% 8/1/2030  | 500 | 552 |
| Waller Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2039  | 2000 | 2130 |
| Waller Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2040  | 2500 | 2633 |
| Water Dev. Board, State Revolving Fund Rev. Bonds, Series 2018, 5.00% 8/1/2030  | 2760 | 2872 |
| Water Dev. Board, State Revolving Fund Rev. Bonds, Series 2025, 5.00% 8/1/2039  | 2100 | 2253 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-B, 5.00% <br> 10/15/2030  | 2230 | 2377 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2024-A, 5.00% <br> 10/15/2038  | 6500 | 6992 |
| Willis Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/15/2034  | 500 | 540 |
|  |  | 650826 |
| **United States 0.52%** | **United States 0.52%** | **United States 0.52%** |
| Freddie Mac, Multi Family Certs., Series 2023, 2.75% 11/25/2035 <sup>(b)</sup>  | 7534 | 6742 |
| Freddie Mac, Multi Family Certs. Green Bonds, Series 2025, 4.388% 11/25/2042 <sup>(a)</sup>  | 11298 | 11025 |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 11/25/2033  | 2723 | 2566 |
| Freddie Mac, Multi Family Mortgage Certs. Green Bonds, Series 2024, 3.157% 12/25/2038 <sup>(a)</sup>  | 7949 | 6864 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2024, 3.427% 11/25/2038 <sup>(a)</sup>  | 1982 | 1830 |
|  |  | 29027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **71** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Utah 0.85%** | **Utah 0.85%** | **Utah 0.85%** |
| Central Valley Water Reclamation Fac., Sewer Rev. Green Bonds , Series 2021-C, 5.00% 3/1/2026  | USD500 | $507 |
| Canyons School Dist., Board of Education, GO Rev. Ref. Bonds (Utah School Bond Guaranty Program), Series <br> 2021-A, 1.375% 6/15/2032  | 2935 | 2400 |
| GO Bonds, Series 2018, 5.00% 7/1/2028  | 1920 | 2014 |
| Housing Corp., Multi Family Housing Rev. Bonds (New City Plaza Apartments Project), Series 2021, 3.625% <br> 2/1/2026 (put 8/1/2024)  | 19100 | 19149 |
| Housing Corp., Single Family Mortgage Bonds, Series 2023-A, 6.00% 7/1/2053  | 2865 | 3092 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-A, 6.50% 1/1/2054  | 1030 | 1130 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-C, 6.00% 7/1/2054  | 2720 | 2992 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-E, 6.00% 7/1/2054  | 2200 | 2426 |
| Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, FHA, 4.00% 1/1/2045  | 105 | 105 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-B, 5.00% 7/1/2026  | 620 | 633 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2018-A, AMT, 5.00% 7/1/2027  | 1000 | 1036 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2023-A, AMT, 5.00% 7/1/2027  | 1270 | 1316 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2017-A, AMT, 5.00% 7/1/2029  | 2130 | 2198 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-A, AMT, 5.00% 7/1/2029  | 1000 | 1073 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-A, AMT, 5.00% 7/1/2030  | 1990 | 2153 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.00% 6/1/2028  | 500 | 532 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.00% 6/1/2029  | 470 | 510 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.00% 6/1/2031  | 390 | 433 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.00% 6/1/2032  | 500 | 559 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.25% 6/1/2033  | 600 | 673 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.25% 6/1/2034  | 500 | 555 |
| Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2024, 5.00% 6/15/2031  | 845 | 947 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 5.00% 5/1/2026  | 750 | 763 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 5.00% 5/1/2030  | 250 | 273 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 5.00% 5/1/2031  | 140 | 154 |
|  |  | 47623 |
| **Vermont 0.11%** | **Vermont 0.11%** | **Vermont 0.11%** |
| Housing Fin. Agcy., Multiple Purpose Bonds, Series 2017-A, AMT, 4.00% 11/1/2047  | 700 | 701 |
| Housing Fin. Agcy., Multiple Purpose Bonds, Series 2018-A, 4.00% 11/1/2048  | 325 | 326 |
| Housing Fin. Agcy., Multiple Purpose Bonds, Series 2019-A, 4.00% 11/1/2049  | 1115 | 1128 |
| Housing Fin. Agcy., Multiple Purpose Bonds, Series 2020-A, 3.75% 11/1/2050  | 615 | 618 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/15/2027  | 400 | 410 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/15/2028  | 490 | 508 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/15/2029  | 500 | 523 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2022-A, AMT, 5.00% 6/15/2031  | 960 | 1001 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2024-A, AMT, 4.00% 6/15/2035  | 710 | 667 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2024-A, AMT, 4.125% 6/15/2036  | 275 | 258 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2021-A, AMT, 2.375% 6/15/2039  | 305 | 283 |
|  |  | 6423 |
| **Virginia 2.17%** | **Virginia 2.17%** | **Virginia 2.17%** |
| County of Amelia, Industrial Dev. Auth., Solid Waste Disposal Rev. and Rev. Ref. Bonds (Waste Management, Inc. <br> Project), Series 2002, AMT, 1.45% 4/1/2027  | 2960 | 2850 |
| County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 5.00% <br> 7/1/2027  | 1000 | 1042 |
| County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 5.00% <br> 7/1/2031  | 600 | 652 |
| County of Arlington, Industrial Dev. Auth., Multifamily Housing Rev. Bonds (Park Shirlington Apartments), Series <br> 2023-A, 5.00% 1/1/2026  | 3210 | 3240 |
| County of Charles City, Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), <br> Series 2004-A, 2.875% 2/1/2029  | 5400 | 5268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **72** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| County of Charles City, Industrial Dev. Auth., Solid Waste Disposal Rev. and Rev. Ref. Bonds (Waste Management, <br> Inc. Project), Series 2002, AMT, 1.45% 4/1/2027  | USD1,250 | $1203 |
| College Building Auth., Educational Facs. Rev. Bonds (Regent University Project), Series 2021, 5.00% 6/1/2027  | 290 | 298 |
| College Building Auth., Educational Facs. Rev. Bonds (Regent University Project), Series 2021, 5.00% 6/1/2029  | 375 | 396 |
| College Building Auth., Educational Facs. Rev. Bonds (Regent University Project), Series 2021, 5.00% 6/1/2030  | 375 | 399 |
| College Building Auth., Educational Facs. Rev. Ref. Bonds (21st Century College and Equipment Programs), Series <br> 2017-E, 5.00% 2/1/2032  | 3000 | 3146 |
| County of Fairfax, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Dominion Square North Project), <br> Series 2023, 5.00% 1/1/2045 (put 1/1/2028)  | 2695 | 2794 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2028  | 1950 | 2004 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2029  | 2165 | 2245 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2030  | 2275 | 2350 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2031  | 1195 | 1228 |
| Hampton Roads Sanitation Dist., Wastewater Rev. Bonds, Series 2025-A, 5.00% 7/15/2026  | 16000 | 16346 |
| Hampton Roads, Transportation Accountability Commission, Bond Anticipation Notes (Hampton Roads <br> Transportation Fund), Series 2021-A, 5.00% 7/1/2026 (escrowed to maturity)  | 1765 | 1805 |
| Housing Dev. Auth., Rental Housing Bonds, Series 2020-B, 1.65% 3/1/2031  | 1185 | 1028 |
| Housing Dev. Auth., Rental Housing Bonds, Series 2021-K, 1.90% 12/1/2031  | 1445 | 1259 |
| Housing Dev. Auth., Rental Housing Bonds, Series 2021-F, 1.85% 7/1/2036  | 1205 | 886 |
| Housing Dev. Auth., Rental Housing Bonds, Series 2019-E, 2.90% 12/1/2038  | 1510 | 1223 |
| County of Loudoun, GO Public Improvement Rev. Ref. Bonds, Series 2020-A, 2.00% 12/1/2034  | 1000 | 822 |
| City of Lynchburg, Econ. Dev. Auth., Hospital Rev. and Rev. Ref. Bonds (Centra Health Obligated Group), Series <br> 2021, 5.00% 1/1/2034  | 1425 | 1535 |
| City of Newport News, Econ. Dev. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2016, <br> 5.00% 12/1/2031  | 5000 | 5014 |
| City of Norfolk, GO Capital Improvement Bonds, Series 2019, 5.00% 8/1/2044 (preref. 8/1/2028)  | 1780 | 1909 |
| City of Norfolk, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Braywood Manor Apartments), <br> Series 2023, 5.00% 5/1/2043 (put 5/1/2026)  | 1375 | 1396 |
| Public Building Auth., Public Facs. Rev. Bonds, Series 2016-C, AMT, 5.00% 8/1/2027  | 1125 | 1148 |
| Rector and Visitors of the University, Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 4/1/2039  | 10340 | 10509 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, <br> 4.00% 12/1/2031  | 2760 | 2777 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2026  | 905 | 911 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2028  | 1105 | 1147 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2029  | 1400 | 1473 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2030  | 1750 | 1848 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (95 Express Lanes, LLC Project), Series 2022, AMT, 5.00% 1/1/2032  | 6670 | 7062 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (95 Express Lanes, LLC Project), Series 2022, AMT, 5.00% 7/1/2032  | 5420 | 5718 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (95 Express Lanes, LLC Project), Series 2022, AMT, 5.00% 1/1/2033  | 8000 | 8406 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (95 Express Lanes, LLC Project), Series 2022, AMT, 5.00% 1/1/2034  | 2335 | 2435 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2022, AMT, <br> 4.00% 1/1/2029  | 125 | 127 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2022, AMT, <br> 4.00% 7/1/2029  | 3875 | 3950 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2022, AMT, <br> 4.00% 1/1/2030  | 3000 | 3056 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2022, AMT, <br> 4.00% 7/1/2030  | 4825 | 4911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **73** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| Small Business Fncg. Auth., Rev. Ref. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2022, AMT, <br> 4.00% 1/1/2031  | USD2,000 | $2031 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2022, AMT, <br> 4.00% 1/1/2032  | 1000 | 1011 |
| Small Business Fncg. Auth., Rev. Ref. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2022, AMT, <br> 4.00% 1/1/2034  | 1000 | 993 |
|  |  | 121851 |
| **Washington 3.18%** | **Washington 3.18%** | **Washington 3.18%** |
| Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Improvement and Rev. Ref. <br> Green Bonds, Series 2021-S-1, 5.00% 11/1/2029  | 510 | 562 |
| Energy Northwest, Electric Rev. Ref. Bonds (Project No. 1), Series 2025-A, 5.00% 7/1/2032  | 2000 | 2252 |
| Energy Northwest, Electric Rev. Ref. Bonds (Project No. 3), Series 2025-A, 5.00% 7/1/2031  | 2000 | 2238 |
| GO Bonds, Series 2019-A, 5.00% 8/1/2033  | 4000 | 4203 |
| GO Rev. Ref. Bonds, Series 2017-A, 5.00% 8/1/2027  | 1075 | 1100 |
| County of Grant Public Utility Dist. No. 2, Rev. Ref. Bonds (Priest Rapids Hydroelectric Project), Series 2024-B, <br> 5.00% 1/1/2031  | 2500 | 2780 |
| Housing Fin. Commission, Municipal Certs., Series 2021-1, 3.50% 12/20/2035  | 22384 | 21037 |
| Housing Fin. Commission, Municipal Certs., Series 2023-1, 1.45% 4/20/2037 <sup>(a)</sup>  | 18776 | 1844 |
| Housing Fin. Commission, Municipal Certs., Series 2023-1, 3.375% 4/20/2037  | 18584 | 16843 |
| Housing Fin. Commission, Municipal Certs., Series 2024-1-A, 4.085% 3/1/2050 <sup>(a)</sup>  | 6164 | 5674 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2018-1-N, 4.00% 12/1/2048  | 1260 | 1267 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2019-1-N, 4.00% 6/1/2049  | 2400 | 2416 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2020-1-N, 4.00% 12/1/2050  | 325 | 328 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2021-2-N, 3.00% 6/1/2051  | 6115 | 6031 |
| Housing Fin. Commission, Single Family Program Rev. Ref. Bonds, Series 2022-1-N, 5.00% 12/1/2052  | 3660 | 3827 |
| Motor Vehicle Fuel Tax GO Rev. Ref. Bonds, Series 2024-R-C, 5.00% 8/1/2030  | 3000 | 3328 |
| Motor Vehicle Fuel Tax GO Rev. Ref. Bonds, Series 2025-R-A, 5.00% 7/1/2031  | 1000 | 1122 |
| City of Seattle, Housing Auth., Rev. and Rev. Ref. Bonds (Northgate Plaza Project), Series 2021, 1.00% 6/1/2026  | 5410 | 5289 |
| City of Seattle, Municipal Light and Power Rev. Ref. Bonds, Series 2021-B, (SIFMA Municipal Swap Index + 0.25%) <br> 2.54% 5/1/2045 (put 11/1/2026) <sup>(a)</sup>  | 2450 | 2425 |
| City of Seattle, Solid Waste System Rev. Ref. Bonds, Series 2021, 5.00% 8/1/2030  | 1775 | 1972 |
| Port of Seattle, Rev. and Rev. Ref. Bonds, Series 2021, AMT, 5.00% 8/1/2030  | 6345 | 6817 |
| Port of Seattle, Rev. Bonds, Series 2017-C, AMT, 5.00% 5/1/2026  | 2500 | 2538 |
| Port of Seattle, Rev. Bonds, Series 2017-C, AMT, 5.00% 5/1/2027  | 2500 | 2582 |
| Port of Seattle, Rev. Bonds, Series 2018-A, AMT, 5.00% 5/1/2028  | 3050 | 3145 |
| Port of Seattle, Rev. Bonds, Series 2018-B, AMT, 5.00% 5/1/2028  | 1775 | 1859 |
| Port of Seattle, Rev. Bonds, Series 2019, AMT, 5.00% 4/1/2030  | 2000 | 2114 |
| Port of Seattle, Rev. Ref. Bonds, Series 2024-B, AMT, 5.00% 7/1/2026  | 2000 | 2038 |
| Port of Seattle, Rev. Ref. Bonds, Series 2024-B, AMT, 5.00% 7/1/2027  | 6510 | 6737 |
| Port of Seattle, Rev. Ref. Bonds, Series 2015-C, AMT, 5.00% 4/1/2029  | 1000 | 1001 |
| Port of Seattle, Rev. Ref. Bonds, Series 2024-B, AMT, 5.00% 7/1/2029  | 3475 | 3698 |
| Port of Seattle, Rev. Ref. Bonds, Series 2022-B, AMT, 5.00% 8/1/2032  | 6345 | 6829 |
| Port of Seattle, Rev. Ref. Bonds, Series 2022-B, AMT, 5.00% 8/1/2033  | 5500 | 5875 |
| Port of Seattle, Rev. Ref. Bonds, Series 2022-B, AMT, 5.00% 8/1/2034  | 5000 | 5299 |
| Sumner-Bonney Lake School Dist. No. 320, Unlimited Tax GO Rev. Ref. Bonds, Series 2025, 5.00% 12/1/2036  | 1750 | 1940 |
| City of Tacoma, Electric System Rev. and Rev. Ref. Bonds, Series 2013-A, 4.00% 1/1/2042  | 4525 | 4116 |
| Various Purpose GO Bonds, Series 2023-B, 5.00% 2/1/2037  | 1015 | 1100 |
| Various Purpose GO Bonds, Series 2024-A, 5.00% 8/1/2037  | 725 | 785 |
| Various Purpose GO Bonds, Series 2024-B, 5.00% 6/1/2038  | 2480 | 2661 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025-R-D, 5.00% 8/1/2029  | 10285 | 11254 |
| Various Purpose GO Rev. Ref. Bonds, Series R-2023-A, 5.00% 8/1/2030  | 3055 | 3389 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025-R-D, 5.00% 8/1/2032  | 14470 | 16343 |
|  |  | 178658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **74** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **West Virginia 0.20%** | **West Virginia 0.20%** | **West Virginia 0.20%** |
| Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Appalachian Power Co. - Amos Project), Series 2011-A, <br> AMT, 1.00% 1/1/2041 (put 9/1/2025)  | USD4,455 | $4445 |
| Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Kentucky Power Co. - Mitchell Project), Series <br> 2014-A, AMT, 4.70% 4/1/2036 (put 6/17/2026)  | 5340 | 5359 |
| Hospital Fin. Auth., Hospital Rev. and Improvement Bonds (West Virginia University Health System Obligated <br> Group), Series 2017-A, 5.00% 6/1/2032  | 1385 | 1419 |
|  |  | 11223 |
| **Wisconsin 1.96%** | **Wisconsin 1.96%** | **Wisconsin 1.96%** |
| GO Bonds, Series 2024-C, 5.00% 5/1/2038  | 2000 | 2167 |
| GO Rev. Ref. Bonds, Series 2025-3, 5.00% 5/1/2032  | 3500 | 3937 |
| GO Rev. Ref. Bonds, Series 2025-1, 5.00% 5/1/2033  | 1535 | 1735 |
| GO Rev. Ref. Bonds, Series 2025-3, 5.00% 5/1/2033  | 1380 | 1560 |
| GO Rev. Ref. Bonds, Series 2025-3, 5.00% 5/1/2037  | 10695 | 11832 |
| Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2016-A, 5.00% <br> 11/15/2039  | 5000 | 5013 |
| Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 2/15/2026 <sup>(b)</sup>  | 15000 | 15008 |
| Health and Educational Facs. Auth., Rev. Bonds (Milwaukee Regional Medical Center Utility and Infrastructure <br> Obligated Group), Series 2018, 5.00% 4/4/2032  | 2000 | 2102 |
| Health and Educational Facs. Auth., Rev. Bonds (Three Pillars Senior Living Communities), Series 2024-B-2, 4.20% <br> 8/15/2028  | 3795 | 3791 |
| Housing and Econ Dev. Auth., Multi Family Housing Bonds (100 E. National Project), Series 2024-J, 5.00% <br> 8/1/2058 (put 8/1/2026)  | 1005 | 1023 |
| Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2017-A, 2.69% 7/1/2047  | 2294 | 2038 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2016-A, AMT, 3.50% 3/1/2046  | 215 | 215 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 3/1/2048  | 1055 | 1057 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2018-B, 4.00% 3/1/2048  | 725 | 727 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2019-A, 4.25% 3/1/2049  | 5980 | 6057 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2020-A, 3.50% 9/1/2050  | 5375 | 5380 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-A, 3.00% 3/1/2052  | 4125 | 4078 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-C, 3.00% 9/1/2052  | 2290 | 2264 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds (Social Bonds), Series 2024-C, 6.00% 3/1/2055  | 2785 | 3046 |
| City of Milwaukee, Metropolitan Sewerage Dist., GO Promissory Notes, Series 2015-A, 3.00% 10/1/2030  | 3530 | 3505 |
| Public Fin. Auth., Infrastructure Program Anticipation Improvement and Rev. Ref. Bonds (Astro Texas Land <br> Projects), Series 2025, 5.00% 12/15/2036 <sup>(b)</sup>  | 6245 | 6146 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.00% 7/1/2031  | 1000 | 1089 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.00% 7/1/2032  | 1080 | 1181 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.25% 7/1/2034  | 370 | 404 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.25% 7/1/2035  | 1000 | 1082 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.25% 7/1/2036  | 1000 | 1074 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.25% 7/1/2037  | 1000 | 1065 |
| Public Fin. Auth., Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (The United Methodist Retirement <br> Homes), Series 2021-A, 4.00% 10/1/2025  | 810 | 810 |
| Public Fin. Auth., Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (The United Methodist Retirement <br> Homes), Series 2021-A, 4.00% 10/1/2026  | 550 | 551 |
| Public Fin. Auth., Rev. Bonds (Retirement Housing Foundation Obligated Group), Series 2017-B, 5.00% <br> 11/15/2029 (escrowed to maturity)  | 1475 | 1593 |
| Public Fin. Auth., Rev. Ref. Bonds (Providence St. Joseph Health Obligated Group), Series 2021-C, 4.00% <br> 10/1/2041 (put 10/1/2030)  | 1175 | 1247 |
| Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2016-A-3, AMT, <br> 1.10% 7/1/2029 (put 6/1/2026)  | 10620 | 10381 |
| Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series <br> 2019-A, AGI, 5.00% 7/1/2030  | 945 | 990 |
| University of Wisconsin, Hospitals and Clinics Auth., Rev. Green Bonds, Series 2024-A, 5.00% 4/1/2028  | 775 | 823 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **75** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| University of Wisconsin, Hospitals and Clinics Auth., Rev. Green Bonds, Series 2021-B, 5.00% 4/1/2029  | USD2,000 | $2162 |
| University of Wisconsin, Hospitals and Clinics Auth., Rev. Green Bonds, Series 2021-B, 5.00% 4/1/2030  | 2155 | 2362 |
| WPPI Energy, Power Supply System Rev. Bonds, Series 2016-A, 5.00% 7/1/2026  | 500 | 510 |
|  |  | 110005 |
| **Wyoming 0.33%** | **Wyoming 0.33%** | **Wyoming 0.33%** |
| Community Dev. Auth., Housing Rev. Bonds, Series 2016-2, 2.80% 12/1/2031  | 3745 | 3570 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2020-2, 2.10% 12/1/2035  | 1200 | 934 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2016-1, AMT, 3.50% 12/1/2038  | 135 | 135 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2021-1, 3.00% 6/1/2050  | 4180 | 4129 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2020-1, 4.00% 12/1/2050  | 4520 | 4567 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2023-1, 5.75% 6/1/2053  | 3235 | 3426 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2024-1, 6.00% 12/1/2054  | 1405 | 1530 |
|  |  | 18291 |
| **Total bonds, notes & other debt instruments** (cost: $5,334,235,000) |  | 5272717 |
| Short-term securities 6.63% |  |  |
| **Municipals 6.63%** | **Municipals 6.63%** | **Municipals 6.63%** |
| Freddie Mac, Multi Family Mortgage Certs., Series 2019-M-055, 2.50% 12/15/2028 <sup>(a)(b)</sup> <br>| 1975 | 1975 |
| State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series <br> 1993-A, 2.75% 12/1/2033 <sup>(a)</sup> <br>| 4400 | 4400 |
| State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project), Series 2001, <br> 2.75% 12/1/2029 <sup>(a)</sup> <br>| 12500 | 12500 |
| State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children's Hospital), Series <br> 2019-B, 2.75% 2/1/2048 <sup>(a)</sup> <br>| 7875 | 7875 |
| State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), <br> Series 2014-A, 2.10% 11/15/2052 <sup>(a)</sup> <br>| 16800 | 16800 |
| State of California, City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2025, 5.00% <br> 6/25/2026 <br>| 15000 | 15362 |
| State of California, Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Martha Gardens <br> Apartments), Series 2024-A-2, 3.45% 12/1/2029 (put 6/2/2025) <sup>(d)</sup> <br>| 2480 | 2512 |
| State of California, City of Pasadena, Demand Rev. Ref. Certs. of Part., Series 2008-A, 1.60% <br> 2/1/2035 <sup>(a)</sup> <br>| 8400 | 8400 |
| State of California, Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste <br> Management, Inc. Project), Series 2003-A, AMT, 4.20% 11/1/2038 (put 7/2/2029) <sup>(d)</sup> <br>| 9000 | 9125 |
| State of California, Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic <br> Services, Inc. Project), Series 2023, AMT, 4.05% 7/1/2043 (put 8/15/2025) <sup>(b)(d)</sup> <br>| 12540 | 12540 |
| State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, <br> 2.30% 5/15/2048 <sup>(a)</sup> <br>| 16500 | 16500 |
| State of District of Columbia, Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds <br> (Parcel 42 Project), Series 2022, 3.05% 9/1/2041 (put 9/1/2025) <sup>(d)</sup> <br>| 1385 | 1385 |
| State of Florida, City of Gainesville, Utilities System Rev. Bonds, Series 2019-C, 2.83% 10/1/2047 <sup>(a)</sup> <br>| 6830 | 6830 |
| State of Hawaii, Dept. of Budget and Fin., Special Purpose Rev. Bonds (The Queen's Health <br> Systems), Series 2025-B, 2.35% 7/1/2060 <sup>(a)</sup> <br>| 11400 | 11400 |
| State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series <br> 2011-A, 2.55% 8/1/2044 <sup>(a)</sup> <br>| 9000 | 9000 |
| State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series <br> 2010-A, 2.60% 8/1/2044 <sup>(a)</sup> <br>| 5000 | 5000 |
| State of Indiana, Fin. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2008-E-8, <br> 2.25% 11/15/2033 <sup>(a)</sup> <br>| 5000 | 5000 |
| State of Iowa, Fin. Auth., Rev. Bonds (UnityPoint Health), Series 2018-E, 2.45% 2/15/2041 <sup>(a)</sup> <br>| 10355 | 10355 |
| State of Kentucky, Econ. Dev. Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. <br> Project), Series 2010-B, 3.45% 5/1/2028 (put 3/3/2025) <sup>(d)</sup> <br>| 7235 | 7237 |
| State of Massachusetts, Massachusetts Bay Transportation Auth., General Transportation System <br> Bonds, Series 2000-A, 2.20% 3/1/2030 (preref. 9/1/2025) <sup>(a)</sup> <br>| 3500 | 3500 |
| State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2016, <br> 2.10% 11/15/2047 <sup>(a)</sup> <br>| 7000 | 7000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **76** |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2025-C, <br> 2.10% 11/15/2064 <sup>(a)</sup> <br>| USD8,200 | $8200 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2009-D, 2.75% 12/1/2030 <sup>(a)</sup> <br>| 11000 | 11000 |
| State of Mississippi, Business Fin. Corp., Port Fac. Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), <br> Series 2023, 2.75% 6/1/2043 <sup>(a)</sup> <br>| 12000 | 12000 |
| State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds <br> (Washington University), Series 2000-B, 2.65% 3/1/2040 <sup>(a)</sup> <br>| 2000 | 2000 |
| State of New Hampshire, Health and Education Facs. Auth., Rev. Bonds (Dartmouth College Issue), <br> Series 2007-B, 2.70% 6/1/2041 <sup>(a)</sup> <br>| 22590 | 22590 |
| State of New York, Dormitory Auth., Rev. Bonds (Fordham University), Series 2008-A-2, 2.27% <br> 7/1/2032 <sup>(a)</sup> <br>| 1710 | 1710 |
| State of New York, New York City GO Bonds, Fiscal 2008, Series 2008-L-3, 2.75% 4/1/2036 <sup>(a)</sup> <br>| 7960 | 7960 |
| State of New York, New York City GO Bonds, Fiscal 2012, Series 2012-G-6, 2.85% 4/1/2042 <sup>(a)</sup> <br>| 5500 | 5500 |
| State of New York, New York City GO Bonds, Fiscal 2013, Series 2013-F-3, 2.75% 3/1/2042 <sup>(a)</sup> <br>| 11000 | 11000 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2015-BB-1, 2.75% 6/15/2049 <sup>(a)</sup> <br>| 3930 | 3930 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2015-BB-4, 2.80% 6/15/2050 <sup>(a)</sup> <br>| 4600 | 4600 |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, <br> Series 2016-A-4, 2.75% 8/1/2041 <sup>(a)</sup> <br>| 9670 | 9670 |
| State of New York, Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds, Series 2005-B-3, <br> 2.75% 1/1/2035 <sup>(a)</sup> <br>| 15485 | 15485 |
| State of Ohio, County of Franklin, Rev. Bonds (CHE Trinity Health Credit Group), Series 2013, 3.00% <br> 12/1/2046 (put 8/1/2025) <sup>(d)</sup> <br>| 5100 | 5100 |
| State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series <br> 2013-B-3, 2.85% 1/1/2039 <sup>(a)</sup> <br>| 10040 | 10040 |
| State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic <br> Services, Inc. Project), Series 2019-A, AMT, 3.85% 4/1/2034 (put 10/15/2025) <sup>(d)</sup> <br>| 2135 | 2134 |
| State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated <br> Group), Series 2018-B, 2.75% 5/1/2048 <sup>(a)</sup> <br>| 1100 | 1100 |
| State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds, Series 2003, <br> Bank of America LOC, 2.83% 1/1/2033 <sup>(a)</sup> <br>| 3875 | 3875 |
| State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds <br> (Tennessee County Loan Pool), Series 2004, Bank of America LOC, 2.80% 7/1/2034 <sup>(a)</sup> <br>| 595 | 595 |
| State of Texas, County of Collin, Limited Tax Permanent Improvement and Rev. Ref. Bonds, Series <br> 2025, 5.00% 2/15/2026 <br>| 1720 | 1743 |
| State of Texas, City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2012-B, 2.40% <br> 5/15/2034 <sup>(a)</sup> <br>| 17500 | 17500 |
| State of Texas, Lower Neches Valley Auth. Industrial Dev. Corp., Rev. Bonds (ExxonMobil Project), <br> Series 2011, 2.80% 11/1/2051 <sup>(a)</sup> <br>| 8670 | 8670 |
| State of Texas, Travis County Strategic Housing Fin. Corp., Multi Family Housing Rev. Bonds (Yager <br> Flats), Series 2021, 3.50% 9/1/2041 (put 2/1/2026) <sup>(d)</sup> <br>| 10200 | 10225 |
| State of Virginia, College Building Auth., Educational Facs. Rev. Bonds (University of Richmond <br> Project), Series 2006, 2.70% 11/1/2036 <sup>(a)</sup> <br>| 12700 | 12700 |
| State of Wyoming, County of Sublette, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), <br> Series 2014, 2.75% 10/1/2044 <sup>(a)</sup> <br>| 8420 | 8420 |
|  |  | 372443 |
| **Total short-term securities** (cost: $372,374,000) |  | 372443 |
| **Total investment securities 100.56%** (cost: $5,706,609,000) |  | 5645160 |
| **Other assets less liabilities (0.56%)** |  | (31572)<br>|
| **Net assets 100.00%** |  | $5613588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **77** | American Funds Tax-Exempt Income Funds |

---

------

Limited Term Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 7/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD74,307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(218)<br>|
| 5 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38220)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(183)<br>|

---

**Restricted securities** <sup>(c)</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| County of Monroe, Lease Rental Rev. Bonds (Centurion Foundation Lehigh <br> Valley), Series 2024-A, 5.10% 6/15/2039 <br>| 6/14/2024 | $4585 | $4332 | 0.08<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. 

<sup>(b)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) 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 $82,038,000, which represented 1.46% of the net assets of the fund. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> For short-term securities, the mandatory put date is considered to be the maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Agcy. = Agency |
| AGI = Assured Guaranty insured |
| AMBAC = American Municipal Bond Assurance Company insured |
| AMT = Alternative Minimum Tax |
| Assn. = Association |
| Auth. = Authority |
| BAM = Build America Mutual insured |
| CAB = Capital Appreciation Bonds |
| Certs. = Certificates |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Econ. = Economic |
| Fac. = Facility |
| Facs. = Facilities |

---

---

| |
|:---|
| FHA = Federal Housing Administration insured |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| LOC = Letter of credit |
| NATL = National Public Finance Guarantee Corp. insured |
| Part. = Participation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| SIFMA = Securities Industry and Financial Markets Association |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **78** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup>

**Investment portfolio** July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 94.22% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Alabama 3.79%** | **Alabama 3.79%** | **Alabama 3.79%** |
| Auburn University, General Fee Rev. Bonds, Series 2025-B, 5.00% 6/1/2042  | USD1,390 | $1452 |
| City of Birmingham, GO Bonds, Convertible CAB, Series 2015-A-1, 5.00% 3/1/2040 (preref. 9/1/2025)  | 1500 | 1503 |
| City of Birmingham, Water Works Board, Rev. Anticipation Bonds, Series 2024, 3.75% 9/1/2026 <sup>(a)</sup>  | 8275 | 8275 |
| City of Birmingham, Water Works Board, Water Rev. Ref. Bonds, Series 2016-B, 5.00% 1/1/2043 (preref. 1/1/2027)  | 8200 | 8486 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2022-B-1, 4.00% 4/1/2053 (put 10/1/2027)  | 6590 | 6634 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2023-C, 5.50% 10/1/2054 (put 6/1/2032)  | 22000 | 23752 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-D, 5.00% 3/1/2055 (put 11/1/2034)  | 40510 | 42642 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-C, 5.00% 5/1/2055 (put 7/1/2031)  | 10215 | 10774 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-B, 5.00% 10/1/2055 (put 9/1/2032)  | 84345 | 88844 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds (Project No. 6), Series 2021-B, 4.00% 10/1/2052 (put <br> 12/1/2026)  | 29200 | 29415 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds (Project No. 7), Series 2021-C-1, 4.00% 10/1/2052 (put <br> 12/1/2026)  | 17480 | 17613 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds (Project No. 8), Series 2022-A, 4.00% 12/1/2052 (put <br> 12/1/2029)  | 17235 | 17019 |
| Black Belt Energy Gas Dist., Gas Project Rev. Ref. Bonds, Series 2023-D-1, 5.50% 6/1/2049 (put 2/1/2029)  | 2170 | 2286 |
| Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 5), Series 2020-A-1, 4.00% 10/1/2049 (put <br> 10/1/2026)  | 4040 | 4051 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 6/1/2051 (put 12/1/2031)  | 68875 | 69695 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2023-B, 5.25% 12/1/2053 (put 12/1/2026)  | 20010 | 21498 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2023-A-1, 5.50% 11/1/2053 (put <br> 1/1/2031)  | 48385 | 52087 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2023-B-1, 5.75% 4/1/2054 (put <br> 11/1/2031)  | 15065 | 16492 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2024-B, 5.25% 7/1/2054 (put 6/1/2032)  | 59990 | 64299 |
| Housing Fin. Auth., Collateralized Single Family Mortgage Rev. Bonds, Series 2024-C, 5.75% 4/1/2055  | 6510 | 7083 |
| Housing Fin. Auth., Collateralized Single Family Mortgage Rev. Bonds, Series 2024-D, 5.75% 10/1/2055  | 7435 | 8109 |
| Housing Fin. Auth., Multi Family Housing Rev. Bonds (Cooper Green Homes Project), Series 2024-C, 5.00% <br> 2/1/2029 (put 2/1/2028)  | 510 | 536 |
| County of Houston, Health Care Auth., Hospital Rev. Bonds, Series 2016-A, 5.00% 10/1/2030  | 3000 | 3018 |
| County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 9/15/2027  | 2000 | 2076 |
| County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 9/15/2028  | 2500 | 2585 |
| County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 9/15/2030  | 5000 | 5144 |
| County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 9/15/2031  | 7500 | 7686 |
| County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 9/15/2032  | 2250 | 2297 |
| County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 9/15/2033  | 5040 | 5127 |
| County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 9/15/2034  | 8200 | 8311 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.00% 10/1/2035  | 4000 | 4307 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.00% 10/1/2036  | 3500 | 3731 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.00% 10/1/2037  | 3000 | 3166 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.00% 10/1/2038  | 3500 | 3656 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2040  | 7645 | 8014 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2041  | 2770 | 2877 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2042  | 6165 | 6350 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2043  | 7475 | 7650 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2044  | 6795 | 6917 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2045  | 8825 | 8949 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2049  | 40015 | 40183 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.50% 10/1/2053  | 13600 | 13820 |
| Lower Alabama Gas Dist., Gas Project Rev. Bonds, Series 2016-A, 5.00% 9/1/2031  | 2500 | 2652 |
| Lower Alabama Gas Dist., Gas Project Rev. Bonds (Project No. 2), Series 2020, 4.00% 12/1/2050 (put 12/1/2025)  | 2900 | 2906 |
| City of Montgomery, Medical Clinic Board, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), Series 2015, <br> 5.00% 3/1/2033 <sup>(b)</sup>  | 1150 | 575 |
| City of Prattville, Industrial Dev. Board, Improvement Rev. Ref. Bonds (International Paper Co. Project), Series <br> 2019-B, 3.45% 11/1/2033 (put 10/1/2031)  | 885 | 868 |
| City of Prattville, Industrial Dev. Board, Recovery Zone Fac. Rev. Ref. Bonds (International Paper Co. Project), Series <br> 2019-C, 3.45% 11/1/2033 (put 10/1/2031)  | 430 | 422 |
| Public Educational Building Auth. of Jacksonville, Higher Educational Facs. Rev. Bonds (JSU Foundation Project), <br> Series 2024-A, BAM, 5.125% 8/1/2044  | 2725 | 2768 |
| Public Educational Building Auth. of Jacksonville, Higher Educational Facs. Rev. Bonds (JSU Foundation Project), <br> Series 2023-A, AGI, 5.00% 8/1/2054  | 1200 | 1126 |
| Public Educational Building Auth. of Jacksonville, Higher Educational Facs. Rev. Bonds (JSU Foundation Project), <br> Series 2024-A, BAM, 5.00% 8/1/2056  | 3420 | 3298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **79** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Alabama (continued)** | **Alabama (continued)** | **Alabama (continued)** |
| Public Educational Building Auth. of Jacksonville, Higher Educational Facs. Rev. Bonds (JSU Foundation Project), <br> Series 2023-A, AGI, 5.50% 8/1/2058  | USD2,000 | $2008 |
| City of Selma, Industrial Dev. Board, Gulf Opportunity Zone Rev. Ref. Bonds (International Paper Co. Project), <br> Series 2019-A, 3.45% 11/1/2033 (put 10/1/2031)  | 1850 | 1814 |
| South East Gas Supply Dist., Gas Supply Rev. Ref. Bonds (Project No. 2), Series 2024-B, 5.00% 6/1/2049 (put <br> 5/1/2032)  | 29535 | 31212 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2024-A, 5.00% 11/1/2035  | 13500 | 13926 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2025-B, 5.25% 3/1/2055 (put <br> 1/1/2033)  | 28595 | 29690 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2025-C, 5.00% 5/1/2055 (put <br> 2/1/2031)  | 11500 | 12234 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2025-A, 5.00% 1/1/2056 (put <br> 6/1/2035)  | 7240 | 7310 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 1), Series 2021-A, 4.00% 11/1/2051 (put <br> 10/1/2028)  | 4825 | 4848 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 2), Series 2021-B-1, 4.00% 12/1/2051 (put <br> 12/1/2031)  | 61355 | 61026 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 3), Series 2022-A-1, 5.50% 1/1/2053 (put <br> 12/1/2029)  | 3705 | 3943 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 4), Series 2022-B-1, 5.00% 5/1/2053 (put <br> 8/1/2028)  | 3935 | 4069 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2024-C, 5.00% 10/1/2055 (put <br> 11/1/2032)  | 29730 | 31577 |
| Stadium Trace Village Improvement Dist., Dev. Incentive Anticipation Bonds, Series 2021, 3.625% 3/1/2036  | 1050 | 918 |
|  |  | 867599 |
| **Alaska 0.07%** | **Alaska 0.07%** | **Alaska 0.07%** |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 2.15% 6/1/2026  | 500 | 495 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2019-A, 3.75% 12/1/2042  | 7910 | 7968 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 6/1/2046  | 50 | 50 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2018-A, 4.00% 12/1/2048  | 4625 | 4658 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2024-A, 6.00% 6/1/2054  | 1190 | 1291 |
| International Airport System, Rev. Ref. Bonds, Series 2025-A, 5.00% 10/1/2035  | 1000 | 1105 |
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds, CAB, Series 2021-B-2, 0% <br> 6/1/2066  | 1975 | 224 |
|  |  | 15791 |
| **Arizona 2.21%** | **Arizona 2.21%** | **Arizona 2.21%** |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2021-A, 5.00% <br> 1/1/2027  | 1305 | 1351 |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2021-A, 5.00% <br> 1/1/2028  | 1375 | 1458 |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2021-A, 5.00% <br> 1/1/2029  | 1700 | 1840 |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2017-A, 5.00% <br> 1/1/2033  | 3395 | 3542 |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2017-A, 5.00% <br> 1/1/2034  | 5000 | 5193 |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2024-B, 5.00% <br> 5/1/2039  | 5000 | 5418 |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2025-A, 5.00% <br> 1/1/2042  | 9250 | 9719 |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2025-A, 5.00% <br> 1/1/2043  | 16000 | 16681 |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2023-B, 5.25% <br> 1/1/2053  | 20000 | 20729 |
| Board of Regents of the Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 7/1/2036  | 1000 | 1054 |
| Board of Regents of the Arizona State University System, Rev. Bonds, Series 2024-A, 5.00% 8/1/2049  | 2940 | 2963 |
| Board of Regents of the Arizona State University System, Rev. Bonds, Series 2024-A, 5.00% 8/1/2054  | 5990 | 6006 |
| Board of Regents of the Arizona State University System, Rev. Green Bonds, Series 2024-A, 5.00% 7/1/2054  | 14605 | 14644 |
| Bullhead City, Excise Taxes Rev. Obligations, Series 2021-2, 1.50% 7/1/2029  | 600 | 559 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **80** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Chandler Unified School Dist. No. 80, School Improvement Bonds, Series 2019-A, 5.00% 7/1/2026  | USD500 | $511 |
| Chandler Unified School Dist. No. 80, School Improvement Bonds, Series 2019-A, 5.00% 7/1/2027  | 250 | 262 |
| City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2020, 4.00% 5/15/2026  | 1200 | 1212 |
| City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2020, 5.00% 5/15/2032  | 525 | 564 |
| City of Glendale, Industrial Dev. Auth., Senior Living Rev. Bonds (Royal Oaks Life Care Community), Series 2016, <br> 5.00% 5/15/2039  | 1550 | 1449 |
| City of Glendale, Industrial Dev. Auth., Senior Living Rev. Bonds (Sun Health Services), Series 2019-A, 5.00% <br> 11/15/2048  | 2400 | 2256 |
| City of Glendale, Industrial Dev. Auth., Senior Living Rev. Bonds (Sun Health Services), Series 2019-A, 5.00% <br> 11/15/2054  | 5200 | 4786 |
| Glendale Union High School Dist. No. 205, School Improvement Bonds, Series 2021-A, AGI, 4.00% 7/1/2038  | 1000 | 981 |
| Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, (3-month USD CME Term SOFR x 0.67 + 0.81%) <br> 2.87% 1/1/2037 <sup>(c)</sup>  | 53780 | 52109 |
| Health Facs. Auth., Rev. Bonds (Banner Health), Series 2015-B, (SIFMA Municipal Swap Index + 0.25%) 2.54% <br> 1/1/2046 (preref. 11/4/2025) <sup>(c)</sup>  | 1630 | 1630 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2023-A, 5.00% <br> 11/1/2028  | 1435 | 1504 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 5.00% <br> 11/1/2033  | 1000 | 1034 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 5.00% <br> 11/1/2035  | 1100 | 1127 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 5.00% <br> 11/1/2036  | 1000 | 1020 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 5.00% <br> 11/1/2037  | 1045 | 1061 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 5.00% <br> 11/1/2039  | 2045 | 2059 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 5.00% <br> 11/1/2044  | 1630 | 1576 |
| Industrial Dev. Auth., Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-A, 4.00% <br> 11/1/2049  | 3075 | 2454 |
| Industrial Dev. Auth., Charter School Social Rev. Bonds (Equitable School Revolving Fund), Series 2020, 4.00% <br> 11/1/2038  | 250 | 230 |
| Industrial Dev. Auth., Charter School Social Rev. Bonds (Equitable School Revolving Fund), Series 2020, 4.00% <br> 11/1/2045  | 2200 | 1815 |
| Industrial Dev. Auth., Education Fac. Rev. Bonds (KIPP NYC Public Charter Schools - Jerome Fac. Project), Series <br> 2021-B, 4.00% 7/1/2051  | 1630 | 1314 |
| Industrial Dev. Auth., Education Fac. Rev. Bonds (KIPP NYC Public Charter Schools - Jerome Fac. Project), Series <br> 2021-B, 4.00% 7/1/2061  | 7920 | 6064 |
| Industrial Dev. Auth., Education Fac. Rev. Bonds (KIPP NYC Public Charter Schools - Macombs Fac. Project), Series <br> 2021-A, 4.00% 7/1/2051  | 3300 | 2661 |
| Industrial Dev. Auth., Education Fac. Rev. Bonds (KIPP NYC Public Charter Schools - Macombs Fac. Project), Series <br> 2021-A, 4.00% 7/1/2061  | 4230 | 3239 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-A, 5.00% <br> 7/1/2028  | 1290 | 1329 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-A, 5.00% <br> 7/1/2042  | 1000 | 968 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-A, 5.00% <br> 7/1/2047  | 1310 | 1227 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-A, 5.00% <br> 7/1/2048  | 1000 | 931 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-A, 5.00% <br> 7/1/2051  | 1025 | 939 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 7/1/2037 <sup>(a)</sup>  | 1330 | 1332 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.125% 7/1/2037 <sup>(a)</sup>  | 2150 | 2154 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.25% 7/1/2047 <sup>(a)</sup>  | 5305 | 5044 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.375% 7/1/2050 <sup>(a)</sup>  | 5660 | 5401 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 7/1/2051 <sup>(a)</sup>  | 1975 | 1780 |
| Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus <br> Projects), Series 2019-A, 3.55% 7/15/2029  | 450 | 441 |
| Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus <br> Projects), Series 2019-A, 5.00% 7/15/2039  | 1325 | 1275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **81** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus <br> Projects), Series 2019-A, 5.00% 7/15/2049  | USD1,835 | $1591 |
| Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Pebble Campus Projects), Series 2020-A, <br> 5.00% 7/15/2050 <sup>(a)</sup>  | 690 | 595 |
| Industrial Dev. Auth., Education Rev. Bonds (KIPP Nashville Projects), Series 2022-A, 5.00% 7/1/2057  | 3000 | 2708 |
| Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Sloan Canyon Campus Project), <br> Series 2020-A-1, 5.00% 7/15/2040 <sup>(a)</sup>  | 2265 | 2223 |
| Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Northern Nevada Project), Series 2022-A, <br> 4.50% 7/15/2029 <sup>(a)</sup>  | 1250 | 1216 |
| Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Aliante and Skye Canyon Campus <br> Projects), Series 2021-A, 4.00% 12/15/2041 <sup>(a)</sup>  | 500 | 414 |
| Industrial Dev. Auth., Hospital Rev. Bonds (Phoenix Children's Hospital), Series 2021-A, 5.00% 2/1/2026  | 915 | 926 |
| Industrial Dev. Auth., Hospital Rev. Bonds (Phoenix Children's Hospital), Series 2021-A, 4.00% 2/1/2038  | 1600 | 1525 |
| Industrial Dev. Auth., Hospital Rev. Bonds (Phoenix Children's Hospital), Series 2021-A, 4.00% 2/1/2039  | 1800 | 1698 |
| Industrial Dev. Auth., Hospital Rev. Bonds (Phoenix Children's Hospital), Series 2021-A, 4.00% 2/1/2040  | 1000 | 928 |
| Industrial Dev. Auth., Hospital Rev. Bonds (Phoenix Children's Hospital), Series 2020-A, 3.00% 2/1/2045  | 6310 | 4539 |
| Industrial Dev. Auth., Hospital Rev. Bonds (Phoenix Children's Hospital), Series 2020-A, 4.00% 2/1/2050  | 7000 | 5762 |
| Industrial Dev. Auth., Multi Family Housing Rev. Bonds (Unity at West Glendale Project), Series 2024, 5.00% <br> 3/1/2045 (put 9/1/2026)  | 1150 | 1168 |
| Industrial Dev. Auth., Municipal Certs., Series 2019-2, Class A, 3.625% 5/20/2033  | 62033 | 59713 |
| Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 11/1/2031  | 1510 | 1674 |
| Town of Marana, Excise Tax Rev. Obligations, Series 2024, 5.00% 7/1/2035  | 500 | 525 |
| Town of Marana, Excise Tax Rev. Obligations, Series 2024, 5.00% 7/1/2037  | 550 | 572 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Benjamin Franklin Charter School Projects), <br> Series 2018-A, 6.00% 7/1/2038 <sup>(a)</sup>  | 3480 | 3551 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, <br> 5.00% 7/1/2037  | 725 | 732 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, <br> 5.00% 7/1/2052  | 750 | 704 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2019-A, 4.00% 7/1/2034  | 500 | 490 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2019-A, 5.00% 7/1/2039  | 750 | 758 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2021-A, 4.00% 7/1/2041 <sup>(a)</sup>  | 255 | 219 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2021-B, 3.50% 7/1/2044 <sup>(a)</sup>  | 2000 | 1507 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2020, 5.25% 7/1/2045  | 3000 | 3002 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2019-A, 5.00% 7/1/2049  | 6150 | 5836 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2019-B, 5.00% 7/1/2049 <sup>(a)</sup>  | 2215 | 2035 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2020, 4.00% 7/1/2050  | 3000 | 2389 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2021-A, 4.00% 7/1/2051 <sup>(a)</sup>  | 1000 | 776 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2019-A, 5.00% 7/1/2054  | 6225 | 5835 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2019-B, 5.00% 7/1/2054 <sup>(a)</sup>  | 565 | 511 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Paradise Schools Project), Series 2019, 4.00% <br> 7/1/2049  | 2845 | 2281 |
| County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2019-D, 5.00% 1/1/2046 (put <br> 5/15/2026)  | 5435 | 5515 |
| County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2017-D, 4.00% 1/1/2048  | 7145 | 6054 |
| County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2019-E, 3.00% 1/1/2049  | 7000 | 4813 |
| County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2019-F, 3.00% 1/1/2049  | 10380 | 7137 |
| County of Maricopa, Industrial Dev. Auth., Rev. Bonds (HonorHealth), Series 2021-A, 3.00% 9/1/2051  | 2000 | 1346 |
| County of Maricopa, Pollution Control Rev. Ref. Bonds (El Paso Electric Co. Palo Verde Project), Series 2009-A, <br> 3.60% 2/1/2040  | 21605 | 18676 |
| County of Maricopa, Special Health Care Dist., GO Bonds, Series 2021-D, 5.00% 7/1/2031  | 2500 | 2751 |
| County of Maricopa, Special Health Care Dist., GO Bonds, Series 2021-D, 5.00% 7/1/2032  | 5205 | 5722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **82** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Maricopa County Pollution Control Corp., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), <br> Series 2000-A, 2.40% 6/1/2035  | USD22,190 | $17822 |
| Maricopa County Pollution Control Corp., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), <br> Series 2000-B, 2.40% 6/1/2035  | 8400 | 6746 |
| McAllister Academic Village, LLC, Rev. Ref. Bonds (Arizona State University Hassayampa Academic Village <br> Project), Series 2016, 5.00% 7/1/2033  | 5080 | 5146 |
| City of Mesa, Eastmark Community Facs. Dist. No. 1, GO Bonds, Series 2021, BAM, 4.00% 7/15/2026  | 260 | 262 |
| City of Mesa, Eastmark Community Facs. Dist. No. 1, GO Bonds, Series 2021, BAM, 4.00% 7/15/2027  | 250 | 254 |
| City of Mesa, Eastmark Community Facs. Dist. No. 1, GO Bonds, Series 2021, BAM, 4.00% 7/15/2030  | 290 | 299 |
| City of Mesa, Eastmark Community Facs. Dist. No. 1, GO Bonds, Series 2021, BAM, 4.00% 7/15/2041  | 650 | 586 |
| City of Mesa, Eastmark Community Facs. Dist. No. 1, GO Bonds, Series 2021, BAM, 4.00% 7/15/2045  | 1050 | 909 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2015, 5.00% <br> 7/1/2035 <sup>(a)</sup>  | 2675 | 2676 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2016-A, 5.00% <br> 7/1/2035 <sup>(a)</sup>  | 1000 | 1000 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2015, 5.00% <br> 7/1/2045 <sup>(a)</sup>  | 1690 | 1580 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2016-A, 5.00% <br> 7/1/2046 <sup>(a)</sup>  | 3900 | 3596 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2016-A, 4.00% 7/1/2026 <sup>(a)</sup>  | 540 | 543 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2015, 5.00% 7/1/2035 <sup>(a)</sup>  | 910 | 910 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2016-A, 5.00% 7/1/2036 <sup>(a)</sup>  | 8535 | 8554 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2015, 5.00% 7/1/2045 <sup>(a)</sup>  | 1050 | 980 |
| City of Phoenix, Industrial Dev. Auth., Multi Family Housing Rev. Bonds (Memorial Towers Project), Series 2024-A, <br> 3.35% 12/1/2027  | 1035 | 1044 |
| Phoenix Union High School Dist. No. 210, Improvement Bonds (Project of 2023), Series 2025-B, 5.00% 7/1/2030  | 925 | 1029 |
| Phoenix Union High School Dist. No. 210, Improvement Bonds (Project of 2023), Series 2025-B, 5.00% 7/1/2031  | 420 | 472 |
| City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2019-A, 3.00% 7/1/2049  | 2650 | 1825 |
| City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2019-A, 4.00% 7/1/2049  | 5300 | 4604 |
| City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2019-A, 5.00% 7/1/2049  | 10890 | 10888 |
| City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2017-D, 5.00% 7/1/2032  | 5320 | 5502 |
| City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2017-D, 5.00% 7/1/2033  | 14000 | 14421 |
| City of Phoenix Civic Improvement Corp., Rental Car Fac. Charge Rev. Bonds, Series 2019-A, 5.00% 7/1/2033  | 2515 | 2641 |
| City of Phoenix Civic Improvement Corp., Wastewater System Rev. Bonds, Series 2023, 5.25% 7/1/2047  | 3000 | 3111 |
| City of Phoenix Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 7/1/2032  | 2000 | 2036 |
| City of Phoenix Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 7/1/2033  | 1000 | 1016 |
| City of Phoenix Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 7/1/2034  | 1000 | 1015 |
| City of Phoenix Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 7/1/2035  | 2000 | 2027 |
| County of Pima, Industrial Dev. Auth., Rev. Bonds (Tucson Medical Center), Series 2021-A, 4.00% 4/1/2036  | 840 | 811 |
| County of Pima, Industrial Dev. Auth., Rev. Bonds (Tucson Medical Center), Series 2021-A, 4.00% 4/1/2037  | 900 | 859 |
| County of Pima, Industrial Dev. Auth., Senior Living Rev. Bonds (La Posada at Pusch Ridge Project), Series 2022-A, <br> 5.75% 11/15/2026 <sup>(a)</sup>  | 1405 | 1426 |
| County of Pima, Industrial Dev. Auth., Senior Living Rev. Bonds (La Posada at Pusch Ridge Project), Series 2022-A, <br> 5.75% 11/15/2027 <sup>(a)</sup>  | 1485 | 1525 |
| City of Scottsdale Municipal Property Corp., Excise Tax Rev. Ref. Bonds, Series 2006, 5.00% 7/1/2030  | 8015 | 8598 |
| City of Sierra Vista, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), <br> Series 2024, 5.00% 6/15/2034 <sup>(a)</sup>  | 490 | 497 |
| City of Sierra Vista, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), <br> Series 2024, 5.00% 6/15/2054 <sup>(a)</sup>  | 1000 | 847 |
| City of Sierra Vista, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), <br> Series 2023, 5.75% 6/15/2058 <sup>(a)</sup>  | 150 | 141 |
| City of Sierra Vista, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), <br> Series 2024, 5.00% 6/15/2059 <sup>(a)</sup>  | 2500 | 2082 |
| Tucson Unified School Dist. No. 1, School Improvement Bonds (Project of 2023), Series 2024-A, AGI, 5.00% <br> 7/1/2041  | 2650 | 2775 |
| Board of Regents of the University of Arizona, Speed Rev. Ref. Bonds, Series 2020-C, 5.00% 8/1/2026  | 400 | 410 |
| Board of Regents of the University of Arizona, Speed Rev. Ref. Bonds, Series 2020-C, 5.00% 8/1/2027  | 300 | 315 |
| Board of Regents of the University of Arizona, Speed Rev. Ref. Bonds, Series 2020-C, 5.00% 8/1/2028  | 400 | 429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **83** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Board of Regents of the University of Arizona, Speed Rev. Ref. Bonds, Series 2020-C, 5.00% 8/1/2029  | USD400 | $437 |
| Board of Regents of the University of Arizona, System Rev. and Rev. Ref. Bonds, Series 2021-A, 5.00% 6/1/2042  | 1800 | 1845 |
| Board of Regents of the University of Arizona, System Rev. and Rev. Ref. Bonds, Series 2021-A, 5.00% 6/1/2043  | 2000 | 2041 |
|  |  | 505845 |
| **Arkansas 0.01%** | **Arkansas 0.01%** | **Arkansas 0.01%** |
| Springdale School Dist. No. 50, Rev. Ref. and Construction Bonds, Series 2022-B, 3.00% 6/1/2037  | 2705 | 2331 |
| **California 8.72%** | **California 8.72%** | **California 8.72%** |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2022-A, 0% 10/1/2049 (5.375% on <br> 10/1/2037) <sup>(d)</sup>  | 1770 | 978 |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2022-C-2, 0% 10/1/2050 (5.40% on <br> 10/1/2037) <sup>(d)</sup>  | 6040 | 3334 |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Convertible CAB, Series 2022-C-2, AGI, 0% 10/1/2052 <br> (5.45% on 10/1/2037) <sup>(d)</sup>  | 3015 | 1659 |
| City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, <br> Series 2016, 5.00% 9/1/2046  | 500 | 493 |
| City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2051  | 12200 | 9830 |
| Alvord Unified School Dist., GO Bonds, 2022 Election, Series 2022-A, BAM, 4.00% 8/1/2048  | 1510 | 1301 |
| Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2031  | 1175 | 967 |
| Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2033  | 1400 | 1044 |
| Antelope Valley Union High School Dist., GO Bonds, 2024 Election, Series 2025-A, 5.00% 8/1/2054  | 2000 | 2030 |
| Baldwin Park Unified School Dist., GO Bonds, 2018 Election, Series 2021, 3.00% 8/1/2043  | 1250 | 953 |
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure <br> Fncg. Program), Series 2014-A, 5.00% 9/2/2029  | 980 | 982 |
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure <br> Fncg. Program), Series 2014-A, 5.00% 9/2/2030  | 295 | 296 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-D, (SIFMA Municipal Swap Index <br> + 0.30%) 2.59% 4/1/2056 (put 4/1/2027) <sup>(c)</sup>  | 1990 | 1946 |
| City of Beaumont, Community Facs. Dist. No. 93-1, Improvement Area No. 8C, Special Tax Bonds, Series 2018-A, <br> 5.00% 9/1/2048  | 5715 | 5609 |
| City of Beaumont, Community Facs. Dist. No. 93-1, Improvement Area No. 8D, Special Tax Bonds, Series 2018-A, <br> 5.00% 9/1/2043  | 750 | 753 |
| City of Beaumont, Community Facs. Dist. No. 93-1, Improvement Area No. 8E, Special Tax Bonds, Series 2019, <br> 5.00% 9/1/2048  | 2500 | 2454 |
| Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AGI, 4.00% 7/1/2054  | 2095 | 1802 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2025-A, 5.00% 11/1/2042  | 2185 | 2306 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2024-A, 4.00% 11/1/2049  | 3565 | 3118 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2025-A, 5.25% 11/1/2050  | 12500 | 13039 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 3.125% 11/1/2051 (put <br> 11/1/2026)  | 6000 | 6015 |
| Capistrano Unified School Dist., School Facs. Improvement Dist. No. 1, GO Bonds, CAB, 1999 Election, Series <br> 2001-B, AGI, 0% 8/1/2025  | 1500 | 1500 |
| City of Carson, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Redev. Project Area No. 1), <br> Series 2014-A, AGI, 4.25% 10/1/2033  | 750 | 750 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. <br> Project Area), Series 2021-A, BAM, 4.00% 8/1/2033  | 750 | 781 |
| Center Joint Unified School Dist., GO Bonds, 2008 Election, Series 2021-B, BAM, 3.00% 8/1/2040  | 580 | 485 |
| Center Joint Unified School Dist., GO Bonds, 2008 Election, Series 2021-B, BAM, 3.00% 8/1/2041  | 480 | 392 |
| Center Joint Unified School Dist., GO Bonds, 2008 Election, Series 2021-B, BAM, 3.00% 8/1/2046  | 3150 | 2342 |
| Central Unified School Dist., GO Bonds, 2020 Election, Series 2023-B, 4.00% 8/1/2050  | 470 | 401 |
| Central Unified School Dist., GO Bonds, 2020 Election, Series 2021-A, AGI, 3.00% 8/1/2044  | 2500 | 1872 |
| Central Valley Energy Auth., Commodity Supply Rev. Bonds, Series 2025, 5.00% 12/1/2055 (put 8/1/2035)  | 9550 | 10204 |
| Chaffey Community College Dist., GO Bonds, 2018 Election, Series 2019-A, 4.00% 6/1/2043 (preref. 6/1/2028)  | 5000 | 5234 |
| Chaffey Joint Union High School Dist., GO Bonds, CAB, 2012 Election, Series 2024-H, 0% 8/1/2049  | 3000 | 871 |
| Chino Valley Unified School Dist., GO Bonds, 2016 Election, Series 2020-B, 4.00% 8/1/2045  | 500 | 447 |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2031  | 600 | 489 |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2032  | 315 | 246 |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2033  | 320 | 238 |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2034  | 625 | 441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **84** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2038  | USD1,300 | $724 |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2039  | 1000 | 523 |
| City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, 4.00% 9/1/2045  | 2250 | 1932 |
| City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% 9/1/2026  | 225 | 225 |
| City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% 9/1/2034  | 1090 | 1091 |
| City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% 9/1/2035  | 1725 | 1727 |
| Coast Community College Dist., GO Bonds, CAB, 2012 Election, Series 2019-F, 0% 8/1/2043  | 4000 | 1671 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% 2/1/2052 (put <br> 8/1/2031)  | 22650 | 22520 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 5.00% 12/1/2053 <br>(put 8/1/2029)  | 500 | 521 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-A, 5.00% 5/1/2054 (put <br> 4/1/2032)  | 44205 | 46749 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-G, 5.25% 11/1/2054 (put <br> 4/1/2030)  | 5880 | 6225 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-B, 5.00% 1/1/2055 (put <br> 12/1/2032)  | 17145 | 17855 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-E, 5.00% 2/1/2055 (put <br> 9/1/2032)  | 16015 | 17001 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-F, 5.00% 2/1/2055 (put <br> 11/1/2032)  | 70105 | 74324 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, 5.00% 8/1/2055 (put <br> 10/1/2032)  | 31705 | 33554 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-D, 5.00% 10/1/2055 (put <br> 7/1/2034)  | 10000 | 10423 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, 5.00% 11/1/2055 (put <br> 8/1/2032)  | 37075 | 38486 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, 5.00% 1/1/2056 (put <br> 8/1/2033)  | 1775 | 1925 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-A, 5.00% 1/1/2056 (put <br> 5/1/2035)  | 10305 | 10614 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-B, 5.00% 3/1/2056 (put <br> 11/1/2035)  | 5050 | 5363 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Fountains at Emerald Park), Series 2021-A-2, 4.00% <br> 8/1/2046 <sup>(a)</sup>  | 400 | 324 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Glendale Properties), Series 2021-A-2, 4.00% 8/1/2047 <br> <sup>(a)</sup>  | 7075 | 5235 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Glendale Properties), Series 2021-A-1, 4.00% 2/1/2056 <br> <sup>(a)</sup>  | 19695 | 15318 |
| Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2035  | 1500 | 989 |
| Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2040  | 500 | 239 |
| City of Corona, Community Facs. Dist. No. 2018-2 (Sierra Bella), Special Tax Bonds, Series 2022-A, 5.00% <br> 9/1/2051  | 1750 | 1718 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (1818 Platinum Triangle - Anaheim), <br> Series 2021-A-2, 3.25% 4/1/2057 <sup>(a)</sup>  | 2515 | 1730 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (1818 Platinum Triangle - Anaheim), <br> Series 2021-B, 4.00% 4/1/2057 <sup>(a)</sup>  | 1000 | 708 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange Portfolio), Series <br> 2021-A-1, 2.80% 3/1/2047 <sup>(a)</sup>  | 3600 | 2679 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange Portfolio), Series <br> 2021-A-2, 3.00% 3/1/2057 <sup>(a)</sup>  | 3570 | 2261 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange Portfolio), Series <br> 2021-B, 4.00% 3/1/2057 <sup>(a)</sup>  | 540 | 373 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Escondido Portfolio), Series <br> 2021-A-2, 4.00% 6/1/2058 <sup>(a)</sup>  | 39100 | 29170 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Millennium South Bay - <br> Hawthorne), Series 2021-A-1, 3.375% 7/1/2043 <sup>(a)</sup>  | 600 | 468 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Parallel-Anaheim), Series 2021-A, <br> 4.00% 8/1/2056 <sup>(a)</sup>  | 15160 | 12861 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Park Crossing Apartments), Series <br> 2021-A, 3.25% 12/1/2058 <sup>(a)</sup>  | 5105 | 3300 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), Series <br> 2021-A-1, 2.65% 12/1/2046 <sup>(a)</sup>  | 7655 | 6106 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **85** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), Series <br> 2021-A-2, 3.00% 12/1/2056 <sup>(a)</sup>  | USD5,460 | $3642 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), Series 2021-B, <br> 4.00% 12/1/2056 <sup>(a)</sup>  | 1750 | 1267 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Theo - Pasadena), Series 2021-A-2, <br> 3.25% 5/1/2057 <sup>(a)</sup>  | 2215 | 1485 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Union South Bay), Series 2021-A-1, <br> 3.10% 7/1/2045 <sup>(a)</sup>  | 2000 | 1593 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Union South Bay), Series 2021-A-2, <br> 4.00% 7/1/2056 <sup>(a)</sup>  | 28390 | 21136 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Westgate Phase 1 - Pasadena), <br> Series 2021-A-1, 3.00% 6/1/2047 <sup>(a)</sup>  | 1800 | 1190 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Westgate Phase 1 - Pasadena), <br> Series 2021-A-2, 3.125% 6/1/2057 <sup>(a)</sup>  | 34900 | 19866 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Wood Creek Apartments), Series <br> 2021-A-2, 4.00% 12/1/2058 <sup>(a)</sup>  | 375 | 251 |
| Cypress Elementary School Dist., GO Bonds, Convertible CAB, 2008 Election, Series 2011-B-1, 0% 8/1/2050 <br> (8.125% on 8/1/2031) <sup>(d)</sup>  | 23000 | 20454 |
| Downey Unified School Dist., GO Bonds, 2022 Election, Series 2022-A, 4.00% 8/1/2052  | 2000 | 1741 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 5, Special Tax Bonds, <br> Series 2023, 5.00% 9/1/2038  | 790 | 814 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), Improvement Area B, <br> Special Tax Bonds, Series 2022, 4.00% 9/1/2038  | 1085 | 1015 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), Improvement Area B, <br> Special Tax Bonds, Series 2022, 4.00% 9/1/2043  | 1095 | 950 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), Improvement Area B, <br> Special Tax Bonds, Series 2022, 4.00% 9/1/2051  | 2180 | 1757 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), Improvement Area D, <br> Special Tax Bonds, Series 2022, 4.00% 9/1/2038  | 1230 | 1151 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), Improvement Area D, <br> Special Tax Bonds, Series 2022, 4.00% 9/1/2043  | 1150 | 998 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), Improvement Area D, <br> Special Tax Bonds, Series 2022, 4.00% 9/1/2051  | 2540 | 2047 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2036  | 2275 | 2213 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2041  | 2085 | 1863 |
| Educational Facs. Auth., Rev. Bonds (Stanford University), Series 2010-U-1, 5.25% 4/1/2040  | 505 | 576 |
| Educational Facs. Auth., Rev. Bonds (Stanford University), Series 2016-U-7, 5.00% 6/1/2046  | 1000 | 1062 |
| Educational Facs. Auth., Rev. Bonds (University of Southern California), Series 2025-A, 5.00% 10/1/2055  | 20495 | 20881 |
| County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series <br> 2012, 4.00% 9/1/2029  | 2120 | 2121 |
| El Rancho Unified School Dist., GO Bonds, 2016 Election, Series 2023-D, BAM, 5.75% 8/1/2048  | 650 | 711 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, 5.00% 9/1/2026  | 1300 | 1303 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM, 5.00% 9/1/2034  | 500 | 501 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM, 5.00% 9/1/2035  | 500 | 501 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM, 5.00% 9/1/2038  | 1500 | 1503 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 5.00% 9/1/2041  | 12830 | 12831 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 9/1/2043  | 2890 | 2882 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 5.00% 9/1/2046  | 13500 | 13285 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 9/1/2048  | 2500 | 2441 |
| Enterprise Dev. Auth., Rev. Bonds (Sage Hill School Project), Series 2024, 5.00% 12/1/2042  | 1000 | 1030 |
| City of Escondido, Community Facs. Dist. No. 2020-2 (The Villages), Special Tax Bonds, Series 2022, 5.00% <br> 9/1/2038  | 780 | 800 |
| City of Escondido, Community Facs. Dist. No. 2020-2 (The Villages), Special Tax Bonds, Series 2022, 5.00% <br> 9/1/2052  | 3000 | 2876 |
| Etiwanda School Dist., GO Bonds, 2016 Election, Series 2020-A, 4.00% 8/1/2049  | 2500 | 2173 |
| Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2034  | 1000 | 714 |
| Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2035  | 1785 | 1208 |
| City of Fairfield, Community Facs. Dist. No. 2023-1 (One Lake Planning Area 5), Improvement Area No. 1, Special <br> Tax Bonds, Series 2024-A, 5.00% 9/1/2046  | 1395 | 1367 |
| Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 3, GO Bonds, 2007 Election, Series <br> 2019-D, AGI, 4.00% 10/1/2040  | 5000 | 4704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **86** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 9/1/2031  | USD880 | $881 |
| City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 9/1/2034  | 2600 | 2602 |
| City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, Series 2022, <br> 4.625% 9/1/2052  | 3500 | 3168 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, CAB, Series 2015-A, AGI, 0% 1/15/2034  | 2000 | 1485 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, CAB, Series 2015-A, AGI, 0% 1/15/2035  | 2000 | 1412 |
| Freddie Mac, Multi Family Mortgage Certs., Series 2019-M-049, 3.05% 4/15/2034  | 3570 | 3211 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2023, Class ACA, 2.25% 9/25/2037  | 34161 | 28277 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2021-ML-10, Class AUS, 2.032% 1/25/2038 <sup>(a)</sup>  | 11497 | 9081 |
| Fresno Unified School Dist., GO Bonds, 2016 Election, Series 2021-D, 3.00% 8/1/2033  | 1000 | 967 |
| Fresno Unified School Dist., GO Bonds, 2016 Election, Series 2016-B, 3.00% 8/1/2043  | 2000 | 1491 |
| Fresno Unified School Dist., GO Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2030  | 1005 | 1032 |
| Glendale Community College Dist., GO Rev. Ref. Bonds, CAB, 2016 Election, Series 2020-B, 0% 8/1/2029  | 990 | 874 |
| Glendale Community College Dist., GO Rev. Ref. Bonds, CAB, 2016 Election, Series 2020-B, 0% 8/1/2031  | 1250 | 1019 |
| Glendale Community College Dist., GO Rev. Ref. Bonds, CAB, 2016 Election, Series 2020-B, 0% 8/1/2032  | 1500 | 1172 |
| GO Bonds, Series 2021, 5.00% 12/1/2031  | 395 | 402 |
| GO Bonds, Series 2015, 5.25% 8/1/2032  | 5000 | 5008 |
| GO Bonds, Series 2021, 5.00% 12/1/2032  | 335 | 341 |
| GO Bonds, Series 2021, 5.00% 12/1/2034  | 335 | 340 |
| GO Bonds, Series 2023, 5.00% 10/1/2035  | 3405 | 3786 |
| GO Bonds, Series 2023, 5.00% 9/1/2036  | 3000 | 3301 |
| GO Bonds, Series 2021, 4.00% 10/1/2037  | 1000 | 1004 |
| GO Bonds, Series 2021, 4.00% 10/1/2039  | 3000 | 2951 |
| GO Rev. Ref. Bonds, Series 2024, 5.00% 8/1/2030  | 1265 | 1412 |
| GO Rev. Ref. Bonds, Series 2020, 3.00% 11/1/2040  | 3000 | 2483 |
| GO Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2041  | 2625 | 2737 |
| GO Rev. Ref. Bonds, Series 2024, 5.00% 9/1/2043  | 8675 | 9105 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, CAB, Series <br> 2005-A, AMBAC, 0% 6/1/2027 (escrowed to maturity)  | 3960 | 3784 |
| Hastings Campus Housing Fin. Auth., Campus Housing Rev. Green Bonds, Series 2020-A, 5.00% 7/1/2061 <sup>(a)</sup>  | 7785 | 6501 |
| Hayward Unified School Dist., GO Bonds, 2019 Election, Series 2019-A, BAM, 5.00% 8/1/2044  | 7000 | 7066 |
| Hayward Unified School Dist., GO Bonds, 2024 Election, Series 2025-A, AGI, 5.25% 8/1/2054  | 4765 | 4909 |
| Hayward Unified School Dist., GO Rev. Ref. Bonds, Series 2025-B, AGI, 5.00% 8/1/2029  | 1000 | 1096 |
| Hayward Unified School Dist., GO Rev. Ref. Bonds, 2019 Election, Series 2019-A, BAM, 5.00% 8/1/2040  | 2360 | 2411 |
| Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2024-A, 5.25% 12/1/2041  | 735 | 746 |
| Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2024-A, 5.25% 12/1/2042  | 1050 | 1056 |
| Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2024-A, 5.25% 12/1/2043  | 1250 | 1249 |
| Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2020-A, 4.00% 4/1/2045  | 2000 | 1748 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-A, 3.85% 11/15/2027  | 230 | 230 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% 11/15/2028  | 105 | 111 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% 11/15/2030  | 85 | 91 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% 11/15/2032  | 355 | 383 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% 11/15/2043  | 1040 | 1018 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.25% 11/15/2048  | 450 | 445 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.25% 11/15/2053  | 540 | 527 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.25% 11/15/2058  | 645 | 624 |
| Health Facs. Fncg. Auth., Rev. Bonds (Marshall Medical Center), Series 2020-A, 4.00% 11/1/2040  | 1000 | 950 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2026  | 350 | 351 |
| Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 5.00% 8/1/2040  | 1000 | 1010 |
| Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 5.00% 8/1/2050  | 1250 | 1165 |
| Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 5.00% 8/1/2055  | 1000 | 921 |
| Housing Fin. Agcy., Municipal Certs., Series 2019-A-2, 4.00% 3/20/2033  | 632 | 637 |
| Housing Fin. Agcy., Municipal Certs., Series 2019-1, Class A, 4.25% 1/15/2035  | 1177 | 1194 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-1, 3.50% 11/20/2035  | 20155 | 18817 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036  | 38227 | 35643 |
| Housing Fin. Agcy., Municipal Certs., Series 2023-1, Class X, 0.297% 9/20/2036 <sup>(c)</sup>  | 28514 | 635 |
| Housing Fin. Agcy., Municipal Certs., Series 2023-1, Class A, 4.375% 9/20/2036  | 22514 | 22424 |
| Imperial Community College Dist., GO Bonds, 2022 Election, Series 2024-B, AGI, 4.00% 8/1/2049  | 1205 | 1040 |
| Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% 6/1/2036 <sup>(a)</sup>  | 340 | 333 |
| Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% 6/1/2041 <sup>(a)</sup>  | 510 | 478 |
| Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% 6/1/2046 <sup>(a)</sup>  | 135 | 120 |
| Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% 6/1/2051 <sup>(a)</sup>  | 175 | 152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **87** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2022-B, <br> 5.00% 11/1/2025  | USD265 | $266 |
| Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2019, 1.75% 8/1/2055 (put 8/1/2026)  | 4750 | 4665 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Los Angeles County Museum of Art Project), Series 2021-B, <br> (SIFMA Municipal Swap Index + 0.60%) 2.99% 12/1/2050 (put 6/1/2026) <sup>(c)</sup>  | 1000 | 995 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2030  | 130 | 144 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2031  | 300 | 334 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2032  | 475 | 533 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2038  | 580 | 653 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2039  | 1195 | 1334 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2040  | 530 | 587 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2042  | 515 | 561 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2043  | 775 | 840 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2044  | 310 | 334 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2021-A, AGI, 4.00% 8/1/2046  | 3865 | 3444 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2021-A, AGI, 4.00% 8/1/2051  | 1000 | 862 |
| City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series <br> 2018, 5.00% 9/1/2043  | 2670 | 2673 |
| City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series <br> 2018, 5.00% 9/1/2048  | 5250 | 5118 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2032  | 350 | 351 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2033  | 585 | 586 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2034  | 615 | 616 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2035  | 375 | 376 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2042  | 995 | 997 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, 5.00% 9/1/2025  | 995 | 997 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-D, 4.00% 9/1/2026  | 150 | 151 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, 5.00% 9/1/2026  | 1295 | 1322 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2032  | 245 | 253 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2033  | 115 | 118 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, 5.00% 9/1/2034  | 995 | 1020 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2034  | 470 | 482 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2035  | 525 | 537 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2036  | 505 | 516 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2037  | 700 | 713 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2038  | 640 | 650 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, 5.00% 9/1/2042  | 995 | 999 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2044  | 6115 | 5329 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, 5.00% 9/1/2047  | 1990 | 1977 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 4.00% 9/1/2049  | 2985 | 2581 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-D, 5.00% 9/1/2049  | 995 | 980 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2020-A, BAM, 4.00% <br> 9/1/2050  | 11135 | 9604 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, 5.00% 9/1/2051  | 2985 | 2910 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 4.00% 9/1/2054  | 12105 | 10316 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2020-A, BAM, 4.00% <br> 9/1/2054  | 6960 | 5931 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-D, 5.00% 3/1/2057  | 995 | 959 |
| City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM, 4.00% 9/1/2035  | 1125 | 1136 |
| City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM, 4.00% 9/1/2039  | 1095 | 1068 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2032  | 415 | 432 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2033  | 880 | 908 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2034  | 945 | 965 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2035  | 1020 | 1032 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2036  | 840 | 843 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2037  | 1170 | 1164 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **88** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2038  | USD1,255 | $1235 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2039  | 1340 | 1304 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2040  | 1435 | 1376 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2041  | 1535 | 1448 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2047  | 5000 | 4483 |
| County of Kern, RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM, <br> 5.00% 9/1/2041  | 3000 | 3008 |
| La Mesa-Spring Valley School Dist., GO Bonds, 2020 Election, Series 2021-A, BAM, 4.00% 8/1/2046  | 935 | 833 |
| City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, AGI, 4.00% 9/1/2039  | 1000 | 977 |
| City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, AGI, 4.00% 9/1/2041  | 675 | 637 |
| City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, AGI, 4.00% 9/1/2047  | 2915 | 2609 |
| City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 9/1/2035  | 5915 | 5927 |
| City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 9/1/2040  | 4375 | 4384 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2019-1 (Mountain House School Facs.), Special <br> Tax Bonds, Series 2022, 4.00% 9/1/2052  | 4850 | 3956 |
| Lodi Unified School Dist., GO Bonds, 2016 Election, Series 2021, 2.00% 8/1/2043  | 3300 | 2041 |
| Lodi Unified School Dist., GO Bonds, 2016 Election, Series 2021, 3.00% 8/1/2046  | 10160 | 7420 |
| Long Beach Community College Dist., GO Bonds, 2016 Election, Series 2021-D, 3.00% 8/1/2037  | 1000 | 876 |
| Long Beach Community College Dist., GO Bonds, 2016 Election, Series 2021-D, 3.00% 8/1/2038  | 1405 | 1191 |
| Long Beach Community College Dist., GO Bonds, 2016 Election, Series 2021-D, 3.00% 8/1/2039  | 1000 | 824 |
| Long Beach Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2016 Election, Series <br> 2023-C, 4.00% 8/1/2050  | 7140 | 6245 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Green Bonds, Series <br> 2025-D, 5.25% 5/15/2051  | 25705 | 26626 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-B, 5.00% <br> 5/15/2042  | 3900 | 3927 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-C, 5.00% 7/1/2029  | 1040 | 1127 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-E, 5.00% 7/1/2029  | 2480 | 2686 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-B, 5.00% 7/1/2033  | 1100 | 1146 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2033  | 755 | 832 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-B, 5.00% 7/1/2033  | 1100 | 1219 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2033  | 4500 | 5014 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2034  | 2415 | 2687 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-B, 5.00% 7/1/2034  | 1400 | 1557 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-B, 5.00% 7/1/2035  | 1000 | 1083 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2035  | 4620 | 5048 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% 7/1/2035  | 5515 | 6052 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-C, 5.00% 7/1/2036  | 1000 | 1029 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2036  | 1500 | 1599 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2036  | 3620 | 3890 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2036  | 3130 | 3376 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2036  | 2500 | 2696 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-B, 5.00% 7/1/2037  | 1120 | 1191 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2037  | 500 | 533 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2037  | 485 | 519 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2038  | 500 | 520 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2038  | 3065 | 3233 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2038  | 3500 | 3702 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-B, 5.00% 7/1/2039  | 1130 | 1161 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-C, 5.00% 7/1/2039  | 565 | 583 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2039  | 1000 | 1032 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2039  | 1140 | 1191 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2039  | 4225 | 4412 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2039  | 1000 | 1056 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2040  | 1160 | 1189 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2040  | 3880 | 3996 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% 7/1/2040  | 2175 | 2236 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2040  | 8400 | 8696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **89** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2041  | USD515 | $525 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% 7/1/2041  | 1080 | 1103 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-D, 5.00% 7/1/2041  | 2000 | 2058 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2041  | 1725 | 1778 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% 7/1/2042  | 605 | 613 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-D, 5.00% 7/1/2042  | 755 | 771 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2042  | 1240 | 1268 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2042  | 3510 | 3598 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2042  | 1125 | 1150 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2042  | 530 | 546 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2043  | 495 | 504 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2043  | 1000 | 1023 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2044  | 725 | 733 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2044  | 745 | 754 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.25% 7/1/2045  | 875 | 905 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2046  | 795 | 800 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.25% 7/1/2046  | 525 | 541 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% 7/1/2048  | 9000 | 9021 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2050  | 3270 | 3268 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, 5.00% 7/1/2050  | 2425 | 2424 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2052  | 2145 | 2130 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2053  | 4500 | 4486 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2053  | 2230 | 2223 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-1-A, 5.25% 7/1/2053  | 3050 | 3103 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2055  | 1655 | 1649 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-A, 5.00% 7/1/2029  | 1150 | 1247 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2034  | 2905 | 3204 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-A, 5.00% 7/1/2034  | 710 | 787 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2035  | 1800 | 1982 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2036  | 515 | 547 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% 7/1/2036  | 505 | 539 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-A, 5.00% 7/1/2036  | 3725 | 4020 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2036  | 3785 | 4100 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2037  | 1350 | 1429 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2037  | 2500 | 2695 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2038  | 500 | 523 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2039  | 5410 | 5625 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2039  | 3000 | 3143 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2039  | 4670 | 4916 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2040  | 3655 | 3757 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% 7/1/2040  | 1380 | 1421 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2041  | 770 | 793 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2041  | 550 | 568 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% 7/1/2043  | 1410 | 1430 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2044  | 395 | 400 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2047  | 1000 | 1000 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% 7/1/2047  | 4405 | 4405 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-D, 5.00% 7/1/2047  | 4655 | 4655 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% 7/1/2052  | 500 | 498 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-D, 5.00% 7/1/2052  | 1745 | 1738 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.25% 7/1/2053  | 3500 | 3561 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-A, 5.00% 7/1/2054  | 825 | 825 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2029  | 2500 | 2747 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2030  | 2500 | 2795 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2043  | 7055 | 7434 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2045  | 5550 | 5774 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2055  | 1335 | 1354 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2034  | 335 | 353 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2035  | 500 | 525 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2036  | 570 | 594 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **90** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2037  | USD615 | $636 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2042  | 830 | 836 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2047  | 1190 | 1179 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2052  | 590 | 577 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-C, 3.00% <br> 7/1/2038  | 2885 | 2523 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2025-A-1, <br> 5.00% 7/1/2042  | 1000 | 1060 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2025-A-1, <br> 5.00% 7/1/2049  | 10000 | 10202 |
| M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.125% 11/1/2029  | 2005 | 2120 |
| City of Menifee, Community Facs. Dist. No. 2020-1 (McCall Mesa), Special Tax Bonds, Series 2023-A, 5.00% <br> 9/1/2053  | 1315 | 1261 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, 5.00% 9/1/2026  | 1440 | 1478 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, 5.00% 9/1/2029  | 1260 | 1292 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM, 3.00% 9/1/2031  | 570 | 570 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, NATL, 5.00% 9/1/2031  | 250 | 256 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM, 5.00% 9/1/2032  | 725 | 726 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM, 5.00% 9/1/2033  | 760 | 761 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, NATL, 5.00% 9/1/2033  | 345 | 351 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM, 5.00% 9/1/2034  | 600 | 601 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM, 5.00% 9/1/2036  | 850 | 852 |
| Moreno Valley Unified School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2022, 4.75% <br> 9/1/2052  | 3370 | 3070 |
| Moreno Valley Unified School Dist., Community Facs. Dist. No. 2019-2, Special Tax Bonds, Series 2022, 4.75% <br> 9/1/2052  | 3110 | 2833 |
| Morongo Band of Mission Indians (The), Econ. Dev. Rev. Bonds, Series 2018-A, 5.00% 10/1/2042 <sup>(a)</sup>  | 2565 | 2536 |
| Morongo Band of Mission Indians (The), Rev. Ref. Bonds, Series 2018-B, 5.00% 10/1/2042 <sup>(a)</sup>  | 7525 | 7439 |
| City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), Improvement Area No. 1, <br> Special Tax Bonds, Series 2025, 5.00% 9/1/2055  | 750 | 703 |
| Mt. San Jacinto Community College Dist., GO Bonds, 2014 Election, Series 2021-C, 3.00% 8/1/2035  | 1040 | 972 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2054  | 410 | 383 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds, Series <br> 2024, 5.125% 9/1/2059  | 335 | 320 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2049  | 290 | 277 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (View At San Bruno), Series 2024-A-1, 5.00% 6/1/2056 (put <br> 7/1/2028)  | 2495 | 2631 |
| Municipal Fin. Auth., Municipal Certs., Series 2025-1, 3.438% 2/20/2041 <sup>(c)</sup>  | 39952 | 35237 |
| Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 11/1/2036 <sup>(a)</sup>  | 1500 | 1500 |
| Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 11/1/2046 <sup>(a)</sup>  | 2000 | 1818 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, AGI, 3.00% 2/1/2046  | 2195 | 1607 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, 3.00% 2/1/2046  | 2225 | 1549 |
| Municipal Fin. Auth., Rev. Bonds (HumanGood - California Obligated Group), Series 2021, 3.00% 10/1/2046  | 2500 | 1752 |
| Municipal Fin. Auth., Rev. Bonds (HumanGood - California Obligated Group), Series 2021, 3.00% 10/1/2049  | 10560 | 7073 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 11/1/2039  | 850 | 850 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2038  | 3750 | 3514 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 5.00% 10/1/2044  | 4590 | 4442 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-B, 4.65% 5/1/2030  | 180 | 184 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-A, 5.875% 5/1/2059 <sup>(a)</sup>  | 170 | 167 |
| Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2022-A, 4.00% <br> 11/15/2042  | 565 | 482 |
| Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2022-A, 4.00% <br> 11/15/2056  | 1055 | 788 |
| Municipal Fin. Auth., Special Fin. Agcy. XII, Essential Housing Rev. Bonds (Allure Apartments), Series 2022-A-1, <br> 3.25% 2/1/2057 <sup>(a)</sup>  | 17515 | 11896 |
| Municipal Fin. Auth., Special Fin. Agcy., Essential Housing Rev. Bonds (Latitude 33), Series 2021-A-2, 4.00% <br> 12/1/2045 <sup>(a)</sup>  | 400 | 301 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **91** | American Funds Tax-Exempt Income Funds |

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------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Municipal Fin. Auth., Special Fin. Agcy., Essential Housing Rev. Bonds (Latitude 33), Series 2021-A-1, 3.00% <br> 12/1/2056 <sup>(a)</sup>  | USD1,735 | $1075 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-E, 5.00% 9/1/2044  | 2160 | 2129 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-E, 5.00% 9/1/2049  | 6435 | 6267 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-E, 5.00% 9/1/2055  | 6550 | 6234 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM, 4.00% 5/15/2041  | 220 | 207 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM, 4.00% 5/15/2046  | 615 | 557 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM, 3.00% 5/15/2051  | 6695 | 4769 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM, 3.00% 5/15/2054  | 1490 | 1032 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (UCR Dundee-Glasgow Student Housing Project), Series 2018, <br> BAM, 5.00% 5/15/2037  | 1755 | 1815 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (UCR Dundee-Glasgow Student Housing Project), Series 2018, <br> BAM, 5.00% 5/15/2039  | 1535 | 1574 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2026  | 825 | 843 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2027  | 1875 | 1916 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2028  | 3320 | 3389 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2031  | 1915 | 1944 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2032  | 1175 | 1192 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, AGI, 5.00% <br> 9/1/2032  | 1000 | 1021 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class A-CA, 3.811% 7/20/2039 <sup>(c)</sup>  | 36512 | 33618 |
| Northern California Energy Auth. Commodity Supply Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2054 (put <br> 8/1/2030)  | 9970 | 10548 |
| Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, (3-month USD CME Term SOFR x 0.67 <br> + 0.72%) 3.769% 7/1/2027 <sup>(c)</sup>  | 5525 | 5527 |
| Norwalk La Mirada Unified School Dist., GO Bonds, 2014 Election, Series 2014, 4.00% 8/1/2048  | 650 | 564 |
| Oakland Unified School Dist., GO Bonds, 2020 Election, Series 2023-A, AGI, 5.00% 8/1/2034  | 285 | 322 |
| Oakland Unified School Dist., GO Bonds, 2020 Election, Series 2023-A, AGI, 5.00% 8/1/2036  | 465 | 515 |
| Oakland Unified School Dist., GO Bonds, 2020 Election, Series 2023-A, AGI, 5.25% 8/1/2048  | 880 | 909 |
| City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, 4.00% 9/1/2042  | 2180 | 1921 |
| City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, 4.00% 9/1/2052  | 3425 | 2781 |
| City of Ontario, Community Facs. Dist. No. 43 (Park Place Facs. Phase IV), Special Tax Bonds, Series 2020, 4.00% <br> 9/1/2050  | 3250 | 2670 |
| City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, 4.00% 9/1/2051  | 4025 | 3292 |
| County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Bonds, Series 2015-A, 5.00% <br> 8/15/2034  | 730 | 731 |
| County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Rev. Ref. Bonds, Series 2015-A, <br> 5.25% 8/15/2045  | 2915 | 2880 |
| County of Orange, Community Facs. Dist. No. 2016-1 (Esencia Village), Special Tax Bonds, Series 2016-A, 5.00% <br> 8/15/2041  | 1250 | 1253 |
| County of Orange, Community Facs. Dist. No. 2017-1 (Esencia Village), Improvement Area No. 1, Special Tax <br> Bonds, Series 2018-A, 5.00% 8/15/2036  | 2880 | 2946 |
| County of Orange, Community Facs. Dist. No. 2017-1 (Esencia Village), Improvement Area No. 1, Special Tax <br> Bonds, Series 2018-A, 5.00% 8/15/2042  | 5000 | 4981 |
| County of Orange, Community Facs. Dist. No. 2017-1 (Esencia Village), Improvement Area No. 1, Special Tax <br> Bonds, Series 2018-A, 5.00% 8/15/2047  | 6000 | 5815 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2037  | 540 | 561 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2042  | 1780 | 1805 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2047  | 1730 | 1719 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2052  | 1530 | 1506 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, 5.25% <br> 8/15/2043  | 1350 | 1376 |
| Palm Springs Unified School Dist., GO Bonds, 2016 Election, Series 2024-B, 4.00% 8/1/2049  | 500 | 444 |
| City of Palmdale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-A, NATL, 5.00% <br> 9/1/2030  | 250 | 255 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **92** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Series 2017-A, AGI, 5.00% <br> 8/1/2041  | USD2,250 | $2273 |
| Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2028  | 7000 | 6172 |
| Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2030  | 15520 | 12459 |
| Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2031  | 3000 | 2284 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2040  | 1000 | 489 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2041  | 375 | 171 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2043  | 1000 | 408 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2044  | 1350 | 521 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2045  | 1400 | 513 |
| Peralta Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2030  | 1050 | 1179 |
| Peralta Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2031  | 670 | 762 |
| Peralta Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2032  | 625 | 717 |
| City of Perris, Joint Powers Auth., Local Agcy. Rev. Bonds (CFD No. 2006-2 - Monument Park Estates), Series <br> 2015-B, 5.00% 9/1/2045  | 5265 | 5227 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2031  | 650 | 651 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2033  | 2885 | 2889 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2034  | 1260 | 1261 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2035  | 3175 | 3178 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2041  | 3725 | 3726 |
| Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Rev. Ref. Bonds, Series 2016, <br> 5.00% 9/1/2030  | 1910 | 1965 |
| Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Rev. Ref. Bonds, Series 2016, <br> 5.00% 9/1/2031  | 2040 | 2097 |
| Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Rev. Ref. Bonds, Series 2016, <br> 5.00% 9/1/2032  | 2185 | 2245 |
| Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Rev. Ref. Bonds, Series 2016, <br> BAM, 5.00% 9/1/2033  | 960 | 986 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 9/1/2026  | 1265 | 1268 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 9/1/2027  | 590 | 591 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 9/1/2031  | 1200 | 1201 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-B, BAM, 4.00% 9/1/2036  | 710 | 708 |
| Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 10/15/2033  | 500 | 506 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2043  | 1910 | 1770 |
| Public Works Board, Lease Rev. Bonds, Series 2021-C, 5.00% 11/1/2046  | 1000 | 1016 |
| Public Works Board, Lease Rev. Bonds (Dept. of General Services, May Lee State Office Complex), Series 2024-A, <br> 5.00% 4/1/2049  | 1240 | 1263 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2021-A, 5.00% 2/1/2030  | 1500 | 1660 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 8/1/2032  | 1300 | 1452 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2032  | 505 | 573 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 8/1/2035  | 795 | 863 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2035  | 1275 | 1433 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2023-B, 5.00% 12/1/2036  | 1120 | 1219 |
| City of Rancho Cordova, Community Facs. Dist. No. 2003-1 (Sunridge Anatolia), Special Tax Bonds, Series 2016, <br> 4.00% 9/1/2025  | 1000 | 1001 |
| City of Rancho Cordova, Community Facs. Dist. No. 2003-1 (Sunridge Anatolia), Special Tax Bonds, Series 2016, <br> 4.00% 9/1/2027  | 425 | 429 |
| City of Rancho Cordova, Community Facs. Dist. No. 2003-1 (Sunridge Anatolia), Special Tax Bonds, Series 2016, <br> 4.00% 9/1/2028  | 1185 | 1196 |
| City of Rancho Cordova, Community Facs. Dist. No. 2003-1 (Sunridge Anatolia), Special Tax Bonds, Series 2016, <br> 4.00% 9/1/2030  | 1390 | 1398 |
| City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, Series 2024-A, <br> 5.00% 9/1/2044  | 1115 | 1086 |
| City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, Series 2024-A, <br> 5.00% 9/1/2049  | 1255 | 1201 |
| City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, Series 2024-A, <br> 5.00% 9/1/2054  | 1445 | 1368 |
| City of Rancho Santa Fe, Community Services Dist., Rev. Bonds, Series 2016-A, 5.00% 9/1/2029  | 1500 | 1533 |
| City of Rialto, Community Facs. Dist. No. 2019-2 (Foothill/Spruce), Special Tax Bonds, Series 2022, 4.375% <br> 9/1/2051  | 2775 | 2388 |
| Rialto Unified School Dist., GO Bonds, 2022 Election, Series 2023, BAM, 5.00% 8/1/2052  | 1030 | 1044 |
| Rialto Unified School Dist., GO Bonds, CAB, 2022 Election, Series 2023, BAM, 0% 8/1/2035  | 425 | 285 |
| Rialto Unified School Dist., GO Bonds, CAB, 2022 Election, Series 2023, BAM, 0% 8/1/2036  | 500 | 317 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **93** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, 5.00% 9/1/2026  | USD335 | $343 |
| Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM, 5.00% 9/1/2033  | 310 | 317 |
| Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM, 5.00% 9/1/2034  | 1000 | 1020 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2027  | 260 | 269 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2028  | 340 | 357 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2029  | 420 | 444 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2030  | 510 | 538 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2031  | 600 | 628 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2032  | 700 | 733 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2033  | 400 | 418 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2034  | 460 | 478 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2039  | 500 | 504 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 4.50% 9/1/2044  | 185 | 168 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2048  | 730 | 691 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2054  | 370 | 347 |
| County of Riverside, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Jurupa Valley Redev. <br> Project Area), Series 2016-B, BAM, 4.00% 10/1/2032  | 1000 | 1001 |
| County of Riverside, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Jurupa Valley Redev. <br> Project Area), Series 2015-B, AGI, 4.00% 10/1/2037  | 2500 | 2417 |
| County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds, Series 2021-B-1, BAM, 3.00% 6/1/2049  | 23615 | 16458 |
| Riverside Unified School Dist., GO Bonds, 2016 Election, Series 2019-B, 3.00% 8/1/2036  | 1070 | 960 |
| Romoland School Dist., Community Facs. Dist. No. 2004-1 (Heritage Lake), Improvement Area No. 4, Special Tax <br> Bonds, Series 2020-A, 4.00% 9/1/2050  | 4725 | 3865 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% <br> 9/1/2026  | 500 | 501 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% <br> 9/1/2037  | 1750 | 1750 |
| City of Roseville, Community Facs. Dist. No. 5 (Fiddyment Ranch), Special Tax Bonds, Series 2021, 4.00% 9/1/2050  | 4000 | 3253 |
| City of Sacramento, Community Drainage Facs. Dist. No. 97-1 (North Natomas), Special Tax Bonds, Series 2015, <br> 5.00% 9/1/2025  | 100 | 100 |
| City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2034  | 515 | 540 |
| City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2039  | 2445 | 2467 |
| City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2044  | 6425 | 6167 |
| City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2049  | 4000 | 3729 |
| City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2054  | 2000 | 1847 |
| City of Sacramento, Fncg. Auth., Rev. Ref. Bonds (Master Lease Program Facs.), Series 2006-E, AMBAC, 5.25% <br> 12/1/2025  | 4000 | 4039 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2016-B, 5.00% 7/1/2036  | 1000 | 1007 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2016-B, 5.00% 7/1/2041  | 4200 | 4204 |
| County of Sacramento, Community Facs. Dist. No. 2004-1 (McClellan Park), Special Tax Bonds, Series 2017, 5.00% <br> 9/1/2040  | 1960 | 1970 |
| County of Sacramento, Community Facs. Dist. No. 2005-2 (North Vineyard Station No. 1), Special Tax Bonds, <br> Series 2016, 5.00% 9/1/2045  | 1645 | 1613 |
| County of Sacramento, Water Fncg. Auth., Rev. Ref. Bonds (Water Agcy. Zones 40 and 41), Series 2007-B, <br> (3-month USD CME Term SOFR x 0.67 + 0.55%) 3.626% 6/1/2034 <sup>(c)</sup>  | 6000 | 5836 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2022, BAM, 5.00% 7/1/2029  | 585 | 640 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **94** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| County of San Bernardino and Cities of Colton, Loma Linda and San Bernardino, Successor Agcy. to the Inland <br> Valley Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, 5.00% 9/1/2044  | USD10,500 | $10581 |
| City of San Clemente, Community Facs. Dist. No. 2006-1 (Marblehead Coastal), Special Tax Bonds, Series 2015, <br> 5.00% 9/1/2028  | 940 | 942 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2021-A, 4.00% 7/1/2046  | 1175 | 1054 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2021-A, 4.00% 7/1/2051  | 2000 | 1746 |
| County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 7/1/2034  | 1940 | 2096 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series <br> 2019-F-2, 5.00% 5/1/2050  | 6000 | 6034 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series <br> 2022-B-2, 4.00% 5/1/2052  | 3235 | 2795 |
| City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds, <br> Series 2022-A, 5.00% 9/1/2047  | 675 | 688 |
| City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds, <br> Series 2022-A, 5.00% 9/1/2052  | 510 | 516 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 1, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2051  | 3075 | 2395 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 2, <br> Special Tax Bonds, Series 2023-A, 5.25% 9/1/2048 <sup>(a)</sup>  | 965 | 956 |
| City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax <br> Increment Rev. Bonds, Series 2023-A, 5.00% 9/1/2033 <sup>(a)</sup>  | 1020 | 1055 |
| City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax <br> Increment Rev. Bonds, Series 2023-A, 5.00% 9/1/2043 <sup>(a)</sup>  | 900 | 830 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2020-C, <br> 4.00% 11/1/2050  | 2000 | 1702 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2025-D, <br> 5.00% 11/1/2055  | 5000 | 5103 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2025-E, <br> 5.25% 11/1/2055  | 12485 | 13013 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2023-C, <br> 4.00% 10/1/2048 (put 10/1/2029)  | 7575 | 7921 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax <br> Bonds, Series 2023-A, 5.00% 9/1/2033 <sup>(a)</sup>  | 775 | 812 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax <br> Bonds, Series 2021-A, 4.00% 9/1/2036 <sup>(a)</sup>  | 805 | 774 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax <br> Bonds, Series 2021-A, 4.00% 9/1/2046 <sup>(a)</sup>  | 3500 | 2848 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax <br> Bonds, Series 2023-A, 5.75% 9/1/2050 <sup>(a)</sup>  | 1220 | 1249 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax <br> Bonds, Series 2021-A, 4.00% 9/1/2051 <sup>(a)</sup>  | 1185 | 931 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Office Special <br> Tax Bonds, Series 2023-B, 5.50% 9/1/2043 <sup>(a)</sup>  | 410 | 420 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Office Special <br> Tax Bonds, Series 2023-B, 5.75% 9/1/2053 <sup>(a)</sup>  | 800 | 818 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Shoreline <br> Special Tax Bonds, Series 2023-C, 5.75% 9/1/2053 <sup>(a)</sup>  | 655 | 670 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 7 (Hunters Point <br> Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 8/1/2039  | 3615 | 3621 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 7 (Hunters Point <br> Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 8/1/2044  | 3200 | 3200 |
| San Francisco Community College Dist., GO Bonds, 2020 Election, Series 2020-A, 4.00% 6/15/2045  | 1000 | 900 |
| San Francisco Community College Dist., GO Bonds, 2020 Election, Series 2020-B, BAM, 5.25% 6/15/2049  | 1920 | 1990 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2044  | 3600 | 3544 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2049  | 5300 | 5133 |
| San Juan Unified School Dist., GO Bonds, 2016 Election, Series 2024, 4.00% 8/1/2049  | 1000 | 863 |
| San Marcos Unified School Dist., GO Rev. Ref. Bonds, 2024 Election, Series 2025-A, 5.25% 8/1/2050  | 4250 | 4430 |
| San Mateo Community College Dist., GO Bonds, CAB, 2005 Election, Series 2006-B, NATL, 0% 9/1/2031  | 19425 | 16206 |
| San Rafael High School Dist., GO Bonds, 2022 Election, Series 2024, 4.00% 8/1/2053  | 1270 | 1084 |
| City of San Ramon, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM, <br> 5.00% 2/1/2028  | 400 | 401 |
| San Ysidro School Dist., GO Bonds, 2020 Election, Series 2025-C, BAM, 5.00% 8/1/2047  | 4435 | 4541 |
| San Ysidro School Dist., GO Bonds, 2020 Election, Series 2025-C, BAM, 5.00% 8/1/2048  | 3755 | 3839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **95** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| San Ysidro School Dist., GO Rev. Ref. Bonds, Series 2025-A, BAM, 5.00% 8/1/2043  | USD10,000 | $10470 |
| San Ysidro School Dist., GO Rev. Ref. Bonds, Series 2025-A, BAM, 5.00% 8/1/2044  | 4695 | 4879 |
| Sanger Unified School Dist., Certs. of Part. (Capital Projects and Refinancing), Series 2022, AGI, 5.00% 6/1/2049  | 4000 | 4006 |
| Sanger Unified School Dist., Certs. of Part. (Capital Projects and Refinancing), Series 2022, AGI, 5.00% 6/1/2052  | 295 | 295 |
| Santa Clara Valley Water Dist., Water System Rev. Ref. Bonds, Series 2020-A, 5.00% 6/1/2050  | 1750 | 1774 |
| City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series 2020, 4.00% <br> 9/1/2040 <sup>(a)</sup>  | 3035 | 2692 |
| City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series 2020, 4.00% <br> 9/1/2045 <sup>(a)</sup>  | 4110 | 3424 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2045  | 2220 | 1804 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2049  | 2410 | 1889 |
| Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax <br> Rev. Bonds, Series 2016, 5.00% 9/1/2035  | 1725 | 1733 |
| Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax <br> Rev. Bonds, Series 2016, 5.00% 9/1/2036  | 1780 | 1787 |
| Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax <br> Rev. Bonds, Series 2016, 5.00% 9/1/2041  | 3720 | 3721 |
| Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax <br> Rev. Bonds, Series 2016, 5.00% 9/1/2046  | 4740 | 4652 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Oceanside Project), Series 2022-A, 5.00% <br> 10/1/2061 <sup>(a)</sup>  | 305 | 275 |
| City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds (Public Facs. and <br> Services), Series 2022, 5.00% 9/1/2052  | 2500 | 2407 |
| Southern California Public Power Auth., Clean Energy Project Rev. Bonds, Series 2024-A, 5.00% 4/1/2055 <br>(put 9/1/2030)  | 3020 | 3161 |
| Southern California Public Power Auth., Ref. Rev. Bonds (Apex Power Project), Series 2024-A, 5.00% 7/1/2033  | 1500 | 1671 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series <br> 2025-1, 5.00% 7/1/2033  | 850 | 947 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series <br> 2025-1, BAM, 5.25% 7/1/2043  | 1395 | 1460 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series <br> 2025-1, BAM, 5.25% 7/1/2045  | 1345 | 1397 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series <br> 2024-1, 5.00% 7/1/2053  | 2750 | 2750 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series <br> 2025-1, 5.00% 7/1/2053  | 3765 | 3765 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2016-02 (Delta Coves), Special Tax Bonds, Series <br> 2019, 5.00% 9/1/2049  | 3000 | 2926 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-02 (Citro), Special Tax Bonds, Series 2022, <br> 5.00% 9/1/2052  | 6850 | 6615 |
| Statewide Communities Dev. Auth., Health Fac. Rev. Bonds (Catholic Healthcare West), Series 2007-F, AGI, 4.50% <br> 7/1/2040 <sup>(c)</sup>  | 4775 | 4775 |
| Statewide Communities Dev. Auth., Insured Rev. Ref. Bonds (Moldaw Residences), Series 2024, 5.00% 11/1/2049  | 890 | 898 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 5.00% <br> 4/1/2028  | 335 | 350 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 3.50% <br> 4/1/2035  | 250 | 237 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 3.00% <br> 4/1/2037  | 1200 | 1044 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 3.00% <br> 4/1/2046  | 5585 | 3937 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 2.50% <br> 4/1/2051  | 1285 | 757 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 3.00% <br> 4/1/2051  | 5745 | 3779 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 4.00% <br> 4/1/2051  | 750 | 596 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-B, 5.00% 10/1/2035 <sup>(a)</sup>  | 40600 | 44324 |
| Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2016-A, 5.00% <br> 12/1/2025 <sup>(a)</sup>  | 2500 | 2509 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, <br> 5.00% 6/1/2036 <sup>(a)</sup>  | 750 | 751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **96** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A, <br> 5.00% 4/1/2038  | USD150 | $157 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2044  | 2000 | 1981 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2049  | 5605 | 5436 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2054  | 12420 | 11902 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds (City of Hesperia <br> Ranchero Road Widening Improvements), Series 2023, 5.75% 9/2/2053  | 1000 | 1008 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (University of California, Irvine East Campus <br> Apartments, Phase I Ref. and Phase IV-B CHF-Irvine, LLC), Series 2021, BAM, 4.00% 5/15/2039  | 4055 | 3877 |
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, <br> Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM, 3.00% 5/15/2051  | 1000 | 698 |
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, <br> Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM, 3.00% 5/15/2054  | 1000 | 678 |
| City of Stockton, Community Facs. Dist. No. 2018-2 (Westlake Villages II), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2046  | 1235 | 1025 |
| City of Stockton, Community Facs. Dist. No. 2018-2 (Westlake Villages II), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2051  | 2045 | 1616 |
| City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM, 5.00% <br> 10/1/2032  | 1245 | 1248 |
| Tejon Ranch Public Facs. Fncg. Auth., Community Facs. Dist. No. 2008-1, Special Tax Rev. Ref. Bonds (Tejon Ranch <br> Industrial Complex Public Improvements - East), Series 2024-A, 5.00% 9/1/2042  | 1690 | 1697 |
| Tejon Ranch Public Facs. Fncg. Auth., Community Facs. Dist. No. 2008-1, Special Tax Rev. Ref. Bonds (Tejon Ranch <br> Industrial Complex Public Improvements - East), Series 2024-A, 5.00% 9/1/2054  | 815 | 768 |
| Temescal Valley Water Dist., Community Facs. Dist. No. 4 (Terramor), Improvement Area No. 2, Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2041  | 1575 | 1422 |
| Temescal Valley Water Dist., Community Facs. Dist. No. 4 (Terramor), Improvement Area No. 2, Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2046  | 500 | 425 |
| Temescal Valley Water Dist., Community Facs. Dist. No. 4 (Terramor), Improvement Area No. 2, Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2051  | 1305 | 1061 |
| City of Thousand Oaks, Community Facs. Dist. No. 1994-1 (Marketplace Public Pedestrian, Traffic Circulation and <br> Parking Facs.), Special Tax Rev. Ref. Bonds, Series 2012, 5.375% 9/1/2031  | 715 | 715 |
| Tobacco Securitization Auth. of Northern California, Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds <br> (Sacramento County Tobacco Securitization Corp), Series 2021-A-1, 4.00% 6/1/2034  | 665 | 655 |
| City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, AGI, <br> 3.00% 8/1/2032  | 2655 | 2558 |
| City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, AGI, <br> 3.00% 8/1/2033  | 1380 | 1302 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2045  | 1000 | 959 |
| City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2016, 5.00% 1/1/2041  | 4000 | 4054 |
| City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2016, 5.00% 1/1/2046  | 6755 | 6802 |
| City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. Ref. Bonds, <br> Series 2015-A, 5.00% 9/1/2035  | 1215 | 1217 |
| City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. Ref. Bonds, <br> Series 2015-A, 5.00% 9/1/2037  | 1000 | 1002 |
| City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. Ref. Bonds, <br> Series 2015-A, 5.00% 9/1/2045  | 300 | 301 |
| Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-A-1, 5.00% <br> 9/1/2026  | 1285 | 1286 |
| Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-A-1, 5.00% <br> 9/1/2028  | 1265 | 1266 |
| Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-A-1, BAM, <br> 5.00% 9/1/2038  | 2155 | 2157 |
| Twin Rivers Unified School Dist., GO Bonds, CAB, 2006 Election, Series 2016, AGI, 0% 8/1/2041  | 5750 | 2503 |
| Regents of the University of California, General Rev. Bonds, Series 2024-BV, 5.00% 5/15/2036  | 1000 | 1113 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CA, 5.00% 5/15/2039  | 3875 | 4187 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 4.00% 5/15/2055  | 5135 | 4331 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.25% 5/15/2055  | 11395 | 11788 |
| Vacaville Unified School Dist., Local Facs. Fin. Corp. Certs. of Part., Series 2021, AGI, 4.00% 12/1/2040  | 1905 | 1827 |
| Vacaville Unified School Dist., Local Facs. Fin. Corp. Certs. of Part., Series 2021, AGI, 4.00% 12/1/2042  | 1575 | 1499 |
| Val Verde Unified School Dist., GO Bonds, 2020 Election, Series 2023-C, AGI, 5.00% 8/1/2041  | 1700 | 1788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **97** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Val Verde Unified School Dist., GO Bonds, 2020 Election, Series 2023-C, AGI, 5.00% 8/1/2042  | USD1,000 | $1043 |
| Val Verde Unified School Dist., GO Bonds, 2020 Election, Series 2021-B, AGI, 4.00% 8/1/2046  | 490 | 435 |
| Val Verde Unified School Dist., GO Bonds, 2020 Election, Series 2023-C, AGI, 5.00% 8/1/2051  | 2500 | 2532 |
| Various Purpose GO Bonds, Series 2024, 5.00% 8/1/2036  | 1420 | 1582 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2043  | 2000 | 2108 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2044  | 1915 | 2007 |
| Various Purpose GO Bonds, Series 2021, 5.00% 12/1/2046 (preref. 12/1/2030)  | 5 | 6 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2049  | 340 | 350 |
| Various Purpose GO Rev. Ref. Bonds, Series 2021, 5.00% 10/1/2029  | 1615 | 1782 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 3/1/2031  | 1000 | 1124 |
| Various Purpose GO Rev. Ref. Bonds, Series 2024, 5.00% 8/1/2031  | 1150 | 1298 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 3/1/2032  | 565 | 640 |
| Various Purpose GO Rev. Ref. Bonds, Series 2024, 5.00% 8/1/2032  | 700 | 796 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 8/1/2025  | 500 | 500 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2026  | 1000 | 1014 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 8/1/2026  | 600 | 612 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 10/1/2026  | 1650 | 1688 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 8/1/2027  | 950 | 990 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 10/1/2027  | 320 | 334 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028  | 140 | 147 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 8/1/2038  | 825 | 851 |
| Walnut Valley Unified School Dist., GO Bonds, CAB, 2007 Election, Series 2011-B, BAM, 0% 8/1/2036  | 5655 | 3529 |
| West Contra Costa Unified School Dist., GO Bonds, 2020 Election, Series 2024-B, BAM, 5.00% 8/1/2042  | 1700 | 1762 |
| West Contra Costa Unified School Dist., GO Bonds, 2020 Election, Series 2024-B, BAM, 5.00% 8/1/2044  | 1180 | 1209 |
| West Contra Costa Unified School Dist., GO Bonds, 2020 Election, Series 2021-A-1, AGI, 3.00% 8/1/2046  | 3500 | 2573 |
| City of West Sacramento, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, 5.00% <br> 9/1/2027  | 350 | 360 |
| City of West Sacramento, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, 5.00% <br> 9/1/2028  | 550 | 565 |
| City of West Sacramento, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, 5.00% <br> 9/1/2031  | 675 | 690 |
| City of West Sacramento, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, 4.00% <br> 9/1/2032  | 1400 | 1403 |
| City of West Sacramento, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, 4.00% <br> 9/1/2033  | 1455 | 1457 |
| Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, 5.00% <br> 9/1/2034  | 1165 | 1180 |
| Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, 5.00% <br> 9/1/2044  | 1105 | 1111 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, 4.00% 9/1/2036  | 1635 | 1613 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, 4.00% 9/1/2041  | 3645 | 3298 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, 4.00% 9/1/2046  | 2000 | 1694 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, 4.00% 9/1/2050  | 4815 | 3962 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and Capital Projects <br> Bonds, Series 2016, 4.00% 9/1/2041  | 2370 | 2110 |
|  |  | 1992873 |
| **Colorado 2.19%** | **Colorado 2.19%** | **Colorado 2.19%** |
| County of Adams, Buffalo Highlands Metropolitan Dist., Limited Tax G.O Rev. Ref. and Improvement Bonds, Series <br> 2018-A, 5.25% 12/1/2038  | 1007 | 987 |
| County of Adams, Buffalo Highlands Metropolitan Dist., Limited Tax G.O Rev. Ref. and Improvement Bonds, Series <br> 2018-A, 5.375% 12/1/2048  | 2250 | 2097 |
| County of Adams, DIATC Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series 2019, <br> 3.25% 12/1/2029 <sup>(a)</sup>  | 590 | 558 |
| County of Adams, DIATC Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series 2019, <br> 5.00% 12/1/2049 <sup>(a)</sup>  | 2000 | 1800 |
| County of Adams, Lakeridge Metropolitan Dist. No. 2, Rev. Ref. GO and Improvement Bonds, Series 2019, 5.25% <br> 12/1/2048  | 5030 | 4633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **98** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| City of Arvada, Mountain Shadows Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series <br> 2016, 5.00% 12/1/2046  | USD977 | $909 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2025  | 180 | 181 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2019, AGI, 5.00% 12/15/2025  | 125 | 126 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2026  | 195 | 200 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2019, AGI, 5.00% 12/15/2026  | 270 | 278 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2027  | 200 | 210 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2019, AGI, 5.00% 12/15/2027  | 125 | 129 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2028  | 210 | 224 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2019, AGI, 5.00% 12/15/2028  | 260 | 268 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2029  | 210 | 227 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2019, AGI, 5.00% 12/15/2029  | 125 | 129 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2030  | 215 | 232 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2019, AGI, 5.00% 12/15/2030  | 250 | 258 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2031  | 230 | 246 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2019, AGI, 5.00% 12/15/2031  | 135 | 139 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2033  | 255 | 270 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2034  | 285 | 300 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2020, AGI, 5.00% 12/1/2035  | 100 | 104 |
| City of Arvada, Vauxmont Metropolitan Dist., Limited Tax GO and Special Rev. Ref. Bonds (Convertible to <br> Unlimited Tax), Series 2019, AGI, 3.25% 12/15/2050  | 1445 | 1033 |
| City of Aurora, Aurora Crossroads Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2020-A, 5.00% <br> 12/1/2040  | 1600 | 1558 |
| City of Aurora, Aurora Crossroads Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2020-A, 5.00% <br> 12/1/2050  | 3360 | 3098 |
| City of Aurora, Colorado International Center Metropolitan Dist. No. 3, Limited Tax GO Rev. Ref. and Improvement <br> Bonds (Convertible to Unlimited Tax), Series 2016, 5.00% 12/1/2046  | 6285 | 5689 |
| City of Aurora, Gardens at East Iliff Metropolitan Dist., Limited Tax GO Bonds, Series 2019-A, 5.00% 12/1/2049  | 1000 | 887 |
| City of Aurora, Painted Prairie Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2018, 5.25% 12/1/2048  | 5583 | 5005 |
| City of Aurora, Southlands Metropolitan Dist. No. 1, GO Rev. Ref. Bonds, Series 2017-A-1, 3.50% 12/1/2027  | 405 | 400 |
| City of Aurora, Southlands Metropolitan Dist. No. 1, GO Rev. Ref. Bonds, Series 2017-A-1, 5.00% 12/1/2037  | 1275 | 1248 |
| City of Aurora, Southlands Metropolitan Dist. No. 1, GO Rev. Ref. Bonds, Series 2017-A-2, 5.00% 12/1/2037  | 200 | 196 |
| City of Aurora, Southlands Metropolitan Dist. No. 1, GO Rev. Ref. Bonds, Series 2017-A-1, 5.00% 12/1/2047  | 5255 | 4807 |
| Berthoud-Heritage Metropolitan Dist. No. 1, Limited Tax Supported Rev. Bonds, Series 2019, 5.625% 12/1/2048 <sup>(e)</sup>  | 11500 | 10629 |
| Canyons Metropolitan Dist. No. 5, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series 2024-A, <br> BAM, 5.00% 12/1/2042  | 1480 | 1498 |
| City of Centennial, Southglenn Metropolitan Dist., Special Rev. Ref. Bonds, Series 2016, 3.50% 12/1/2026  | 4665 | 4613 |
| Certs. of Part., Series 2021-A, 4.00% 12/15/2036  | 1500 | 1489 |
| Certs. of Part., Series 2021-A, 3.00% 12/15/2037  | 9065 | 7826 |
| Certs. of Part., Series 2021-A, 4.00% 12/15/2038  | 1000 | 954 |
| Certs. of Part., Series 2021-A, 4.00% 12/15/2039  | 1500 | 1412 |
| Certs. of Part., Series 2021-A, 4.00% 12/15/2040  | 1500 | 1401 |
| Colorado Springs School Dist. No. 11, Certs. Of Part., Series 2024, BAM, 5.00% 12/15/2043  | 800 | 816 |
| Colorado Springs School Dist. No. 11, Certs. Of Part., Series 2024, BAM, 5.00% 12/15/2044  | 480 | 487 |
| Colorado Springs School Dist. No. 11, Certs. Of Part., Series 2024, BAM, 5.25% 12/15/2048  | 1410 | 1439 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **99** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| City of Colorado Springs, Copper Ridge Metropolitan Dist., Tax Increment and Sales Tax Rev. Bonds, Series 2019, <br> 5.00% 12/1/2039  | USD3,100 | $2960 |
| City and County of Denver, Airport System Rev. Bonds, Series 2023-A, 5.00% 11/15/2043  | 3500 | 3597 |
| City and County of Denver, Dedicated Tax Rev. Bonds, CAB, Series 2018-A-2, 0% 8/1/2033  | 2000 | 1440 |
| City and County of Denver, Dedicated Tax Rev. Bonds, CAB, Series 2018-A-2, 0% 8/1/2034  | 2000 | 1363 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2017-B, 5.00% 11/15/2033  | 3000 | 3104 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2012-B, 4.00% 11/15/2043  | 7240 | 6661 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2018-A, 5.00% 12/1/2048  | 8000 | 7937 |
| City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2022-B, 5.25% 11/15/2053  | 5000 | 5100 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Bonds, Series <br> 2016-A, NATL, 5.00% 12/1/2029  | 1510 | 1549 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Bonds, Series <br> 2017-A, 5.00% 12/1/2041  | 4750 | 4751 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2026  | 1000 | 1006 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2027  | 1000 | 1007 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2028  | 4485 | 4515 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2029  | 2660 | 2677 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2030  | 1500 | 1509 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2031  | 1140 | 1146 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2032  | 1685 | 1693 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2045  | 7185 | 6962 |
| City and County of Denver, School Dist. No. 1, GO Bonds, Series 2025-A, 5.25% 12/1/2041  | 1700 | 1834 |
| City and County of Denver, School Dist. No. 1, GO Bonds, Series 2025-C, 5.50% 12/1/2049  | 3710 | 3914 |
| City and County of Denver, Water Rev. Bonds, Series 2016-A, 3.00% 9/15/2045  | 7270 | 5392 |
| City and County of Denver, Water Rev. Bonds, Series 2021-A, 2.00% 12/15/2045  | 1000 | 591 |
| City and County of Denver, Water Rev. Ref. Bonds, Series 2024-A, 5.00% 9/15/2040  | 1675 | 1798 |
| City and County of Denver, Water Rev. Ref. Bonds, Series 2024-A, 5.00% 9/15/2041  | 2750 | 2920 |
| City of Denver, Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2018-A, 5.25% 12/1/2039 <sup>(a)</sup>  | 430 | 415 |
| County of Douglas, Crystal Crossing Metropolitan Dist., Limited Tax Rev. Ref. GO Bonds, Series 2016, 5.25% <br> 12/1/2040  | 1545 | 1545 |
| County of Douglas, Mirabelle Metropolitan Dist. No. 2, Limited Tax GO Ref. Rev. and Improvement Bonds, Series <br> 2025-A, AGI, 5.00% 12/1/2039  | 500 | 517 |
| County of Douglas, Mirabelle Metropolitan Dist. No. 2, Limited Tax GO Ref. Rev. and Improvement Bonds, Series <br> 2025-A, AGI, 4.375% 12/1/2044  | 1000 | 915 |
| County of Douglas, Mirabelle Metropolitan Dist. No. 2, Limited Tax GO Ref. Rev. and Improvement Bonds, Series <br> 2025-A, AGI, 4.50% 12/1/2049  | 1590 | 1425 |
| E-470 Public Highway Auth., Rev. Bonds, Series 2024-B, 3.671% 9/1/2039 (put 9/1/2026) <sup>(c)</sup>  | 4440 | 4436 |
| E-470 Public Highway Auth., Rev. Bonds, Series 2024-A, 5.00% 9/1/2040  | 1560 | 1642 |
| E-470 Public Highway Auth., Rev. Bonds, CAB, Series 2000-B, NATL, 0% 9/1/2025  | 1000 | 998 |
| E-470 Public Highway Auth., Rev. Bonds, CAB, Series 2004-A, NATL, 0% 9/1/2027  | 3250 | 3069 |
| E-470 Public Highway Auth., Rev. Bonds, CAB, Series 2000-B, NATL, 0% 9/1/2030  | 9295 | 7967 |
| E-470 Public Highway Auth., Rev. Bonds, CAB, Series 2010-A, AGI, 0% 9/1/2035  | 14760 | 10128 |
| County of Eagle, The Village Metropolitan Dist., Special Rev. and Limited Property Tax Rev. Ref. and Improvement <br> Bonds, Series 2020, 5.00% 12/1/2049  | 1750 | 1665 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Ascent Classical Academy Charter Schools, Inc. <br> Project), Series 2024, 5.75% 4/1/2059 <sup>(a)</sup>  | 1165 | 1084 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Aspen View Academy Project), Series 2021, <br> 4.00% 5/1/2041  | 65 | 56 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Aspen View Academy Project), Series 2021, <br> 4.00% 5/1/2051  | 200 | 155 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Aspen View Academy Project), Series 2021, <br> 4.00% 5/1/2061  | 255 | 187 |
| County of Elbert, Independence Metropolitan Dist. No. 3, Limited Tax GO and Special Rev. Ref. and Improvement <br> Bonds, Series 2024-A, 5.375% 12/1/2054  | 5380 | 5069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **100** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2025  | USD150 | $151 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2026  | 105 | 108 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2027  | 110 | 116 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2029  | 150 | 163 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2030  | 150 | 162 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2031  | 155 | 166 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2032  | 175 | 186 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2033  | 185 | 195 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2034  | 200 | 210 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% <br> 12/1/2035  | 215 | 224 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, AGI, 4.00% <br> 12/1/2039  | 1750 | 1597 |
| City of Greenwood Village, Fiddler's Business Improvement Dist., GO Rev. Ref. Bonds, Series 2022, 5.00% <br> 12/1/2032 <sup>(a)</sup>  | 395 | 402 |
| City of Greenwood Village, Fiddler's Business Improvement Dist., GO Rev. Ref. Bonds, Series 2022, 5.55% <br> 12/1/2047 <sup>(a)</sup>  | 2400 | 2364 |
| Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), <br> Series 2017, 5.00% 6/1/2032 (preref. 6/1/2027)  | 3460 | 3604 |
| Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), <br> Series 2017, 5.00% 6/1/2037 (preref. 6/1/2027)  | 2020 | 2104 |
| Health Facs. Auth., Hospital Rev. Bonds (AdventHealth Obligated Group), Series 2021-A, 4.00% 11/15/2046  | 1500 | 1300 |
| Health Facs. Auth., Hospital Rev. Bonds (AdventHealth Obligated Group), Series 2019-B, 5.00% 11/15/2049 (put <br> 11/19/2026)  | 2270 | 2326 |
| Health Facs. Auth., Hospital Rev. Bonds (AdventHealth Obligated Group), Series 2021-A, 3.00% 11/15/2051  | 6500 | 4371 |
| Health Facs. Auth., Hospital Rev. Bonds (AdventHealth Obligated Group), Series 2025-A, 5.00% 11/15/2060 (put <br> 11/15/2030)  | 5090 | 5552 |
| Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-C, <br> 5.00% 11/15/2036 (put 11/15/2026)  | 2700 | 2767 |
| Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-A, <br> 5.00% 11/15/2041  | 2130 | 2123 |
| Health Facs. Auth., Hospital Rev. Bonds (Parkview Medical Center, Inc. Project), Series 2016, 5.00% 9/1/2046 <br> (preref. 9/1/2026)  | 405 | 415 |
| Health Facs. Auth., Hospital Rev. Bonds (Parkview Medical Center, Inc. Project), Series 2020-A, 4.00% 9/1/2050 <br> (preref. 9/1/2030)  | 2310 | 2462 |
| Health Facs. Auth., Rev. Bonds (Colorado Senior Residences Project), Series 2012, 7.125% 6/1/2047 <sup>(b)</sup>  | 1401 | 112 |
| Health Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2019-A-2, 3.25% 8/1/2049  | 1995 | 1443 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2020-A, 4.00% 12/1/2040  | 1500 | 1352 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2020-A, 4.00% 12/1/2050  | 10275 | 8118 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2025-A, 5.125% 12/1/2050  | 5400 | 5194 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2025-A, 5.125% 12/1/2055  | 3620 | 3455 |
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2018, 5.00% 12/1/2048  | 12135 | 11316 |
| Health Facs. Auth., Rev. Bonds (Intermountain Healthcare), Series 2024-A, 5.00% 5/15/2044  | 1340 | 1353 |
| Health Facs. Auth., Rev. Bonds (Intermountain Healthcare), Series 2022-A, 4.00% 5/15/2052  | 1600 | 1343 |
| Health Facs. Auth., Rev. Bonds (Intermountain Healthcare), Series 2024-A, 5.00% 5/15/2054  | 12350 | 12142 |
| Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.00% 6/1/2042 <sup>(b)</sup>  | 1314 | 105 |
| Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 1/1/2026  | 750 | 752 |
| Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 1/1/2037  | 2750 | 2750 |
| Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2018-A, 5.00% 12/1/2043  | 7000 | 6760 |
| Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-A, 5.00% <br> 1/1/2032  | 4000 | 4320 |
| Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System), Series 2019-B, 4.00% <br> 1/1/2040  | 7785 | 7227 |
| Higher Education Health Sciences Facs. Certs. Of Part., Series 2024-A, 5.00% 11/1/2041  | 2000 | 2097 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **101** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Higher Education Health Sciences Facs. Certs. Of Part., Series 2024-A, 5.00% 11/1/2043  | USD1,550 | $1599 |
| Higher Education Health Sciences Facs. Certs. Of Part., Series 2024-A, 5.00% 11/1/2044  | 1500 | 1539 |
| Higher Education Health Sciences Facs. Certs. Of Part., Series 2024-A, 5.00% 11/1/2049  | 5500 | 5556 |
| Higher Education Health Sciences Facs. Certs. Of Part., Series 2024-A, 5.00% 11/1/2053  | 4200 | 4224 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-C, Class I, 4.00% 5/1/2048  | 685 | 688 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-B-1, Class I, 4.00% 11/1/2048  | 2775 | 2788 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-C, Class I, 4.25% 11/1/2048  | 830 | 837 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-C, Class I, 4.25% 5/1/2049  | 3400 | 3432 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-E, Class I, 4.25% 5/1/2049  | 3280 | 3316 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-F, Class I, 4.25% 11/1/2049  | 660 | 668 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-H, Class III, 4.25% 11/1/2049  | 2630 | 2664 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2020-H, Class I, 3.00% 5/1/2050  | 4115 | 4084 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2020-B, Class I, 3.75% 5/1/2050  | 7235 | 7267 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-K, Class I, 3.875% 5/1/2050  | 4850 | 4885 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-B, Class I, 3.00% 5/1/2051  | 5105 | 5055 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-E, Class I, 3.00% 11/1/2051  | 830 | 821 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-H, Class I, 3.00% 11/1/2051  | 2125 | 2099 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-L, Class I, 3.25% 11/1/2051  | 9100 | 9052 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2022-B, Class I, 3.25% 5/1/2052  | 1375 | 1368 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2022-E, Class I, 5.25% 11/1/2052  | 5400 | 5617 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2023-D, Class III, 5.75% 5/1/2053  | 9715 | 10313 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2023-I, Class III, 6.00% 5/1/2053  | 10370 | 11314 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2023-L, Class III, 5.75% 11/1/2053  | 10905 | 11680 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2023-O, Class III, 6.50% 5/1/2054  | 11805 | 13054 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2025-B, Class I, 5.75% 11/1/2054  | 4255 | 4671 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2025-J, Class III, 6.25% 5/1/2055  | 3755 | 4188 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2025-F, Class I, 6.50% 5/1/2055  | 845 | 955 |
| Jefferson Center Metropolitan Dist. No. 1, Special Rev. Bonds, Series 2020-B, 5.75% 12/15/2050  | 3750 | 3701 |
| Town of Johnstown, Thompson Crossing Metropolitan Dist. No. 4, Limited Tax GO Rev. Ref. and Improvement <br> Bonds (Convertible to Unlimited Tax), Series 2019, 3.50% 12/1/2029  | 1458 | 1426 |
| Town of Johnstown, Thompson Crossing Metropolitan Dist. No. 4, Limited Tax GO Rev. Ref. and Improvement <br> Bonds (Convertible to Unlimited Tax), Series 2019, 5.00% 12/1/2049  | 5365 | 4771 |
| Kinston Metropolitan Dist. No. 5, Limited Tax GO Bonds, Series 2020-A, 5.125% 12/1/2050  | 1950 | 1734 |
| City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. and Improvement Bonds, Series 2020-A, 5.00% <br> 12/1/2051  | 1500 | 1384 |
| Mesa County Valley School Dist. No. 51 (Grand Junction), GO Bonds, Series 2025, 5.25% 12/1/2042  | 2295 | 2468 |
| Mesa County Valley School Dist. No. 51 (Grand Junction), GO Bonds, Series 2025, 5.25% 12/1/2045  | 4000 | 4209 |
| Mesa County Valley School Dist. No. 51 (Grand Junction), GO Bonds, Series 2025, 5.25% 12/1/2049  | 13040 | 13495 |
| Nine Mile Metropolitan Dist., Special Rev. Bonds, Series 2020, 5.125% 12/1/2040  | 500 | 487 |
| North Holly Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2018-A, 5.50% 12/1/2048  | 1510 | 1438 |
| North Range Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series <br> 2017-A, 5.625% 12/1/2037  | 2572 | 2526 |
| North Range Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series <br> 2017-A, 5.75% 12/1/2047  | 3885 | 3716 |
| Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.25% 11/15/2028  | 3340 | 3501 |
| Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.50% 11/15/2038  | 14700 | 17136 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 4.00% 1/15/2033  | 500 | 502 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 4.00% 7/15/2033  | 1570 | 1573 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-B, <br> 4.00% 7/15/2035  | 2645 | 2593 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, <br> 4.00% 7/15/2036  | 1450 | 1408 |
| School Dist. 27J, GO Bonds, Series 2024-A, 5.00% 12/1/2047  | 1500 | 1524 |
| School Dist. 27J, GO Bonds, Series 2024-A, 5.00% 12/1/2048  | 5500 | 5574 |
| Town of Severance, Hunters Overlook Metropolitan Dist. No. 5, Limited Tax GO Rev. Ref. Bonds, Series 2024, AGI, <br> 5.00% 12/1/2044  | 800 | 810 |
| Town of Severance, Hunters Overlook Metropolitan Dist. No. 5, Limited Tax GO Rev. Ref. Bonds, Series 2024, AGI, <br> 5.00% 12/1/2049  | 1250 | 1238 |
| Town of Snowmass Village, Base Village Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. Bonds, Series 2016-A, <br> 5.75% 12/1/2046  | 1575 | 1575 |
| City of Thornton, Homestead Hills Metropolitan Dist., Limited Tax GO Bonds, Series 2020-A, 5.00% 12/1/2050 <sup>(a)</sup>  | 1000 | 885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **102** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Villages at Johnstown Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2020-A, 5.00% 12/1/2050  | USD2,040 | $1762 |
| Weld County School Dist. No. RE-4, GO Bonds, Series 2023, 5.00% 12/1/2042  | 2145 | 2217 |
| Town of Windsor, Great Western Metropolitan Dist. No. 5, Limited Tax GO Rev. Ref. Bonds, Series 2020, 4.75% <br> 12/1/2050  | 4538 | 3769 |
|  |  | 501752 |
| **Connecticut 0.87%** | **Connecticut 0.87%** | **Connecticut 0.87%** |
| GO Rev. Ref. Bonds, Series 2015-B, 5.00% 12/1/2029  | 1000 | 1099 |
| GO Rev. Ref. Bonds, Series 2015-B, 5.00% 12/1/2030  | 1000 | 1112 |
| Health and Educational Facs. Auth., Rev. Bonds (Connecticut Children's Medical Center Issue), Series 2023-E, <br> 4.00% 7/15/2042  | 800 | 723 |
| Health and Educational Facs. Auth., Rev. Bonds (Connecticut Children's Medical Center Issue), Series 2023-E, <br> 4.00% 7/15/2043  | 500 | 447 |
| Health and Educational Facs. Auth., Rev. Bonds (Connecticut Children's Medical Center Issue), Series 2023-E, <br> 4.25% 7/15/2053  | 4250 | 3614 |
| Health and Educational Facs. Auth., Rev. Bonds (Covenant Home, Inc.), Series 2018-B, 5.00% 12/1/2027  | 210 | 216 |
| Health and Educational Facs. Auth., Rev. Bonds (Covenant Home, Inc.), Series 2018-B, 5.00% 12/1/2029  | 910 | 943 |
| Health and Educational Facs. Auth., Rev. Bonds (Covenant Home, Inc.), Series 2018-B, 5.00% 12/1/2031  | 785 | 810 |
| Health and Educational Facs. Auth., Rev. Bonds (Covenant Home, Inc.), Series 2018-B, 5.00% 12/1/2037  | 3210 | 3234 |
| Health and Educational Facs. Auth., Rev. Bonds (Covenant Home, Inc.), Series 2018-B, 5.00% 12/1/2040  | 1000 | 983 |
| Health and Educational Facs. Auth., Rev. Bonds (Fairfield University Issue), Series 2022-U, 4.00% 7/1/2052  | 8000 | 6529 |
| Health and Educational Facs. Auth., Rev. Bonds (Fairfield University Issue), Series 2020-T, 4.00% 7/1/2055  | 3430 | 2738 |
| Health and Educational Facs. Auth., Rev. Bonds (Griffin Hospital Issue), Series 2020-G-1, 5.00% 7/1/2050 <sup>(a)</sup>  | 735 | 646 |
| Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2016-M, 5.00% 7/1/2030  | 2265 | 2288 |
| Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2016-M, 5.00% 7/1/2031  | 3000 | 3026 |
| Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2016-M, 5.00% 7/1/2035  | 3970 | 3986 |
| Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2016-M, 5.00% 7/1/2036  | 2990 | 2999 |
| Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2020-K, 4.00% 7/1/2045  | 3750 | 3237 |
| Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2022-L, 5.00% 7/1/2052  | 25475 | 24963 |
| Health and Educational Facs. Auth., Rev. Bonds (Stamford Hospital Issue), Series 2022-M, 4.00% 7/1/2035  | 2545 | 2531 |
| Health and Educational Facs. Auth., Rev. Bonds (Stamford Hospital Issue), Series 2022-M, 4.00% 7/1/2036  | 5880 | 5764 |
| Health and Educational Facs. Auth., Rev. Bonds (Stamford Hospital Issue), Series 2022-M, 4.00% 7/1/2039  | 3045 | 2849 |
| Health and Educational Facs. Auth., Rev. Bonds (Stamford Hospital Issue), Series 2022-M, 4.00% 7/1/2040  | 3085 | 2802 |
| Health and Educational Facs. Auth., Rev. Bonds (Stamford Hospital Issue), Series 2022-M, 4.00% 7/1/2042  | 1995 | 1768 |
| Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2025-B-1, 5.00% 7/1/2064 (put <br> 7/1/2030)  | 7325 | 8113 |
| Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2025-B-2, 5.00% 7/1/2064 (put <br> 7/1/2032)  | 15500 | 17413 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D-1, 3.20% 11/15/2032  | 1565 | 1511 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 3.40% 11/15/2032  | 470 | 466 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-A-1, 3.50% 5/15/2033  | 405 | 395 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2020-A-1, 2.30% 11/15/2035  | 1000 | 795 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-E-1, 3.00% 11/15/2036  | 4850 | 4245 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 3.65% 11/15/2037  | 4175 | 3861 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-E-1, 4.25% 5/15/2042  | 1340 | 1352 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-F-1, 3.50% 11/15/2043  | 2625 | 2626 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2020-C-1, 3.25% 5/15/2044  | 9190 | 9149 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-C-1, 4.00% 11/15/2045  | 4375 | 4406 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-A-1, 4.00% 11/15/2045  | 860 | 865 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-E-1, 3.50% 11/15/2046  | 340 | 340 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-F-1, 4.00% 5/15/2047  | 1395 | 1403 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 11/15/2047  | 310 | 311 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 11/15/2047  | 450 | 451 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D-1, 4.00% 11/15/2047  | 625 | 627 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-B-1, 4.00% 5/15/2049  | 1880 | 1904 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2021-B-1, 3.00% 11/15/2049  | 1585 | 1567 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-D-1, 4.00% 11/15/2049  | 5735 | 5810 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-C-2, 3.375% 11/15/2051  | 1340 | 1000 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2022-A-1, 3.50% 11/15/2051  | 1340 | 1340 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2023-A, 5.25% 11/15/2053  | 11820 | 12559 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-E-1, 3.25% 11/15/2054  | 2120 | 1484 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2024-A, 6.00% 11/15/2054  | 1400 | 1518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **103** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2024-C-1, 6.00% 11/15/2054  | USD5,025 | $5541 |
| Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2015-C, 6.25% <br> 2/1/2030 <sup>(a)</sup>  | 5500 | 5535 |
| Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2015-A, 6.75% <br> 2/1/2045 <sup>(a)</sup>  | 2966 | 2989 |
| Special Tax Obligation Bonds (Transportation Infrastructure Purposes), Series 2021-A, 5.00% 5/1/2035  | 500 | 541 |
| Special Tax Obligation Bonds (Transportation Infrastructure Purposes), Series 2020-A, 5.00% 5/1/2040  | 2000 | 2059 |
| City of Stamford, Harbor Point Infrastructure Improvement Dist., Special Obligation Rev. Ref. Bonds (Harbor Point <br> Project), Series 2017, 5.00% 4/1/2030 <sup>(a)</sup>  | 6640 | 6730 |
| City of Stamford, Harbor Point Infrastructure Improvement Dist., Special Obligation Rev. Ref. Bonds (Harbor Point <br> Project), Series 2017, 5.00% 4/1/2039 <sup>(a)</sup>  | 10250 | 10270 |
|  |  | 198483 |
| **Delaware 0.11%** | **Delaware 0.11%** | **Delaware 0.11%** |
| Econ. Dev. Auth., Charter School Rev. Bonds (First State Montessori Academy, Inc. Project), Series 2019-A, 4.00% <br> 8/1/2029  | 340 | 340 |
| Econ. Dev. Auth., Charter School Rev. Bonds (First State Montessori Academy, Inc. Project), Series 2019-A, 5.00% <br> 8/1/2039  | 720 | 696 |
| Econ. Dev. Auth., Charter School Rev. Bonds (First State Montessori Academy, Inc. Project), Series 2019-A, 5.00% <br> 8/1/2049  | 1800 | 1593 |
| Econ. Dev. Auth., Charter School Rev. Bonds (First State Montessori Academy, Inc. Project), Series 2019-A, 5.00% <br> 8/1/2054  | 835 | 727 |
| Econ. Dev. Auth., Exempt Fac. Rev. Ref. Bonds (NRG Energy Project), Series 2020-A, 1.25% 10/1/2045 (put <br> 10/1/2025)  | 760 | 756 |
| Econ. Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated <br> Group), Series 2018-B, 5.00% 11/15/2048  | 2625 | 2449 |
| Housing Auth., Single Family Mortgage Rev. Bonds, Series 2024-A, 5.75% 1/1/2055  | 1580 | 1716 |
| River and Bay Auth., Rev. Bonds, Series 2019, 4.00% 1/1/2039  | 4205 | 4116 |
| River and Bay Auth., Rev. Bonds, Series 2019, 4.00% 1/1/2044  | 5000 | 4506 |
| Transportation Auth., Rev. Bonds (U.S. 301 Project), Series 2015, 5.00% 6/1/2055  | 8355 | 8355 |
|  |  | 25254 |
| **District of Columbia 1.06%** | **District of Columbia 1.06%** | **District of Columbia 1.06%** |
| GO Bonds, Series 2017-D, 5.00% 6/1/2035  | 5000 | 5122 |
| GO Bonds, Series 2017-D, 5.00% 6/1/2036  | 7250 | 7401 |
| GO Bonds, Series 2024-A, 5.00% 8/1/2040  | 1500 | 1595 |
| GO Bonds, Series 2016-D, 5.00% 6/1/2041  | 3000 | 3021 |
| GO Bonds, Series 2023-A, 5.00% 1/1/2042  | 1000 | 1032 |
| GO Bonds, Series 2017-D, 5.00% 6/1/2042  | 2645 | 2652 |
| GO Bonds, Series 2023-A, 5.00% 1/1/2043  | 5855 | 6006 |
| GO Bonds, Series 2019-A, 5.00% 10/15/2044  | 2500 | 2520 |
| GO Rev. Ref. Bonds, Series 2018-A, 5.00% 6/1/2032  | 7775 | 8184 |
| GO Rev. Ref. Bonds, Series 2018-A, 5.00% 6/1/2033  | 5110 | 5360 |
| GO Rev. Ref. Bonds, Series 2018-A, 5.00% 6/1/2035  | 3655 | 3798 |
| GO Rev. Ref. Bonds, Series 2017-A, 5.00% 6/1/2036  | 5510 | 5624 |
| GO Rev. Ref. Bonds, Series 2017-A, 5.00% 6/1/2037  | 2500 | 2544 |
| Hospital Rev. Ref. Bonds (Children's Hospital Obligated Group Issue), Series 2015, 5.00% 7/15/2044  | 2855 | 2805 |
| Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (The Edmonson), Series 2024, 5.00% <br> 12/1/2028 (put 12/1/2027)  | 675 | 707 |
| Housing Fin. Agcy., Multi Family Dev. Program Bonds, Series 2021-B-1, 2.55% 3/1/2042  | 970 | 694 |
| Income Tax Secured Rev. Bonds, Series 2024-A, 5.00% 10/1/2030  | 1255 | 1397 |
| Income Tax Secured Rev. Bonds, Series 2020-A, 3.00% 3/1/2041  | 5000 | 4041 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2032  | 425 | 479 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2036  | 2000 | 2229 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2042  | 1360 | 1420 |
| Income Tax Secured Rev. Ref. Bonds, Series 2023-A, 5.25% 5/1/2048  | 10475 | 10735 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.25% 6/1/2050  | 2500 | 2587 |
| Metropolitan Area Transit Auth., Dedicated Rev. Green Bonds, Series 2021-A, 3.00% 7/15/2036  | 4705 | 4158 |
| Metropolitan Area Transit Auth., Dedicated Rev. Green Bonds, Series 2021-A, 3.00% 7/15/2040  | 12340 | 9864 |
| Metropolitan Area Transit Auth., Dedicated Rev. Green Bonds, Series 2021-A, 4.00% 7/15/2043  | 3650 | 3282 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-B, 5.00% 10/1/2031  | 1415 | 1555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **104** |

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The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-B, 5.00% 10/1/2033  | USD2,100 | $2279 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-B, 5.00% 10/1/2034  | 2005 | 2162 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-B, 4.00% 10/1/2035  | 1720 | 1736 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-B, 4.00% 10/1/2036  | 2380 | 2375 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-B, 4.00% 10/1/2039  | 2020 | 1949 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. and Rev. Ref. Bonds (Dulles Metrorail and <br> Capital Improvement Projects), Series 2019-B, 4.00% 10/1/2049  | 3155 | 2618 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Bonds (Dulles Metrorail and Capital <br> Improvement Projects), CAB, Series 2010-A, AGI, 0% 10/1/2037  | 41230 | 23137 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Bonds (Dulles Metrorail and Capital <br> Improvement Projects), CAB, Series 2010-A, 0% 10/1/2037  | 2000 | 1114 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Bonds, CAB, Series 2009-B, AGI, 0% 10/1/2031  | 3100 | 2513 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Bonds, CAB, Series 2009-B, AGI, 0% 10/1/2033  | 6565 | 4839 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Bonds, CAB, Series 2009-B, AGI, 0% 10/1/2036  | 5880 | 3668 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Bonds, CAB, Series 2009-B, AGI, 0% 10/1/2038  | 27130 | 14883 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Bonds, CAB, Series 2009-B, AGI, 0% 10/1/2040  | 23255 | 11172 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Ref. Bonds (Dulles Metrorail and Capital <br> Improvement Projects), Series 2019-A, 5.00% 10/1/2032  | 1800 | 1897 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Ref. Bonds (Dulles Metrorail and Capital <br> Improvement Projects), Series 2019-B, AGI, 4.00% 10/1/2053  | 32970 | 27633 |
| Rev. Bonds (Friendship Public Charter School, Inc. Issue), Series 2016-A, 5.00% 6/1/2036  | 2775 | 2780 |
| Rev. Bonds (Friendship Public Charter School, Inc. Issue), Series 2016-A, 5.00% 6/1/2041  | 1305 | 1261 |
| Rev. Bonds (Friendship Public Charter School, Inc. Issue), Series 2016-A, 5.00% 6/1/2046  | 1755 | 1642 |
| Rev. Ref. Bonds (KIPP DC Issue), Series 2017-B, 5.00% 7/1/2048  | 4385 | 4127 |
| Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 10/1/2026  | 2500 | 2566 |
| Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 10/1/2028  | 1650 | 1725 |
| Water and Sewer Auth., Public Utility Rev. Bonds, Series 1998, AGI, 5.50% 10/1/2028  | 3225 | 3380 |
| Water and Sewer Auth., Public Utility Rev. Green Bonds, Series 2018-A, 5.00% 10/1/2049  | 4200 | 4206 |
| Water and Sewer Auth., Public Utility Rev. Green Bonds, Series 2017-A, 5.00% 10/1/2052  | 11000 | 11006 |
| Water and Sewer Auth., Public Utility Sub Lien Rev. Ref. Bonds, Series 2014-C, 4.00% 10/1/2041  | 4565 | 4159 |
|  |  | 241639 |
| **Florida 3.64%** | **Florida 3.64%** | **Florida 3.64%** |
| County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Bonds (Oak Hammock at the <br> University of Florida, Inc. Project), Series 2025-B-1, 4.00% 10/1/2030  | 295 | 295 |
| County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Bonds (Oak Hammock at the <br> University of Florida, Inc. Project), Series 2022, 4.00% 10/1/2040  | 1475 | 1303 |
| County of Alachua, Health Facs. Auth., Health Facs. Rev. Ref. Bonds, Series 2019-B-1, 5.00% 12/1/2037 (put <br> 12/1/2026)  | 2000 | 2029 |
| County of Alachua, Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Shands HealthCare Project), Series 2014-A, <br> 5.00% 12/1/2036  | 1285 | 1285 |
| City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2018-A, 5.00% 11/15/2028  | 1480 | 1529 |
| City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2018-A, 5.00% 11/15/2032  | 480 | 493 |
| City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2018-A, 5.00% 11/15/2043  | 1250 | 1192 |
| City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2018-A, 5.00% 11/15/2048  | 5190 | 4778 |
| City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2018-A, 5.00% 11/15/2053  | 6550 | 5906 |
| County of Brevard, Heritage Isle at Viera Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2017, <br> AGI, 3.20% 5/1/2032  | 1095 | 1077 |
| County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (The Palms of Deerfield Townhomes), <br> Series 2024-A, 3.40% 3/1/2057 (put 3/1/2026)  | 1205 | 1205 |
| County of Broward, North Springs Improvement Dist., Water Management Bonds (Heron Bay Water Management <br> Project), Series 2021-1, AGI, 3.00% 5/1/2052  | 5600 | 3870 |
| City of Cape Coral, Utility Improvement Rev. Ref. Assessment Bonds (Various Areas), Series 2017, AGI, 2.75% <br> 9/1/2025  | 1045 | 1045 |
| City of Cape Coral, Utility Improvement Rev. Ref. Assessment Bonds (Various Areas), Series 2017, AGI, 2.75% <br> 9/1/2026  | 825 | 825 |
| City of Cape Coral, Utility Improvement Rev. Ref. Assessment Bonds (Various Areas), Series 2017, AGI, 3.00% <br> 9/1/2027  | 450 | 452 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Imagine School at Land O' Lakes Project), Series 2020-A, 3.00% <br> 12/15/2029 <sup>(a)</sup>  | 285 | 268 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Imagine School at Land O' Lakes Project), Series 2020-A, 5.00% <br> 12/15/2049 <sup>(a)</sup>  | 1255 | 1056 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **105** | American Funds Tax-Exempt Income Funds |

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------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Odyssey Charter School), Series 2019, 5.00% 7/1/2049 <sup>(a)</sup>  | USD735 | $652 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Odyssey Charter School), Series 2019, 5.00% 7/1/2054 <sup>(a)</sup>  | 390 | 340 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2017-A, 4.00% <br> 10/15/2029 <sup>(a)</sup>  | 725 | 724 |
| Capital Trust Agcy., Rev. Bonds (Educational Growth Fund, LLC Charter School Portfolio Projects), Series 2021-A-1, <br> 5.00% 7/1/2056 <sup>(a)</sup>  | 6115 | 5108 |
| Central Florida Expressway Auth., Rev. Bonds, Series 2018, 5.00% 7/1/2043  | 3500 | 3528 |
| Central Florida Expressway Auth., Rev. Bonds, Series 2019-B, 5.00% 7/1/2044  | 31000 | 31414 |
| Central Florida Expressway Auth., Rev. Bonds, Series 2018, 5.00% 7/1/2048  | 1565 | 1560 |
| Central Florida Expressway Auth., Rev. Bonds, Series 2024-A, AGI, 5.00% 7/1/2054  | 5000 | 5020 |
| Central Florida Expressway Auth., Rev. Ref. Bonds, Series 2016-B, 4.00% 7/1/2039  | 5000 | 4736 |
| Central Florida Expressway Auth., Rev. Ref. Bonds, Series 2016-B, 4.00% 7/1/2040  | 3000 | 2821 |
| Central Florida Expressway Auth., Rev. Ref. Bonds, Series 2017, 4.00% 7/1/2041  | 2500 | 2333 |
| Central Florida Expressway Auth., Rev. Ref. Bonds, Series 2017, 5.00% 7/1/2042  | 1550 | 1551 |
| County of Collier, Ave Maria Stewardship Community Dist., Capital Improvement Rev. Ref. Bonds, Series 2019, <br> AGI, 2.00% 5/1/2026  | 975 | 969 |
| County of Collier, Ave Maria Stewardship Community Dist., Capital Improvement Rev. Ref. Bonds, Series 2019, <br> AGI, 2.125% 5/1/2027  | 995 | 982 |
| County of Collier, Ave Maria Stewardship Community Dist., Capital Improvement Rev. Ref. Bonds, Series 2019, <br> AGI, 2.25% 5/1/2028  | 1015 | 994 |
| County of Collier, Ave Maria Stewardship Community Dist., Capital Improvement Rev. Ref. Bonds, Series 2019, <br> AGI, 2.375% 5/1/2029  | 1040 | 1014 |
| County of Collier, Ave Maria Stewardship Community Dist., Capital Improvement Rev. Ref. Bonds, Series 2019, <br> AGI, 2.75% 5/1/2033  | 2225 | 2074 |
| County of Collier, Ave Maria Stewardship Community Dist., Capital Improvement Rev. Ref. Bonds, Series 2019, <br> AGI, 3.00% 5/1/2038  | 2925 | 2600 |
| County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings, Inc.), Series 2015-A, 5.00% <br> 5/1/2043  | 10000 | 9698 |
| County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings, Inc.), Series 2015-A, 5.00% <br> 5/1/2048  | 3250 | 3029 |
| County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings, Inc.), Series 2022, 4.00% <br> 5/1/2052  | 16785 | 13183 |
| County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2018-A-1, AGI, <br> 3.00% 5/1/2027  | 595 | 595 |
| County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2018-A-1, AGI, <br> 3.00% 5/1/2028  | 755 | 755 |
| County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2018-A-1, AGI, <br> 3.125% 5/1/2030  | 240 | 240 |
| Town of Davie, Educational Facs. Rev. and Rev. Ref. Bonds (Nova Southeastern University Project), Series 2018, <br> 5.00% 4/1/2038  | 2500 | 2541 |
| Town of Davie, Educational Facs. Rev. and Rev. Ref. Bonds (Nova Southeastern University Project), Series 2018, <br> 5.00% 4/1/2048  | 3900 | 3825 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2020-A, 5.00% 6/15/2040  | 3400 | 3367 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 4.00% 6/15/2042  | 1000 | 850 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2020-A, 5.00% 6/15/2050  | 2380 | 2185 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 5.00% 6/15/2052  | 1000 | 912 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 5.00% 6/15/2056  | 1250 | 1128 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (River City Science Academy Projects), Series 2021-A, 4.00% <br> 7/1/2045  | 700 | 573 |
| Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2022-A, AGI, 4.00% 2/1/2046  | 3750 | 3343 |
| Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2022-A, 4.00% 2/1/2052  | 7710 | 6027 |
| County of Escambia, Environmental Improvement Rev. Ref. Bonds (International Paper Co. Project), Series 2019-B, <br> 3.45% 11/1/2033 (put 10/1/2031)  | 175 | 172 |
| City of Gainesville, Utilities System Rev. Bonds, Series 2017-A, 5.00% 10/1/2032  | 2000 | 2081 |
| City of Gainesville, Utilities System Rev. Bonds, Series 2017-A, 5.00% 10/1/2033  | 2500 | 2593 |
| City of Gainesville, Utilities System Rev. Bonds, Series 2017-A, 5.00% 10/1/2036  | 500 | 514 |
| City of Gainesville, Utilities System Rev. Green Bonds, Series 2021-A-1, 5.00% 10/1/2046  | 21365 | 21371 |
| City of Hialeah, Bonterra Community Dev. Dist., Senior Special Assessment Bonds, Series 2017-A-1, 4.00% <br> 5/1/2037  | 545 | 515 |
| City of Hialeah, Bonterra Community Dev. Dist., Senior Special Assessment Bonds, Series 2017-A-1, 4.125% <br> 5/1/2047  | 910 | 773 |
| City of Hialeah, Two Lakes Community Dev. Dist., Special Assessment Bonds, Series 2024, 5.00% 5/1/2044  | 490 | 480 |
| City of Hialeah, Two Lakes Community Dev. Dist., Special Assessment Bonds, Series 2024, 5.00% 5/1/2055  | 810 | 760 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **106** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), <br> Series 2016, 5.00% 4/1/2026  | USD655 | $663 |
| Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), <br> Series 2016, 5.00% 4/1/2030  | 1150 | 1161 |
| Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), <br> Series 2016, 5.00% 4/1/2031  | 1500 | 1512 |
| Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), <br> Series 2016, 5.00% 4/1/2033  | 1300 | 1308 |
| Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), <br> Series 2016, 5.00% 4/1/2035  | 4580 | 4596 |
| Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), <br> Series 2016, 5.00% 4/1/2036  | 1380 | 1383 |
| County of Hillsborough, Aviation Auth., Tampa International Airport Rev. Bonds, Series 2018-F, 5.00% 10/1/2043  | 12500 | 12607 |
| County of Hillsborough, Aviation Auth., Tampa International Airport Rev. Ref. Bonds, Series 2022-B, 5.00% <br> 10/1/2028  | 375 | 403 |
| County of Hillsborough, Aviation Auth., Tampa International Airport Rev. Ref. Bonds, Series 2022-B, 5.00% <br> 10/1/2029  | 500 | 547 |
| County of Hillsborough, Aviation Auth., Tampa International Airport Rev. Ref. Bonds, Series 2022-B, 4.00% <br> 10/1/2052  | 15415 | 13201 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 7/1/2048  | 935 | 936 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 7/1/2049  | 685 | 688 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 1/1/2050  | 785 | 791 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2019-1, 4.00% 7/1/2050  | 6115 | 6156 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2020-2, 3.00% 7/1/2051  | 2285 | 2265 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2020-1, 3.50% 7/1/2051  | 460 | 460 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2021-1, 3.00% 1/1/2052  | 7510 | 7438 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2021-2, 3.00% 7/1/2052  | 3240 | 3203 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2023-3, 5.75% 1/1/2054  | 2460 | 2672 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2023-5, 6.25% 1/1/2054  | 7125 | 7879 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2023-1, 5.25% 7/1/2054  | 23090 | 24205 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-3, 6.25% 1/1/2055  | 2165 | 2375 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-5, 6.25% 1/1/2055  | 895 | 986 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-1, 6.25% 7/1/2055  | 965 | 1073 |
| Housing Fin. Corp., Multi Family Housing Rev. Bonds (The Salix on Vine), Series 2024-E, 3.80% 6/1/2042 (put <br> 6/1/2027)  | 7250 | 7284 |
| City of Jacksonville, Bartram Park Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2015-A-1, <br> 4.50% 5/1/2035  | 915 | 910 |
| JEA, Electric System Rev. Bonds, Series 2017-B, 5.00% 10/1/2026  | 500 | 514 |
| JEA, Electric System Rev. Bonds, Series 2017-B-3, 5.00% 10/1/2029  | 1000 | 1048 |
| JEA, Electric System Rev. Bonds, Series 2017-B-3, 5.00% 10/1/2030  | 3450 | 3606 |
| JEA, Electric System Rev. Bonds, Series 2020-A, 5.00% 10/1/2031  | 3985 | 4330 |
| JEA, Electric System Rev. Bonds, Series 2021-A, 5.00% 10/1/2032  | 1830 | 2029 |
| JEA, Electric System Rev. Bonds, Series 2017-B, 5.00% 10/1/2033  | 2190 | 2262 |
| JEA, Electric System Rev. Bonds, Series 2024-A-3, AGI, 5.00% 10/1/2033  | 850 | 959 |
| JEA, Electric System Rev. Bonds, Series 2024-A-3, AGI, 5.00% 10/1/2034  | 665 | 752 |
| JEA, Electric System Rev. Bonds, Series 2017-B-3, 4.00% 10/1/2035  | 4250 | 4251 |
| JEA, Electric System Rev. Bonds, Series 2020-A, 4.00% 10/1/2035  | 2925 | 2945 |
| JEA, Electric System Rev. Bonds, Series 2017-B-3, 4.00% 10/1/2036  | 7035 | 6975 |
| JEA, Electric System Rev. Bonds, Series 2024-A-3, AGI, 5.00% 10/1/2036  | 915 | 1010 |
| JEA, Electric System Rev. Bonds, Series 2017-B-3, 4.00% 10/1/2037  | 2000 | 1965 |
| JEA, Electric System Rev. Bonds, Series 2024-A-3, AGI, 5.00% 10/1/2037  | 1050 | 1147 |
| JEA, Water and Sewer System Rev. Bonds, Series 2017-A, 5.00% 10/1/2025  | 1325 | 1330 |
| JEA, Water and Sewer System Rev. Bonds, Series 2017-A, 5.00% 10/1/2033  | 4565 | 4738 |
| JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 4.00% 10/1/2037  | 1000 | 986 |
| JEA, Water and Sewer System Rev. Bonds, Series 2021-A, 4.00% 10/1/2037  | 1220 | 1220 |
| JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 4.00% 10/1/2038  | 1665 | 1623 |
| JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 4.00% 10/1/2038  | 1000 | 975 |
| JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 4.00% 10/1/2040  | 850 | 810 |
| JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 4.00% 10/1/2040  | 500 | 471 |
| Julington Creek Plantation, Community Dev. Dist., Special Assessment Rev. Bonds, Series 2023, AGI, 5.50% <br> 5/1/2043  | 2210 | 2323 |
| Julington Creek Plantation, Community Dev. Dist., Special Assessment Rev. Bonds, Series 2023, AGI, 4.375% <br> 5/1/2045  | 1000 | 918 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **107** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Julington Creek Plantation, Community Dev. Dist., Special Assessment Rev. Bonds, Series 2023, AGI, 4.625% <br> 5/1/2054  | USD5,000 | $4530 |
| City of Lakeland, Energy System Rev. Ref. Bonds, Series 2016, 5.00% 10/1/2034  | 2085 | 2117 |
| City of Lakeland, Energy System Rev. Ref. Bonds, Series 2016, 5.00% 10/1/2036  | 1355 | 1375 |
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Azario Project), Series 2020-A, 3.75% <br> 5/1/2040  | 525 | 456 |
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Azario Project), Series 2020-A, 3.90% <br> 5/1/2050  | 765 | 596 |
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Indigo Expansion Area Project), Series 2019, <br> 4.00% 5/1/2049 <sup>(a)</sup>  | 555 | 443 |
| County of Lee, Airport Rev. Ref. Bonds, Series 2015, 5.00% 10/1/2033  | 3340 | 3343 |
| County of Lee, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Shell Point Obligated Group), Series 2024-C, <br> 5.00% 11/15/2054  | 2000 | 1819 |
| Counties of Manatee and Sarasota, Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds <br> (Lakewood Centre North), Series 2015, 4.875% 5/1/2035  | 1295 | 1295 |
| County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM, <br> 3.00% 5/1/2031  | 655 | 648 |
| County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM, <br> 3.00% 5/1/2034  | 1060 | 979 |
| City of Miami, Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Infrastructure <br> Project), Series 2014-B, 5.00% 5/1/2029  | 820 | 821 |
| City of Miami, Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Parking Garage <br> Project), Series 2014-A, 5.00% 5/1/2029  | 805 | 806 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2035  | 1850 | 1871 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2020-A, 4.00% 10/1/2037  | 2700 | 2649 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2020-A, 4.00% 10/1/2040  | 6955 | 6552 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2020-A, 4.00% 10/1/2041  | 1500 | 1393 |
| County of Miami-Dade, Expressway Auth., Toll System Rev. Bonds, Series 2014-A, 5.00% 7/1/2039  | 6485 | 6489 |
| County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2016-A, 5.00% 7/1/2028  | 3180 | 3236 |
| County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2016-A, 5.00% 7/1/2029  | 7200 | 7322 |
| County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-B, 5.00% 7/1/2030  | 2000 | 2003 |
| County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2016-A, 5.00% 7/1/2030  | 2385 | 2424 |
| County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-B, 5.00% 7/1/2031  | 2560 | 2563 |
| County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2016-A, 5.00% 7/1/2031  | 3300 | 3352 |
| County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2016-A, 5.00% 7/1/2034  | 1000 | 1014 |
| County of Miami-Dade, Health Facs. Auth., Hospital Rev. and Rev. Ref. Bonds (Nicklaus Children's Hospital <br> Project), Series 2021-A, 4.00% 8/1/2046  | 3000 | 2569 |
| County of Miami-Dade, Health Facs. Auth., Hospital Rev. and Rev. Ref. Bonds (Nicklaus Children's Hospital <br> Project), Series 2021-A, AGI, 4.00% 8/1/2051  | 24950 | 21290 |
| County of Miami-Dade, Vizcaya in Kendall Community Dev. Dist., Special Assessment Bonds, Series 2016, 3.75% <br> 11/1/2031  | 300 | 289 |
| County of Miami-Dade, Vizcaya in Kendall Community Dev. Dist., Special Assessment Bonds, Series 2016, 4.00% <br> 11/1/2036  | 560 | 526 |
| County of Miami-Dade, Vizcaya in Kendall Community Dev. Dist., Special Assessment Bonds, Series 2016, 4.125% <br> 11/1/2046  | 1240 | 1026 |
| City of Miami Beach, Health Facs. Auth., Hospital Rev. Bonds (Mount Sinai Medical Center of Florida), Series <br> 2021-B, 3.00% 11/15/2051  | 4000 | 2643 |
| City of Miami Beach, Parking Rev. Bonds, Series 2015, BAM, 5.00% 9/1/2040  | 1190 | 1191 |
| City of Miami Beach, Parking Rev. Bonds, Series 2015, 5.00% 9/1/2045  | 2500 | 2501 |
| City of Miami Beach, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds (City Center / Historic Convention <br> Village), Series 2015-A, 5.00% 2/1/2032  | 1645 | 1646 |
| City of Miami Beach, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds (City Center / Historic Convention <br> Village), Series 2015-A, 5.00% 2/1/2034  | 1800 | 1801 |
| City of Miami Beach, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds (City Center / Historic Convention <br> Village), Series 2015-A, AGI, 5.00% 2/1/2040  | 12850 | 12855 |
| City of Miami Beach, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds (City Center / Historic Convention <br> Village), Series 2015-A, AGI, 5.00% 2/1/2044  | 2000 | 2001 |
| Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2015-B, 5.00% 10/1/2027  | 675 | 677 |
| Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2015-B, 5.00% 10/1/2031  | 1715 | 1720 |
| Municipal Power Agcy., All-Requirements Power Supply Project Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2029  | 3000 | 3078 |
| Municipal Power Agcy., All-Requirements Power Supply Project Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2030  | 5000 | 5126 |
| Municipal Power Agcy., All-Requirements Power Supply Project Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2031  | 3685 | 3775 |
| North Miami Community Redev. Agcy., Redev. Rev. Bonds, Series 2024, 5.00% 3/1/2039  | 2005 | 2056 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **108** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| North Miami Community Redev. Agcy., Redev. Rev. Bonds, Series 2024, 5.00% 3/1/2040  | USD1,425 | $1450 |
| North Miami Community Redev. Agcy., Redev. Rev. Bonds, Series 2024, 5.00% 3/1/2041  | 1600 | 1608 |
| North Miami Community Redev. Agcy., Redev. Rev. Bonds, Series 2024, 5.00% 3/1/2042  | 1785 | 1773 |
| North Miami Community Redev. Agcy., Redev. Rev. Bonds, Series 2024, 5.00% 3/1/2043  | 1775 | 1737 |
| County of Orange, Health Facs. Auth., Health Care Facs. Rev. Bonds (Presbyterian Retirement Communities <br> Project), Series 2015, 5.00% 8/1/2028  | 160 | 160 |
| County of Orange, Health Facs. Auth., Health Care Facs. Rev. Bonds (Presbyterian Retirement Communities <br> Project), Series 2015, 5.00% 8/1/2035  | 2200 | 2201 |
| County of Orange, Health Facs. Auth., Health Care Facs. Rev. Bonds (Presbyterian Retirement Communities <br> Project), Series 2015, 5.00% 8/1/2040  | 3000 | 3000 |
| County of Orange, Health Facs. Auth., Health Care Facs. Rev. Bonds (Presbyterian Retirement Communities <br> Project), Series 2015, 5.00% 8/1/2045  | 7950 | 7651 |
| County of Orange, Health Facs. Auth., Hospital Rev. Bonds (Orlando Health Obligated Group), Series 2019-A, <br> 5.00% 10/1/2025  | 4000 | 4015 |
| County of Orange, Health Facs. Auth., Hospital Rev. Bonds (Orlando Health Obligated Group), Series 2025-A, <br> 5.25% 10/1/2056  | 6565 | 6551 |
| County of Orange, Health Facs. Auth., Hospital Rev. Ref. Bonds (Orlando Health Obligated Group), Series 2016-A, <br> 5.00% 10/1/2034  | 5000 | 5074 |
| County of Orange, Health Facs. Auth., Hospital Rev. Ref. Bonds (Orlando Health Obligated Group), Series 2016-A, <br> 5.00% 10/1/2036  | 3000 | 3035 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 5.00% 8/1/2032  | 500 | 530 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 4.00% 8/1/2036  | 5345 | 5067 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 4.00% 8/1/2042  | 24770 | 21382 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 4.00% 8/1/2047  | 33335 | 26970 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2024, 5.00% 8/1/2054  | 2000 | 1823 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2016-B, 5.00% 10/1/2046  | 16085 | 16054 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2016-B, 5.00% 10/1/2046 (preref. 10/1/2026)  | 1835 | 1887 |
| Orlando Utilities Commission, Utility System Rev. Bonds, Series 2024-A, 5.00% 10/1/2036  | 750 | 831 |
| Orlando Utilities Commission, Utility System Rev. Bonds, Series 2025-A, 5.00% 10/1/2050  | 12555 | 12597 |
| Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2024-B, 5.00% 10/1/2035  | 8000 | 8959 |
| Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2024-B, 5.00% 10/1/2036  | 2415 | 2677 |
| Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2021-B, 1.25% 10/1/2046 (put 10/1/2028)  | 4000 | 3580 |
| County of Palm Beach, Health Facs. Auth., Hospital Rev. Bonds (Baptist Health South Florida Obligated Group), <br> Series 2019, 4.00% 8/15/2049  | 1000 | 815 |
| County of Palm Beach, Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2016, 5.00% 11/15/2032  | 5040 | 5096 |
| County of Palm Beach, Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2018-A, 5.00% 11/15/2045  | 5190 | 4945 |
| County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2020-B, 4.00% <br> 11/15/2041  | 900 | 798 |
| County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2020-B, 5.00% <br> 11/15/2042  | 2960 | 2908 |
| County of Pasco, Capital Improvement Cigarette Tax Allocation Bonds, Series 2023-A, AGI, 5.50% 9/1/2037  | 250 | 271 |
| County of Pasco, Capital Improvement Cigarette Tax Allocation Bonds, Series 2023-A, AGI, 5.50% 9/1/2038  | 225 | 242 |
| County of Pasco, Capital Improvement Cigarette Tax Allocation Bonds, Series 2023-A, AGI, 5.50% 9/1/2039  | 500 | 534 |
| County of Pasco, Capital Improvement Cigarette Tax Allocation Bonds, Series 2023-A, AGI, 5.75% 9/1/2054  | 3350 | 3498 |
| County of Pasco, Meadow Pointe II Community Dev. Dist., Special Assessment Bonds, Series 2018, AGI, 3.125% <br> 5/1/2026  | 355 | 355 |
| County of Pasco, Meadow Pointe II Community Dev. Dist., Special Assessment Bonds, Series 2018, AGI, 3.25% <br> 5/1/2027  | 370 | 371 |
| County of Pasco, Meadow Pointe II Community Dev. Dist., Special Assessment Bonds, Series 2018, AGI, 3.40% <br> 5/1/2028  | 380 | 383 |
| County of Pasco, Meadow Pointe II Community Dev. Dist., Special Assessment Bonds, Series 2018, AGI, 3.50% <br> 5/1/2029  | 385 | 390 |
| County of Pasco, Meadow Pointe II Community Dev. Dist., Special Assessment Bonds, Series 2018, AGI, 3.875% <br> 5/1/2033  | 1705 | 1719 |
| County of Pasco, Meadow Pointe II Community Dev. Dist., Special Assessment Bonds, Series 2018, AGI, 4.125% <br> 5/1/2039  | 1605 | 1526 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **109** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| County of Pasco, Meadow Pointe IV Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2014-A, <br> 7.25% 5/1/2035  | USD265 | $266 |
| County of Polk, Utility System Rev. and Rev. Ref. Bonds, Series 2020, 4.00% 10/1/2040  | 1200 | 1131 |
| County of Polk, Utility System Rev. and Rev. Ref. Bonds, Series 2020, 4.00% 10/1/2043  | 2000 | 1804 |
| City of Pompano Beach, Rev. and Rev. Ref. Bonds (John Knox Village Project), Series 2020, 4.00% 9/1/2040  | 3000 | 2643 |
| City of Pompano Beach, Rev. and Rev. Ref. Bonds (John Knox Village Project), Series 2020, 5.00% 9/1/2050  | 5000 | 4442 |
| City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2021-A, 4.00% 9/1/2051  | 2970 | 2260 |
| City of Port St. Lucie, Utility System Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2030  | 1750 | 1763 |
| City of Port St. Lucie, Utility System Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2031  | 1000 | 1005 |
| City of Port St. Lucie, Utility System Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2032  | 1000 | 1004 |
| City of Port St. Lucie, Utility System Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2033  | 2900 | 2907 |
| City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, <br> 6.375% 5/1/2013 <sup>(b)</sup>  | 1727 | 1174 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, AGI, 2.10% <br> 5/1/2026  | 1030 | 1020 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-A-1, AGI, 2.125% <br> 5/1/2026  | 2390 | 2367 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-A-1, AGI, 3.00% <br> 5/1/2026  | 835 | 835 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-B-1, AGI, 3.00% <br> 5/1/2026  | 430 | 430 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-A-1, AGI, 2.25% <br> 5/1/2027  | 2445 | 2394 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, AGI, 2.25% <br> 5/1/2027  | 1055 | 1033 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2022-B, 2.625% <br> 5/1/2027  | 745 | 732 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-A-1, AGI, 3.125% <br> 5/1/2027  | 1150 | 1154 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-B-1, AGI, 3.125% <br> 5/1/2027  | 440 | 441 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, AGI, 2.30% <br> 5/1/2028  | 1075 | 1042 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-A-1, AGI, 2.40% <br> 5/1/2028  | 2500 | 2431 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-A-1, AGI, 3.25% <br> 5/1/2028  | 1190 | 1199 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-B-1, AGI, 3.25% <br> 5/1/2028  | 455 | 458 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, AGI, 2.40% <br> 5/1/2029  | 1105 | 1065 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-A-1, AGI, 2.50% <br> 5/1/2029  | 2560 | 2478 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-A-1, AGI, 3.00% <br> 5/1/2033  | 5515 | 5237 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, AGI, 3.00% <br> 5/1/2033  | 2380 | 2255 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-A-1, AGI, 3.00% <br> 5/1/2037  | 6225 | 5472 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2019-B, AGI, 3.00% <br> 5/1/2040  | 4030 | 3333 |
| County of St. Johns, Heritage Landing Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2015, <br> 4.35% 5/1/2036  | 990 | 973 |
| County of St. Johns, Industrial Dev. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2020-A, 4.00% 8/1/2055  | 5685 | 4315 |
| County of St. Johns, Industrial Dev. Auth., Senior Living Rev. Bonds (Vicars Landing Project), Series 2021-A, 4.00% <br> 12/15/2050  | 475 | 333 |
| County of St. Johns, Marshall Creek Community Dev. Dist., Special Assessment Bonds, Series 2002, 5.00% <br> 5/1/2032  | 1220 | 1221 |
| County of St. Johns, Marshall Creek Community Dev. Dist., Special Assessment Bonds, Series 2016, 6.32% <br> 5/1/2045  | 115 | 113 |
| County of St. Johns, Sweetwater Creek Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series <br> 2019-A-1, AGI, 2.125% 5/1/2026  | 365 | 361 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **110** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| County of St. Johns, Sweetwater Creek Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series <br> 2019-A-1, AGI, 2.375% 5/1/2028  | USD385 | $373 |
| County of St. Johns, Sweetwater Creek Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series <br> 2019-A-1, AGI, 2.875% 5/1/2033  | 975 | 877 |
| County of St. Johns, Sweetwater Creek Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series <br> 2019-A-1, AGI, 3.00% 5/1/2038  | 975 | 788 |
| County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Improvement Bonds (Sunnyside Village Project), <br> Series 2018, 5.00% 5/15/2048  | 1125 | 999 |
| South Broward Hospital Dist., Hospital Rev. Ref. Bonds (South Broward Hospital Dist. Obligated Group), Series <br> 2016, 3.00% 5/1/2035  | 675 | 615 |
| City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), <br> Series 2017, 4.00% 8/15/2042  | 5000 | 4386 |
| City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), <br> Series 2017, 5.00% 8/15/2047  | 7920 | 7724 |
| Southeast Overtown/Park West Community Redev. Agcy., Tax Increment Rev. Bonds, Series 2014-A-1, 5.00% <br> 3/1/2030 <sup>(a)</sup>  | 1055 | 1057 |
| City of St. Cloud, Gramercy Farms Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2011, 6.75% <br> 5/1/2039  | 1502 | 1427 |
| County of Sumter, Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects), Series <br> 2014-B, 5.00% 7/1/2027  | 1000 | 1003 |
| County of Sumter, Village Community Dev. Dist. No. 6, Rev. Ref. Bonds, Series 2017, 4.00% 5/1/2026  | 290 | 292 |
| County of Sumter, Village Community Dev. Dist. No. 6, Rev. Ref. Bonds, Series 2017, 4.00% 5/1/2027  | 285 | 290 |
| County of Sumter, Village Community Dev. Dist. No. 6, Rev. Ref. Bonds, Series 2017, 4.00% 5/1/2028  | 280 | 286 |
| County of Sumter, Village Community Dev. Dist. No. 6, Rev. Ref. Bonds, Series 2017, 4.00% 5/1/2029  | 290 | 296 |
| City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2017, 5.00% 10/1/2032  | 1000 | 1004 |
| City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2017, 5.00% 10/1/2034  | 2000 | 2008 |
| City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2017, 5.00% 10/1/2035  | 2000 | 2008 |
| City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2017, 5.00% 10/1/2037  | 4525 | 4543 |
| City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2015-A, <br> 5.00% 12/1/2040  | 1050 | 1042 |
| City of Tampa, Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), CAB, <br> Series 2020-A, 0% 9/1/2036  | 830 | 505 |
| City of Tampa, Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), CAB, <br> Series 2020-A, 0% 9/1/2038  | 1000 | 535 |
| City of Tampa, Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), CAB, <br> Series 2020-A, 0% 9/1/2041  | 1000 | 439 |
| City of Tampa, Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), CAB, <br> Series 2020-A, 0% 9/1/2045  | 1850 | 618 |
| City of Tampa, Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), CAB, <br> Series 2020-A, 0% 9/1/2053  | 5050 | 1042 |
| City of Tampa, Rev. and Rev. Ref. Bonds (University of Tampa Project), Series 2015, 5.00% 4/1/2033  | 1000 | 1001 |
| City of Tampa, Rev. and Rev. Ref. Bonds (University of Tampa Project), Series 2015, 5.00% 4/1/2035  | 2000 | 2002 |
| City of Tampa, Rev. and Rev. Ref. Bonds (University of Tampa Project), Series 2015, 5.00% 4/1/2040  | 4555 | 4556 |
| City of Tampa, Rev. and Rev. Ref. Bonds (University of Tampa Project), Series 2015, 5.00% 4/1/2045  | 1500 | 1484 |
| City of Tampa, Rev. and Rev. Ref. Bonds (University of Tampa Project), Series 2020-A, 4.00% 4/1/2050  | 16430 | 13649 |
| Tampa Bay Water Auth., Utility System Rev. Ref. Bonds, Series 2024-A, 5.00% 10/1/2049  | 11725 | 11913 |
| Tampa-Hillsborough County Expressway Auth., Rev. Bonds, Series 2017, 5.00% 7/1/2047  | 5150 | 5154 |
| Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2017-B, 4.00% 7/1/2042  | 40550 | 36662 |
| City of Venice, Retirement Community Rev. Improvement Bonds (Village on the Isle Project), Series 2024-B-3, <br> 4.25% 1/1/2030 <sup>(a)</sup>  | 405 | 406 |
| City of Venice, Retirement Community Rev. Improvement Bonds (Village on the Isle Project), Series 2024-B-2, <br> 4.50% 1/1/2030 <sup>(a)</sup>  | 360 | 361 |
| County of Volusia, Educational Facs. Auth., Educational Facs. Rev. Bonds (Stetson University, Inc. Project), Series <br> 2015, 5.00% 6/1/2045  | 2500 | 2351 |
| City of Wildwood, Village Community Dev. Dist. No. 12, Special Assessment Rev. Bonds, Series 2018, 4.25% <br> 5/1/2043  | 2595 | 2320 |
| City of Wildwood, Village Community Dev. Dist. No. 12, Special Assessment Rev. Bonds, Series 2016, 3.875% <br> 5/1/2047  | 5005 | 4059 |
| City of Wildwood, Village Community Dev. Dist. No. 12, Special Assessment Rev. Bonds, Series 2018, 4.375% <br> 5/1/2050  | 3645 | 3108 |
| City of Wildwood, Village Community Dev. Dist. No. 13, Special Assessment Rev. Bonds, Series 2019, 3.70% <br> 5/1/2050  | 9135 | 6887 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **111** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| City of Wildwood, Village Community Dev. Dist. No. 13, Special Assessment Rev. Bonds, Series 2020, 3.50% <br> 5/1/2051 <sup>(a)</sup>  | USD2,000 | $1441 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2024, 4.20% <br> 5/1/2039 <sup>(a)</sup>  | 700 | 651 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2024, 4.55% <br> 5/1/2044 <sup>(a)</sup>  | 515 | 476 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2023, 5.25% <br> 5/1/2054 <sup>(a)</sup>  | 1500 | 1448 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2024, 4.80% <br> 5/1/2055 <sup>(a)</sup>  | 5755 | 5137 |
| City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. <br> Ref. Bonds, Series 2016, 3.75% 5/1/2031  | 3000 | 2976 |
| City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. <br> Ref. Bonds, Series 2016, 4.125% 5/1/2037  | 925 | 886 |
|  |  | 831932 |
| **Georgia 2.54%** | **Georgia 2.54%** | **Georgia 2.54%** |
| Athens Housing Auth. Rev. Bonds, (University of Georgia Project - Ugaref Lumpkin Street Housing Phase I, LLC), <br> Series 2024, 5.00% 6/15/2040  | 1485 | 1560 |
| Athens Housing Auth. Rev. Bonds, (University of Georgia Project - Ugaref Lumpkin Street Housing Phase I, LLC), <br> Series 2024, 5.00% 6/15/2041  | 1590 | 1655 |
| Athens Housing Auth. Rev. Bonds, (University of Georgia Project - Ugaref Lumpkin Street Housing Phase I, LLC), <br> Series 2024, 5.00% 6/15/2042  | 1530 | 1579 |
| City of Atlanta, Airport General Rev. Bonds, Series 2019-A, 5.00% 7/1/2044  | 1160 | 1169 |
| City of Atlanta, Airport General Rev. Bonds, Series 2022-A, 5.00% 7/1/2047  | 3000 | 3033 |
| City of Atlanta, Airport General Rev. Green Bonds, Series 2024-A-1, 5.00% 7/1/2049  | 7430 | 7541 |
| City of Atlanta, Airport General Rev. Green Bonds, Series 2023-B-1, 5.00% 7/1/2053  | 3160 | 3182 |
| City of Atlanta, Airport General Rev. Green Bonds, Series 2024-A-1, 5.00% 7/1/2054  | 5000 | 5049 |
| City of Atlanta, Airport General Rev. Ref. Bonds, Series 2021-B, 4.00% 7/1/2041  | 4340 | 4114 |
| City of Atlanta, Airport Passenger Fac. Charge and General Rev. Bonds, Series 2019-C, 5.00% 7/1/2038  | 7000 | 7236 |
| City of Atlanta, Airport Passenger Fac. Charge and General Rev. Bonds, Series 2019-C, 5.00% 7/1/2039  | 29030 | 29877 |
| City of Atlanta, Airport Passenger Fac. Charge and General Rev. Bonds, Series 2023-D, 5.00% 7/1/2044  | 18500 | 19088 |
| City of Atlanta, Dev. Auth., Rev. Bonds (Georgia State University Research Foundation - Science Park, LLC Project), <br> Series 2016, 5.00% 7/1/2026 (escrowed to maturity)  | 500 | 510 |
| City of Atlanta, Urban Redev. Agcy., Rev. Bonds (Atlanta Beltline Trail Completion Project), Series 2021, 2.375% <br> 7/1/2026 <sup>(a)</sup>  | 155 | 154 |
| City of Atlanta, Urban Redev. Agcy., Rev. Bonds (Atlanta Beltline Trail Completion Project), Series 2021, 2.875% <br> 7/1/2031 <sup>(a)</sup>  | 600 | 569 |
| City of Atlanta, Urban Redev. Agcy., Rev. Bonds (Atlanta Beltline Trail Completion Project), Series 2021, 3.625% <br> 7/1/2042 <sup>(a)</sup>  | 1210 | 1019 |
| City of Atlanta, Urban Redev. Agcy., Rev. Bonds (Atlanta Beltline Trail Completion Project), Series 2021, 3.875% <br> 7/1/2051 <sup>(a)</sup>  | 4720 | 3786 |
| City of Atlanta, Water and Wastewater Rev. and Rev. Ref. Bonds, Series 2018-B, 4.00% 11/1/2034  | 1960 | 1968 |
| City of Atlanta, Water and Wastewater Rev. and Rev. Ref. Bonds, Series 2018-B, 4.00% 11/1/2035  | 1910 | 1905 |
| City of Atlanta, Water and Wastewater Rev. and Rev. Ref. Bonds, Series 2018-B, 4.00% 11/1/2036  | 1000 | 993 |
| City of Atlanta, Water and Wastewater Rev. and Rev. Ref. Bonds, Series 2018-B, 4.00% 11/1/2038  | 5250 | 5132 |
| City of Atlanta, Water and Wastewater Rev. Bonds, Series 2004, AGI, 5.75% 11/1/2025  | 1000 | 1008 |
| City of Atlanta, Water and Wastewater Rev. Bonds, Series 2001-A, NATL, 5.50% 11/1/2027  | 3430 | 3558 |
| City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 2015, 5.00% 11/1/2032  | 1000 | 1002 |
| City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 2019, 4.00% 11/1/2033  | 1000 | 1010 |
| City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 2019, 4.00% 11/1/2034  | 1000 | 1007 |
| City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 2015, 5.00% 11/1/2040  | 15880 | 15879 |
| Augusta Dev. Auth., Rev. Bonds (AU Health System, Inc. Project), Series 2018, 4.00% 7/1/2039  | 850 | 799 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 5.00% 6/15/2026  | 450 | 458 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 5.00% 6/15/2027  | 155 | 162 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 5.00% 6/15/2028  | 190 | 202 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 5.00% 6/15/2029  | 165 | 179 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **112** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 5.00% 6/15/2034  | USD1,000 | $1074 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 5.00% 6/15/2035  | 1000 | 1067 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 4.00% 6/15/2036  | 1000 | 989 |
| County of Baldwin and City of Milledgeville, Dev. Auth., Rev. Bonds (Georgia College & State University Projects), <br> Series 2021, 4.00% 6/15/2037  | 1500 | 1464 |
| Counties of Bleckley and Dodge, Joint Dev. Auth., Rev. Ref. Bonds (USG Real Estate Foundation VII, LLC Project), <br> Series 2018, 5.00% 7/1/2034  | 1410 | 1459 |
| Counties of Bleckley and Dodge, Joint Dev. Auth., Rev. Ref. Bonds (USG Real Estate Foundation VII, LLC Project), <br> Series 2018, 5.00% 7/1/2035  | 1580 | 1629 |
| Counties of Bleckley and Dodge, Joint Dev. Auth., Rev. Ref. Bonds (USG Real Estate Foundation VII, LLC Project), <br> Series 2018, 5.00% 7/1/2036  | 1230 | 1264 |
| Counties of Bleckley and Dodge, Joint Dev. Auth., Rev. Ref. Bonds (USG Real Estate Foundation VII, LLC Project), <br> Series 2018, 5.00% 7/1/2037  | 1075 | 1101 |
| Brookhaven Dev Auth., Rev. Bonds (Children's Healthcare of Atlanta, Inc.), Series 2019-A, 4.00% 7/1/2049  | 18430 | 15648 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Series 1995-5, <br> 2.20% 10/1/2032  | 3065 | 2614 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Transmission Corp. Vogtle Project), Series <br> 2012, 2.75% 1/1/2052  | 32525 | 19245 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series <br> 2013-A, 3.60% 1/1/2040 (put 2/1/2030)  | 2085 | 2111 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series <br> 2017-C, 4.125% 11/1/2045  | 5000 | 4331 |
| County of Clarke Hospital Auth., Rev. Anticipation Certs. (Piedmont Healthcare, Inc. Project), Series 2016-A, 5.00% <br> 7/1/2046  | 2935 | 2879 |
| County of Cobb, Dev. Auth., Parking and Dining Hall Lease Rev. Ref. Bonds (Kennesaw State University Real Estate <br> Foundations Projects), Series 2017, 5.00% 7/15/2030  | 500 | 522 |
| County of Cobb, Dev. Auth., Parking and Dining Hall Lease Rev. Ref. Bonds (Kennesaw State University Real Estate <br> Foundations Projects), Series 2017, 5.00% 7/15/2033  | 1370 | 1418 |
| County of Columbia, Hospital Auth., Rev. Anticipation Certs. (Wellstar Health System, Inc. Project), Series 2023-A, <br> 5.125% 4/1/2053  | 2750 | 2716 |
| City of Dahlonega, Downtown Dev. Auth., Rev. Ref. Bonds (North Georgia Mac, LLC Project), Series 2017, 5.00% <br> 7/1/2036  | 1500 | 1532 |
| City of Dalton, Combined Utilities Rev. Bonds, Series 2020, 5.00% 3/1/2030  | 1000 | 1077 |
| City of Dalton, Combined Utilities Rev. Bonds, Series 2020, 5.00% 3/1/2031  | 1000 | 1072 |
| City of Dalton, Combined Utilities Rev. Bonds, Series 2020, 5.00% 3/1/2032  | 1000 | 1062 |
| City of Dalton, Combined Utilities Rev. Bonds, Series 2020, 4.00% 3/1/2036  | 1000 | 989 |
| City of Dalton, Combined Utilities Rev. Bonds, Series 2020, 4.00% 3/1/2038  | 1000 | 965 |
| City of Dalton, Combined Utilities Rev. Bonds, Series 2020, 4.00% 3/1/2039  | 1000 | 948 |
| City of Dalton, Combined Utilities Rev. Bonds, Series 2020, 4.00% 3/1/2040  | 1000 | 927 |
| City of Dalton, Combined Utilities Rev. Bonds, Series 2020, 4.00% 3/1/2041  | 1000 | 908 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.25% <br> 10/1/2049  | 5325 | 5363 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.25% <br> 10/1/2054  | 6425 | 6437 |
| County of Fulton, Dev. Auth., Tech Facs. Rev. Bonds (Curran Street Residence Hall Project), Series 2024, 5.00% <br> 6/15/2056  | 17000 | 17007 |
| County of Gwinnett, Dev. Auth., Rev. Ref. Bonds (Georgia Gwinnett College Student Housing Project), Series <br> 2017-A, 5.00% 7/1/2031  | 1000 | 1031 |
| County of Gwinnett, Dev. Auth., Rev. Ref. Bonds (Georgia Gwinnett College Student Housing Project), Series <br> 2017-A, 5.00% 7/1/2034  | 1500 | 1532 |
| County of Gwinnett, Dev. Auth., Rev. Ref. Bonds (Georgia Gwinnett College Student Housing Project), Series <br> 2017-A, 5.00% 7/1/2036  | 5405 | 5496 |
| Higher Education Facs. Auth., Rev. Ref. Bonds (USG Real Estate Foundation I, LLC Project), Series 2015, 5.00% <br> 6/15/2030  | 2250 | 2253 |
| Higher Education Facs. Auth., Rev. Ref. Bonds (USG Real Estate Foundation II, LLC Project), Series 2019, 5.00% <br> 6/15/2034  | 1125 | 1182 |
| Higher Education Facs. Auth., Rev. Ref. Bonds (USG Real Estate Foundation II, LLC Project), Series 2019, 5.00% <br> 6/15/2035  | 1250 | 1308 |
| Higher Education Facs. Auth., Rev. Ref. Bonds (USG Real Estate Foundation III, LLC Project), Series 2020, 5.00% <br> 6/15/2028  | 1800 | 1918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **113** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| City of Homerville, Housing Auth. Multi Family Housing Rev. Bonds, Series 2024, 3.45% 1/1/2028 (put 1/1/2027)  | USD710 | $715 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2016-A-1, 3.50% 12/1/2046  | 55 | 55 |
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 9/15/2028  | 1000 | 1064 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-A, 5.00% 5/15/2043  | 1140 | 1128 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-C, 4.00% 5/1/2052 (put 12/1/2028)  | 1000 | 1006 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-B, 5.00% 7/1/2053 (put 3/1/2030)  | 12350 | 13040 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-C, 5.00% 9/1/2053 (put 12/1/2029)  | 5645 | 5969 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-E, 5.00% 12/1/2053 (put 6/1/2031)  | 32100 | 33925 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-D, 5.00% 4/1/2054 (put 4/1/2031)  | 30245 | 32090 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-A, 5.00% 5/1/2054 (put 9/1/2031)  | 28875 | 30627 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-B, 5.00% 12/1/2054 (put 3/1/2032)  | 26260 | 27836 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-C, 5.00% 12/1/2054 (put 12/1/2031)  | 13400 | 14090 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2025-A, 5.00% 6/1/2055 (put 6/1/2032)  | 36010 | 38329 |
| Medical Center Hospital Auth., Rev. Anticipation Certs. (Piedmont Healthcare, Inc. Project), Series 2019-B, 5.00% <br> 7/1/2054 (put 7/1/2029)  | 3555 | 3786 |
| Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Green Bonds, Series 2025-A, 5.00% 7/1/2043  | 1500 | 1571 |
| Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Green Bonds, Series 2025-A, 5.25% 7/1/2050  | 1000 | 1045 |
| Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Green Bonds, Series 2025-A, 5.00% 7/1/2055  | 7335 | 7460 |
| County of Monroe, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Scherer Project), Series <br> 2009-1, 1.00% 7/1/2049 (put 8/1/2026)  | 2000 | 1941 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 5.00% 1/1/2034  | 1500 | 1630 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 5.00% 1/1/2035  | 1250 | 1348 |
| Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 5.00% 1/1/2036  | 875 | 936 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2019-A, 5.00% 1/1/2034  | 8250 | 8582 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2021-A, AGI, 4.00% 1/1/2040  | 720 | 682 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2021-A, 4.00% 1/1/2051  | 2345 | 1963 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2021-A, 5.00% 1/1/2056  | 8750 | 8466 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2015-A, 5.50% 7/1/2060  | 11250 | 11250 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2021-A, AGI, 5.00% 1/1/2062  | 4500 | 4453 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 1/1/2026  | 400 | 404 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2021-A, AGI, 4.00% 1/1/2040  | 800 | 758 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 1/1/2056  | 5000 | 4860 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2021-A, AGI, 5.00% 1/1/2062  | 2000 | 1979 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2021-A, 4.00% 1/1/2046  | 1320 | 1146 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2019-B, 5.00% 1/1/2048  | 5000 | 4864 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2021-A, 5.00% 1/1/2063  | 800 | 759 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2032  | 1450 | 1534 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2033  | 1200 | 1264 |
| Municipal Electric Auth., Project One Bonds, Series 2021-A, 5.00% 1/1/2034  | 13635 | 14815 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2035  | 1855 | 1937 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2037  | 2240 | 2311 |
| Municipal Electric Auth., Project One Bonds, Series 2021-A, 5.00% 1/1/2038  | 2000 | 2096 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2039  | 1215 | 1239 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2044  | 8460 | 8402 |
| Municipal Electric Auth., Project One Bonds, Series 2021-A, 5.00% 1/1/2046  | 6710 | 6681 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 4.00% 1/1/2049  | 4000 | 3397 |
| Municipal Electric Auth., Project One Bonds, Series 2021-A, 4.00% 1/1/2051  | 7000 | 5869 |
| County of Paulding, Hospital Auth., Rev. Anticipation Certs. (Wellstar Health System, Inc.), Series 2022-A, 4.00% <br> 4/1/2041  | 1000 | 898 |
| Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2025-A, 5.25% 9/1/2043  | 4430 | 4666 |
| Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2025-A, 5.25% 9/1/2044  | 10775 | 11283 |
| County of Richmond, Hospital Auth., Rev. Anticipation Certs. (University Health Services, Inc. Project), Series 2016, <br> 5.00% 1/1/2028  | 1135 | 1157 |
| South Regional Joint Dev. Auth., Rev. Ref. Bonds (Valdosta State University Parking and Student Service Center <br> Project), Series 2016-A, 5.00% 8/1/2038  | 2500 | 2540 |
| County of Spalding, Griffin-Spalding County Hospital Auth., Rev. Anticipation Certs. (Wellstar Health System, Inc. <br> Project), Series 2017-A, 3.75% 4/1/2047  | 1335 | 1077 |
|  |  | 581844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **114** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Guam 0.17%** | **Guam 0.17%** | **Guam 0.17%** |
| Business Privilege Tax Bonds, Series 2015-D, 5.00% 11/15/2039  | USD5,110 | $5104 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 5.00% 1/1/2028  | 665 | 689 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2015-D, 5.00% 11/15/2028  | 3000 | 3009 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 5.00% 1/1/2029  | 1750 | 1836 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2030  | 600 | 643 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2015-D, 5.00% 11/15/2031  | 1000 | 1002 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 4.00% 1/1/2036  | 5000 | 4809 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2036  | 925 | 980 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.25% 1/1/2037  | 1500 | 1597 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.25% 1/1/2038  | 925 | 977 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 4.00% 1/1/2042  | 6510 | 5749 |
| Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 11/1/2035  | 1000 | 1033 |
| Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2025  | 1000 | 1005 |
| Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2031  | 1000 | 1015 |
| Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2033  | 1400 | 1408 |
| Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2046  | 1360 | 1329 |
| Limited Obligation Rev. Ref. Bonds (Section 30), Series 2016-A, 5.00% 12/1/2027  | 2615 | 2674 |
| Port Auth., Port Rev. Bonds, Series 2018-A, 5.00% 7/1/2048  | 3245 | 3094 |
| Power Auth., Rev. Ref. Bonds, Series 2017-A, 5.00% 10/1/2035  | 1885 | 1912 |
|  |  | 39865 |
| **Hawaii 0.49%** | **Hawaii 0.49%** | **Hawaii 0.49%** |
| Airports System Rev. Bonds, Series 2018-D, 5.00% 7/1/2030  | 2960 | 3274 |
| Airports System Rev. Bonds, Series 2025-B, 5.00% 7/1/2042  | 750 | 788 |
| Airports System Rev. Bonds, Series 2025-D, 5.00% 7/1/2042  | 1380 | 1450 |
| Airports System Rev. Bonds, Series 2025-B, 5.00% 7/1/2043  | 1000 | 1041 |
| Airports System Rev. Bonds, Series 2025-D, 5.00% 7/1/2043  | 3000 | 3123 |
| Airports System Rev. Bonds, Series 2025-D, 5.00% 7/1/2044  | 3245 | 3358 |
| Airports System Rev. Bonds, Series 2025-B, 5.00% 7/1/2045  | 1750 | 1801 |
| Airports System Rev. Bonds, Series 2025-D, 5.00% 7/1/2045  | 1360 | 1400 |
| Airports System Rev. Bonds, Series 2025-B, 5.00% 7/1/2049  | 31370 | 31955 |
| Airports System Rev. Ref. Bonds, Series 2020-D, 4.00% 7/1/2036  | 3770 | 3774 |
| Dept. of Budget and Fin., Special Purpose Rev. Ref. Bonds (Hawaiian Electric Co., Inc.), Series 2019, 3.20% <br> 7/1/2039  | 3580 | 2989 |
| Harbor System Rev. Bonds, Series 2020-C, 4.00% 7/1/2037  | 600 | 593 |
| Harbor System Rev. Bonds, Series 2020-C, 4.00% 7/1/2038  | 875 | 845 |
| Harbor System Rev. Bonds, Series 2020-C, 4.00% 7/1/2040  | 425 | 400 |
| City and County of Honolulu, Multifamily Housing Rev. Bonds (Maunakea Tower Apartments), Series 2023, 5.00% <br> 6/1/2027 (put 6/1/2026)  | 1915 | 1946 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-A, 5.00% <br> 7/1/2030  | 1725 | 1756 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-A, 5.00% <br> 7/1/2032  | 1000 | 1017 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2025-A, 5.00% <br> 7/1/2032  | 795 | 893 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-A, 5.00% <br> 7/1/2033  | 1650 | 1677 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-A, 5.00% <br> 7/1/2034  | 1140 | 1158 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-B, 5.00% <br> 7/1/2035  | 2750 | 2789 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2018-A, 5.00% <br> 7/1/2035  | 3935 | 4072 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2019-A, 4.00% <br> 7/1/2036  | 2100 | 2107 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-B, 5.00% <br> 7/1/2036  | 1500 | 1518 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2018-A, 5.00% <br> 7/1/2036  | 2500 | 2578 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-B, 5.00% <br> 7/1/2037  | 2745 | 2775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **115** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Hawaii (continued)** | **Hawaii (continued)** | **Hawaii (continued)** |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2018-A, 5.00% <br> 7/1/2037  | USD3,270 | $3356 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2025-A, 5.00% <br> 7/1/2037  | 2800 | 3099 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2025-A, 5.00% <br> 7/1/2038  | 3300 | 3610 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-A, 3.00% <br> 7/1/2041  | 2000 | 1593 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2019-A, 4.00% <br> 7/1/2044  | 2000 | 1766 |
| City and County of Honolulu, Wastewater System Rev. Bonds (Second Bond Resolution), Series 2025-A, 5.00% <br> 7/1/2033  | 1000 | 1128 |
| City and County of Honolulu, Wastewater System Rev. Green Bonds (First Bond Resolution), Series 2024-A, 5.00% <br> 7/1/2045  | 1000 | 1031 |
| City and County of Honolulu, Wastewater System Rev. Ref. Bonds (First Bond Resolution), Series 2019-B, 4.00% <br> 7/1/2035  | 3500 | 3532 |
| City and County of Honolulu, Wastewater System Rev. Ref. Bonds (First Bond Resolution), Series 2019-B, 4.00% <br> 7/1/2037  | 6190 | 6159 |
| City and County of Honolulu, Wastewater System Rev. Ref. Bonds (First Bond Resolution), Series 2019-B, 4.00% <br> 7/1/2038  | 7000 | 6834 |
|  |  | 113185 |
| **Idaho 0.31%** | **Idaho 0.31%** | **Idaho 0.31%** |
| Building Auth., Sales Tax Rev. Education Bonds (School Modernization Facs. Fund), Series 2024-A, 5.00% <br> 6/1/2030  | 1015 | 1128 |
| Building Auth., Sales Tax Rev. Education Bonds (School Modernization Facs. Fund), Series 2024-A, 5.00% <br> 6/1/2031  | 1500 | 1682 |
| Health Facs. Auth., Hospital Rev. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 12/1/2042  | 1115 | 1108 |
| Health Facs. Auth., Hospital Rev. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 12/1/2047  | 5750 | 5578 |
| Health Facs. Auth., Rev. Bonds (Kootenai Health Project), Series 2014-A, 4.375% 7/1/2034  | 1750 | 1750 |
| Health Facs. Auth., Rev. Bonds (Kootenai Health Project), Series 2014-A, 4.75% 7/1/2044  | 6050 | 5729 |
| Health Facs. Auth., Rev. Bonds (Kootenai Health Project), Series 2017-A, 5.00% 7/1/2047  | 13680 | 13367 |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2021-A, 4.00% 3/1/2034  | 400 | 409 |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2021-A, 4.00% 3/1/2041  | 850 | 764 |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2021-A, 4.00% 3/1/2046  | 2720 | 2302 |
| Health Facs. Auth., Rev. Bonds (St. Luke's Health System Project), Series 2021-A, 4.00% 3/1/2051  | 4500 | 3661 |
| Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2021-A, 4.00% <br> 7/15/2038  | 2065 | 1982 |
| Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2021-A, 4.00% <br> 7/15/2039  | 3445 | 3253 |
| Housing and Fin. Assn., Multi Family Housing Rev. Bonds (Domes Church Apartments), Series 2025, 3.35% <br> 6/10/2050 (put 12/1/2027)  | 1400 | 1405 |
| Housing and Fin. Assn., Sales Tax Rev. Bonds (Transportation Expansion and Congestion Mitigation Fund), Series <br> 2023-A, 5.00% 8/15/2036  | 1000 | 1101 |
| Housing and Fin. Assn., Sales Tax Rev. Bonds (Transportation Expansion and Congestion Mitigation Fund), Series <br> 2022-A, 5.00% 8/15/2047  | 5000 | 5044 |
| Housing and Fin. Assn., Sales Tax Rev. Bonds (Transportation Expansion and Congestion Mitigation Fund), Series <br> 2024-A, 4.00% 8/15/2049  | 3200 | 2739 |
| Housing and Fin. Assn., Sales Tax Rev. Bonds (Transportation Expansion and Congestion Mitigation Fund), Series <br> 2025-A, 4.00% 8/15/2050  | 1500 | 1273 |
| Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2019-A, 4.00% 1/1/2050  | 1555 | 1567 |
| Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2019-C, 4.00% 1/1/2050  | 595 | 603 |
| Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2023-C, 5.75% 1/1/2053  | 9115 | 9908 |
| Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2024-A, 6.00% 7/1/2054  | 3475 | 3825 |
|  |  | 70178 |
| **Illinois 8.27%** | **Illinois 8.27%** | **Illinois 8.27%** |
| Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2018-B, 5.00% 6/15/2033  | 3500 | 3625 |
| Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 6/15/2027  | 5500 | 5528 |
| Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, BAM, 4.00% 6/15/2027  | 1250 | 1258 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2032  | 4775 | 4911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **116** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2035  | USD2,060 | $2070 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2036  | 1510 | 1505 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2038  | 945 | 913 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2039  | 5500 | 5241 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2015-C, 5.25% 12/1/2039  | 3000 | 2947 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2040  | 1000 | 937 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2041  | 925 | 855 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2018-D, 5.00% 12/1/2046  | 10000 | 8916 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2016-B, 6.50% 12/1/2046  | 1350 | 1361 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2017-A, 7.00% <br>12/1/2046 <sup>(a)</sup>  | 23810 | 24470 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2023-A, 6.00% 12/1/2049  | 6755 | 6906 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% <br> 12/1/2025  | 1000 | 1004 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, 5.00% <br> 12/1/2025  | 3445 | 3460 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, AGI, <br> 5.00% 12/1/2025  | 1925 | 1936 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2005-A, AMBAC, <br> 5.50% 12/1/2025  | 2495 | 2508 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% <br> 12/1/2026  | 2570 | 2610 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, 5.00% <br> 12/1/2026  | 2905 | 2950 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% <br> 12/1/2027  | 3500 | 3599 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, 5.00% <br> 12/1/2027  | 1500 | 1542 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, AGI, <br> 5.00% 12/1/2028  | 500 | 526 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, AGI, <br> 5.00% 12/1/2028  | 9000 | 9465 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, AGI, <br> 5.00% 12/1/2029  | 7000 | 7318 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% <br> 12/1/2030  | 4000 | 4071 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2005-A, AMBAC, <br> 5.50% 12/1/2030  | 3255 | 3480 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% <br> 12/1/2034  | 11840 | 11819 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% <br> 12/1/2034  | 10000 | 9982 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2012-B, 4.00% <br> 12/1/2035  | 7500 | 7182 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-B, 4.00% <br> 12/1/2035  | 2240 | 2145 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, 5.00% <br> 12/1/2035  | 4660 | 4619 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-B, 4.00% <br> 12/1/2041  | 31955 | 27406 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-A, 4.00% <br> 12/1/2042  | 3375 | 2828 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 7.00% <br> 12/1/2042 <sup>(a)</sup>  | 13115 | 13560 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% <br> 12/1/2044  | 1000 | 908 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% <br> 12/1/2046  | 27590 | 24569 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-A, 4.00% <br> 12/1/2047  | 16215 | 12599 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), CAB, Series 2019-A, 0% <br> 12/1/2025  | 15440 | 15253 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **117** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), CAB, Series 2019-A, 0% <br> 12/1/2027  | USD415 | $380 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), CAB, Series 1998-B-1, <br> NATL, 0% 12/1/2028  | 6720 | 5938 |
| City of Chicago, Chicago Midway Airport, Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 1/1/2036  | 3500 | 3509 |
| City of Chicago, Chicago Midway Airport, Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 1/1/2037  | 4215 | 4224 |
| City of Chicago, Chicago Midway Airport, Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 1/1/2041  | 12000 | 12007 |
| City of Chicago, Chicago Midway Airport, Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 1/1/2046  | 5445 | 5435 |
| City of Chicago, GO Bonds, Series 2021-A, 5.00% 1/1/2033  | 5000 | 5198 |
| City of Chicago, GO Bonds, Series 2021-B, 4.00% 1/1/2038 <sup>(a)</sup>  | 9403 | 8496 |
| City of Chicago, GO Bonds, Series 2025-C, 6.00% 1/1/2043  | 1030 | 1079 |
| City of Chicago, GO Bonds, Series 2025-A, 6.00% 1/1/2050  | 4835 | 4943 |
| City of Chicago, GO Bonds (Chicago Works), Series 2023-A, 5.50% 1/1/2041  | 1000 | 1010 |
| City of Chicago, GO Bonds (City Colleges of Chicago Capital Improvement Project), CAB, Series 1999, NATL, 0% <br> 1/1/2026 (escrowed to maturity)  | 15500 | 15306 |
| City of Chicago, GO Bonds, CAB, Series 2008-C, 0% 1/1/2027 (escrowed to maturity)  | 3000 | 2874 |
| City of Chicago, GO Project and Rev. Ref. Bonds, CAB, Series 2008-C, 0% 1/1/2031  | 210 | 171 |
| City of Chicago, GO Rev. Ref. Bonds, Series 2020-A, 5.00% 1/1/2026  | 2500 | 2520 |
| City of Chicago, GO Rev. Ref. Bonds, Series 2024-B, 5.00% 1/1/2034  | 3445 | 3617 |
| City of Chicago, Housing Auth. Bonds, Series 2018-A, 5.00% 1/1/2032  | 2000 | 2069 |
| City of Chicago, Housing Auth. Bonds, Series 2018-A, 5.00% 1/1/2036  | 1250 | 1278 |
| City of Chicago, Housing Auth. Bonds, Series 2018-A, 5.00% 1/1/2038  | 6150 | 6274 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.25% 1/1/2032  | 1000 | 1027 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 1/1/2052  | 5000 | 4957 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Bonds, Series 2018-B, 5.00% 1/1/2053  | 16375 | 16228 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2016-C, 5.00% 1/1/2032  | 500 | 503 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2024-D, 5.00% 1/1/2032  | 21000 | 23364 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2016-C, 5.00% 1/1/2033  | 1250 | 1258 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2024-D, 5.00% 1/1/2033  | 6250 | 6982 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2016-C, 5.00% 1/1/2034  | 1000 | 1005 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2024-D, 5.00% 1/1/2034  | 1000 | 1119 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2016-C, 5.00% 1/1/2035  | 1750 | 1758 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2022-D, 4.00% 1/1/2044  | 3975 | 3445 |
| City of Chicago, Public Building Commission, Building Rev. Ref. Bonds (Chicago Transit Auth.), Series 2006, <br> AMBAC, 5.25% 3/1/2026  | 4175 | 4228 |
| City of Chicago, Public Building Commission, Building Rev. Ref. Bonds (Chicago Transit Auth.), Series 2006, <br> AMBAC, 5.25% 3/1/2027  | 1000 | 1035 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), Series 2012-A, 5.00% 12/1/2042  | 7890 | 7338 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), Series 2016-A, 7.00% 12/1/2044  | 24995 | 25087 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 1999-A, NATL, 0% 12/1/2025  | 1080 | 1067 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 2019-A, 0% 12/1/2026  | 3700 | 3524 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 1999-A, NATL, 0% 12/1/2029  | 5305 | 4493 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 1998-B-1, NATL, 0% 12/1/2031  | 6320 | 4856 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 1999-A, NATL, 0% 12/1/2031  | 4000 | 3074 |
| City of Chicago, Special Assessment Improvement Rev. Ref. Bonds (Lakeshore East Project), Series 2022, 2.53% <br> 12/1/2025 <sup>(a)</sup>  | 556 | 553 |
| City of Chicago, Special Assessment Improvement Rev. Ref. Bonds (Lakeshore East Project), Series 2022, 2.69% <br> 12/1/2026 <sup>(a)</sup>  | 447 | 439 |
| City of Chicago, Special Assessment Improvement Rev. Ref. Bonds (Lakeshore East Project), Series 2022, 2.87% <br> 12/1/2027 <sup>(a)</sup>  | 683 | 665 |
| City of Chicago, Special Assessment Improvement Rev. Ref. Bonds (Lakeshore East Project), Series 2022, 3.04% <br> 12/1/2028 <sup>(a)</sup>  | 973 | 941 |
| City of Chicago, Special Assessment Improvement Rev. Ref. Bonds (Lakeshore East Project), Series 2022, 3.20% <br> 12/1/2029 <sup>(a)</sup>  | 1196 | 1151 |
| City of Chicago, Special Assessment Improvement Rev. Ref. Bonds (Lakeshore East Project), Series 2022, 3.29% <br> 12/1/2030 <sup>(a)</sup>  | 938 | 896 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **118** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| City of Chicago, Special Assessment Improvement Rev. Ref. Bonds (Lakeshore East Project), Series 2022, 3.38% <br> 12/1/2031 <sup>(a)</sup>  | USD1,355 | $1280 |
| City of Chicago, Special Assessment Improvement Rev. Ref. Bonds (Lakeshore East Project), Series 2022, 3.45% <br> 12/1/2032 <sup>(a)</sup>  | 739 | 691 |
| City of Chicago, Transit Auth., Capital Grant Receipts Rev. Ref. Bonds (Federal Transit Administration Section 5307 <br> Urbanized Area Formula Funds), Series 2021, 5.00% 6/1/2028  | 3900 | 4112 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, 5.00% 12/1/2046  | 13000 | 12934 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2022-A, 4.00% 12/1/2049  | 7645 | 6335 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, 5.00% 12/1/2051  | 30750 | 30144 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, AGI, 5.00% 12/1/2051  | 11500 | 11355 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2022-A, 5.00% 12/1/2052  | 5500 | 5333 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2020-A, 4.00% 12/1/2055  | 2000 | 1627 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2022-A, 5.00% 12/1/2057  | 26855 | 25800 |
| City of Chicago, Wastewater Transmission Rev. Bonds, Series 2023-B, AGI, 5.25% 1/1/2048  | 2135 | 2176 |
| City of Chicago, Wastewater Transmission Rev. Project Bonds, Series 2023-A, AGI, 5.25% 1/1/2058  | 2845 | 2855 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2001, AGI, 5.50% 1/1/2030  | 775 | 822 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 1/1/2031  | 3500 | 3587 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 1/1/2032  | 7600 | 7771 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 1/1/2034  | 9000 | 9159 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 1/1/2034  | 3975 | 4328 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 1/1/2036  | 500 | 533 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 1/1/2037  | 1250 | 1322 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 1/1/2038  | 3915 | 3948 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 1/1/2038  | 1570 | 1647 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 1/1/2039  | 4000 | 4168 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2024-A, BAM, 5.00% 1/1/2040  | 1000 | 1049 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2024-A, BAM, 5.00% 1/1/2041  | 995 | 1035 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2024-A, BAM, 5.00% 1/1/2042  | 1500 | 1547 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2024-A, BAM, 5.00% 1/1/2043  | 2000 | 2047 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2024-A, BAM, 5.00% 1/1/2044  | 1220 | 1239 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-A, 5.00% 1/1/2047  | 21165 | 21187 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-A, AGI, 4.00% 1/1/2052  | 500 | 415 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, AGI, 5.25% 1/1/2053  | 11135 | 11192 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, CAB, Series 1998-A, NATL, 0% 1/1/2026  | 20 | 20 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, CAB, Series 1998-A, NATL, 0% 1/1/2027  | 1810 | 1729 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, CAB, Series 1998-A, NATL, 0% 1/1/2028  | 4665 | 4315 |
| City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 11/1/2025  | 10875 | 10932 |
| City of Chicago, Water Rev. Bonds, Series 2016-A-1, AGI, 5.00% 11/1/2025  | 620 | 623 |
| City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 11/1/2026  | 2125 | 2183 |
| City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 11/1/2029  | 4000 | 4089 |
| City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 11/1/2030  | 5485 | 5598 |
| City of Chicago, Water Rev. Bonds, Series 2016-A-1, 5.00% 11/1/2030  | 3100 | 3164 |
| City of Chicago, Water Rev. Bonds, Series 2024-A, 5.00% 11/1/2030  | 1810 | 1974 |
| City of Chicago, Water Rev. Bonds, Series 2024-A, 5.00% 11/1/2040  | 2000 | 2066 |
| City of Chicago, Water Rev. Bonds, Series 2024-A, 5.00% 11/1/2041  | 5500 | 5605 |
| City of Chicago, Water Rev. Bonds, Series 2024-A, 5.00% 11/1/2042  | 6750 | 6828 |
| City of Chicago, Water Rev. Bonds, Series 2024-A, 5.00% 11/1/2043  | 6645 | 6635 |
| City of Chicago, Water Rev. Bonds, Series 2024-A, 5.00% 11/1/2044  | 8000 | 7839 |
| City of Chicago, Water Rev. Bonds, Series 2023-A, AGI, 5.25% 11/1/2053  | 1000 | 1004 |
| City of Chicago, Water Rev. Bonds, Series 2023-A, AGI, 5.00% 11/1/2058  | 3340 | 3341 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, AGI, 5.00% 11/1/2035  | 2295 | 2342 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 11/1/2035  | 680 | 727 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2017, 5.00% 11/1/2036  | 1200 | 1218 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, AGI, 5.00% 11/1/2036  | 3500 | 3567 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 11/1/2036  | 2000 | 2120 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, AGI, 5.00% 11/1/2037  | 2895 | 2933 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 11/1/2037  | 1005 | 1055 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 11/1/2038  | 2750 | 2864 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 11/1/2039  | 1350 | 1398 |
| Community Unit School Dist. No. 365-U (Valley View), GO School Bonds, CAB, Series 2005, NATL, 0% 11/1/2025  | 7110 | 7057 |
| Community Unit School Dist. No. 365-U (Valley View), GO School Bonds, CAB, Series 2005, NATL, 0% 11/1/2025 <br> (escrowed to maturity)  | 1710 | 1699 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **119** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Community Unit School Dist. No. 365-U (Valley View), GO School Bonds, CAB, Series 2005, NATL, 0% 11/1/2025 <br> (escrowed to maturity)  | USD295 | $293 |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Bonds, Series <br> 2004-A, AGI, 5.50% 6/1/2026  | 4300 | 4404 |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Bonds, Series <br> 2000-A, NATL, 6.50% 7/1/2026  | 5555 | 5747 |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Bonds, Series <br> 2004-A, AGI, 5.75% 6/1/2029  | 15000 | 16449 |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Bonds, Series <br> 2001-A, NATL, 6.00% 7/1/2031  | 8785 | 9745 |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Bonds, Series <br> 2003-B, FGIC-NATL, 5.75% 6/1/2033  | 9630 | 10646 |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Bonds, Series <br> 2003-A, FGIC-NATL, 6.00% 7/1/2033  | 17820 | 20233 |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Bonds, Series <br> 2004-A, AGI, 5.75% 6/1/2034  | 19960 | 22420 |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Rev. Ref. Bonds, <br> Series 2017-A, 5.00% 7/1/2026  | 9000 | 9190 |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Rev. Ref. Bonds, <br> Series 2017-A, 5.00% 7/1/2027  | 5000 | 5222 |
| County of Cook, Community College Dist. No. 508 (City Colleges of Chicago), Unlimited Tax GO Bonds, Series <br> 2017, BAM, 5.00% 12/1/2047  | 9635 | 9298 |
| County of Cook, GO Rev. Ref. Bonds, Series 2021-A, 5.00% 11/15/2025  | 1000 | 1006 |
| County of Cook, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 11/15/2027  | 6830 | 7015 |
| County of Cook, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 11/15/2030  | 1350 | 1382 |
| County of Cook, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 11/15/2031  | 4750 | 4856 |
| County of Cook, GO Rev. Ref. Bonds, Series 2018, 5.00% 11/15/2034  | 1000 | 1019 |
| County of Cook, Sales Tax Rev. Bonds, Series 2018, 5.00% 11/15/2032  | 7645 | 7965 |
| County of Cook, Sales Tax Rev. Bonds, Series 2018, 5.00% 11/15/2033  | 5000 | 5181 |
| County of Cook, Sales Tax Rev. Bonds, Series 2018, 4.00% 11/15/2037  | 2170 | 2118 |
| County of Cook, Sales Tax Rev. Bonds, Series 2022-A, 5.25% 11/15/2045  | 5000 | 5079 |
| Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties, LLC - University of Illinois at <br> Urbana-Champaign Project), Series 2019-A, 5.00% 10/1/2032  | 580 | 612 |
| Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties, LLC - University of Illinois at <br> Urbana-Champaign Project), Series 2019-A, 5.00% 10/1/2037  | 780 | 796 |
| Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties, LLC - University of Illinois at <br> Urbana-Champaign Project), Series 2019-A, 5.00% 10/1/2038  | 760 | 772 |
| Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties, LLC - University of Illinois at <br> Urbana-Champaign Project), Series 2019-A, 5.00% 10/1/2044  | 3250 | 3161 |
| Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties, LLC - University of Illinois at <br> Urbana-Champaign Project), Series 2019-A, 5.00% 10/1/2049  | 6455 | 6081 |
| Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties, LLC - University of Illinois at <br> Urbana-Champaign Project), Series 2019-A, 5.00% 10/1/2051  | 1000 | 934 |
| Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), <br> Series 2017, 5.00% 12/1/2037  | 1000 | 1000 |
| Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A-3, 5.00% 11/1/2030  | 2205 | 2288 |
| Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 3/1/2030  | 2500 | 2529 |
| Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 4.00% 3/1/2038  | 3850 | 3662 |
| Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2016-C, 5.00% 2/15/2033  | 2155 | 2204 |
| Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2016-C, 5.00% 2/15/2033 (preref. 2/15/2027)  | 345 | 358 |
| Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2016-C, 5.00% 2/15/2034  | 1575 | 1607 |
| Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2016-C, 5.00% 2/15/2034 (preref. 2/15/2027)  | 320 | 332 |
| Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 1/1/2026  | 3875 | 3914 |
| Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 7/1/2026  | 4300 | 4324 |
| Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 1/1/2027  | 5000 | 5048 |
| Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 7/1/2029  | 2000 | 2069 |
| Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 10/1/2030  | 1000 | 1018 |
| Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 10/1/2032  | 1000 | 1013 |
| Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 10/1/2033  | 1150 | 1162 |
| Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 10/1/2034  | 1310 | 1321 |
| Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 10/1/2041  | 1000 | 983 |
| Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 1/1/2029 (preref. 1/1/2027)  | 3000 | 3105 |
| Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 1/1/2030 (preref. 1/1/2027)  | 5100 | 5278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **120** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 1/1/2033 (preref. 1/1/2027)  | USD5,000 | $5174 |
| Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 1/1/2034 (preref. 1/1/2027)  | 3000 | 3105 |
| Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 1/1/2035 (preref. 1/1/2027)  | 5000 | 5174 |
| Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 1/1/2036 (preref. 1/1/2027)  | 1500 | 1552 |
| Fin. Auth., Rev. Bonds (Friendship Village of Schaumburg), Series 2017, 5.125% 2/15/2045 <sup>(b)</sup>  | 1984 | 16 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 12/1/2026  | 3000 | 3052 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 12/1/2027  | 2990 | 3035 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 4.00% 12/1/2035  | 2000 | 1935 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 4.00% 12/1/2036  | 2420 | 2306 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 12/1/2040  | 5000 | 5000 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 12/1/2046  | 24285 | 23696 |
| Fin. Auth., Rev. Bonds (Northshore University HealthSystem), Series 2020-A, 4.00% 8/15/2039  | 6000 | 5497 |
| Fin. Auth., Rev. Bonds (Northshore University HealthSystem), Series 2020-A, 4.00% 8/15/2040  | 3000 | 2704 |
| Fin. Auth., Rev. Bonds (Northshore University Healthsystem), Series 2020-A, 3.25% 8/15/2049  | 5540 | 4059 |
| Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 7/1/2032 (preref. 7/1/2026)  | 1200 | 1226 |
| Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 7/1/2033 (preref. 7/1/2026)  | 1425 | 1456 |
| Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 5.00% 7/1/2034 (preref. 7/1/2026)  | 3240 | 3310 |
| Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2016-A, 4.00% 7/1/2037 (preref. 7/1/2026)  | 4020 | 4070 |
| Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-A, 5.00% 7/15/2042  | 5800 | 5831 |
| Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-A, 4.00% 7/15/2047  | 8485 | 7244 |
| Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2016, 5.00% 5/15/2028  | 2450 | 2487 |
| Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2016, 3.25% 5/15/2039  | 5330 | 4430 |
| Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2020-A, 3.00% 5/15/2050  | 5000 | 3293 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2027  | 4015 | 4078 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2028  | 3250 | 3301 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-A, 4.00% 5/1/2030  | 945 | 954 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2030  | 1400 | 1420 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2031  | 1750 | 1772 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-A, 4.00% 5/1/2040  | 400 | 355 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-B, (SIFMA Municipal Swap Index + <br> 0.70%) 2.99% 5/1/2042 (put 5/1/2026) <sup>(c)</sup>  | 400 | 397 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021, 4.00% 5/1/2045  | 4305 | 3552 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-A, 4.00% 5/1/2050  | 4645 | 3638 |
| Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2/15/2030  | 3615 | 3719 |
| Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2/15/2031  | 3000 | 3081 |
| Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2/15/2041 (preref. 2/15/2027)  | 740 | 756 |
| Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2/15/2041 (preref. 2/15/2027)  | 5 | 5 |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 11/15/2026  | 3000 | 3003 |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 11/15/2030  | 5000 | 5003 |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 11/15/2034  | 2500 | 2500 |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-B, 5.00% 11/15/2034  | 2595 | 2595 |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 11/15/2038  | 5800 | 5799 |
| Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 4.00% 8/15/2038  | 4320 | 4013 |
| Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 4.00% 8/15/2039  | 4620 | 4229 |
| Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2016-A, 5.00% 2/15/2045  | 20025 | 19428 |
| Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 3.00% 8/15/2048  | 20450 | 14474 |
| Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-B, 5.00% 8/15/2053 (put 8/15/2031)  | 3395 | 3686 |
| Fin. Auth., Rev. Bonds (University of Chicago Medical Center), Series 2016-B, 4.00% 8/15/2041  | 2000 | 1772 |
| Fin. Auth., Rev. Bonds (University of Chicago), Series 2024-B, 5.25% 4/1/2039  | 1000 | 1068 |
| Fin. Auth., Rev. Bonds (University of Chicago), Series 2024-A, 5.25% 4/1/2044  | 1300 | 1335 |
| Fin. Auth., Rev. Bonds (University of Chicago), Series 2023-A, 5.25% 5/15/2048  | 6360 | 6424 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2020, 5.00% 7/1/2036  | 2000 | 2134 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2020, 4.00% 7/1/2037  | 9900 | 9757 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2020, 4.00% 7/1/2039  | 2500 | 2387 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2020, 4.00% 7/1/2040  | 6500 | 6054 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-A, 5.00% 7/1/2042  | 1250 | 1295 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-A, 5.00% 7/1/2043  | 550 | 569 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-A, 5.00% 7/1/2044  | 815 | 842 |
| Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children's Hospital), Series 2017, 5.00% 8/15/2034  | 1000 | 1019 |
| Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children's Hospital), Series 2017, 5.00% 8/15/2035  | 5400 | 5488 |
| Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children's Hospital), Series 2017, 4.00% 8/15/2037  | 2000 | 1907 |
| Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2021, 5.00% 10/1/2026  | 585 | 583 |
| Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 10/1/2027  | 1095 | 1075 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **121** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 10/1/2038  | USD1,000 | $822 |
| Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 5.00% 10/1/2030  | 1000 | 1018 |
| Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 5.00% 10/1/2035  | 1000 | 1007 |
| Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2016-A, 4.00% 10/1/2040  | 7500 | 7015 |
| Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Healthcare), Series 2021-A, 5.00% 7/15/2034  | 3000 | 3213 |
| Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Healthcare), Series 2021-A, 4.00% 7/15/2038  | 3605 | 3407 |
| Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Healthcare), Series 2021-A, 4.00% 7/15/2039  | 4505 | 4168 |
| Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Healthcare), Series 2021-A, 3.00% 7/15/2040  | 8915 | 7344 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2031  | 2500 | 2506 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2032  | 3500 | 3506 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2034  | 2600 | 2602 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2035  | 1000 | 1000 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2018-A, 5.00% 5/15/2043  | 2500 | 2467 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2045  | 5440 | 5272 |
| Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 8/15/2035  | 7015 | 7021 |
| Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 4.125% 8/15/2037  | 1000 | 1001 |
| Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 8/15/2044  | 7260 | 7267 |
| Fin. Auth., Rev. Ref. Bonds (Smith Crossing), Series 2022, 4.00% 10/15/2025  | 295 | 294 |
| Fin. Auth., Rev. Ref. Bonds (Smith Crossing), Series 2022, 4.00% 12/1/2027  | 3585 | 3605 |
| Fin. Auth., Rev. Ref. Bonds (Southern Illinois Healthcare Enterprises, Inc.), Series 2017-C, 5.00% 3/1/2032  | 1600 | 1619 |
| Fin. Auth., Student Housing and Academic Fac. Rev. Bonds (CHF-Chicago, LLC - University of Illinois at Chicago <br> Project), Series 2017-A, 5.00% 2/15/2047  | 1460 | 1329 |
| Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, <br> 5.00% 7/1/2035  | 2235 | 2072 |
| Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, <br> 5.00% 7/1/2047  | 2570 | 2109 |
| Fin. Auth., Water Facs. Rev. Ref. Bonds (American Water Capital Corp. Project), Series 2019, 2.45% 10/1/2039 (put <br> 10/1/2029)  | 11000 | 10202 |
| GO Bonds, Series 2020-B, 5.00% 10/1/2025  | 1120 | 1124 |
| GO Bonds, Series 2017-D, 5.00% 11/1/2025  | 3460 | 3479 |
| GO Bonds, Series 2017-A, 5.00% 12/1/2025  | 1500 | 1511 |
| GO Bonds, Series 2022-A, 5.00% 3/1/2026  | 3290 | 3333 |
| GO Bonds, Series 2024-B, 5.00% 5/1/2026  | 1190 | 1210 |
| GO Bonds, Series 2017-D, 5.00% 11/1/2026  | 17280 | 17744 |
| GO Bonds, Series 2017-C, 5.00% 11/1/2029  | 6550 | 6820 |
| GO Bonds, Series 2021-B, 4.00% 1/1/2030 <sup>(a)</sup>  | 3158 | 3200 |
| GO Bonds, Series 2016, 5.00% 1/1/2030  | 4200 | 4231 |
| GO Bonds, Series 2020, 5.50% 5/1/2030  | 6235 | 6631 |
| GO Bonds, Series 2021-B, 4.00% 1/1/2033 <sup>(a)</sup>  | 2913 | 2888 |
| GO Bonds, Series 2016, 5.00% 1/1/2033  | 1455 | 1462 |
| GO Bonds, Series 2017-A, 5.00% 12/1/2036  | 7500 | 7613 |
| GO Bonds, Series 2020-C, 4.00% 10/1/2037  | 2250 | 2115 |
| GO Bonds, Series 2016, 5.00% 11/1/2037  | 3500 | 3520 |
| GO Bonds, Series 2016, 5.00% 11/1/2038  | 6500 | 6523 |
| GO Bonds, Series 2019-B, 4.00% 11/1/2039  | 5155 | 4642 |
| GO Bonds, Series 2021-B, 3.00% 12/1/2041  | 3000 | 2221 |
| GO Bonds, Series 2024-B, 5.25% 5/1/2044  | 2500 | 2535 |
| GO Bonds, Series 2019-C, 4.00% 11/1/2044  | 1000 | 843 |
| GO Bonds, Series 2024-B, 5.25% 5/1/2045  | 2000 | 2019 |
| GO Bonds, Series 2024-B, 5.25% 5/1/2047  | 2620 | 2628 |
| GO Bonds, Series 2024-B, 5.25% 5/1/2048  | 1840 | 1841 |
| GO Rev. Ref. Bonds, Series 2018-B, 5.00% 10/1/2025  | 1500 | 1506 |
| GO Rev. Ref. Bonds, Series 2016, 5.00% 2/1/2026  | 1000 | 1011 |
| GO Rev. Ref. Bonds, Series 2022-B, 5.00% 3/1/2026  | 1805 | 1828 |
| GO Rev. Ref. Bonds, Series 2024, 5.00% 2/1/2029  | 2055 | 2187 |
| GO Rev. Ref. Bonds, Series 2024, 5.00% 2/1/2031  | 2245 | 2432 |
| Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-C, 3.50% 8/1/2046  | 1460 | 1460 |
| Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2018-A-1, 4.00% 8/1/2048  | 5165 | 5196 |
| Housing Dev. Auth., Housing Rev. Bonds, Series 2013-A, 2.45% 6/1/2043  | 491 | 408 |
| Housing Dev. Auth., Housing Rev. Green Bonds, Series 2021-B, 3.00% 4/1/2051  | 8190 | 8099 |
| Housing Dev. Auth., Rev. Bonds, Series 2016-A, 4.00% 4/1/2046  | 365 | 365 |
| Housing Dev. Auth., Rev. Bonds, Series 2017-B, 4.00% 10/1/2048  | 2005 | 2014 |
| Housing Dev. Auth., Rev. Bonds, Series 2019-A, 4.25% 10/1/2049  | 2340 | 2363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **122** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Housing Dev. Auth., Rev. Bonds, Series 2019-D, 3.75% 4/1/2050  | USD7,835 | $7871 |
| Housing Dev. Auth., Rev. Bonds, Series 2020-A, 3.75% 4/1/2050  | 11885 | 11952 |
| Housing Dev. Auth., Rev. Bonds, Series 2020-A, 3.00% 10/1/2050  | 7225 | 7158 |
| Housing Dev. Auth., Rev. Bonds, Series 2021-A, 3.00% 4/1/2051  | 2680 | 2653 |
| Housing Dev. Auth., Rev. Bonds, Series 2021-D, 3.00% 10/1/2051  | 13190 | 13040 |
| Housing Dev. Auth., Rev. Bonds, Series 2022-G, 6.25% 10/1/2052  | 9490 | 10220 |
| Housing Dev. Auth., Rev. Bonds, Series 2023-K, 6.25% 10/1/2053  | 11505 | 12752 |
| Housing Dev. Auth., Rev. Bonds, Series 2023-N, 6.25% 4/1/2054  | 6420 | 6999 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-A, 6.00% 10/1/2054  | 1635 | 1772 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-I, 6.00% 10/1/2055  | 7135 | 7873 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-E, 6.25% 10/1/2055  | 2245 | 2469 |
| Housing Dev. Auth., Rev. Social Bonds, Series 2024-C, 6.25% 10/1/2054  | 10760 | 11971 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, AGI, 5.00% 4/1/2026  | 2000 | 2031 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-B, AGI, 5.00% <br> 4/1/2028  | 735 | 778 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, AGI, 5.00% <br> 4/1/2029  | 1840 | 1947 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, AGI, 5.00% <br> 4/1/2030  | 930 | 981 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-B, AGI, 5.00% <br> 4/1/2030  | 1390 | 1466 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, 5.00% 4/1/2032  | 1000 | 1042 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, AGI, 5.00% <br> 4/1/2034  | 1000 | 1033 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, AGI, 5.00% <br> 4/1/2036  | 250 | 256 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, AGI, 5.00% <br> 4/1/2038  | 425 | 432 |
| Johnston City Community Unit School Dist. Number 1, GO Bonds, CAB, Series 2010, AGI, 0% 12/1/2025  | 510 | 505 |
| Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, CAB, Series 2002-A, NATL, 0% <br> 6/15/2030 (escrowed to maturity)  | 1210 | 1042 |
| Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, CAB, Series 2002-A, NATL, 0% <br> 6/15/2037  | 5150 | 3019 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2025  | 8630 | 8534 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 1994, NATL, 0% <br> 6/15/2028  | 6310 | 5751 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, AGI, 0% <br> 12/15/2029  | 10000 | 8665 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 6/15/2031  | 6010 | 4840 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 6/15/2033  | 3625 | 2656 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 6/15/2034  | 15000 | 10434 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2034  | 3000 | 2032 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2035  | 8435 | 5403 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2015-B, 5.00% <br> 12/15/2045  | 1000 | 983 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2022-B, <br> 5.00% 12/15/2027  | 550 | 553 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2023-A, <br> 5.00% 12/15/2028  | 1500 | 1562 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2024-A, <br> 5.00% 6/15/2029  | 4000 | 4162 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2015-B, <br> 5.00% 12/15/2040  | 1690 | 1692 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2022-A, <br> 4.00% 12/15/2042  | 8315 | 7283 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, <br> 5.00% 12/15/2045  | 1400 | 1395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **123** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2022-A, <br> 4.00% 12/15/2047  | USD2,000 | $1637 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, <br> 4.00% 6/15/2050  | 9630 | 7703 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, BAM, <br> 4.00% 6/15/2050  | 4000 | 3265 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, <br> 5.00% 6/15/2050  | 9935 | 9655 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2022-A, <br> 4.00% 6/15/2052  | 3050 | 2409 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2024-B, <br> 5.00% 6/15/2053  | 1475 | 1432 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-A, <br> 5.00% 6/15/2057  | 6605 | 6288 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series <br> 2010-B-1, AGI, 0% 6/15/2026  | 6035 | 5883 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 12/15/2035  | 2760 | 1761 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 6/15/2036  | 1350 | 836 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 12/15/2036  | 2375 | 1429 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 12/15/2037  | 585 | 331 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 6/15/2038  | 2540 | 1393 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 12/15/2038  | 2500 | 1326 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series <br> 2010-B-1, AGI, 0% 6/15/2044  | 15000 | 5612 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2017-B, <br> BAM, 0% 12/15/2054  | 8500 | 1731 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2017-A, <br> 0% 12/15/2056  | 2160 | 373 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2017-B, <br> AGI, 0% 12/15/2056  | 25000 | 4539 |
| Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2/1/2029  | 3500 | 3504 |
| Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2/1/2031  | 10450 | 10461 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 5.00% 4/1/2026  | 650 | 658 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 5.00% 4/1/2028  | 625 | 653 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 5.00% 4/1/2029  | 410 | 435 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 5.00% 4/1/2030  | 450 | 481 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 5.00% 4/1/2031  | 500 | 533 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 5.00% 4/1/2032  | 1225 | 1297 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 5.00% 4/1/2033  | 2270 | 2386 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 5.00% 4/1/2034  | 1560 | 1626 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2021, BAM, 4.00% <br> 10/1/2035  | 1000 | 992 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2021, BAM, 4.00% <br> 10/1/2037  | 1140 | 1090 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2038  | 1000 | 944 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2021, BAM, 4.00% <br> 10/1/2039  | 495 | 457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **124** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2040  | USD1,000 | $901 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2041  | 1000 | 890 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2021, BAM, 4.00% <br> 10/1/2041  | 460 | 412 |
| Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, 5.00% 1/1/2036  | 1295 | 1351 |
| Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, BAM, 5.00% 1/1/2037  | 1280 | 1328 |
| Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, 4.00% 1/1/2039  | 4630 | 4293 |
| Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2023-C, 5.00% 1/1/2035  | 4630 | 5026 |
| Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2023-C, 5.00% 1/1/2035  | 1250 | 1357 |
| Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2036  | 20000 | 21865 |
| Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2037  | 6755 | 7299 |
| Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2038  | 8500 | 9098 |
| Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2023-C, 5.00% 1/1/2039  | 3000 | 3093 |
| Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2041  | 5000 | 5176 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2014, AGI, 5.00% 6/15/2027  | 1025 | 1027 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2019, BAM, 5.00% 6/15/2029  | 5880 | 6248 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2019, 5.00% 6/15/2030  | 1000 | 1044 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2014, AGI, 5.25% 6/15/2030  | 4755 | 4765 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2014, AGI, 5.25% 6/15/2032  | 3500 | 3507 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 1/1/2033  | 5000 | 5070 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 1/1/2034  | 1000 | 1006 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 1/1/2035  | 3055 | 3090 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 1/1/2036  | 2000 | 2008 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 1/1/2036  | 2000 | 2019 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 1/1/2037  | 1500 | 1504 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 1/1/2037  | 1900 | 1910 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2017-A, 5.00% 1/1/2038  | 4000 | 4073 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-A, 4.00% 1/1/2039  | 5745 | 5421 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 1/1/2040  | 7500 | 7498 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 1/1/2040  | 3500 | 3502 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2020-A, 5.00% 1/1/2040  | 1000 | 1026 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 1/1/2041  | 22580 | 22583 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2021-A, 5.00% 1/1/2041  | 13000 | 13293 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2017-A, 5.00% 1/1/2042  | 7750 | 7764 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-A, 4.00% 1/1/2044  | 2000 | 1771 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-A, 5.00% 1/1/2044  | 5500 | 5504 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2023-A, 5.00% 1/1/2044  | 14865 | 15217 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2020-A, 5.00% 1/1/2045  | 13465 | 13473 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2023-A, 5.25% 1/1/2045  | 5800 | 6006 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2021-A, 4.00% 1/1/2046  | 4370 | 3806 |
| Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2037  | 5000 | 5393 |
| Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2038  | 5725 | 6108 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2021-A, BAM, 3.00% <br> 4/1/2036  | 2355 | 2080 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2016-A, 5.00% <br> 4/1/2026  | 1960 | 1989 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2016-A, 4.00% <br> 4/1/2032  | 2930 | 2935 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2021-A, BAM, 3.00% <br> 4/1/2033  | 3295 | 3108 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2016-A, 4.00% <br> 4/1/2033  | 4535 | 4539 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2016-A, 4.00% <br> 4/1/2034  | 5000 | 4981 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2016-A, AGI, 4.00% <br> 4/1/2036  | 5500 | 5414 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2024-A, 5.25% <br> 4/1/2042  | 5000 | 5160 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2024-A, 5.25% <br> 4/1/2044  | 2795 | 2851 |
| Village of Volo, Special Service Area No. 17, Special Tax Bonds, Series 2017, 5.50% 3/1/2047  | 2726 | 2646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **125** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Village of Volo, Special Service Areas Nos. 3 and 6 (Symphony Meadows / Lancaster Falls Projects), Special Tax <br> Rev. Ref. Bonds, Series 2016, AGI, 3.00% 3/1/2026  | USD863 | $864 |
| United City of Yorkville, Special Service Area Nos. 2005-108 and 2005-109, Special Tax Rev. Ref. Bonds, Series <br> 2016, AGI, 3.125% 3/1/2026  | 1281 | 1282 |
| United City of Yorkville, Special Service Area Nos. 2005-108 and 2005-109, Special Tax Rev. Ref. Bonds, Series <br> 2016, AGI, 3.25% 3/1/2027  | 1349 | 1352 |
| United City of Yorkville, Special Service Area Nos. 2005-108 and 2005-109, Special Tax Rev. Ref. Bonds, Series <br> 2016, AGI, 4.00% 3/1/2036  | 990 | 990 |
|  |  | 1891735 |
| **Indiana 1.49%** | **Indiana 1.49%** | **Indiana 1.49%** |
| Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-B, 5.00% 11/1/2041  | 12300 | 12303 |
| Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-A, 5.00% 11/1/2051  | 16400 | 15713 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-C, 5.00% 10/1/2042  | 10500 | 10826 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-C, 5.00% 10/1/2043  | 25000 | 25592 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-C, 5.25% 10/1/2044  | 15900 | 16628 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-C, 5.25% 10/1/2045  | 5000 | 5205 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-D-3, 5.00% 10/1/2059 (put <br> 10/1/2033)  | 13190 | 14536 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-D-2, 5.00% 10/1/2063 (put <br> 10/1/2031)  | 13850 | 14972 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-D-1, 5.00% 10/1/2064 (put <br> 10/1/2029)  | 10560 | 11279 |
| Fin. Auth., Hospital Rev. Bonds (Goshen Health), Series 2019-A, 5.00% 11/1/2034  | 725 | 736 |
| Fin. Auth., Hospital Rev. Bonds (Goshen Health), Series 2019-A, 4.00% 11/1/2038  | 2045 | 1889 |
| Fin. Auth., Hospital Rev. Bonds (Goshen Health), Series 2019-A, 4.00% 11/1/2039  | 1820 | 1668 |
| Fin. Auth., Hospital Rev. Bonds (Goshen Health), Series 2019-A, 4.00% 11/1/2043  | 8005 | 6911 |
| Fin. Auth., Hospital Rev. Bonds (Marion General Hospital), Series 2020-A, 4.00% 7/1/2045  | 10000 | 8663 |
| Fin. Auth., Hospital Rev. Bonds (Marion General Hospital), Series 2020-A, 4.00% 7/1/2050  | 15000 | 12515 |
| Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2015-A, 4.00% 12/1/2040  | 3500 | 3246 |
| Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-B, 3.00% <br> 11/1/2030  | 2750 | 2674 |
| Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 4.25% <br> 11/1/2030  | 6275 | 6372 |
| Fin. Auth., Pollution Control Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2010-B, 2.50% 11/1/2030  | 1790 | 1682 |
| Fin. Auth., Pollution Control Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2010-A, 3.00% 11/1/2030  | 3140 | 3057 |
| Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 11/15/2043  | 420 | 397 |
| Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2016-A, 5.25% 11/15/2046  | 4380 | 4181 |
| Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 11/15/2053  | 2835 | 2509 |
| Fin. Auth., Rev. Ref. Bonds (BHI Senior Living Obligated Group), Series 2021-A, 4.00% 11/15/2041  | 2545 | 2197 |
| Fin. Auth., Utility Rev. Bonds (Citizens Wastewater of Westfield Project), Series 2024-A, 5.25% 10/1/2044  | 8000 | 8398 |
| Fin. Auth., Utility Rev. Bonds (Citizens Water of Westfield Project), Series 2024-A, 5.25% 10/1/2044  | 13000 | 13647 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2021-2, 3.00% 10/1/2039  | 2000 | 1697 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2023-A, 5.00% 10/1/2039  | 1075 | 1141 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2024-A, 5.00% 10/1/2041  | 1500 | 1566 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2024-A, 5.00% 10/1/2042  | 2350 | 2428 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2024-A, 5.00% 10/1/2043  | 1000 | 1026 |
| Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2024-A, 5.00% 10/1/2044  | 4770 | 4862 |
| Hospital Auth. of Hall County and City of Gainesville, Rev. Anticipation Certs. (Northeast Georgia Health System, <br> Inc. Project), Series 2014-A, 4.00% 10/1/2046 (preref. 2/15/2025)  | 2000 | 1715 |
| County of Hamilton, Westfield Washington Multi School Building Corp., Ad Valorem Property Tax First Mortgage <br> Bonds, Series 2024-A, BAM, 5.25% 7/15/2043  | 2000 | 2086 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-B-1, 1.95% 7/1/2035  | 2665 | 2102 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-B, 3.50% 1/1/2049  | 1390 | 1391 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 1/1/2049  | 2045 | 2056 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-B, 3.00% 7/1/2050  | 1135 | 1123 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 7/1/2051  | 2395 | 2371 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-C-1, 3.00% 1/1/2052  | 2465 | 2431 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-A, 3.00% 7/1/2052  | 8660 | 8541 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-C-1, 5.00% 7/1/2053  | 1085 | 1126 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-2, 5.00% 1/1/2034  | 1170 | 1248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **126** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-2, 5.00% 1/1/2035  | USD1,230 | $1302 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-2, 5.00% 1/1/2036  | 1295 | 1364 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-2, 5.00% 1/1/2037  | 1355 | 1419 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-1, 5.00% 1/1/2044  | 5100 | 5159 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2023-I-1, 5.00% 1/1/2048  | 2000 | 1990 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2019-I-1, 4.00% 1/1/2050  | 28785 | 24776 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2023-I-1, 5.00% 1/1/2053  | 4500 | 4480 |
| City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series <br> 2025-B-1, 5.25% 1/1/2055  | 12000 | 12247 |
| Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2016-C, 5.00% 1/1/2037  | 5970 | 6040 |
| Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2022-A, 5.50% 1/1/2053  | 1000 | 1033 |
| City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2008, 4.20% <br> 6/1/2044 (put 6/2/2025)  | 33950 | 33721 |
|  |  | 340237 |
| **Iowa 0.38%** | **Iowa 0.38%** | **Iowa 0.38%** |
| Fin. Auth., Health Facs. Rev. Bonds (UnityPoint Health), Series 2014-C, 4.00% 2/15/2033  | 8650 | 8650 |
| Fin. Auth., Midwestern Disaster Area Rev. Bonds (Alcoa Inc. Project), Series 2012, 4.75% 8/1/2042  | 11435 | 10683 |
| Fin. Auth., Multi Family Housing Rev. Bonds (AHEPA 192-IV Apartments Projects), Series 2023, 5.00% 11/1/2026 <br> (put 11/1/2025)  | 4060 | 4076 |
| Fin. Auth., Senior Housing Rev. Bonds (Northcrest, Inc. Project), Series 2018-A, 5.00% 3/1/2028  | 165 | 167 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2021-A, 3.00% 1/1/2047  | 1735 | 1716 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2017-C, 3.50% 1/1/2047  | 1125 | 1124 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2018-A, 4.00% 7/1/2047  | 670 | 673 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.00% 7/1/2047  | 705 | 714 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-D, 3.50% 1/1/2049  | 515 | 516 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2020-A, 3.75% 1/1/2050  | 1920 | 1930 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2021-B, 3.00% 7/1/2051  | 4745 | 4697 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2022-J, 6.00% 7/1/2052  | 3265 | 3493 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2023-G, 6.25% 7/1/2053  | 4510 | 4941 |
| PEFA, Inc., Gas Project Rev. Bonds, Series 2019, 5.00% 9/1/2049 (put 9/1/2026)  | 26950 | 27235 |
| Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 4.00% 6/1/2035  | 2000 | 1951 |
| Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 4.00% 6/1/2037  | 2900 | 2770 |
| Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 4.00% 6/1/2039  | 2145 | 1999 |
| Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, CAB, Series 2021-B-2, 0% 6/1/2065  | 28030 | 3905 |
| Board of Regents of the University of Iowa, Hospital Rev. Bonds (University of Iowa Hospitals and Clinics), Series <br> 2022-B, 3.00% 9/1/2056  | 7000 | 4565 |
|  |  | 85805 |
| **Kansas 0.07%** | **Kansas 0.07%** | **Kansas 0.07%** |
| Ellis County Unified School Dist. No. 489, GO Rev. Ref. and Improvement Bonds, Series 2022-B, AGI, 5.00% <br> 9/1/2042  | 2000 | 2037 |
| Ellis County Unified School Dist. No. 489, GO Rev. Ref. and Improvement Bonds, Series 2022-B, AGI, 5.00% <br> 9/1/2047  | 2750 | 2753 |
| University of Kansas Hospital Auth., Health Facs. Rev. Bonds (University of Kansas Health System), Series 2017-A, <br> 5.00% 3/1/2047 (preref. 3/1/2027)  | 3245 | 3366 |
| Unified Government of Wyandotte County, Special Obligation Improvement Rev. Ref. Bonds (Wyandotte Plaza <br> Redev. Project), Series 2016, 5.00% 12/1/2034  | 535 | 508 |
| Unified Government of Wyandotte County, Special Obligation Rev. Bonds (Village East Project Area Nos. 2B, 3 <br> and 5), Series 2022, 5.25% 9/1/2035 <sup>(a)</sup>  | 7355 | 7411 |
|  |  | 16075 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **127** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Kentucky 1.36%** | **Kentucky 1.36%** | **Kentucky 1.36%** |
| City of Ashland, Medical Center Rev. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center Project), <br> Series 2016-A, 5.00% 2/1/2040  | USD4,120 | $4052 |
| City of Ashland, Medical Center Rev. Ref. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center <br> Project), Series 2019, 4.00% 2/1/2035  | 465 | 442 |
| Econ. Dev. Fin. Auth., Health System Rev. Bonds (Norton Healthcare, Inc.), CAB, Series 2000-B, NATL, 0% <br> 10/1/2027  | 1100 | 1012 |
| Econ. Dev. Fin. Auth., Hospital Rev. Bonds (Baptist Healthcare System Obligated Group), Series 2017-B, 5.00% <br> 8/15/2041  | 3450 | 3463 |
| Econ. Dev. Fin. Auth., Hospital Rev. Bonds (Baptist Healthcare System Obligated Group), Series 2017-B, 5.00% <br> 8/15/2046  | 6315 | 6237 |
| Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Ref. Bonds (Louisville Arena Auth., Inc.), Series 2017-A, AGI, <br> 4.00% 12/1/2041  | 1000 | 897 |
| Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Ref. Bonds (Louisville Arena Auth., Inc.), Series 2017-A, AGI, <br> 5.00% 12/1/2045  | 11700 | 11500 |
| Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Ref. Bonds (Louisville Arena Auth., Inc.), Series 2017-A, AGI, <br> 5.00% 12/1/2047  | 2965 | 2898 |
| Housing Corp., Multi Family Housing Rev. Bonds (Beecher Terrace Phase IV Project), Series 2023, 5.00% 9/1/2043 <br> (put 9/1/2026)  | 1255 | 1270 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.25% 7/1/2054  | 2845 | 3158 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-C, 6.25% 1/1/2055  | 1845 | 2023 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-E, 6.25% 7/1/2055  | 2300 | 2539 |
| Kenton County Airport Board, International Airport Rev. Bonds, Series 2024-B, 4.125% 1/1/2049  | 2000 | 1772 |
| Kenton County Airport Board, International Airport Rev. Bonds, Series 2024-B, 4.25% 1/1/2054  | 1850 | 1615 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2016-A, 5.00% 10/1/2029  | 4085 | 4168 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2016-A, 5.00% 10/1/2033  | 1000 | 1012 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2016-A, 4.00% 10/1/2035  | 4280 | 4121 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2016-A, 4.00% 10/1/2036  | 11800 | 11233 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2020-A, 5.00% 10/1/2037  | 2500 | 2567 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2020-A, 5.00% 10/1/2038  | 2300 | 2348 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2020-A, 4.00% 10/1/2040  | 1505 | 1359 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2020-A, 3.00% 10/1/2043  | 2500 | 1822 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2020-D, 5.00% 10/1/2047 (put 10/1/2029)  | 8135 | 8725 |
| Louisville/Jefferson Metro County Government, Hospital Rev. Bonds (UofL Health Project), Series 2022-A, 5.00% <br> 5/15/2047  | 7500 | 7193 |
| Louisville/Jefferson Metro County Government, Hospital Rev. Bonds (UofL Health Project), Series 2022-A, 5.00% <br> 5/15/2052  | 3630 | 3418 |
| Louisville/Jefferson Metro County Government, Pollution Control Rev. Bonds (Louisville Gas and Electric Co. <br> Project), Series 2003-A, 2.00% 10/1/2033  | 1250 | 1037 |
| City of Paducah, Electric Plant Board, Rev. Ref. Bonds, Series 2016-A, AGI, 5.00% 10/1/2028  | 1500 | 1540 |
| City of Paducah, Electric Plant Board, Rev. Ref. Bonds, Series 2016-A, AGI, 5.00% 10/1/2032  | 2610 | 2666 |
| City of Paducah, Electric Plant Board, Rev. Ref. Bonds, Series 2016-A, AGI, 5.00% 10/1/2033  | 2185 | 2229 |
| Public Energy Auth., Gas Supply Rev. Bonds, Series 2019-C-1, 4.00% 2/1/2050 (put 2/1/2028)  | 1200 | 1206 |
| Public Energy Auth., Gas Supply Rev. Bonds, Series 2020-A, 4.00% 12/1/2050 (put 6/1/2026)  | 4730 | 4759 |
| Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-1, 4.00% 8/1/2052 (put 8/1/2030)  | 50800 | 50689 |
| Public Energy Auth., Gas Supply Rev. Bonds, Series 2024-A-1, 5.00% 5/1/2055 (put 7/1/2030)  | 11695 | 12274 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2023-A-1, 5.25% 4/1/2054 (put 2/1/2032)  | 36320 | 38956 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2024-B, 5.00% 1/1/2055 (put 8/1/2032)  | 61295 | 64862 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2025-A, 5.25% 6/1/2055 (put 12/1/2029)  | 18505 | 19542 |
| Public Transportation Infrastructure Auth., Toll Rev. Ref. Bonds, Series 2021-B, AGI, 4.00% 7/1/2049 <sup>(a)</sup>  | 3335 | 2859 |
| Public Transportation Infrastructure Auth., Toll Rev. Ref. Bonds, Series 2021-B, AGI, 4.00% 7/1/2053 <sup>(a)</sup>  | 15910 | 13210 |
| State Property and Buildings Commission, Rev. Ref. Bonds (Project No. 130), Series 2024-B, 5.00% 11/1/2025  | 4500 | 4527 |
|  |  | 311200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **128** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Louisiana 0.94%** | **Louisiana 0.94%** | **Louisiana 0.94%** |
| Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2017-A, 5.00% 1/1/2035  | USD1,340 | $1360 |
| Aviation Board, General Airport Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2041  | 2265 | 2339 |
| Aviation Board, General Airport Rev. Ref. Bonds (Gulf Opportunity Zone Projects), Series 2019, 5.00% 1/1/2034  | 1150 | 1205 |
| Aviation Board, General Airport Rev. Ref. Bonds (Gulf Opportunity Zone Projects), Series 2019, 4.00% 1/1/2037  | 1000 | 990 |
| Aviation Board, General Airport Rev. Ref. Bonds (Gulf Opportunity Zone Projects), Series 2019, 5.00% 1/1/2040  | 1625 | 1655 |
| Aviation Board, General Airport Rev. Ref. Bonds (Gulf Opportunity Zone Projects), Series 2019, 5.00% 1/1/2041  | 1710 | 1735 |
| Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2016-A, 5.00% 6/1/2026  | 6000 | 6116 |
| Parish of East Baton Rouge, Road and Street Improvement Sales Tax Rev. Ref. Bonds, Series 2020, AGI, 5.00% <br> 8/1/2029  | 1000 | 1089 |
| Parish of East Baton Rouge, Sewerage Commission, Multi Modal Rev. Ref. Bonds, Series 2021-A, 1.30% 2/1/2041 <br> (put 2/1/2028)  | 18305 | 17082 |
| Parish of East Baton Rouge, Sewerage Commission, Rev. Ref. Bonds, Series 2019, 5.00% 2/1/2033  | 1790 | 1909 |
| Parish of East Baton Rouge, Sewerage Commission, Rev. Ref. Bonds, Series 2019, 5.00% 2/1/2034  | 1500 | 1591 |
| Parish of East Baton Rouge, Sewerage Commission, Rev. Ref. Bonds, Series 2019, 4.00% 2/1/2045  | 14500 | 12821 |
| Gasoline and Fuels Tax Rev. Ref. Bonds, Series 2022-A, (USD-SOFR x 0.50 + 0.50%) 3.552% 5/1/2043 (put <br> 5/1/2026) <sup>(c)</sup>  | 2185 | 2180 |
| Grant Anticipation Rev. Bonds, Series 2023, 5.00% 9/1/2035  | 2000 | 2204 |
| Greater New Orleans Expressway Commission, Toll Rev. Bonds, Series 2017, AGI, 5.00% 11/1/2042  | 4000 | 4012 |
| Greater New Orleans Expressway Commission, Toll Rev. Bonds, Series 2017, AGI, 5.00% 11/1/2047  | 3320 | 3326 |
| Housing Corp., Multi Family Housing Rev. Bonds (Arbours at Acadiana Project), Series 2024, 5.00% 4/1/2028 (put <br> 4/1/2027)  | 1420 | 1468 |
| Housing Corp., Multi Family Housing Rev. Bonds (Deerwood Apartments Project), Series 2024, 4.00% 1/1/2043 <br> (put 7/1/2027)  | 3240 | 3271 |
| Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2023-A, 5.75% 6/1/2054  | 925 | 999 |
| Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-A, AGI, 5.00% 12/1/2026  | 1000 | 1029 |
| Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-B, AGI, 4.00% 12/1/2037  | 3000 | 2960 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Southeastern Louisiana University <br> Student Housing Project), Series 2017, AGI, 5.00% 8/1/2030  | 2000 | 2065 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (East Baton Rouge Sewerage <br> Commission Projects), Series 2023, 5.00% 2/1/2036  | 115 | 123 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (East Baton Rouge Sewerage <br> Commission Projects), Series 2023, 5.00% 2/1/2041  | 3130 | 3199 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Entergy Louisiana, LLC <br> Projects), Series 2021-A, 2.00% 6/1/2030  | 1100 | 1011 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Entergy Louisiana, LLC <br> Projects), Series 2021-B, 2.50% 4/1/2036  | 54340 | 43924 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Louisiana Community and <br> Technical College System Act 391 Projects), Series 2017, BAM, 5.00% 10/1/2028  | 2500 | 2676 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Ragin' Cajun Facs., Inc. <br> Project), Series 2017, AGI, 5.00% 10/1/2030  | 3940 | 4072 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Ragin' Cajun Facs., Inc. <br> Project), Series 2017, AGI, 5.00% 10/1/2032  | 4580 | 4698 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Ragin' Cajun Facs., Inc. <br> Project), Series 2017, AGI, 5.00% 10/1/2033  | 4620 | 4724 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Ragin' Cajun Facs., Inc. <br> Project), Series 2017, AGI, 5.00% 10/1/2034  | 4895 | 4989 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Ragin' Cajun Facs., Inc. <br> Project), Series 2017, AGI, 5.00% 10/1/2036  | 4680 | 4739 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Ragin' Cajun Facs., Inc. <br> Project), Series 2017, AGI, 5.00% 10/1/2043  | 1250 | 1252 |
| Louisiana Stadium and Exposition Dist., Rev. Bonds, Series 2023-A, 5.00% 7/1/2035  | 850 | 928 |
| Louisiana Stadium and Exposition Dist., Rev. Bonds, Series 2023-A, 5.00% 7/1/2036  | 150 | 162 |
| Louisiana Stadium and Exposition Dist., Rev. Bonds, Series 2023-A, 5.00% 7/1/2037  | 1250 | 1337 |
| City of New Orleans, Regional Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2020-A, AGI, 5.00% 1/1/2034  | 2000 | 2161 |
| City of New Orleans, Regional Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2020-A, AGI, 5.00% 1/1/2035  | 1500 | 1608 |
| City of New Orleans, Sewerage Service Rev. Bonds, Series 2020-B, 5.00% 6/1/2045  | 1500 | 1480 |
| City of New Orleans, Sewerage Service Rev. Bonds, Series 2020-B, 4.00% 6/1/2050  | 2400 | 1979 |
| City of New Orleans, Water Rev. and Rev. Ref. Bonds, Series 2014, 5.00% 12/1/2029 (preref. 12/1/2025)  | 900 | 907 |
| Public Facs. Auth., Hospital Rev. Ref. Bonds (Franciscan Missionaries of Our Lady Health System Project), Series <br> 2015-A, 5.00% 7/1/2033  | 4970 | 4973 |
| Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties, LLC - Louisiana State University <br> Greenhouse Dist. Phase II Project), Series 2017, 5.00% 7/1/2052  | 1000 | 971 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **129** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** |
| Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties, LLC - Louisiana State University <br> Greenhouse Dist. Phase II Project), Series 2017, 5.00% 7/1/2057  | USD8,395 | $8092 |
| Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties, LLC - Louisiana State University <br> Nicholson Gateway Project), Series 2016-A, 5.00% 7/1/2046  | 1100 | 1050 |
| Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties, LLC - Louisiana State University <br> Nicholson Gateway Project), Series 2016-A, 5.00% 7/1/2051  | 14020 | 13305 |
| Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties, LLC - Louisiana State University <br> Nicholson Gateway Project), Series 2016-A, 5.00% 7/1/2056  | 10670 | 10072 |
| Public Facs. Auth., Rev. and Rev. Ref. Bonds (Ochsner Clinic Foundation Project), Series 2017, 5.00% 5/15/2042  | 1400 | 1391 |
| Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2016, 5.00% 5/15/2032 (preref. <br> 5/15/2026)  | 5 | 5 |
| Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2016, 5.00% 5/15/2034 (preref. <br> 5/15/2026)  | 10 | 10 |
| Public Facs. Auth., Rev. Ref. Bonds (Ochsner Clinic Foundation Project), Series 2015, 5.00% 5/15/2047  | 4000 | 3883 |
| Public Facs. Auth., Rev. Ref. Bonds (Ochsner Clinic Foundation Project), Series 2025-A, 5.50% 5/15/2055  | 5000 | 5082 |
| Parish of St. John the Baptist, Rev. Ref. Bonds (Marathon Oil Corp. Project), Series 2017, 2.20% 6/1/2037 (put <br> 7/1/2026)  | 7070 | 7013 |
|  |  | 215222 |
| **Maine 0.12%** | **Maine 0.12%** | **Maine 0.12%** |
| Housing Auth., Mortgage Purchase Bonds, Series 2020-F, 2.00% 11/15/2035  | 1750 | 1370 |
| Housing Auth., Mortgage Purchase Bonds, Series 2020-F, 2.15% 11/15/2040  | 1000 | 688 |
| Housing Auth., Mortgage Purchase Bonds, Series 2021-A, 2.05% 11/15/2041  | 1185 | 768 |
| Housing Auth., Mortgage Purchase Bonds, Series 2021-A, 2.15% 11/15/2046  | 5000 | 2842 |
| Housing Auth., Mortgage Purchase Bonds, Series 2021-C, 2.30% 11/15/2046  | 4850 | 3038 |
| Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 11/15/2047  | 95 | 95 |
| Housing Auth., Mortgage Purchase Bonds, Series 2017-B, 4.00% 11/15/2047  | 135 | 135 |
| Housing Auth., Mortgage Purchase Bonds, Series 2019-A, 4.00% 11/15/2049  | 675 | 678 |
| Housing Auth., Mortgage Purchase Bonds, Series 2019-C, 4.00% 11/15/2050  | 1645 | 1655 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2018, 5.00% 7/1/2047  | 9000 | 9016 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2020, 5.00% 7/1/2050  | 6000 | 6012 |
|  |  | 26297 |
| **Maryland 1.16%** | **Maryland 1.16%** | **Maryland 1.16%** |
| City of Baltimore, Stadium Auth., Build To Learn Rev. Bonds, Series 2024, 5.00% 6/1/2054  | 2000 | 2007 |
| County of Baltimore, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2016, 5.00% 1/1/2029  | 1090 | 1097 |
| County of Baltimore, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2016, 5.00% 1/1/2030  | 1000 | 1006 |
| County of Baltimore, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2020, 4.00% 1/1/2039  | 410 | 382 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 5.00% 1/1/2026  | 465 | 468 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 5.00% 1/1/2027  | 3065 | 3135 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 5.00% 1/1/2028  | 1515 | 1573 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2029  | 1500 | 1530 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2030  | 1655 | 1691 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2031  | 2300 | 2338 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2032  | 1175 | 1188 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2033  | 800 | 804 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2035  | 200 | 198 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2036  | 3055 | 2987 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2050  | 5965 | 4768 |
| County of Baltimore, Rev. Bonds (Riverwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2038  | 700 | 665 |
| County of Baltimore, Rev. Bonds (Riverwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2045  | 3500 | 2942 |
| Mayor and City Council of Baltimore, Rev. Bonds (Wastewater Projects), Series 2014-C, 5.00% 7/1/2032  | 2000 | 2002 |
| Mayor and City Council of Baltimore, Rev. Bonds (Wastewater Projects), Series 2014-C, 5.00% 7/1/2044  | 5000 | 4923 |
| Mayor and City Council of Baltimore, Rev. Ref. Bonds (Wastewater Projects), Series 2014, 5.00% 7/1/2039  | 2215 | 2216 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Housing Rev. Bonds, Series 2015-B, <br> 4.05% 7/1/2040  | 2500 | 2323 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-D, <br> 1.95% 9/1/2035  | 2600 | 2038 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-B, <br> 2.10% 9/1/2041  | 1650 | 1092 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **130** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-A, <br> 4.50% 9/1/2048  | USD2,675 | $2719 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2019-B, <br> 4.00% 9/1/2049  | 1810 | 1815 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2019-C, <br> 3.50% 3/1/2050  | 9875 | 9879 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-A, <br> 3.75% 3/1/2050  | 11465 | 11519 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-D, <br> 3.25% 9/1/2050  | 6045 | 6022 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-A, <br> 3.00% 9/1/2051  | 5455 | 5408 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-C, <br> 3.00% 9/1/2051  | 30580 | 30261 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2023-A, <br> 5.50% 9/1/2053  | 17110 | 18388 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2023-E, <br> 6.25% 3/1/2054  | 5980 | 6512 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2023-D, <br> 5.75% 9/1/2054  | 2175 | 2324 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series <br> 2015-A, 3.50% 9/1/2045  | 240 | 240 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Rev. Bonds, Series 2021-C, 2.60% <br> 1/1/2042  | 1700 | 1231 |
| Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 6/1/2027  | 1350 | 1388 |
| Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 6/1/2028  | 2000 | 2085 |
| Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 6/1/2030  | 1250 | 1297 |
| Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 6/1/2031  | 1000 | 1033 |
| Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 6/1/2035  | 2000 | 2036 |
| Econ. Dev. Corp., Special Obligation Bonds (Metro Centre at Owings Mills Project), Series 2017, 4.50% 7/1/2044  | 3960 | 3485 |
| Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2012, 5.00% 7/1/2029  | 250 | 250 |
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project), Series 2013, 5.00% <br> 10/1/2033  | 1000 | 1000 |
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Towson University Project), Series 2017, 5.00% 7/1/2027  | 135 | 139 |
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Towson University Project), Series 2017, 5.00% 7/1/2028  | 175 | 180 |
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Towson University Project), Series 2017, 5.00% 7/1/2029  | 190 | 195 |
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Towson University Project), Series 2017, 5.00% 7/1/2030  | 325 | 332 |
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Towson University Project), Series 2017, 5.00% 7/1/2031  | 375 | 382 |
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Towson University Project), Series 2017, 5.00% 7/1/2032  | 325 | 330 |
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Towson University Project), Series 2017, 5.00% 7/1/2036  | 600 | 603 |
| GO Bonds, State and Local Facs. Loan of 2019, Series 2019-1, 3.00% 3/15/2034  | 3000 | 2833 |
| GO Bonds, State and Local Facs. Loan of 2024, Series 2024-A-1, 5.00% 6/1/2030  | 1200 | 1333 |
| GO Bonds, State and Local Facs. Loan of 2024, Series 2024-A-1, 5.00% 6/1/2034  | 1125 | 1281 |
| GO Bonds, State and Local Facs. Loan of 2024, Series 2024-A-1, 5.00% 6/1/2036  | 1940 | 2146 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Adventist HealthCare Issue), Series 2016-A, 5.50% <br> 1/1/2046  | 5000 | 4985 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Broadmead Issue), Series 2018-A, 5.00% 7/1/2043  | 700 | 693 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Broadmead Issue), Series 2018-A, 5.00% 7/1/2048  | 2190 | 2094 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Charlestown Community Issue), Series 2016-A, 5.00% <br> 1/1/2026  | 210 | 212 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Charlestown Community Issue), Series 2016-A, 5.00% <br> 1/1/2036  | 2835 | 2861 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Charlestown Community Issue), Series 2016-A, 5.00% <br> 1/1/2045  | 13000 | 13003 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (MedStar Health Issue), Series 2015, 5.00% 8/15/2026  | 4290 | 4296 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Mercy Medical Center Issue), Series 2016-A, 5.00% <br> 7/1/2032  | 800 | 810 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Mercy Medical Center Issue), Series 2016-A, 5.00% <br> 7/1/2033  | 1000 | 1011 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Mercy Medical Center Issue), Series 2016-A, 5.00% <br> 7/1/2034  | 1800 | 1817 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Mercy Medical Center Issue), Series 2016-A, 5.00% <br> 7/1/2036  | 1500 | 1510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **131** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |
| Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2015, 5.00% 8/15/2038  | USD9,000 | $9000 |
| County of Montgomery, Housing Opportunities Commission, Program Rev. Bonds, Series 2019-A, 4.00% <br> 7/1/2049  | 1670 | 1686 |
| County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, <br> 4.00% 7/1/2048  | 375 | 376 |
| County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, <br> 4.00% 7/1/2049  | 2400 | 2410 |
| County of Montgomery, Housing Opportunities Commission, Single Family Mortgage Rev. Bonds, Series 2021-A, <br> 3.00% 1/1/2050  | 3480 | 3440 |
| County of Prince George, Special Obligation Bonds (Suitland-Naylor Road Project), Series 2016, 4.75% <br>7/1/2036 <sup>(a)</sup>  | 1670 | 1670 |
| County of Prince George, Special Obligation Bonds (Suitland-Naylor Road Project), Series 2016, 5.00% <br>7/1/2046 <sup>(a)</sup>  | 1250 | 1194 |
| County of Prince George, Special Obligation Rev. Ref. Bonds (Woodview Village Phase II Infrastructure <br> Improvements), Series 2006, AGI, 5.00% 7/1/2026  | 220 | 220 |
| County of Prince George, Special Obligation Rev. Ref. Bonds (Woodview Village Phase II Infrastructure <br> Improvements), Series 2006, AGI, 5.00% 7/1/2032  | 1150 | 1151 |
| County of Prince George, Special Tax Dist. Bonds (Victoria Falls Project), Series 2005, 5.25% 7/1/2035  | 3379 | 3391 |
| Dept. of Transportation, Consolidated Transportation Bonds, Series 2021-A, 2.00% 10/1/2034  | 1800 | 1493 |
| Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2021-A, 3.00% 7/1/2037  | 1000 | 875 |
| Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2020, 4.00% 7/1/2037  | 2000 | 1992 |
| Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2021-A, 3.00% 7/1/2038  | 1750 | 1493 |
| Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2021-A, 4.00% 7/1/2038  | 1225 | 1207 |
| Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2020, 4.00% 7/1/2045  | 9500 | 8401 |
| Transportation Auth., Transportation Facs. Projects Rev. Ref. Bonds, Series 2024-A, 5.00% 7/1/2040  | 850 | 905 |
| University System of Maryland, Auxiliary Fac. and Tuition Rev. Ref. Bonds, Series 2021-A, 4.00% 4/1/2040  | 3010 | 2914 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2021, 2.125% 6/1/2036  | 2630 | 2102 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2018, 4.00% 6/1/2038  | 3900 | 3851 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2025, 4.00% 6/1/2051  | 4000 | 3456 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2025, 4.00% 6/1/2052  | 4520 | 3887 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2025, 4.00% 6/1/2053  | 10000 | 8558 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Green Bonds, Series 2025, 4.00% <br> 6/1/2053  | 1260 | 1078 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Rev. Ref. Bonds, Series 2017, 3.00% <br> 6/1/2031  | 3170 | 3149 |
|  |  | 265210 |
| **Massachusetts 0.44%** | **Massachusetts 0.44%** | **Massachusetts 0.44%** |
| Clean Water Trust, Revolving Fund Green Bonds, Series 2025-26B, 5.00% 2/1/2044  | 2000 | 2071 |
| Dev. Fin. Agcy., Rev. Bonds (Carleton-Willard Village Issue), Series 2019, 4.00% 12/1/2042  | 1200 | 1023 |
| Dev. Fin. Agcy., Rev. Bonds (Carleton-Willard Village Issue), Series 2019, 5.00% 12/1/2042  | 730 | 708 |
| Dev. Fin. Agcy., Rev. Bonds (Gingercare Living Issue), Series 2024-B-2, 5.00% 12/1/2029 <sup>(a)</sup>  | 2100 | 2104 |
| Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2020-A, 5.00% 10/15/2030  | 2940 | 3291 |
| Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2022-B, 5.00% 11/15/2032  | 8000 | 9072 |
| Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2024-A-2, 5.00% 5/15/2055 (put 11/15/2035)  | 3350 | 3772 |
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Issue), Series 2018, 5.00% 11/15/2038 <sup>(a)</sup>  | 3490 | 3551 |
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Issue), Series 2018, 5.125% 11/15/2046 <sup>(a)</sup>  | 3000 | 3005 |
| Dev. Fin. Agcy., Rev. Bonds (Loomis Communities Issue), Series 2022, 4.00% 1/1/2036 <sup>(a)</sup>  | 400 | 383 |
| Dev. Fin. Agcy., Rev. Bonds (Loomis Communities Issue), Series 2021, 4.00% 1/1/2041  | 445 | 395 |
| Dev. Fin. Agcy., Rev. Bonds (Loomis Communities Issue), Series 2021, 4.00% 1/1/2051  | 340 | 269 |
| Dev. Fin. Agcy., Rev. Bonds (Loomis Communities Issue), Series 2022, 4.00% 1/1/2051 <sup>(a)</sup>  | 520 | 411 |
| Dev. Fin. Agcy., Rev. Bonds (Mass General Brigham, Inc.), Series 2019-T-1, (SIFMA Municipal Swap Index + 0.60%) <br> 2.89% 7/1/2049 (put 1/29/2026) <sup>(a)(c)</sup>  | 1885 | 1884 |
| Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 7/1/2030  | 2000 | 2030 |
| Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 7/1/2031  | 1925 | 1951 |
| Dev. Fin. Agcy., Rev. Bonds (Wellforce Obligated Issue), Series 2019-A, 5.00% 7/1/2029  | 500 | 517 |
| Dev. Fin. Agcy., Rev. Bonds (Wellforce Obligated Issue), Series 2019-A, 5.00% 7/1/2030  | 600 | 618 |
| Dev. Fin. Agcy., Rev. Bonds (Wellforce Obligated Issue), Series 2019-A, 5.00% 7/1/2031  | 500 | 513 |
| Dev. Fin. Agcy., Rev. Bonds (Wellforce Obligated Issue), Series 2019-A, 5.00% 7/1/2033  | 805 | 818 |
| Dev. Fin. Agcy., Rev. Bonds (Wellforce Obligated Issue), Series 2019-A, 5.00% 7/1/2034  | 675 | 684 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Berkshire Health Systems Issue), Series 2021-I, 5.00% 10/1/2028  | 800 | 852 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Orchard Cove, Inc. Issue), Series 2019, 4.00% 10/1/2029  | 1245 | 1256 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **132** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Orchard Cove, Inc. Issue), Series 2019, 5.00% 10/1/2039  | USD500 | $503 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Orchard Cove, Inc. Issue), Series 2019, 5.00% 10/1/2049  | 4900 | 4577 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Salem Community Corp. Issue), Series 2022, 5.00% 1/1/2026  | 575 | 577 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 7/1/2029  | 500 | 519 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 7/1/2030  | 1000 | 1014 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 7/1/2031  | 1300 | 1334 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 7/1/2033  | 1590 | 1613 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 7/1/2034  | 1000 | 1002 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 7/1/2035  | 1000 | 1007 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 7/1/2036  | 445 | 447 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 7/1/2037  | 605 | 605 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2019, 5.00% 7/1/2038  | 340 | 337 |
| GO Bonds, Consolidated Loan, Series 2018-A, 5.00% 1/1/2039  | 3500 | 3583 |
| Housing Fin. Agcy., Housing Bonds, Series 2019-B-1, 2.75% 12/1/2034  | 1515 | 1302 |
| Housing Fin. Agcy., Housing Green Bonds, Series 2019-C-1, 2.65% 12/1/2034  | 1950 | 1642 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 178, 3.50% 6/1/2042  | 445 | 445 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 165, 4.00% 12/1/2043  | 2410 | 2116 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 181, 4.00% 12/1/2044  | 90 | 90 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 12/1/2046  | 115 | 115 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 190, 4.00% 12/1/2048  | 2775 | 2784 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 195, 4.00% 12/1/2048  | 1995 | 2004 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 203, 4.50% 12/1/2048  | 330 | 333 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 211, 3.50% 12/1/2049  | 4005 | 4007 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 214, 3.75% 12/1/2049  | 2910 | 2923 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 224, 5.00% 6/1/2050  | 235 | 244 |
| Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 221, 3.00% 12/1/2050  | 3085 | 3053 |
| Special Obligation Dedicated Tax Rev. Ref. Bonds, Series 2005, FGIC NATL, 5.50% 1/1/2034  | 14500 | 16252 |
| State College Building Auth., Project Rev. Bonds, CAB, Series 1999-A, NATL, 0% 5/1/2026 (escrowed to maturity)  | 1000 | 979 |
| Water Resources Auth., General Rev. Green Bonds, Series 2023-B, 5.00% 8/1/2040  | 500 | 530 |
| Water Resources Auth., General Rev. Green Bonds, Series 2023-B, 5.25% 8/1/2048  | 2500 | 2591 |
|  |  | 99706 |
| **Michigan 2.56%** | **Michigan 2.56%** | **Michigan 2.56%** |
| Building Auth., Rev. and Rev. Ref. Bonds (Facs. Program), Series 2025-I, 5.25% 10/15/2050  | 2780 | 2852 |
| Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2023-II, 5.00% 10/15/2042  | 1350 | 1395 |
| Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2023-II, 4.00% 10/15/2047  | 3500 | 3020 |
| Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2022-I, 5.00% 10/15/2047  | 5000 | 5022 |
| Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2022-I, 4.00% 10/15/2052  | 2500 | 2104 |
| Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2022-I, 5.25% 10/15/2057  | 5000 | 5079 |
| City of Detroit, Sewage Disposal System Rev. Ref. Bonds, Series 2006-D, AGI, (3-month USD CME Term SOFR x <br> 0.67 + 0.60%) 3.65% 7/1/2032 <sup>(c)</sup>  | 81660 | 80938 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 5.00% 4/1/2039  | 115 | 118 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 4.00% 4/1/2040  | 205 | 185 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 4.00% 4/1/2041  | 635 | 562 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 4.00% 4/1/2042  | 250 | 216 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2020, 5.50% 4/1/2045  | 1500 | 1519 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 5.00% 4/1/2046  | 1595 | 1556 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 5.00% 4/1/2050  | 6305 | 6008 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2020, 5.50% 4/1/2050  | 2215 | 2227 |
| City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2001-B, AGI, 5.50% <br> 7/1/2029  | 7090 | 7394 |
| Detroit School Dist., Unlimited Tax GO Bonds, Series 2020-A, 5.00% 5/1/2031  | 1435 | 1562 |
| Fin. Auth., Act 38 Facs. Senior Rev. Green Bonds (The Henry Ford Health Detroit South Campus Central Utility <br> Plant Project), Series 2024, 5.50% 2/28/2049  | 2200 | 2249 |
| Fin. Auth., Act 38 Facs. Senior Rev. Green Bonds (The Henry Ford Health Detroit South Campus Central Utility <br> Plant Project), Series 2024, 5.50% 2/28/2057  | 2750 | 2764 |
| Fin. Auth., Distributable State Aid Rev. and Rev. Ref. Bonds (Charter County of Wayne), Series 2020, 4.00% <br> 11/1/2055  | 7320 | 5979 |
| Fin. Auth., Distributable State Aid Rev. and Rev. Ref. Bonds (Charter County of Wayne), Series 2020, BAM, 4.00% <br> 11/1/2055  | 2000 | 1637 |
| Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series <br> 2018, 5.00% 11/1/2036  | 2500 | 2573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **133** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series <br> 2018, 5.00% 11/1/2037  | USD1,000 | $1024 |
| Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series <br> 2018, BAM, 5.00% 11/1/2038  | 1000 | 1018 |
| Fin. Auth., Distributable State Aid Rev. Bonds (Charter County of Wayne Criminal Justice Center Project), Series <br> 2018, 5.00% 11/1/2043  | 3500 | 3504 |
| Fin. Auth., Distributable State Aid Rev. Ref. Bonds (Charter County of Wayne), Series 2020, BAM, 4.00% 11/1/2055  | 2000 | 1636 |
| Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 12/1/2034  | 1300 | 1340 |
| Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 4.00% 12/1/2040  | 15795 | 14119 |
| Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017, 5.00% 12/1/2046 (preref. <br> 6/1/2027)  | 200 | 208 |
| Fin. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-MI-2, 4.00% 12/1/2036  | 1200 | 1165 |
| Fin. Auth., Hospital Rev. Bonds (Trinity Health Credit Group), Series 2013-5, 4.00% 12/1/2040 (preref. 12/1/2029)  | 145 | 152 |
| Fin. Auth., Hospital Rev. Ref. Bonds (Beaumont Health Credit Group), Series 2016-A, 5.00% 11/1/2044  | 1000 | 979 |
| Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 11/15/2031  | 4300 | 4397 |
| Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2019-A, 4.00% 2/15/2044  | 10965 | 9467 |
| Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2019-A, 4.00% 2/15/2047  | 19570 | 16398 |
| Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2019-A, 4.00% 2/15/2050  | 8000 | 6536 |
| Fin. Auth., Local Government Loan Program Rev. Bonds (City of Detroit Distributable State Aid Fifth Lien and <br> LTGO Financial Recovery Ref. Local Project Bonds), Series 2024-A, 5.00% 11/1/2029  | 2245 | 2440 |
| Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 4.00% 6/1/2036  | 1000 | 956 |
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 7/1/2028  | 1890 | 1891 |
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 7/1/2039  | 590 | 585 |
| Counties of Genesee, Lapeer and Sanilac, Karegnondi Water Auth., Water Supply System Bonds (Karegnondi <br> Water Pipeline), Series 2018, 5.00% 11/1/2030  | 1000 | 1040 |
| Counties of Genesee, Lapeer and Sanilac, Karegnondi Water Auth., Water Supply System Bonds (Karegnondi <br> Water Pipeline), Series 2018, 5.00% 11/1/2032  | 1200 | 1239 |
| Counties of Genesee, Lapeer and Sanilac, Karegnondi Water Auth., Water Supply System Bonds (Karegnondi <br> Water Pipeline), Series 2018, 5.00% 11/1/2035  | 1580 | 1617 |
| County of Grand Traverse, Hospital Fin. Auth., Rev. and Rev. Ref. Bonds (Munson Healthcare Obligated Group), <br> Series 2021, 3.00% 7/1/2051  | 8385 | 5520 |
| Great Lakes Water Auth., Sewage Disposal System Rev. Ref. Bonds, Series 2016-C, 5.00% 7/1/2030  | 2000 | 2033 |
| Great Lakes Water Auth., Water Supply System Rev. Bonds, Series 2020-A, 5.00% 7/1/2045  | 1500 | 1509 |
| Great Lakes Water Auth., Water Supply System Rev. Bonds, Series 2020-B, 5.00% 7/1/2045  | 4090 | 4123 |
| Great Lakes Water Auth., Water Supply System Rev. Bonds, Series 2022-B, 5.25% 7/1/2047  | 1350 | 1387 |
| Great Lakes Water Auth., Water Supply System Rev. Bonds, Series 2023-B, 5.25% 7/1/2048  | 3750 | 3851 |
| Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-B, 5.00% 7/1/2046  | 26885 | 26639 |
| Hospital Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 1999-B-3, 4.00% 11/15/2032  | 10385 | 10489 |
| Hospital Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 1999-B-3, 4.00% 11/15/2032 (preref. <br> 5/15/2028)  | 1810 | 1882 |
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2019-A-1, 3.25% 10/1/2044  | 1000 | 795 |
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2020-A-1, 2.70% 10/1/2045  | 1650 | 1130 |
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2021-A, 2.45% 10/1/2046  | 7565 | 4804 |
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2021-A, 2.70% 10/1/2056  | 15725 | 9433 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.10% 12/1/2031  | 1025 | 988 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 3.35% 12/1/2034  | 3000 | 2848 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-A, 4.00% 6/1/2046  | 75 | 75 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 6/1/2047  | 2755 | 2754 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 6/1/2048  | 1270 | 1269 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 12/1/2048  | 4360 | 4379 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 6/1/2049  | 5195 | 5239 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 12/1/2049  | 7020 | 7100 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-B, 3.75% 6/1/2050  | 2060 | 2070 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 12/1/2050  | 3415 | 3418 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-C, 3.00% 6/1/2051  | 2680 | 2654 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 6/1/2052  | 4475 | 4426 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-A, 5.00% 6/1/2053  | 6745 | 7040 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2022-D, 5.50% 6/1/2053  | 7115 | 7531 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A, 5.50% 12/1/2053  | 6560 | 7049 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-B, 5.75% 6/1/2054  | 39740 | 42677 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.00% 6/1/2054  | 6015 | 6532 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2024-D, 6.25% 6/1/2055  | 3835 | 4224 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **134** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| City of Kentwood Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series <br> 2019, 5.00% 11/15/2032  | USD1,175 | $1193 |
| City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 7/1/2038  | 2500 | 2587 |
| City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 7/1/2048  | 5800 | 5801 |
| City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2021-B, 2.00% 7/1/2051 (put <br> 7/1/2026)  | 5500 | 5415 |
| City of Lansing, Board of Water and Light, Utility System Rev. Ref. Bonds, Series 2024-A, 5.00% 7/1/2038  | 1250 | 1356 |
| City of Lansing, Board of Water and Light, Utility System Rev. Ref. Bonds, Series 2024-A, 5.00% 7/1/2039  | 270 | 289 |
| City of Lansing, Board of Water and Light, Utility System Rev. Ref. Bonds, Series 2024-A, 5.00% 7/1/2054  | 13000 | 13109 |
| Board of Trustees of Michigan State University, Rev. Bonds, Series 2024-A, 5.00% 8/15/2049  | 20000 | 20201 |
| Board of Trustees of Michigan State University, Rev. Bonds, Series 2024-A, 5.25% 8/15/2054  | 12890 | 13186 |
| Board of Trustees of Michigan State University, Rev. Ref. Bonds, Series 2019-C, 4.00% 2/15/2039  | 1140 | 1091 |
| Board of Trustees of Michigan State University, Rev. Ref. Bonds, Series 2019-C, 4.00% 2/15/2044  | 2840 | 2536 |
| Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-ET-2, <br> 1.35% 8/1/2029  | 22000 | 19832 |
| Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Pollution Control Bonds Project), Series <br> 1995-CC, 1.45% 9/1/2030  | 32410 | 28251 |
| Trunk Line Fund Bonds, Series 2023, 5.50% 11/15/2049  | 5000 | 5228 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, <br> 5.00% 12/1/2032  | 1500 | 1574 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, <br> 5.00% 12/1/2033  | 1000 | 1044 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, <br> 5.00% 12/1/2034  | 2000 | 2080 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, <br> 5.00% 12/1/2035  | 4000 | 4143 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, <br> 5.00% 12/1/2036  | 3500 | 3588 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, <br> 5.00% 12/1/2037  | 5585 | 5692 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, <br> 5.00% 12/1/2038  | 3000 | 3045 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2023-C, <br> AGI, 5.25% 12/1/2039  | 2285 | 2482 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-D, <br> 5.00% 12/1/2040  | 12800 | 12799 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2017-A, <br> 5.00% 12/1/2042  | 1850 | 1851 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2023-C, <br> AGI, 5.25% 12/1/2042  | 7020 | 7430 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, <br> 5.00% 12/1/2043  | 4210 | 4183 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2014-B, <br> 5.00% 12/1/2044  | 1900 | 1900 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-D, <br> 5.00% 12/1/2045  | 13010 | 12850 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2021-A, <br> 5.00% 12/1/2046  | 1750 | 1749 |
| County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2023-A, <br> AGI, 5.25% 12/1/2048  | 3500 | 3610 |
|  |  | 584633 |
| **Minnesota 0.53%** | **Minnesota 0.53%** | **Minnesota 0.53%** |
| Becker Independent School Dist. No. 726, GO School Building Bonds, Series 2022-A, CAB, 0% 2/1/2035  | 2770 | 1882 |
| Becker Independent School Dist. No. 726, GO School Building Bonds, Series 2022-A, CAB, 0% 2/1/2036  | 2000 | 1286 |
| GO State Trunk Highway Rev. Ref. Bonds, Series 2017-E, 5.00% 10/1/2025  | 135 | 136 |
| Housing Fin. Agcy., Homeownership Fin. Bonds (GNMA and FNMA Pass-Through Program), Series 2012-B, 2.25% <br> 12/1/2042  | 1669 | 1413 |
| Housing Fin. Agcy., Homeownership Fin. Bonds (GNMA and FNMA Pass-Through Program), Series 2015-A, 2.80% <br> 2/1/2045  | 359 | 313 |
| Housing Fin. Agcy., Homeownership Fin. Bonds (GNMA and FNMA Pass-Through Program), Series 2017-G, 2.65% <br> 10/1/2047  | 8057 | 6920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **135** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |
| Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Pass-Through Program), Series <br> 2017-I, 2.80% 12/1/2047  | USD3,102 | $2612 |
| Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Pass-Through Program), Series <br> 2018-A, 3.30% 3/1/2048  | 690 | 615 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-E, 2.05% 1/1/2031  | 1445 | 1309 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-B, 2.625% 1/1/2040  | 1000 | 754 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-B, 3.50% 7/1/2046  | 1155 | 1154 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2016-E, 4.00% 1/1/2047  | 105 | 105 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-B, 4.00% 7/1/2047  | 385 | 386 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 1/1/2048  | 750 | 754 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-B, 4.00% 7/1/2048  | 2265 | 2268 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2019-B, 4.25% 7/1/2049  | 1935 | 1962 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-B, 3.50% 7/1/2050  | 2560 | 2562 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-I, 3.00% 1/1/2051  | 6070 | 6012 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-B, 3.00% 7/1/2051  | 4360 | 4314 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-D, 3.00% 1/1/2052  | 4775 | 4722 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-F, 3.00% 7/1/2052  | 9485 | 9373 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-H, 3.00% 7/1/2052  | 4660 | 4606 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2022-A, 3.00% 7/1/2052  | 1910 | 1885 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2022-C, 3.50% 7/1/2052  | 380 | 381 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2023-B, 5.75% 7/1/2053  | 12880 | 13692 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2023-F, 5.75% 7/1/2053  | 225 | 240 |
| City of Minneapolis, Health Care System Rev. Bonds (Allina Health System), Series 2023-B, 5.00% 11/15/2053 (put <br> 11/15/2030)  | 2000 | 2153 |
| City of St. Paul, Housing and Redev. Auth., Hospital Fac. Rev. Bonds (HealthEast Care System Project), Series <br> 2015-A, 5.00% 11/15/2029 (preref. 11/15/2025)  | 745 | 750 |
| City of St. Paul, Metropolitan Airports Commission, Airport Rev. Bonds, Series 2024-A, 5.00% 1/1/2052  | 28000 | 27964 |
| City of St. Paul, Metropolitan Airports Commission, Airport Rev. Bonds, Series 2024-A, 4.00% 1/1/2054  | 7500 | 6228 |
| City of St. Paul, Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2022-A, 4.25% 1/1/2052  | 4130 | 3663 |
| City of St. Paul, Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2022-A, 5.00% 1/1/2052  | 8500 | 8452 |
| Housing and Redev. Auth. of the City of Saint Paul, Hospital Fac. Rev. Bonds (HealthEast Care System Project), <br> Series 2015-A, 5.00% 11/15/2040 (preref. 11/15/2025)  | 1410 | 1418 |
|  |  | 122284 |
| **Mississippi 0.23%** | **Mississippi 0.23%** | **Mississippi 0.23%** |
| Business Fin. Corp., Rev. Ref. Bonds (System Energy Resources, Inc. Project), Series 2021, 2.375% 6/1/2044  | 4405 | 2616 |
| Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project), Series 2015-A, <br> AGI, 5.00% 3/1/2031  | 1590 | 1604 |
| Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project), Series 2015-A, <br> AGI, 5.00% 3/1/2032  | 1690 | 1703 |
| Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project), Series 2015-A, <br> AGI, 5.00% 3/1/2033  | 1275 | 1283 |
| Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project), Series 2015-A, <br> AGI, 5.00% 3/1/2035  | 1150 | 1155 |
| Gaming Tax Rev. Bonds, Series 2019-A, 5.00% 10/15/2032  | 3000 | 3127 |
| Gaming Tax Rev. Bonds, Series 2019-A, 5.00% 10/15/2033  | 3600 | 3736 |
| Gaming Tax Rev. Bonds, Series 2019-A, 5.00% 10/15/2035  | 2000 | 2059 |
| Gaming Tax Rev. Bonds, Series 2019-A, 5.00% 10/15/2037  | 4000 | 4085 |
| Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 10/15/2029  | 2500 | 2509 |
| Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 10/15/2032  | 7500 | 7518 |
| Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 10/15/2034  | 12960 | 12982 |
| Home Corp., Single Family Mortgage Rev. Bonds, Series 2017-D, 4.00% 12/1/2043  | 90 | 90 |
| Home Corp., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 12/1/2048  | 725 | 729 |
| Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2016, 5.00% 9/1/2036  | 4750 | 4769 |
| Mississippi State University, Educational Building Corp., Rev. and Rev. Ref. Bonds (New Residence Hall and Facs. <br> Refinancing), Series 2024-A, 4.00% 8/1/2049  | 2000 | 1697 |
| County of Warren, Gulf Opportunity Zone Rev. Ref. Bonds (International Paper Co. Project), Series 2020-A, 4.20% <br> 5/1/2034  | 1850 | 1847 |
|  |  | 53509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **136** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Missouri 1.29%** | **Missouri 1.29%** | **Missouri 1.29%** |
| County of Cape Girardeau, Industrial Dev. Auth., Health Facs. Rev. Bonds (Southeast Health), Series 2021, 4.00% <br> 3/1/2041  | USD2,300 | $2150 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (BJC Health System), Series 2021-A, 4.00% 7/1/2037  | 3000 | 2963 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (BJC Health System), Series 2021-A, 4.00% 7/1/2039  | 3700 | 3542 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (BJC Health System), Series 2021-A, 4.00% 7/1/2040  | 2300 | 2170 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (BJC Health System), Series 2023-C, 4.00% 1/1/2050 <br> (put 1/1/2046)  | 1000 | 854 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Children's Mercy Hospital), Series 2017-A, 4.00% <br> 5/15/2042  | 7575 | 6823 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Cox Health Project), Series 2013-A, 5.00% <br> 11/15/2038  | 2000 | 2000 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Cox Health Project), Series 2015-A, 5.00% <br> 11/15/2039  | 4190 | 4192 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Saint Luke's Health System, Inc.), Series 2018-A, <br> 4.00% 11/15/2048  | 9000 | 7647 |
| Health and Educational Facs. Auth., Health Facs. Rev. Ref. Bonds (St. Anthony's Medical Center), Series 2015-B, <br> 5.00% 2/1/2045  | 5945 | 5763 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2021, 4.00% <br> 2/1/2028  | 715 | 720 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2019-A, <br> 5.00% 2/1/2029  | 100 | 103 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2016-B, <br> 5.00% 2/1/2030  | 220 | 221 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2016-B, <br> 5.00% 2/1/2031  | 200 | 201 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2016-B, <br> 5.00% 2/1/2035  | 1000 | 1001 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2021, 4.00% <br> 2/1/2042  | 2250 | 1883 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2019-C, <br> 5.00% 2/1/2042  | 1255 | 1213 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2016-B, <br> 5.00% 2/1/2046  | 200 | 180 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2019-C, <br> 4.00% 2/1/2048  | 18200 | 14069 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2019-C, <br> 5.00% 2/1/2048  | 2000 | 1833 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, <br> 5.00% 2/1/2029  | 1000 | 1006 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, <br> 5.00% 2/1/2030  | 415 | 417 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, <br> 5.00% 2/1/2046  | 1465 | 1316 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2016-A-2, 4.00% 5/1/2040  | 1180 | 1181 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2016-B, 3.50% 5/1/2041  | 310 | 310 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2017-D, 4.00% 5/1/2047  | 815 | 818 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2019-A, 4.25% 5/1/2047  | 2785 | 2816 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2017-B, 3.25% 9/1/2047  | 2894 | 2597 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2017-C, 3.30% 12/1/2047  | 2655 | 2404 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2018-A, 4.25% 5/1/2049  | 1215 | 1226 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2018-B, 4.25% 5/1/2049  | 2055 | 2076 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2019-C, 3.875% 5/1/2050  | 7175 | 7230 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2019-B, 4.00% 5/1/2050  | 1835 | 1850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **137** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2020-A, 3.50% 11/1/2050  | USD1,130 | $1131 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2020-C, 3.50% 11/1/2050  | 2135 | 2137 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-A, 3.00% 5/1/2052  | 1100 | 1088 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-B, 3.00% 5/1/2052  | 5700 | 5640 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-C, 3.25% 11/1/2052  | 2130 | 2119 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2023-B, 5.50% 5/1/2053  | 24080 | 25887 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2023-A, 5.75% 5/1/2053  | 2385 | 2546 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2023-C, 6.00% 5/1/2053  | 13725 | 15068 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2023-E, 6.50% 5/1/2054  | 3660 | 4099 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-G, 5.50% 5/1/2055  | 10445 | 11228 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-A, 5.75% 5/1/2055  | 12445 | 13592 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-C, 6.00% 5/1/2055  | 9055 | 9988 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-E, 6.00% 5/1/2055  | 21180 | 23364 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2025-C, 5.75% 5/1/2056  | 10000 | 10900 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2025-A, 6.00% 5/1/2056  | 4520 | 4959 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series <br> 2015-A, 3.75% 5/1/2038  | 20 | 20 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series <br> 2015-B-2, 4.00% 11/1/2045  | 510 | 510 |
| City of Lee's Summit, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (John Knox Village), Series 2024-B-2, <br> 4.325% 8/15/2047  | 1315 | 1250 |
| City of Lee's Summit, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (John Knox Village), Series 2024-B-1, <br> 4.825% 8/15/2047  | 725 | 691 |
| City of Lee's Summit, Special Obligation Tax Increment and Special Dist. Rev. Ref. and Improvement Bonds <br> (Summit Fair Project), Series 2017, 4.00% 11/1/2027 <sup>(a)</sup>  | 250 | 245 |
| Municipal Fin. Corp., Leasehold Rev. Bonds (Convention Center Expansion and Improvement Projects), Series <br> 2020, AGI, 5.00% 10/1/2040  | 1815 | 1861 |
| Municipal Fin. Corp., Leasehold Rev. Bonds (Convention Center Expansion and Improvement Projects), Series <br> 2020, AGI, 5.00% 10/1/2049  | 1000 | 987 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, NATL, 5.50% <br> 7/1/2026  | 1920 | 1969 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, NATL, 5.50% <br> 7/1/2028  | 5080 | 5497 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2017-A, AGI, 5.00% <br> 7/1/2029  | 1000 | 1040 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, NATL, 5.50% <br> 7/1/2029  | 4000 | 4428 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, NATL, 5.50% <br> 7/1/2030  | 12770 | 14392 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2019-C, 5.00% 7/1/2031  | 2155 | 2299 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, NATL, 5.50% <br> 7/1/2031  | 7000 | 7988 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2019-C, 5.00% 7/1/2032  | 3000 | 3185 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2019-C, 5.00% 7/1/2033  | 2400 | 2535 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2019-C, 5.00% 7/1/2034  | 1750 | 1839 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2024-A, AGI, 5.00% <br> 7/1/2042  | 5500 | 5682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **138** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2024-A, AGI, 5.00% <br> 7/1/2044  | USD2,250 | $2297 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2023-A, 5.00% 7/1/2048  | 5935 | 5947 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2023-A, 5.00% 7/1/2052  | 6425 | 6388 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2024-A, AGI, 5.25% <br> 7/1/2054  | 3945 | 4026 |
| County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (St. Andrew's Resources for Seniors <br> Obligated Group), Series 2015-A, 5.00% 12/1/2035  | 1000 | 960 |
| County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (St. Andrew's Resources for Seniors <br> Obligated Group), Series 2015-A, 5.125% 12/1/2045  | 1050 | 904 |
|  |  | 295461 |
| **Montana 0.17%** | **Montana 0.17%** | **Montana 0.17%** |
| City of Forsyth, Pollution Control Rev. Ref. Bonds (Avista Corp. Colstrip Project), Series 2010-A, 3.875% 10/1/2032  | 12000 | 11977 |
| City of Forsyth, Pollution Control Rev. Ref. Bonds (Avista Corp. Colstrip Project), Series 2010-A, 3.875% 3/1/2034  | 4000 | 3894 |
| City of Forsyth, Pollution Control Rev. Ref. Bonds (Northwestern Corp. Colstrip Project), Series 2023, 3.875% <br> 7/1/2028  | 4275 | 4354 |
| City of Forsyth, Pollution Control Rev. Ref. Bonds (Portland General Electric Co. Projects), Series 1998-A, 2.125% <br> 5/1/2033  | 1000 | 846 |
| Board of Housing, Single Family Mortgage Bonds, Series 2020-B, 2.75% 12/1/2040  | 640 | 485 |
| Board of Housing, Single Family Mortgage Bonds, Series 2018-B, 4.00% 12/1/2043  | 700 | 702 |
| Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 6/1/2044  | 470 | 470 |
| Board of Housing, Single Family Mortgage Bonds, Series 2019-A, FHA, 4.25% 12/1/2045  | 865 | 873 |
| Board of Housing, Single Family Mortgage Bonds, Series 2020-A-1, 3.50% 6/1/2050  | 1915 | 1916 |
| Board of Housing, Single Family Mortgage Bonds, Series 2021-A-1, 3.00% 6/1/2051  | 3915 | 3874 |
| Board of Housing, Single Family Mortgage Bonds, Series 2021-B, 3.00% 12/1/2051  | 945 | 935 |
| Board of Housing, Single Family Mortgage Bonds, Series 2022-A, 3.00% 6/1/2052  | 1820 | 1800 |
| Board of Housing, Single Family Mortgage Bonds, Series 2023-B, 6.00% 12/1/2053  | 1990 | 2145 |
| Board of Housing, Single Family Mortgage Bonds, Series 2023-C, 6.25% 6/1/2054  | 305 | 332 |
| Board of Housing, Single Family Mortgage Bonds, Series 2024-A, 6.00% 12/1/2054  | 885 | 962 |
| Board of Housing, Single Family Mortgage Bonds, Series 2024-B, 5.75% 6/1/2055  | 920 | 997 |
| Board of Housing, Single Family Mortgage Bonds, Series 2025-B, 6.00% 12/1/2055  | 2500 | 2762 |
|  |  | 39324 |
| **Nebraska 0.74%** | **Nebraska 0.74%** | **Nebraska 0.74%** |
| Central Plains Energy Project, Gas Project Rev. Bonds (Project No. 5), Series 2022-1, 5.00% 5/1/2053 (put <br> 10/1/2029)  | 30085 | 31309 |
| Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2019, 4.00% 12/1/2049 (put 8/1/2025)  | 14350 | 14350 |
| County of Douglas, Hospital Auth. No. 2 (Children's Hospital Obligated Group), Health Facs. Rev. and Rev. Ref. <br> Bonds, Series 2020-A, 4.00% 11/15/2050  | 1000 | 827 |
| County of Douglas, Hospital Auth. No. 2 (Methodist Health System), Health Facs. Rev. Ref. Bonds, Series 2015, <br> 5.00% 11/1/2045  | 4340 | 4212 |
| Educational, Health, Cultural, and Social Sciences Fin. Auth., Rev. Bonds (Immanuel Retirement Communities <br> Obligated Group), Series 2019-A, 4.00% 1/1/2037  | 1230 | 1160 |
| Educational, Health, Cultural, and Social Sciences Fin. Auth., Rev. Bonds (Immanuel Retirement Communities <br> Obligated Group), Series 2019-A, 4.00% 1/1/2039  | 1810 | 1657 |
| Educational, Health, Cultural, and Social Sciences Fin. Auth., Rev. Bonds (Immanuel Retirement Communities <br> Obligated Group), Series 2019-A, 4.00% 1/1/2044  | 7750 | 6618 |
| Educational, Health, Cultural, and Social Sciences Fin. Auth., Rev. Bonds (Immanuel Retirement Communities <br> Obligated Group), Series 2019-A, 4.00% 1/1/2049  | 8100 | 6684 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-A, 3.50% 9/1/2045  | 360 | 360 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-A, 3.50% 9/1/2046  | 1060 | 1059 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 9/1/2046  | 1785 | 1786 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 9/1/2048  | 4655 | 4681 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 9/1/2048  | 4335 | 4361 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2021-C, 3.00% 9/1/2050  | 6195 | 6127 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2020-A, 3.50% 9/1/2050  | 1810 | 1812 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2023-C, 5.50% 9/1/2053  | 2280 | 2416 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2024-G, 6.00% 9/1/2054  | 5360 | 5930 |
| Omaha Public Power Dist., Electric System Rev. Bonds, Series 2021-A, 5.00% 2/1/2046  | 1470 | 1480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **139** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Nebraska (continued)** | **Nebraska (continued)** | **Nebraska (continued)** |
| Omaha Public Power Dist., Electric System Rev. Bonds, Series 2023-A, 5.25% 2/1/2053  | USD6,105 | $6257 |
| Omaha Public Power Dist., Electric System Rev. Bonds, Series 2024-C, 5.00% 2/1/2054  | 37275 | 37632 |
| University of Nebraska Facs. Corp., University Facs. Program Bonds, Series 2021-A, 4.00% 7/15/2062  | 35000 | 28654 |
|  |  | 169372 |
| **Nevada 0.91%** | **Nevada 0.91%** | **Nevada 0.91%** |
| Clark County School Dist., Limited Tax GO Building and Rev. Ref. Bonds, Series 2017-C, 5.00% 6/15/2034  | 3615 | 3744 |
| Clark County School Dist., Limited Tax GO Building Bonds, Series 2021-A, 3.00% 6/15/2035  | 11525 | 10126 |
| Clark County School Dist., Limited Tax GO Building Bonds, Series 2021-A, 3.00% 6/15/2036  | 11870 | 10188 |
| Clark County School Dist., Limited Tax GO Building Bonds, Series 2020-A, AGI, 4.00% 6/15/2039  | 1950 | 1844 |
| Clark County School Dist., Limited Tax GO Building Bonds, Series 2020-A, AGI, 4.00% 6/15/2040  | 725 | 677 |
| County of Clark, Airport System Rev. Bonds (McCarran International Airport), Series 2019-B, 5.00% 7/1/2033  | 9655 | 10248 |
| County of Clark, Airport System Rev. Bonds (McCarran International Airport), Series 2015-A, 5.00% 7/1/2040  | 4000 | 4000 |
| County of Clark, Airport System Rev. Bonds (McCarran International Airport), Series 2019-B, 5.00% 7/1/2041  | 9700 | 9858 |
| County of Clark, Airport System Rev. Ref. Bonds, Series 2017-A-2, 5.00% 7/1/2040  | 5320 | 5382 |
| County of Clark, Airport System Rev. Ref. Bonds (McCarran International Airport), Series 2021-A, 5.00% 7/1/2034  | 8725 | 9468 |
| County of Clark, Airport System Rev. Ref. Bonds (McCarran International Airport), Series 2021-A, 5.00% 7/1/2035  | 7000 | 7542 |
| County of Clark, Highway Rev. Bonds (Indexed Fuel Tax and Motor Vehicle Fuel Tax), Series 2022, 5.00% 7/1/2026  | 1815 | 1855 |
| County of Clark, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2015-C, <br> 5.00% 7/1/2026  | 1000 | 1022 |
| County of Clark, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2015-C, <br> 5.00% 7/1/2027  | 1000 | 1047 |
| County of Clark, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2019-E, <br> 5.00% 7/1/2032  | 1000 | 1068 |
| County of Clark, Limited Tax GO Crossover Rev. Ref. Bonds (Las Vegas Convention and Visitors Auth.), Series <br> 2017-C, 5.00% 7/1/2029  | 3500 | 3644 |
| County of Clark, Limited Tax GO Stadium Improvement Bonds, Series 2018-A, 5.00% 6/1/2034  | 6500 | 6801 |
| County of Clark, Limited Tax GO Stadium Improvement Bonds, Series 2018-A, 5.00% 6/1/2035  | 5250 | 5467 |
| County of Clark, Limited Tax GO Stadium Improvement Bonds, Series 2018-A, 5.00% 6/1/2036  | 7350 | 7624 |
| County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2010, 2.10% 6/1/2031  | 6625 | 5852 |
| Housing Division, Single Family Mortgage Rev. Bonds, Series 2019-B, 4.00% 10/1/2049  | 2180 | 2196 |
| Housing Division, Single Family Mortgage Rev. Ref. Bonds, Series 2021-A, 3.00% 4/1/2051  | 2595 | 2567 |
| Housing Division, Single Family Mortgage Rev. Ref. Bonds, Series 2022-A, 3.50% 4/1/2051  | 9440 | 9453 |
| City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 6/15/2040  | 1000 | 988 |
| City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 6/15/2045  | 1225 | 1168 |
| City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series <br> 2017, 4.50% 6/1/2047  | 1335 | 1201 |
| City of Las Vegas, Special Improvement Dist. No. 817 (Summerlin Village 29), Local Improvement Bonds, Series <br> 2023, 5.00% 6/1/2027  | 330 | 337 |
| City of Las Vegas, Special Improvement Dist. No. 817 (Summerlin Village 29), Local Improvement Bonds, Series <br> 2023, 5.00% 6/1/2030  | 405 | 422 |
| City of Las Vegas, Special Improvement Dist. No. 817 (Summerlin Village 29), Local Improvement Bonds, Series <br> 2023, 5.00% 6/1/2031  | 250 | 260 |
| City of Las Vegas, Special Improvement Dist. No. 817 (Summerlin Village 29), Local Improvement Bonds, Series <br> 2023, 5.00% 6/1/2033  | 470 | 483 |
| City of Las Vegas, Special Improvement Dist. No. 817 (Summerlin Village 29), Local Improvement Bonds, Series <br> 2023, 6.00% 6/1/2053  | 225 | 230 |
| City of Las Vegas, Special Improvement Dist. No. 818 (Summerlin Village 27), Local Improvement Bonds, Series <br> 2024, 5.00% 12/1/2039  | 1000 | 997 |
| City of Las Vegas, Special Improvement Dist. No. 818 (Summerlin Village 27), Local Improvement Bonds, Series <br> 2024, 5.00% 12/1/2049  | 1000 | 928 |
| Las Vegas Convention and Visitors Auth., Convention Center Expansion and Renovation Rev. Bonds, Series <br> 2023-A, 5.00% 7/1/2049  | 4000 | 4015 |
| Las Vegas Convention and Visitors Auth., Convention Center Expansion and Renovation Rev. Bonds, Series <br> 2022-B, 5.25% 7/1/2049  | 17770 | 18162 |
| Las Vegas Convention and Visitors Auth., Convention Center Expansion Rev. Bonds, Series 2018-B, 5.00% <br> 7/1/2043  | 6250 | 6202 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Bonds, Series 2023-A, 5.00% 6/1/2045  | 5000 | 5089 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Bonds, Series 2023-A, 5.00% 6/1/2049  | 18025 | 18129 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Improvement and Rev. Ref. Bonds, Series 2016-A, 5.00% <br> 6/1/2033  | 1500 | 1522 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Improvement Bonds, Series 2025-A, 5.25% 6/1/2050  | 5000 | 5189 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **140** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Nevada (continued)** | **Nevada (continued)** | **Nevada (continued)** |
| Las Vegas Valley Water Dist., Limited Tax GO Water Rev. Ref. Bonds, Series 2021-C, 2.00% 6/1/2034  | USD6,430 | $5343 |
| Las Vegas Valley Water Dist., Limited Tax GO Water Rev. Ref. Bonds, Series 2022-C, 4.00% 6/1/2037  | 1250 | 1251 |
| City of Reno, Sales Tax Rev. Ref. Bonds (ReTRAC - Reno Transportation Rail Access Corridor Project), Series <br> 2018-A, 5.00% 6/1/2028  | 1000 | 1059 |
| City of Reno, Sales Tax Rev. Ref. Bonds (ReTRAC - Reno Transportation Rail Access Corridor Project), Series <br> 2018-A, 5.00% 6/1/2031  | 1000 | 1061 |
| City of Reno, Sales Tax Rev. Ref. Bonds (ReTRAC - Reno Transportation Rail Access Corridor Project), Series <br> 2018-A, 5.00% 6/1/2035  | 1000 | 1040 |
| County of Washoe, Reno-Sparks Convention and Visitors Auth., Limited Tax GO Rev. Ref. Bonds, Series 2021, <br> 5.00% 7/1/2028  | 3500 | 3747 |
| Washoe County School Dist., GO Limited Tax School Improvement Bonds, Series 2020-A, 4.00% 10/1/2045  | 2000 | 1767 |
| Washoe County School Dist., Limited Tax GO School Improvement Bonds, Series 2024-B, 3.00% 6/1/2037  | 6410 | 5681 |
| County of Washoe and Cities of Reno and Sparks, Truckee Meadows Water Auth., Rev. Ref. Bonds, Series 2017, <br> 5.00% 7/1/2030  | 1000 | 1039 |
|  |  | 208983 |
| **New Hampshire 2.40%** | **New Hampshire 2.40%** | **New Hampshire 2.40%** |
| Health and Education Facs. Auth., Rev. Bonds (Dartmouth Health Obligated Group Issue), Series 2025, 5.50% <br> 8/1/2050  | 11765 | 12183 |
| Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 10/1/2031  | 1250 | 1265 |
| Health and Education Facs. Auth., Rev. Bonds (Kendal at Hanover Issue), Series 2016, 5.00% 10/1/2046  | 2250 | 2184 |
| Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire), Series 2015, 5.00% <br> 7/1/2032  | 2565 | 2569 |
| Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire), Series 2015, 5.00% <br> 7/1/2033  | 3740 | 3745 |
| Housing Fin. Auth., Multi Family Housing Rev. Bonds, Series 2021-3, 2.60% 7/1/2051  | 1500 | 920 |
| Housing Fin. Auth., Single Family Mortgage Acquisition Rev. Bonds, Series 2024-E, 6.25% 7/1/2055  | 4135 | 4621 |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A, 6.00% 7/1/2053  | 975 | 1044 |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2023-B, 6.00% 1/1/2055  | 1790 | 1929 |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2023-C, 6.25% 1/1/2055  | 2190 | 2383 |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.25% 1/1/2055  | 1165 | 1276 |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2023-D, 6.50% 7/1/2055  | 9075 | 9973 |
| National Fin. Auth., Affordable Housing Certs., Series 2024-1, Class A, 4.15% 10/20/2040 (put 10/1/2034)  | 4180 | 3934 |
| National Fin. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series 2021-B, 4.00% <br> 8/15/2037  | 935 | 880 |
| National Fin. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series 2021-B, 4.00% <br> 8/15/2038  | 1000 | 924 |
| National Fin. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series 2021-B, 4.00% <br> 8/15/2039  | 1100 | 1011 |
| National Fin. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series 2021-B, 4.00% <br> 8/15/2040  | 1050 | 954 |
| National Fin. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series 2021-B, 4.00% <br> 8/15/2041  | 1000 | 891 |
| National Fin. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series 2021-B, AGI, 3.00% <br> 8/15/2046  | 10145 | 7387 |
| National Fin. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series 2021-B, AGI, 3.00% <br> 8/15/2051  | 3390 | 2271 |
| National Fin. Auth., Lease Rent Rev. Bonds (Centurion Foundation Lamar Boulevard, LLC), Series 2025-A, 5.05% <br> 6/15/2035 <sup>(a)</sup>  | 14870 | 14834 |
| National Fin. Auth., Lease Rent Rev. Bonds (Centurion Foundation Woodway Drive, LLC), Series 2024-A, 4.53% <br> 10/15/2034 <sup>(a)</sup>  | 6420 | 6377 |
| National Fin. Auth., Municipal Certs., Series 2020-1, Class A, 4.125% 1/20/2034  | 62525 | 61909 |
| National Fin. Auth., Municipal Certs., Series 2022-1, Class A, 4.375% 9/20/2036  | 54284 | 52469 |
| National Fin. Auth., Municipal Certs., Series 2022-2, Class A, 4.00% 10/20/2036  | 49304 | 46342 |
| National Fin. Auth., Municipal Certs., Series 2023-2, Class A, 3.875% 1/20/2038  | 29537 | 26874 |
| National Fin. Auth., Municipal Certs., Series 2024-2, Class X, 0.506% 8/20/2039 <sup>(c)</sup>  | 34120 | 1347 |
| National Fin. Auth., Municipal Certs., Series 2024-2, Class X, 3.625% 8/20/2039  | 23797 | 21684 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class A-US, 4.06% 11/20/2039 <sup>(c)</sup>  | 46229 | 43817 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class B-CA, 3.811% 7/20/2040 <sup>(c)</sup>  | 12318 | 10602 |
| National Fin. Auth., Municipal Certs., Series 2025-1, Class A-1, 4.087% 1/20/2041 <sup>(c)</sup>  | 35976 | 33988 |
| National Fin. Auth., Municipal Certs., Series 2025-1, Class A-2, 4.087% 1/20/2041 <sup>(c)</sup>  | 1575 | 1402 |
| National Fin. Auth., Municipal Certs., Series 2024-1, Class A, 4.25% 7/20/2041  | 25955 | 24649 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **141** | American Funds Tax-Exempt Income Funds |

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------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New Hampshire (continued)** | **New Hampshire (continued)** | **New Hampshire (continued)** |
| National Fin. Auth., Municipal Certs., Series 2024-3, Class A, 4.034% 10/20/2041 <sup>(c)</sup>  | USD984 | $900 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class B-US, 4.06% 5/20/2042 <sup>(c)</sup>  | 9682 | 8155 |
| National Fin. Auth., Municipal Certs., Series 2024-1, Class X, 0.495% 7/1/2051 <sup>(c)</sup>  | 32390 | 1182 |
| National Fin. Auth., Resource Recovery Rev. Ref. Bonds (Covanta Project), Series 2018-B, 4.625% <br>11/1/2042 <sup>(a)</sup>  | 5000 | 4420 |
| National Fin. Auth., Rev. Bonds (Adventist Health Energy Projects), Series 2024-C, 5.25% 7/1/2049  | 2710 | 2648 |
| National Fin. Auth., Rev. Bonds (Adventist Health Energy Projects), Series 2024-C, 5.25% 7/1/2054  | 2500 | 2409 |
| National Fin. Auth., Rev. Bonds (Presbyterian Senior Living Project), Series 2023-A, 5.25% 7/1/2048  | 1000 | 957 |
| National Fin. Auth., Rev. Bonds (The Lawrenceville School Project), Series 2021-A, 4.00% 7/1/2051  | 3605 | 3046 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.25% 6/1/2045  | 7000 | 7045 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.50% 6/1/2050  | 36160 | 36619 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.00% 6/1/2055  | 14895 | 14009 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.50% 6/1/2055  | 27580 | 27842 |
| National Fin. Auth., Senior Living Rev. Ref. Bonds (Springpoint Senior Living Project), Series 2021, 4.00% 1/1/2029  | 200 | 200 |
| National Fin. Auth., Senior Living Rev. Ref. Bonds (Springpoint Senior Living Project), Series 2021, 4.00% 1/1/2041  | 4750 | 4024 |
| National Fin. Auth., Senior Living Rev. Ref. Bonds (Springpoint Senior Living Project), Series 2021, 4.00% 1/1/2051  | 3250 | 2351 |
| National Fin. Auth., Specialty Pharmacy Rev. Bonds (University Hospitals Home Care Services, Inc.), Series 2024-A, <br> 5.625% 12/15/2033 <sup>(a)</sup>  | 16665 | 16936 |
| National Fin. Auth., Specialty Pharmacy Rev. Bonds (University Hospitals Home Care Services, Inc.), Series 2024-A, <br> 6.25% 12/15/2038 <sup>(a)</sup>  | 8065 | 8120 |
|  |  | 549501 |
| **New Jersey 1.73%** | **New Jersey 1.73%** | **New Jersey 1.73%** |
| Atlantic City, Tax Appeal Rev. Ref. Bonds, Series 2017-A, BAM, 5.00% 3/1/2037  | 750 | 762 |
| Econ. Dev. Auth., Motor Vehicle Surcharges Rev. Bonds (Special Needs Housing Program), CAB, Series 2007-B, <br> AGI, 0% 7/1/2026  | 2085 | 2025 |
| Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties, LLC - Kean University Student Housing Project), <br> Series 2017-A, 5.00% 1/1/2050  | 590 | 519 |
| Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties, LLC - Montclair State University Student <br> Housing Project), Series 2017, AGI, 5.00% 6/1/2030  | 1500 | 1546 |
| Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties, LLC - Montclair State University Student <br> Housing Project), Series 2017, AGI, 5.00% 6/1/2031  | 1000 | 1028 |
| Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties, LLC - Montclair State University Student <br> Housing Project), Series 2017, AGI, 5.00% 6/1/2037  | 3250 | 3283 |
| Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties, LLC - Montclair State University Student <br> Housing Project), Series 2017, AGI, 5.00% 6/1/2042  | 6000 | 5943 |
| Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties, LLC - Rowan University Student Housing <br> Project), Series 2015-A, 5.00% 1/1/2048  | 4000 | 3542 |
| Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 6/15/2027  | 1000 | 1046 |
| Econ. Dev. Auth., School Facs. Construction Bonds, Series 2016-AAA, 5.00% 6/15/2041 (preref. 12/15/2026)  | 600 | 620 |
| Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2019-GGG, 5.25% 9/1/2025 <sup>(a)</sup>  | 115 | 115 |
| Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2024-SSS, 5.25% 6/15/2039  | 2000 | 2130 |
| Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Ramapo College of New Jersey Issue), Series 2017-A, AGI, <br> 5.00% 7/1/2033  | 1500 | 1546 |
| Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Ramapo College of New Jersey Issue), Series 2017-A, AGI, <br> 5.00% 7/1/2034  | 3540 | 3638 |
| Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Stockton University Issue), Series 2016-A, BAM, 5.00% 7/1/2027  | 1125 | 1148 |
| Educational Facs. Auth., Rev. Bonds (Higher Education Capital Improvement Fund Issue), Series 2023-A, 5.25% <br> 9/1/2053  | 3000 | 3054 |
| Educational Facs. Auth., Rev. Bonds (Princeton University), Series 2025-A-1, 5.00% 7/1/2064 (put 7/1/2035)  | 21425 | 24024 |
| Educational Facs. Auth., Rev. Bonds (Stevens Institute of Technology Issue), Series 2017-A, 5.00% 7/1/2030  | 2555 | 2642 |
| Educational Facs. Auth., Rev. Bonds (Stevens Institute of Technology Issue), Series 2017-A, 5.00% 7/1/2031  | 2740 | 2824 |
| Educational Facs. Auth., Rev. Green Bonds (Stevens Institute of Technology Issue), Series 2020-A, 5.00% 7/1/2045  | 3500 | 3497 |
| Educational Facs. Auth., Rev. Ref. Bonds (Kean University Issue), Series 2015-H, AGI, 5.00% 7/1/2027  | 1865 | 1868 |
| Health Care Facs. Fncg. Auth., Rev. and Rev. Ref. Bonds (Trinitas Regional Medical Center Obligated Group Issue), <br> Series 2017-A, 5.00% 7/1/2026 (escrowed to maturity)  | 1000 | 1019 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (AtlantiCare Health System Obligated Group Issue), Series 2021, 5.00% <br> 7/1/2034  | 1375 | 1473 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (AtlantiCare Health System Obligated Group Issue), Series 2021, 4.00% <br> 7/1/2035  | 750 | 757 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (AtlantiCare Health System Obligated Group Issue), Series 2021, 3.00% <br> 7/1/2038  | 2500 | 2169 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **142** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| Health Care Facs. Fncg. Auth., Rev. Bonds (AtlantiCare Health System Obligated Group Issue), Series 2021, 3.00% <br> 7/1/2039  | USD2,000 | $1699 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (Valley Health System Obligated Group), Series 2019, 4.00% 7/1/2035  | 1000 | 994 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (Valley Health System Obligated Group), Series 2019, 4.00% 7/1/2036  | 1000 | 983 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (Valley Health System Obligated Group), Series 2019, 4.00% 7/1/2037  | 1000 | 968 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (Valley Health System Obligated Group), Series 2019, 4.00% 7/1/2038  | 1250 | 1191 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (Valley Health System Obligated Group), Series 2019, 4.00% 7/1/2044  | 3000 | 2608 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2035  | 1250 | 1284 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2037  | 2605 | 2662 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2038  | 17930 | 18288 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series <br> 2017-A, 5.00% 7/1/2039  | 4575 | 4658 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (RWJ Barnabas Health Obligated Group Issue), Series 2016-A, <br> 5.00% 7/1/2031  | 2905 | 2957 |
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (RWJ Barnabas Health Obligated Group Issue), Series 2016-A, <br> 5.00% 7/1/2033  | 7000 | 7102 |
| Housing and Mortgage Fin. Agcy., Multi Family Housing Rev. Bonds (New Irvine Turner Apartments Project), Series <br> 2024-C, 3.67% 2/1/2026  | 2620 | 2629 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 10/1/2048  | 11245 | 11432 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2019-C, 4.75% 10/1/2050  | 7125 | 7256 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2020-E, 3.50% 4/1/2051  | 8330 | 8337 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2020-H, 3.00% 10/1/2052  | 22425 | 22107 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2023-J, 5.50% 4/1/2053  | 50295 | 53951 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2022-I, 5.00% 10/1/2053  | 10415 | 10789 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2024-K, 6.00% 10/1/2055  | 1755 | 1905 |
| South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2022-A, 4.625% 11/1/2047  | 3090 | 2881 |
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 6/1/2029  | 1575 | 1625 |
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 6/1/2030  | 5000 | 5149 |
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 6/1/2033  | 5000 | 5104 |
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.25% 6/1/2046  | 3600 | 3577 |
| Transportation Trust Fund Auth., Federal Highway Reimbursement Rev. Ref. Bonds, Series 2018-A, 5.00% <br> 6/15/2030  | 3500 | 3565 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2024-AA, 5.00% 6/15/2042  | 5170 | 5297 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2019-BB, 5.00% 6/15/2044  | 1000 | 1000 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2020-AA, 4.00% 6/15/2045  | 5000 | 4331 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2020-AA, 5.00% 6/15/2045  | 2310 | 2321 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2024-CC, 5.00% 6/15/2045  | 8250 | 8313 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2022-BB, 4.00% 6/15/2046  | 2795 | 2406 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2020-AA, 3.00% 6/15/2050  | 3010 | 2071 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2024-CC, 5.25% 6/15/2055  | 12500 | 12672 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2024-A, 5.00% 6/15/2034  | 9415 | 10408 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2024-A, 5.00% 6/15/2036  | 10000 | 10844 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2023-A, 5.00% 6/15/2037  | 1000 | 1061 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2023-A, 5.00% 6/15/2038  | 3500 | 3678 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 5.00% 12/15/2039  | 1000 | 1019 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2024-AA, 5.00% 6/15/2040  | 2830 | 2943 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2024-AA, 5.25% 6/15/2041  | 8155 | 8587 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2006-C, AMBAC, 0% 12/15/2026  | 6170 | 5941 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2006-C, NATL, 0% 12/15/2027  | 7315 | 6847 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2010-A, 0% 12/15/2030  | 8620 | 7276 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2006-C, NATL, 0% 12/15/2031  | 2500 | 2019 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2006-C, AGI, 0% 12/15/2034  | 9880 | 6916 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2008-A, 0% 12/15/2037  | 3000 | 1740 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2009-A, BAM, 0% 12/15/2038  | 4000 | 2201 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2010-A, 0% 12/15/2040  | 20765 | 9907 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2020-D, 5.00% 1/1/2028  | 735 | 757 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2025-B, 5.00% 1/1/2030  | 1375 | 1505 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2025-B, 5.00% 1/1/2034  | 1205 | 1356 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2025-B, 5.00% 1/1/2035  | 1590 | 1784 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **143** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2024-C, 5.00% 1/1/2043  | USD4,000 | $4132 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2025-A, 5.25% 1/1/2050  | 7000 | 7244 |
| Turnpike Auth., Turnpike Rev. Bonds, Series 2025-A, 5.25% 1/1/2055  | 1290 | 1330 |
|  |  | 395825 |
| **New Mexico 0.21%** | **New Mexico 0.21%** | **New Mexico 0.21%** |
| Aspire Public Improvement Dist., Special Levy Rev. Bonds, Series 2024, 4.45% 10/1/2033  | 500 | 495 |
| Aspire Public Improvement Dist., Special Levy Rev. Bonds, Series 2024, 5.30% 10/1/2053  | 825 | 734 |
| City of Farmington, Pollution Control Rev. Ref. Bonds (Public Service Co. of San Juan and Four Corners Projects), <br> Series 2016-B, 2.15% 4/1/2033  | 4500 | 3790 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2017-B-1, Class I, 3.75% 9/1/2048  | 1045 | 1049 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-A-1, Class I, 4.00% 1/1/2049  | 2755 | 2774 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-B-1, Class I, 4.00% 1/1/2049  | 1340 | 1347 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-C, Class I, 4.00% 1/1/2049  | 745 | 749 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-D, Class I, 4.25% 7/1/2049  | 2540 | 2567 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-D, Class I, 3.75% 1/1/2050  | 2680 | 2694 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 1/1/2050  | 540 | 546 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-F-1, Class I, 3.50% 7/1/2050  | 7005 | 7011 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-C-1, Class I, 4.00% 7/1/2050  | 525 | 529 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2020-A, Class I, 3.50% 1/1/2051  | 2925 | 2928 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2021-C, Class I, 3.00% 1/1/2052  | 245 | 242 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2022-D, Class I, 5.25% 3/1/2053  | 1715 | 1812 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2023-B, Class I, 5.50% 3/1/2054  | 6425 | 6830 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2023-A, Class I, 5.75% 3/1/2054  | 3615 | 3883 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2023-C, Class I, 5.75% 3/1/2054  | 180 | 194 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2025-A, Class I, 5.75% 3/1/2056  | 1245 | 1362 |
| Municipal Energy Acquisition Auth., Gas Supply Rev. Ref. and Acquisition Bonds, Series 2025, 5.00% 6/1/2054 <br> (put 11/1/2030)  | 6670 | 7082 |
|  |  | 48618 |
| **New York 10.95%** | **New York 10.95%** | **New York 10.95%** |
| City of Albany Capital Resource Corp., Rev. Bonds (Kipp Capital Region Public Charter Schools Project), Series <br> 2024, 5.00% 6/1/2064  | 550 | 487 |
| Town of Amherst Dev. Corp., Student Housing Fac. Rev. Ref. Bonds (UBF Faculty-Student Housing Corp. - Greiner <br> and Hadley Rev. Ref. Projects at SUNY Buffalo), Series 2017-A, AGI, 5.00% 10/1/2031  | 1055 | 1095 |
| Town of Brookhaven Local Dev. Corp., Rev. Ref. Bonds (Active Retirement Community, Inc.), Series 2016, 5.25% <br> 11/1/2025  | 300 | 301 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, 5.00% 7/15/2027  | 5975 | 6101 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, 5.00% 7/15/2028  | 8085 | 8257 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, 5.00% 7/15/2030  | 5840 | 5950 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, AGI, 4.00% 7/15/2032  | 1035 | 1041 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, AGI, 4.00% 7/15/2033  | 1085 | 1089 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, AGI, 4.00% 7/15/2034  | 1000 | 1001 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, 5.00% 7/15/2042  | 58040 | 56498 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, AGI, 3.00% 7/15/2043  | 4260 | 3127 |
| Build NYC Resource Corp., Rev. Ref. Bonds (Albert Einstein School of Medicine, Inc. Project), Series 2015, 5.50% <br> 9/1/2045 <sup>(a)</sup>  | 4775 | 4644 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2037  | 925 | 530 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2038  | 1390 | 745 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2039  | 2300 | 1152 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2045  | 1000 | 338 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-A, 0% 11/15/2054  | 24390 | 5178 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-A, BAM, 0% 11/15/2054  | 1965 | 429 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-A, 0% 11/15/2055  | 6000 | 1204 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2056  | 3500 | 627 |
| Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA, 4.00% 8/1/2043  | 660 | 584 |
| Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA, 3.00% 2/1/2050  | 1000 | 692 |
| Dormitory Auth., Rev. Bonds (Icahn School of Medicine at Mount Sinai), Series 2015-A, 5.00% 7/1/2033  | 3000 | 3002 |
| Dormitory Auth., Rev. Bonds (New School), Series 2016-A, 5.00% 7/1/2031  | 1255 | 1280 |
| Dormitory Auth., Rev. Bonds (New School), Series 2016-A, 5.00% 7/1/2032  | 2250 | 2288 |
| Dormitory Auth., Rev. Bonds (New School), Series 2022-A, 4.00% 7/1/2047  | 1025 | 833 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **144** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 7/1/2031  | USD1,000 | $1060 |
| Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 7/1/2036  | 1500 | 1553 |
| Dormitory Auth., Rev. Bonds (New York University), Series 2018-A, 5.00% 7/1/2038  | 2000 | 2052 |
| Dormitory Auth., Rev. Bonds (Northwell Health Obligated Group), Series 2025-A, 5.00% 5/1/2043  | 6500 | 6591 |
| Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 7/1/2038  | 1070 | 1013 |
| Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 7/1/2043  | 1200 | 1058 |
| Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 7/1/2049  | 2625 | 2186 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, 5.00% 10/1/2034  | 1500 | 1596 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, AGI, 5.25% 10/1/2040  | 1000 | 1064 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, AGI, 5.25% 10/1/2041  | 1345 | 1415 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, AGI, 5.25% 10/1/2042  | 1250 | 1300 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, AGI, 5.25% 10/1/2044  | 1425 | 1458 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, 5.25% 10/1/2049  | 3400 | 3372 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, AGI, 5.50% 10/1/2054  | 4250 | 4357 |
| Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2023-A, AGI, 5.00% 10/1/2036  | 1740 | 1851 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-D, 5.00% 2/15/2026 <br> (escrowed to maturity)  | 110 | 111 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2/15/2032  | 1500 | 1547 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2/15/2035  | 8500 | 8777 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2037  | 1685 | 1742 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2/15/2039  | 1775 | 1701 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-A, 4.00% 3/15/2039  | 5000 | 4785 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.00% 3/15/2040  | 1000 | 1016 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2040  | 6135 | 6237 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 3.00% 3/15/2041  | 43585 | 35085 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2041  | 2000 | 2023 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2022-A, 5.00% 3/15/2041  | 5000 | 5154 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.00% 3/15/2041  | 4000 | 4171 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 3.00% 3/15/2042  | 16375 | 12851 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-E, 4.00% 3/15/2042  | 1170 | 1059 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2022-A, 4.00% 3/15/2042  | 2350 | 2128 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2042  | 6860 | 6906 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 4.00% 3/15/2043 <br> (preref. 9/15/2030)  | 5 | 5 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 3/15/2044  | 9995 | 10029 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 3/15/2044 <br> (preref. 3/15/2029)  | 5 | 5 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.00% 3/15/2044  | 6605 | 6759 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 4.00% 3/15/2045  | 5000 | 4375 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2/15/2047  | 21270 | 18348 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 4.00% 3/15/2047  | 1000 | 862 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2047  | 14500 | 14503 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 4.00% 3/15/2048  | 3000 | 2568 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-E, 4.00% 3/15/2048  | 16000 | 13697 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2/15/2049  | 1955 | 1666 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2/15/2049 <br> (preref. 2/15/2030)  | 5 | 5 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2/15/2049 <br> (preref. 2/15/2030)  | 5 | 5 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2022-A, 4.00% 3/15/2049  | 8280 | 7054 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2025-A, 5.00% 3/15/2049  | 4755 | 4801 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.25% 3/15/2049  | 12865 | 13227 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2025-A, 5.00% 3/15/2051  | 7135 | 7196 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 4.00% 3/15/2054  | 4460 | 3736 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2017-B, 5.00% 3/15/2033  | 4000 | 4106 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 3/15/2034  | 6500 | 6764 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 3/15/2040  | 1035 | 1055 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 3/15/2045  | 1480 | 1488 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2023-A-1, 4.00% 3/15/2049  | 24550 | 21207 |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 4.00% <br> 3/15/2043  | 15990 | 14276 |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 4.00% <br> 3/15/2043 (preref. 9/15/2030)  | 5 | 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **145** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% <br> 3/15/2043  | USD4,800 | $4819 |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.25% <br> 3/15/2052  | 17445 | 17922 |
| Energy Fin. Dev. Corp., Energy Supply Rev. Bonds, Series 2025, 5.00% 7/1/2056 (put 12/1/2033)  | 3300 | 3442 |
| Environmental Facs. Corp., Clean Water and Drinking Water Revolving Funds Rev. Bonds (New York City <br> Municipal Water Fin. Auth. Projects - Second Resolution Bonds), Series 2024-A, 5.00% 6/15/2041  | 2250 | 2392 |
| Environmental Facs. Corp., Clean Water and Drinking Water Revolving Funds Rev. Bonds (New York City <br> Municipal Water Fin. Auth. Projects - Second Resolution Bonds), Series 2024-A, 5.00% 6/15/2046  | 5000 | 5135 |
| Environmental Facs. Corp., Clean Water and Drinking Water Revolving Funds Rev. Bonds (New York City <br> Municipal Water Fin. Auth. Projects - Second Resolution Bonds), Series 2024-A, 5.00% 6/15/2049  | 6000 | 6111 |
| Genesee County Funding Corp., Rev. Bonds (Rochester Regional Health Project), Series 2022-A, 5.25% 12/1/2052  | 690 | 667 |
| Housing Fin. Agcy., 15 Hudson Yards Housing Rev. Bonds, Series 2020-A, 1.65% 5/15/2039  | 5925 | 4760 |
| Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2017-M, 3.65% 11/1/2042  | 1250 | 1110 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-M-2, 0.75% 11/1/2025  | 75 | 74 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-L-1, 1.65% 5/1/2030  | 1135 | 1041 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2019-P, 2.60% 11/1/2034  | 2260 | 1922 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-E, 2.00% 11/1/2035  | 1060 | 831 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-L-1, 2.10% 11/1/2035  | 2100 | 1665 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-M-1, 2.10% 11/1/2035  | 5900 | 4678 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2017-D, 3.95% 11/1/2037  | 1000 | 962 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-D-1, 2.55% 11/1/2046  | 4085 | 2649 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-E-1, 2.65% 11/1/2051  | 4965 | 3076 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2019-H, 3.25% 11/1/2052  | 1105 | 813 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-D-2, 0.65% 11/1/2056 (put 11/1/2025)  | 795 | 789 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-J-1, 2.875% 11/1/2056  | 4000 | 2521 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-J-2, 1.00% 11/1/2061 (put 11/1/2026)  | 2105 | 2042 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2024-B-1, 3.45% 11/1/2063 (put 11/1/2029)  | 7500 | 7510 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2024-C-2, 3.60% 11/1/2063 (put 5/1/2029)  | 20000 | 20134 |
| Hudson Yards Infrastructure Corp., Rev. Green Bonds, Series 2022-A, 2.75% 2/15/2047  | 3360 | 2166 |
| Liberty Dev. Corp., Liberty Rev. Ref. Bonds, Series 2021-WTC-1, 3.00% 2/15/2042  | 5000 | 3881 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 2.10% <br> 11/15/2032  | 5680 | 4839 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 2.20% <br> 11/15/2033  | 10390 | 8687 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 2.875% <br> 11/15/2046  | 10000 | 6670 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 3.00% <br> 11/15/2051  | 10865 | 7282 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, BAM, 3.00% <br> 11/15/2051  | 5000 | 3410 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2021, 1.00% 9/1/2025  | 22320 | 22272 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2003-C, AGI, 5.25% 9/1/2029  | 4000 | 4350 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2016-B, 5.00% 9/1/2032  | 3000 | 3070 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2018, 5.00% 9/1/2034  | 2500 | 2622 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2020-A, 5.00% 9/1/2035  | 1200 | 1282 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2020-A, 5.00% 9/1/2036  | 1500 | 1592 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2018, 5.00% 9/1/2037  | 2000 | 2072 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2020-A, 5.00% 9/1/2037  | 1000 | 1055 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2018, 5.00% 9/1/2038  | 1000 | 1032 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2020-A, 5.00% 9/1/2038  | 1450 | 1519 |
| Metropolitan Transportation Auth., Dedicated Tax Fund Green Bonds, Series 2016-B-1, 5.00% 11/15/2036  | 5000 | 5067 |
| Metropolitan Transportation Auth., Dedicated Tax Fund Green Bonds, Series 2024-A, 5.25% 11/15/2045  | 500 | 519 |
| Metropolitan Transportation Auth., Dedicated Tax Fund Green Bonds, Series 2024-A, 5.00% 11/15/2049  | 15000 | 15042 |
| Metropolitan Transportation Auth., Dedicated Tax Fund Green Bonds, Series 2024-B-1, 5.00% 11/15/2051  | 2000 | 2002 |
| Metropolitan Transportation Auth., Dedicated Tax Fund Green Bonds, Series 2024-A, 5.25% 11/15/2054  | 9250 | 9432 |
| Metropolitan Transportation Auth., Hudson Rail Yards Trust Obligations, Series 2016-A, 5.00% 11/15/2051  | 7500 | 7459 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 11/15/2035  | 6000 | 6004 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2021-A-2, 4.00% 11/15/2041  | 2000 | 1791 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2017-D, 4.00% 11/15/2042  | 13360 | 11697 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2021-A-2, 4.00% 11/15/2042  | 17500 | 15452 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2021-A-2, 4.00% 11/15/2043  | 4445 | 3888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **146** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 5.00% 11/15/2045 (put <br> 5/15/2030)  | USD8,450 | $8879 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.00% 11/15/2032  | 1500 | 1539 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-A-1, 4.00% 11/15/2040  | 6000 | 5464 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D-1, 5.00% 11/15/2043  | 1500 | 1507 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-C, AGI, 4.00% 11/15/2045  | 2000 | 1697 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-A-1, 4.00% 11/15/2045  | 1185 | 1010 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2021-A-1, 4.00% 11/15/2045  | 2150 | 1833 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D, 5.00% 11/15/2045  | 1500 | 1489 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2021-A-1, 4.00% 11/15/2046  | 20975 | 17662 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D-2, 4.00% 11/15/2047  | 10500 | 8827 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D-2, 4.00% 11/15/2048  | 1225 | 1021 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D-3, 4.00% 11/15/2049  | 20555 | 16990 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, 4.00% 11/15/2050  | 7525 | 6126 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-C-1, 5.00% 11/15/2050  | 5000 | 4844 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, 5.00% 11/15/2052  | 3930 | 3789 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-A-1, BAM, 4.00% 11/15/2053  | 10020 | 8117 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2016-A-1, 5.25% 11/15/2056  | 2500 | 2464 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2015-C-1, 5.00% 11/15/2027  | 930 | 935 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2015-F, 5.00% 11/15/2027  | 2230 | 2241 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2016-D, 5.00% 11/15/2030  | 2720 | 2789 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2017-D, 5.00% 11/15/2033  | 2225 | 2319 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2017-D, 5.00% 11/15/2035  | 2885 | 2978 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2016-B, 4.00% 11/15/2036  | 1010 | 979 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2017-D, 4.00% 11/15/2046  | 5100 | 4249 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2025  | 3915 | 3941 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2020-E, 5.00% 11/15/2032  | 1725 | 1875 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2033  | 1000 | 1042 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 11/15/2034  | 2500 | 2494 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2034  | 2335 | 2422 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 11/15/2035  | 5000 | 4954 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 11/15/2036  | 3000 | 2936 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 11/15/2038  | 1000 | 939 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2020-E, 4.00% 11/15/2045  | 5100 | 4350 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2019-A-2, 5.00% 11/15/2045  | 10250 | 10201 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds (Climate Bond Certified), Series 2017-B, <br> 5.00% 11/15/2025  | 150 | 151 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, CAB, Series 2017-C-2, 0% 11/15/2029  | 3490 | 3044 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, CAB, Series 2017-C-2, 0% 11/15/2032  | 500 | 382 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 205, 4.00% 4/1/2040  | 280 | 281 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 10/1/2044  | 490 | 490 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 233, 3.00% 10/1/2045  | 7345 | 7268 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 10/1/2045  | 155 | 155 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 54, 4.00% 4/1/2047  | 1515 | 1517 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 10/1/2047  | 1530 | 1542 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 208, 4.00% 10/1/2048  | 4470 | 4484 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 223, 3.50% 4/1/2049  | 710 | 710 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 227, 3.25% 10/1/2050  | 4480 | 4463 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 239, 3.25% 10/1/2051  | 845 | 841 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 242, 3.50% 10/1/2052  | 8050 | 8061 |
| County of Nassau, GO General Improvement Bonds, Series 2018-B, AGI, 5.00% 7/1/2042  | 2000 | 2024 |
| New York City GO Bonds, Fiscal 2006, Series 2006-I-A, 5.00% 4/1/2032  | 2000 | 2179 |
| New York City GO Bonds, Fiscal 2015, Series 2015-C, 5.00% 8/1/2033  | 5 | 5 |
| New York City GO Bonds, Fiscal 2016, Series 2016-A, 5.00% 8/1/2026  | 500 | 501 |
| New York City GO Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 8/1/2030  | 815 | 832 |
| New York City GO Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 12/1/2034  | 1000 | 1019 |
| New York City GO Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 8/1/2037  | 2000 | 2021 |
| New York City GO Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 12/1/2038  | 1500 | 1517 |
| New York City GO Bonds, Fiscal 2017, Series 2017-B-1, 4.00% 12/1/2043  | 1835 | 1610 |
| New York City GO Bonds, Fiscal 2018, Series 2018-C, 5.00% 8/1/2029  | 4800 | 5051 |
| New York City GO Bonds, Fiscal 2018, Series 2018-C, 5.00% 8/1/2030  | 8075 | 8469 |
| New York City GO Bonds, Fiscal 2018, Series 2018-C, 5.00% 8/1/2031  | 870 | 909 |
| New York City GO Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 3/1/2032  | 2575 | 2689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **147** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City GO Bonds, Fiscal 2018, Series 2018-B-1, 5.00% 10/1/2035  | USD2,950 | $3044 |
| New York City GO Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 3/1/2037  | 6345 | 6518 |
| New York City GO Bonds, Fiscal 2018, Series 2018-F-1, 5.00% 4/1/2037  | 2000 | 2056 |
| New York City GO Bonds, Fiscal 2019, Series 2019-D-1, 5.00% 12/1/2037  | 5000 | 5157 |
| New York City GO Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 10/1/2033  | 1130 | 1206 |
| New York City GO Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 10/1/2036  | 8750 | 9171 |
| New York City GO Bonds, Fiscal 2020, Series 2020-D-1, 5.00% 3/1/2038  | 7500 | 7760 |
| New York City GO Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 10/1/2038  | 7500 | 7778 |
| New York City GO Bonds, Fiscal 2020, Series 2020-D-1, 5.00% 3/1/2039  | 3515 | 3620 |
| New York City GO Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 10/1/2039  | 6810 | 7025 |
| New York City GO Bonds, Fiscal 2020, Series 2020-D-1, 5.00% 3/1/2040  | 7000 | 7163 |
| New York City GO Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 10/1/2040  | 2500 | 2355 |
| New York City GO Bonds, Fiscal 2020, Series 2020-D-1, 4.00% 3/1/2041  | 8000 | 7410 |
| New York City GO Bonds, Fiscal 2020, Series 2020-A-1, 5.00% 8/1/2041  | 12400 | 12666 |
| New York City GO Bonds, Fiscal 2020, Series 2020-D-1, 4.00% 3/1/2042  | 2500 | 2286 |
| New York City GO Bonds, Fiscal 2020, Series 2020-B-1, 5.00% 10/1/2042  | 6000 | 6105 |
| New York City GO Bonds, Fiscal 2020, Series 2020-D-1, 5.00% 3/1/2043  | 2000 | 2020 |
| New York City GO Bonds, Fiscal 2020, Series 2020-A-1, 5.00% 8/1/2043  | 10000 | 10136 |
| New York City GO Bonds, Fiscal 2020, Series 2020-D-1, 4.00% 3/1/2044  | 2000 | 1785 |
| New York City GO Bonds, Fiscal 2021, Series 2021-F-1, 5.00% 3/1/2043  | 4430 | 4487 |
| New York City GO Bonds, Fiscal 2021, Series 2021-F-1, 5.00% 3/1/2050  | 1880 | 1858 |
| New York City GO Bonds, Fiscal 2022, Series 2022-A-1, 5.00% 8/1/2035  | 4510 | 4843 |
| New York City GO Bonds, Fiscal 2022, Series 2022-B-1, 5.00% 8/1/2035  | 825 | 892 |
| New York City GO Bonds, Fiscal 2022, Series 2022-D-1, 5.25% 5/1/2039  | 1800 | 1916 |
| New York City GO Bonds, Fiscal 2022, Series 2022-A-1, 4.00% 8/1/2042  | 2000 | 1826 |
| New York City GO Bonds, Fiscal 2022, Series 2022-D-1, 5.25% 5/1/2043  | 1195 | 1243 |
| New York City GO Bonds, Fiscal 2022, Series 2022-A-1, 5.00% 8/1/2047  | 13725 | 13656 |
| New York City GO Bonds, Fiscal 2023, Series 2023-F-1, 5.00% 8/1/2036  | 965 | 1044 |
| New York City GO Bonds, Fiscal 2023, Series 2023-B-1, 5.25% 10/1/2040  | 3000 | 3172 |
| New York City GO Bonds, Fiscal 2023, Series 2023-B-1, 5.25% 10/1/2047  | 10830 | 11077 |
| New York City GO Bonds, Fiscal 2024, Series 2024-C, 5.00% 3/1/2043  | 6500 | 6667 |
| New York City GO Bonds, Fiscal 2024, Series 2024-C, 5.00% 3/1/2044  | 2500 | 2549 |
| New York City GO Bonds, Fiscal 2024, Series 2024-C, 5.00% 3/1/2045  | 2000 | 2030 |
| New York City GO Bonds, Fiscal 2024, Series 2024-A, 5.00% 8/1/2046  | 1025 | 1031 |
| New York City GO Bonds, Fiscal 2024, Series 2024-C, 5.25% 3/1/2047  | 15000 | 15376 |
| New York City GO Bonds, Fiscal 2024, Series 2024-C, 5.25% 3/1/2048  | 13665 | 13970 |
| New York City GO Bonds, Fiscal 2024, Series 2024-D, 5.50% 4/1/2048  | 10000 | 10435 |
| New York City GO Bonds, Fiscal 2024, Series 2024-D, 5.50% 4/1/2049  | 5000 | 5227 |
| New York City GO Bonds, Fiscal 2024, Series 2024-A, 5.00% 8/1/2051  | 3480 | 3481 |
| New York City GO Bonds, Fiscal 2024, Series 2024-D, 5.25% 4/1/2054  | 7000 | 7130 |
| New York City GO Bonds, Fiscal 2025, Series 2025-F, 5.00% 8/1/2028  | 1500 | 1610 |
| New York City GO Bonds, Fiscal 2025, Series 2025-F, 5.00% 8/1/2029  | 1670 | 1825 |
| New York City GO Bonds, Fiscal 2025, Series 2025-E, 5.00% 8/1/2043  | 5000 | 5140 |
| New York City GO Bonds, Fiscal 2025, Series 2025-G-1, 5.25% 2/1/2045  | 1500 | 1557 |
| New York City GO Bonds, Fiscal 2025, Series 2025-C-1, 5.00% 9/1/2047  | 5000 | 5033 |
| New York City GO Bonds, Fiscal 2025, Series 2025-C-1, 5.00% 9/1/2048  | 3000 | 3016 |
| New York City GO Bonds, Fiscal 2025, Series 2025-G-1, 5.25% 2/1/2050  | 4000 | 4096 |
| New York City GO Bonds, Fiscal 2025, Series 2025-C-1, 5.25% 9/1/2050  | 4590 | 4692 |
| New York City GO Bonds, Fiscal 2025, Series 2025-G-1, 5.25% 2/1/2053  | 3000 | 3065 |
| New York City GO Bonds, Fiscal 2025, Series 2025-E, 5.00% 8/1/2054  | 2480 | 2483 |
| New York City Health and Hospitals Corp., Health System Bonds, Series 2020-A, 3.00% 2/15/2026  | 1000 | 1003 |
| New York City Housing Dev. Corp., Housing Impact Green Bonds, Series 2020-A, 2.70% 8/1/2045  | 5000 | 3429 |
| New York City Housing Dev. Corp., Housing Impact Green Bonds, Series 2020-A, 2.80% 2/1/2050  | 11500 | 7518 |
| New York City Housing Dev. Corp., Housing Impact Green Bonds, Series 2020-C, 2.75% 2/1/2051  | 2000 | 1278 |
| New York City Housing Dev. Corp., Housing Impact Green Bonds, Series 2022-A, 3.25% 8/1/2051  | 5050 | 3720 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2021-C-1, <br> 2.50% 11/1/2051  | 5000 | 2977 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2024-F-2, <br> 3.40% 11/1/2064 (put 1/2/2029)  | 4415 | 4445 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series <br> 2020-I-1, 2.10% 11/1/2035  | 6905 | 5501 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series <br> 2017-C-1, 3.55% 11/1/2042  | 8000 | 6987 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **148** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series <br> 2017-A-1-A, 3.85% 11/1/2042  | USD2,000 | $1833 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-G, 1.85% 11/1/2032  | 1060 | 878 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-F-1, 2.10% 11/1/2036  | 6000 | 4597 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-F-1, 2.25% 11/1/2041  | 7100 | 4906 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2020-D-1-A, 2.30% 11/1/2045  | 2665 | 1696 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2020-H, 2.55% 11/1/2045  | 2320 | 1561 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-C-1, 2.40% 11/1/2046  | 4050 | 2548 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-F-1, 2.40% 11/1/2046  | 2405 | 1513 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-F-1, 2.50% 11/1/2051  | 5000 | 2977 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2020-A-1-C, 3.00% 11/1/2055  | 3000 | 2007 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Neighborhood Bonds), <br> Series 2020-I-1, 2.55% 11/1/2045  | 5000 | 3364 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Neighborhood Bonds), <br> Series 2019-G-1-B, 3.05% 5/1/2050  | 5920 | 4051 |
| New York City Housing Dev. Corp., Multi Family Mortgage Rev. Bonds (8 Spruce Street), Series 2024-D, 4.00% <br> 12/15/2031  | 480 | 495 |
| New York City Housing Dev. Corp., Multi Family Mortgage Rev. Bonds (8 Spruce Street), Series 2024-E, 4.375% <br> 12/15/2031  | 590 | 605 |
| New York City Industrial Dev. Agcy., PILOT Rev. Bonds (Yankee Stadium Project), CAB, Series 2009-A, AGI, 0% <br> 3/1/2032  | 3365 | 2612 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 5.00% 1/1/2030  | 1000 | 1086 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 5.00% 1/1/2031  | 1000 | 1096 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 4.00% 1/1/2032  | 500 | 513 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 3.00% 1/1/2033  | 500 | 472 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 3.00% 1/1/2034  | 3150 | 2921 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 3.00% 1/1/2037  | 4940 | 4312 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 2.00% 1/1/2038  | 1250 | 893 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 3.00% 1/1/2040  | 6360 | 5134 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 3.00% 1/1/2046  | 9380 | 6732 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 3.00% <br> 3/1/2039  | 5500 | 4575 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 3.00% <br> 3/1/2040  | 2000 | 1622 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 4.00% <br> 3/1/2045  | 9800 | 8644 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, 4.00% <br> 3/1/2045  | 2000 | 1726 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 3.00% <br> 3/1/2049  | 9315 | 6403 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2025-CC, 5.00% 6/15/2030  | 1250 | 1397 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2021-BB-1, 5.00% 6/15/2044  | 3240 | 3275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **149** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2022-EE, 5.00% 6/15/2045  | USD12,500 | $12623 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2023-DD, 4.125% 6/15/2046  | 1000 | 906 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-CC, 5.00% 6/15/2046  | 2500 | 2540 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2023-DD, 4.125% 6/15/2047  | 11235 | 10105 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2018-CC-1, 5.00% 6/15/2048  | 8000 | 8010 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2018-DD-1, 5.00% 6/15/2048  | 1500 | 1502 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-AA-3, 5.25% 6/15/2048  | 7500 | 7702 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2019-DD-1, 5.00% 6/15/2049  | 3500 | 3504 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2025-AA-2, 5.00% 6/15/2049  | 6900 | 6971 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2020-DD-1, 4.00% 6/15/2050  | 5150 | 4482 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2020-GG-1, 4.00% 6/15/2050  | 8435 | 7341 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2025-AA-1, 5.00% 6/15/2051  | 24085 | 24288 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-AA-1, 5.00% 6/15/2053  | 6060 | 6097 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-AA-1, 5.25% 6/15/2053  | 6685 | 6848 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2025-AA-1, 5.25% 6/15/2053  | 11040 | 11368 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-CC, 5.25% 6/15/2054  | 38485 | 39549 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal <br> 2025, Series 2025-CC, 5.00% 6/15/2037  | 10000 | 11022 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal <br> 2025, Series 2025-BB, 5.00% 6/15/2043  | 12310 | 12782 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal <br> 2025, Series 2025-BB, 5.00% 6/15/2048  | 9000 | 9106 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal <br> 2025, Series 2025-BB, 5.00% 6/15/2052  | 15000 | 15117 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2016-S-1, 5.00% 7/15/2029  | 5000 | 5047 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2018-S-4-A, 5.00% 7/15/2034  | 4000 | 4202 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2018-S-1, 5.00% 7/15/2035  | 3295 | 3392 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2018-S-4-A, 5.00% 7/15/2035  | 3000 | 3088 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2019-S-3, 5.00% 7/15/2035  | 5000 | 5230 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2019-S-1, 4.00% 7/15/2037  | 5135 | 5007 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2018-S-3, 5.00% 7/15/2037  | 10000 | 10375 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2018-S-4-A, 5.00% 7/15/2037  | 17350 | 18001 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2018-S-3, 5.00% 7/15/2038  | 4000 | 4130 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2021-S-1-A, 4.00% 7/15/2040  | 2000 | 1879 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2019-S-1, 5.00% 7/15/2043  | 10000 | 10140 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2016-A-1, 5.00% 8/1/2034  | 8000 | 8000 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2016-A-1, 5.00% 8/1/2036  | 4000 | 4000 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, Series 2016-A-1, 5.00% 8/1/2037  | 2000 | 2000 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 11/1/2031  | 3750 | 3888 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 5/1/2034  | 2500 | 2572 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 5/1/2035  | 1000 | 1011 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 5/1/2035  | 5000 | 5128 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-B-1, 4.00% 8/1/2037  | 2800 | 2733 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-B-1, 5.00% 8/1/2038  | 2000 | 2019 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-B-1, 5.00% 8/1/2033  | 5000 | 5178 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-A-2, 5.00% 8/1/2035  | 10000 | 10286 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-B-1, 4.00% 8/1/2042  | 1350 | 1219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **150** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-B-1, 5.00% 8/1/2045  | USD3,035 | $3036 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 8/1/2035  | 6000 | 6235 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 8/1/2038  | 4750 | 4880 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 8/1/2042  | 1500 | 1519 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 5/1/2036  | 1200 | 1187 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 5/1/2037  | 1000 | 977 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 11/1/2039  | 2455 | 2306 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-A-2, 5.00% 5/1/2040  | 26900 | 27534 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 5/1/2041  | 4000 | 4083 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-A-3, 4.00% 5/1/2042  | 1510 | 1361 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-A-3, 4.00% 5/1/2043  | 2900 | 2589 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 11/1/2043  | 10000 | 8919 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-C-1, 4.00% 5/1/2045  | 10135 | 8907 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-A, 5.00% 11/1/2025  | 225 | 226 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-D-1, 5.00% 11/1/2034  | 2500 | 2673 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-D-1, 4.00% 11/1/2035  | 5170 | 5142 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-D-1, 5.00% 11/1/2036  | 2000 | 2107 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-E-1, 5.00% 2/1/2037  | 2000 | 2105 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-A, 3.00% 11/1/2037  | 11000 | 9516 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-D-1, 5.00% 11/1/2037  | 5000 | 5225 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-A, 3.00% 11/1/2039  | 3500 | 2887 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-D-1, 4.00% 11/1/2039  | 3500 | 3270 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-E-1, 4.00% 2/1/2040  | 4000 | 3713 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-D-1, 4.00% 11/1/2040  | 1000 | 925 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-E-1, 4.00% 2/1/2041  | 8815 | 8066 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-C-1, 4.00% 5/1/2041  | 1000 | 915 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-E-1, 4.00% 2/1/2042  | 3000 | 2710 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-D-1, 4.00% 11/1/2043  | 7000 | 6257 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-C-1, 4.00% 5/1/2045  | 3250 | 2856 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-D-1, 4.00% 11/1/2046  | 10500 | 9118 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-D-1, 4.00% 11/1/2047  | 1000 | 862 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2021, Series 2021-C-1, 3.00% 5/1/2048  | 6000 | 4151 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2022, Series 2022-C-1, 4.00% 2/1/2042  | 5000 | 4519 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2022, Series 2022-B-1, 4.00% 8/1/2042  | 5000 | 4514 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2022, Series 2022-C-1, 5.00% 2/1/2047  | 8695 | 8726 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2022, Series 2022-F-1, 5.00% 2/1/2047  | 6520 | 6543 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2022, Series 2022-F-1, 4.00% 2/1/2051  | 590 | 497 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2023, Series 2023-A-1, 4.00% 8/1/2048  | 1400 | 1209 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2023, Series 2023-F-1, 4.00% 2/1/2051  | 8455 | 7192 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-D, 5.00% 11/1/2036  | 4000 | 4363 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-D, 5.00% 11/1/2037  | 4285 | 4624 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-D, 5.00% 11/1/2041  | 2500 | 2613 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-B, 5.00% 5/1/2043  | 6535 | 6689 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G-1, 5.00% 5/1/2043  | 13840 | 14223 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-A-1, 5.00% 5/1/2044  | 5500 | 5607 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.00% 5/1/2044  | 4885 | 5010 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-B, 5.50% 5/1/2044  | 5000 | 5285 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-A-1, 4.00% 5/1/2045  | 2250 | 1982 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-B, 5.00% 5/1/2046  | 2150 | 2170 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.00% 5/1/2046  | 2795 | 2842 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-B, 5.00% 5/1/2048  | 10000 | 10046 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-C, 5.25% 5/1/2048  | 2155 | 2213 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.25% 5/1/2048  | 22700 | 23421 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.25% 5/1/2049  | 19500 | 20098 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-B, 5.25% 5/1/2050  | 11580 | 11853 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.25% 5/1/2051  | 20785 | 21396 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-F-1, 5.25% 2/1/2053  | 15505 | 15928 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-B, 4.375% 5/1/2053  | 10000 | 9109 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2028  | 1000 | 1079 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2029  | 1000 | 1100 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-F-F1, 5.00% 11/1/2033  | 750 | 845 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-D, 5.00% 5/1/2036  | 960 | 1057 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-A, 5.00% 11/1/2038  | 15455 | 16525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **151** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-F-F1, 5.00% 11/1/2038  | USD2,490 | $2670 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2039  | 5000 | 5326 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-D, 5.00% 5/1/2040  | 3635 | 3838 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2041  | 10000 | 10475 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-D, 5.00% 5/1/2042  | 1500 | 1559 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2042  | 1600 | 1663 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2043  | 10000 | 10288 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2043  | 1600 | 1648 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2045  | 2500 | 2560 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2046  | 10000 | 10174 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2046  | 2500 | 2544 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2046  | 2615 | 2662 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2047  | 1500 | 1520 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2047  | 12505 | 12672 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.25% 11/1/2048  | 6500 | 6725 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-D, 5.00% 5/1/2049  | 2490 | 2513 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.25% 5/1/2049  | 6000 | 6194 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.50% 11/1/2049  | 28205 | 29661 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2050  | 7760 | 7829 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.50% 11/1/2051  | 1950 | 2051 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-D, 5.50% 5/1/2052  | 4000 | 4195 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2053  | 15830 | 15898 |
| New York City Trust for Cultural Resources, Rev. Ref. Bonds (Lincoln Center for the Performing Arts, Inc.), Series <br> 2020-A, 4.00% 12/1/2034  | 1000 | 1009 |
| County of Onondaga, Trust for Cultural Resources, Rev. Bonds, Series 2019, 4.00% 12/1/2049  | 5000 | 4256 |
| Onongada Civic Dev. Corp., Rev. Bonds (Syracuse University Project), Series 2025, 5.50% 12/1/2056  | 8985 | 9470 |
| Port Auth., Consolidated Bonds, Series 212, 4.00% 9/1/2037  | 2000 | 1970 |
| Port Auth., Consolidated Bonds, Series 212, 4.00% 9/1/2038  | 4000 | 3888 |
| Port Auth., Consolidated Bonds, Series 212, 4.00% 9/1/2039  | 3360 | 3203 |
| Power Auth., Rev. Bonds, Series 2020-A, 4.00% 11/15/2055  | 5670 | 4745 |
| Power Auth., Rev. Bonds, Series 2020-A, 4.00% 11/15/2060  | 5450 | 4481 |
| Power Auth., Rev. Bonds (Green Transmission Project), Series 2022-A, AGI, 5.00% 11/15/2035  | 1750 | 1907 |
| Power Auth., Rev. Bonds (Green Transmission Project), Series 2022-A, AGI, 4.00% 11/15/2052  | 3000 | 2558 |
| Power Auth., Rev. Bonds (Green Transmission Project), Series 2022-A, AGI, 4.00% 11/15/2061  | 22865 | 19083 |
| Suffolk County Econ. Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2019-B, 4.00% <br> 12/1/2025  | 275 | 274 |
| Suffolk County Econ. Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2019-A, 5.00% <br> 12/1/2029  | 135 | 140 |
| Suffolk County Econ. Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2019-B, 5.00% <br> 12/1/2029  | 1000 | 1027 |
| Suffolk County Econ. Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2019-A, 5.00% <br> 12/1/2034  | 165 | 169 |
| Suffolk County Econ. Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2019-A, 5.00% <br> 12/1/2040  | 175 | 170 |
| Suffolk County Econ. Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2019-B, 5.00% <br> 12/1/2040  | 1050 | 1019 |
| Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 3.125% <br> 12/1/2025  | 90 | 90 |
| Sullivan County Infrastructure Local Dev. Corp., Rev. Bonds (Adelaar Infrastructure Project), Series 2016-C-2, <br> 5.35% 11/1/2049 <sup>(a)</sup>  | 2325 | 2225 |
| Thruway Auth., General Rev. Bonds, Series 2020-N, 4.00% 1/1/2047  | 3750 | 3250 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2016-A, 5.00% 1/1/2032  | 5000 | 5037 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 1/1/2037  | 3000 | 2974 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 1/1/2038  | 11260 | 11053 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 1/1/2039  | 4000 | 3888 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2016-A, 5.00% 1/1/2041  | 3500 | 3504 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 1/1/2045  | 4000 | 3521 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 3.00% 1/1/2046  | 900 | 634 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2016-A, 5.00% 1/1/2046  | 8500 | 8497 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2016-A, 5.00% 1/1/2051  | 1600 | 1599 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2016-A, 5.25% 1/1/2056  | 3250 | 3256 |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 4.00% 3/15/2041  | 9225 | 8474 |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 3.00% 3/15/2048  | 4200 | 2979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **152** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2022-A-1, 4.00% 3/15/2050  | USD2,125 | $1842 |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2022-A-1, 4.00% 3/15/2051  | 9500 | 8180 |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 4.00% 3/15/2054  | 8000 | 6779 |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 4.00% 3/15/2056  | 16000 | 13428 |
| Tompkins County Dev. Corp., Continuing Care Retirement Community Rev. Bonds (Kendal at Ithaca, Inc. Project), <br> Series 2014-A, 5.00% 7/1/2029  | 530 | 531 |
| Tompkins County Dev. Corp., Continuing Care Retirement Community Rev. Bonds (Kendal at Ithaca, Inc. Project), <br> Series 2014-A, 5.00% 7/1/2034  | 500 | 500 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 5.00% 12/1/2031  | 1200 | 1296 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 5.00% 12/1/2032  | 2500 | 2682 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 5.00% 12/1/2034  | 1260 | 1334 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 5.00% 12/1/2036  | 5700 | 5959 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 5.00% 12/1/2038  | 2125 | 2193 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 4.00% 12/1/2039  | 1800 | 1672 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 4.00% 12/1/2040  | 500 | 459 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 4.00% 12/1/2041  | 5830 | 5251 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 4.00% 12/1/2042  | 2000 | 1767 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2017-A, 5.00% <br> 11/15/2033  | 2395 | 2477 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2017-A, 5.00% <br> 11/15/2034  | 960 | 991 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2017-A, 5.00% <br> 11/15/2035  | 1000 | 1029 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2020-A, 5.00% <br> 11/15/2049  | 18000 | 18028 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2021-A, 5.00% <br> 11/15/2051  | 9770 | 9795 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2022-A, 4.00% <br> 11/15/2052  | 13000 | 11013 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2020-A, 5.00% <br> 11/15/2054  | 6205 | 6183 |
| Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds (MTA Bridges and Tunnels), Series 2017-B, 5.00% <br> 11/15/2033  | 2000 | 2069 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Green Bonds (MTA Bridges and Tunnels), Series 2024-B, <br> 5.00% 5/15/2045  | 1250 | 1276 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Green Bonds (MTA Bridges and Tunnels), Series 2024-B, <br> 5.00% 5/15/2046  | 2000 | 2033 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Green Bonds (MTA Bridges and Tunnels), Series 2024-B, <br> 5.25% 5/15/2054  | 13715 | 14052 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Rev. Ref. Green Bonds (MTA Bridges and Tunnels), Series <br> 2023-C, 5.25% 11/15/2040  | 5000 | 5381 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Rev. Ref. Green Bonds (MTA Bridges and Tunnels), Series <br> 2023-C, 5.25% 11/15/2042  | 6600 | 6947 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Rev. Ref. Green Bonds (MTA Bridges and Tunnels), Series <br> 2024-B, 5.00% 11/15/2043 (put 11/15/2025)  | 5070 | 5100 |
| Triborough Bridge and Tunnel Auth., Real Estate Transfer Tax Rev. Bonds (MTA Bridges and Tunnels), Series <br> 2025-A, 5.25% 12/1/2054  | 15715 | 16099 |
| Triborough Bridge and Tunnel Auth., Real Estate Transfer Tax Rev. Bonds (MTA Bridges and Tunnels), Series <br> 2025-A, 5.50% 12/1/2059  | 9935 | 10314 |
| Triborough Bridge and Tunnel Auth., Rev. Bond Anticipation Notes, Series 2021-A, 5.00% 11/1/2025  | 280 | 282 |
| Triborough Bridge and Tunnel Auth., Rev. Ref. Bonds (MTA Bridges and Tunnels), CAB, Series 2013-A, 0% <br> 11/15/2032  | 3095 | 2401 |
| Triborough Bridge and Tunnel Auth., Sales Tax Rev. Bonds (MTA Bridges and Tunnels), Series 2024-A-1, 5.25% <br> 5/15/2059  | 7425 | 7585 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **153** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| City of Troy Capital Resource Corp., Rev. Bonds (Rensselaer Polytechnic Institute Project), Series 2015, 5.00% <br> 8/1/2027  | USD800 | $808 |
| City of Troy Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, <br> 5.00% 9/1/2033  | 1250 | 1324 |
| City of Troy Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, <br> 5.00% 9/1/2034  | 1750 | 1842 |
| City of Troy Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, <br> 5.00% 9/1/2035  | 1250 | 1306 |
| City of Troy Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, <br> 4.00% 9/1/2040  | 1750 | 1576 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 3/15/2028 <br> (preref. 3/15/2026)  | 750 | 762 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 3/15/2031  | 2250 | 2280 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-C-2, 5.00% 3/15/2031  | 2500 | 2608 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-C-2, 5.00% 3/15/2034  | 3750 | 3882 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 3/15/2035  | 1990 | 2012 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-C, 5.00% 3/15/2036  | 4500 | 4632 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2037  | 1000 | 1028 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2039  | 1000 | 1019 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 3.00% 3/15/2040  | 3545 | 2933 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 4.00% 3/15/2041  | 20415 | 18754 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 5.00% 3/15/2042  | 3100 | 3140 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2044  | 12000 | 12043 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 3/15/2044  | 5000 | 5033 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 4.00% 3/15/2045  | 2500 | 2198 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-E, 3.00% 3/15/2047  | 11135 | 7977 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 3.00% 3/15/2048  | 1445 | 1022 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 4.00% 3/15/2049  | 8915 | 7608 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 3.00% 3/15/2050  | 5000 | 3470 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2023-A, 5.00% 3/15/2057  | 6360 | 6371 |
| Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2019-A, 5.00% 3/15/2039  | 1500 | 1545 |
| Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2021-A, 3.00% 3/15/2040  | 12500 | 10232 |
| Urban Dev. Corp., State Tax Rev. Bonds (Bidding Group 4), Series 2021-A, 3.00% 3/15/2050  | 2025 | 1394 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2016-B, 5.00% 12/15/2034  | 1000 | 1017 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2016-B, 5.00% 12/15/2035  | 750 | 762 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 12/15/2038  | 5000 | 5122 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2023-TE-1, 5.00% 12/15/2040  | 5000 | 5393 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 12/15/2041  | 14500 | 14754 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2023-TE-1, 5.00% 12/15/2041  | 3380 | 3608 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2023-TE-2, 5.00% 12/15/2043  | 2000 | 2098 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2023-TE-2, 5.00% 6/15/2053  | 2500 | 2550 |
| Westchester County Local Dev. Corp., Rev. Ref. Bonds (Kendal on Hudson Project), Series 2022-B, 5.00% 1/1/2027  | 145 | 148 |
|  |  | 2504877 |
| **North Carolina 0.90%** | **North Carolina 0.90%** | **North Carolina 0.90%** |
| City of Asheville, Housing Auth., Multi Family Housing Rev. Bonds (Vanderbilt Apartments), Series 2023, 5.00% <br> 11/1/2026 (put 11/1/2025)  | 2435 | 2447 |
| City of Charlotte, Airport Rev. Bonds, Series 2025-A, AMT, 5.25% 7/1/2055  | 2000 | 2063 |
| City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2022-A, 5.00% 7/1/2040  | 1060 | 1112 |
| City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2021-A, 3.00% 7/1/2046  | 2635 | 1870 |
| City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2022-A, 4.00% 7/1/2047  | 5880 | 5241 |
| City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2023-A, AMT, 5.00% <br> 7/1/2048  | 1225 | 1244 |
| City of Charlotte, Water and Sewer System Rev. Bonds, Series 2024, 5.00% 7/1/2049  | 10115 | 10370 |
| City of Charlotte, Water and Sewer System Rev. Bonds, Series 2024, 5.00% 7/1/2054  | 4000 | 4086 |
| City of Charlotte, Water and Sewer System Rev. Ref. Bonds, Series 2020, 3.00% 7/1/2039  | 3250 | 2771 |
| Columbus County Industrial Facs. and Pollution Control Fin. Auth. Recovery Zone Fac. Rev. Ref. Bonds <br> (International Paper Co. Project), Series 2019-B, 3.45% 11/1/2033 (put 10/1/2031)  | 1400 | 1373 |
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, NATL, 6.00% 1/1/2026 (escrowed <br> to maturity)  | 2500 | 2534 |
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 1/1/2026 (escrowed to <br> maturity)  | 1990 | 2017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **154** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |
| GO Public Improvement Bonds (Connect NC), Series 2019-B, 2.00% 6/1/2033  | USD2,500 | $2194 |
| Health and Educational Facs. Auth., Rev. Bonds (Massachusetts Institute of Technology Issue), Series 2000, 4.00% <br> 10/1/2027 (put 4/1/2026)  | 820 | 825 |
| Hospital Auth., Health Care Rev. Ref. Bonds (Charlotte-Mecklenburg Hospital), Series 2018-A, 4.00% 1/15/2038  | 1635 | 1604 |
| Hospital Auth., Health Care Rev. Ref. Bonds (Charlotte-Mecklenburg Hospital), Series 2018-A, 4.00% 1/15/2039  | 1390 | 1341 |
| Hospital Auth., Health Care Rev. Ref. Bonds (Charlotte-Mecklenburg Hospital), Series 2022-A, 4.00% 1/15/2043  | 1565 | 1444 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 44, 2.85% 7/1/2040  | 2045 | 1583 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 40, 4.25% 7/1/2047  | 3205 | 3234 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 41, 4.00% 1/1/2050  | 1400 | 1409 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 47, 3.00% 7/1/2051  | 11685 | 11560 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 51, 5.75% 1/1/2054  | 11725 | 12535 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 52-A, 6.25% 1/1/2055  | 2920 | 3174 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 58-A, 6.50% 1/1/2056  | 4150 | 4713 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 49, 6.00% 7/1/2053  | 955 | 1021 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 50, 5.50% 1/1/2054  | 5650 | 6060 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 53-A, 6.25% 1/1/2055  | 4880 | 5317 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 54-A, 6.25% 1/1/2055  | 1990 | 2216 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 55-A, 6.25% 7/1/2055  | 3345 | 3693 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 57-A, 6.25% 1/1/2056  | 1055 | 1181 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 7/1/2047  | 1265 | 1269 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 39-B, 4.00% 7/1/2048  | 5275 | 5305 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 42, 4.00% 1/1/2050  | 1595 | 1607 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 44, 4.00% 7/1/2050  | 1070 | 1079 |
| Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 46-A, 3.00% 7/1/2051  | 10925 | 10807 |
| Limited Obligation Bonds, Series 2025-A, 5.00% 5/1/2029  | 1250 | 1363 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (The Presbyterian Homes Obligated <br> Group), Series 2020-A, 4.00% 10/1/2035  | 725 | 695 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (The Presbyterian Homes Obligated <br> Group), Series 2020-A, 4.00% 10/1/2040  | 1800 | 1596 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (The Presbyterian Homes Obligated <br> Group), Series 2020-A, 5.00% 10/1/2040  | 2385 | 2377 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (The Presbyterian Homes Obligated <br> Group), Series 2020-A, 4.00% 10/1/2045  | 3000 | 2469 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (The Presbyterian Homes Obligated <br> Group), Series 2020-A, 4.00% 10/1/2050  | 3525 | 2755 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (The Presbyterian Homes Obligated <br> Group), Series 2020-A, 5.00% 10/1/2050  | 6655 | 6218 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Deerfield Episcopal Retirement <br> Community), Series 2016-C, 5.00% 11/1/2037  | 250 | 251 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (The Pines at Davidson Project), <br> Series 2019-A, 5.00% 1/1/2038  | 1000 | 1008 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (The Pines at Davidson Project), <br> Series 2019-A, 5.00% 1/1/2049  | 7915 | 7469 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (The Presbyterian Homes Obligated <br> Group), Series 2016-C, 5.00% 10/1/2031  | 1400 | 1415 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (The Presbyterian Homes Obligated <br> Group), Series 2016-C, 3.00% 10/1/2036  | 550 | 472 |
| Medical Care Commission, Hospital Rev. Bonds (Caromont Health), Series 2021-A, 4.00% 2/1/2036  | 1475 | 1455 |
| Medical Care Commission, Retirement Facs. Entrance Fee Rev. Bonds (Friends Homes), Series 2020-B-2, 2.30% <br> 9/1/2025  | 1250 | 1248 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (Plantation Village, Inc.), <br> Series 2021-A, 4.00% 1/1/2041  | 1120 | 980 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Meadows), Series 2024, 5.25% <br> 12/1/2054  | 1000 | 944 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project), Series 2017-B, <br> 5.00% 4/1/2047  | 3250 | 2832 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Lutheran Retirement Ministries Project), <br> Series 2019-A, 5.00% 1/1/2038  | 1000 | 1002 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Lutheran Retirement Ministries Project), <br> Series 2019-A, 5.00% 1/1/2044  | 5000 | 4791 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Lutheran Retirement Ministries Project), <br> Series 2019-A, 5.00% 1/1/2049  | 5300 | 4896 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **155** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Penick Village Project), Series 2024-B-3, <br> 4.25% 9/1/2028  | USD525 | $525 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Penick Village Project), Series 2024-B-2, <br> 4.50% 9/1/2029  | 280 | 280 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Penick Village Project), Series 2024-B-1, <br> 4.75% 9/1/2029  | 155 | 155 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (The United Methodist Retirement Homes <br> Project), Series 2024-B-2, 3.75% 10/1/2028  | 155 | 155 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (The United Methodist Retirement Homes <br> Project), Series 2024-B-1, 4.25% 10/1/2028  | 525 | 525 |
| City of Raleigh, Housing Auth., Multi Family Housing Rev. Bonds (Toulon Place), Series 2023, 5.00% 12/1/2026 <br> (put 12/1/2025)  | 4150 | 4176 |
| Turnpike Auth., Triangle Expressway System, Appropriation Rev. Bonds, CAB, Series 2019, 0% 1/1/2040  | 8815 | 4410 |
| Turnpike Auth., Triangle Expressway System, Appropriation Rev. Bonds, CAB, Series 2019, 0% 1/1/2041  | 10850 | 5075 |
| Turnpike Auth., Triangle Expressway System, Appropriation Rev. Bonds, CAB, Series 2019, 0% 1/1/2042  | 4650 | 2030 |
| Turnpike Auth., Triangle Expressway System, Appropriation Rev. Bonds, CAB, Series 2019, 0% 1/1/2043  | 3650 | 1492 |
| Turnpike Auth., Triangle Expressway System, Turnpike Rev. Bonds, Series 2019, 5.00% 1/1/2043  | 5650 | 5660 |
| Turnpike Auth., Triangle Expressway System, Turnpike Rev. Bonds, Series 2019, AGI, 4.00% 1/1/2055  | 9820 | 8192 |
| Turnpike Auth., Triangle Expressway System, Turnpike Rev. Bonds, Series 2024-A, AGI, 5.00% 1/1/2058  | 2880 | 2856 |
| County of Union, Enterprise Systems Rev. Bonds, Series 2021, 3.00% 6/1/2037  | 1545 | 1368 |
|  |  | 205434 |
| **North Dakota 0.25%** | **North Dakota 0.25%** | **North Dakota 0.25%** |
| County of Cass, Joint Water Resource Dist., Temporary Rev. Ref. Improvement Bonds, Series 2024-A, 3.45% <br> 4/1/2027  | 12855 | 12867 |
| City of Grand Forks, Health Care System Rev. Bonds, Series 2021, AGI, 3.00% 12/1/2051  | 3115 | 2056 |
| Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-C, 3.15% 1/1/2036  | 290 | 259 |
| Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 7/1/2046  | 1120 | 1119 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-A, 4.00% 7/1/2047  | 760 | 762 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-D, 4.00% 1/1/2048  | 635 | 637 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-F, 4.00% 7/1/2048  | 1200 | 1205 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2018-A, 4.00% 1/1/2049  | 2365 | 2375 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-A, 4.25% 7/1/2049  | 755 | 762 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-C, 4.00% 1/1/2050  | 5970 | 6039 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-F, 3.75% 7/1/2050  | 2235 | 2245 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2020-B, 3.00% 7/1/2051  | 5535 | 5483 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-A, 3.00% 1/1/2052  | 2800 | 2771 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-B, 3.00% 7/1/2052  | 2335 | 2301 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2022-F, 5.00% 1/1/2053  | 3080 | 3200 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2023-A, 5.75% 7/1/2053  | 2760 | 2937 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2023-D, 5.75% 1/1/2054  | 2440 | 2609 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-A, 6.00% 7/1/2054  | 1090 | 1182 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-C, 6.25% 1/1/2055  | 4080 | 4546 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-D, 6.00% 7/1/2055  | 1980 | 2192 |
|  |  | 57547 |
| **Ohio 1.34%** | **Ohio 1.34%** | **Ohio 1.34%** |
| Air Quality Dev. Auth. Rev. Ref. Bonds, (American Electric Power Co. Project), Series 2014-D, 3.20% 5/1/2026  | 2000 | 1995 |
| Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-C, 1.50% 2/1/2026 <br> (put 11/4/2025)  | 1115 | 1104 |
| Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-A, 2.875% 2/1/2026  | 3750 | 3726 |
| Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-D, 2.875% 2/1/2026  | 3600 | 3577 |
| Air Quality Dev. Auth., Air Quality Rev. Ref. Bonds (Ohio Valley Electric Corp. Project), Series 2019-A, 3.25% <br> 9/1/2029  | 8290 | 8173 |
| Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. and Improvement Rev. Bonds <br> (Summa Health Obligated Group), Series 2016, 5.25% 11/15/2041  | 2980 | 3015 |
| Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated <br> Group), Series 2020, 4.00% 11/15/2036  | 1000 | 1001 |
| County of Allen, Hospital Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-A, 4.00% 12/1/2040  | 4800 | 4445 |
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-A-2, <br> 5.00% 6/1/2036  | 3845 | 3927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **156** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-A-2, <br> 4.00% 6/1/2048  | USD6,000 | $4851 |
| County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2016, 5.00% 11/15/2045  | 2000 | 1879 |
| County of Butler, Port Auth. Econ. Dev. Facs., Rev. Ref. and Improvement Bonds (Community First Solutions), <br> Series 2021-A, 4.00% 5/15/2037  | 210 | 191 |
| County of Butler, Port Auth. Econ. Dev. Facs., Rev. Ref. and Improvement Bonds (Community First Solutions), <br> Series 2021-A, 4.00% 5/15/2038  | 220 | 197 |
| County of Butler, Port Auth. Econ. Dev. Facs., Rev. Ref. and Improvement Bonds (Community First Solutions), <br> Series 2021-A, 4.00% 5/15/2039  | 225 | 199 |
| County of Butler, Port Auth. Econ. Dev. Facs., Rev. Ref. and Improvement Bonds (Community First Solutions), <br> Series 2021-A, 4.00% 5/15/2040  | 235 | 204 |
| County of Butler, Port Auth. Econ. Dev. Facs., Rev. Ref. and Improvement Bonds (Community First Solutions), <br> Series 2021-A, 4.00% 5/15/2041  | 250 | 213 |
| County of Butler, Port Auth. Econ. Dev. Facs., Rev. Ref. Bonds (Community First Solutions), Series 2021-A, 4.00% <br> 5/15/2046  | 1035 | 819 |
| County of Butler, Port Auth. Econ. Dev. Facs., Rev. Ref. Bonds (Community First Solutions), Series 2021-A, 4.00% <br> 5/15/2051  | 1000 | 746 |
| Capital Facs. Lease Appropriation Bonds, Series 2021-A, 5.00% 4/1/2036  | 1545 | 1651 |
| Capital Facs. Lease Appropriation Bonds, Series 2021-A, 5.00% 4/1/2040  | 1110 | 1146 |
| City of Centerville, Health Care Improvement and Rev. Ref. Bonds (Graceworks Lutheran Services), Series 2017, <br> 5.00% 11/1/2025  | 1000 | 1001 |
| City of Cleveland, Airport System Rev. Ref. Bonds, Series 2018-B, 5.00% 1/1/2048  | 5000 | 4902 |
| County of Cuyahoga, Hospital Rev. Bonds (MetroHealth System), Series 2017, 5.50% 2/15/2052  | 8460 | 8043 |
| County of Franklin, Health Care Facs. Rev. Ref. Bonds (Ohio Living Communities), Series 2022, 4.00% 7/1/2040  | 1120 | 949 |
| County of Franklin, Hospital Facs. Rev. Ref. Bonds (Nationwide Children's Hospital), Series 2016-C, 4.00% <br> 11/1/2040  | 4310 | 3975 |
| County of Franklin, Rev. Bonds (Trinity Health Credit Group), Series 2019-A, 4.00% 12/1/2039  | 435 | 402 |
| County of Hamilton, Healthcare Improvement and Rev. Ref. Bonds (Life Enriching Communities Project), Series <br> 2016, 5.00% 1/1/2031  | 1345 | 1350 |
| County of Hamilton, Healthcare Improvement and Rev. Ref. Bonds (Life Enriching Communities Project), Series <br> 2016, 5.00% 1/1/2051  | 14325 | 12901 |
| County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2025-A, 5.50% 8/1/2040  | 1250 | 1291 |
| County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2025-A, 5.50% 8/1/2043  | 2810 | 2818 |
| County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2020, 5.00% 9/15/2050  | 12995 | 11961 |
| County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2025-A, 5.50% 8/1/2051  | 2905 | 2813 |
| County of Hamilton, Metropolitan Sewer Dist. of Greater Cincinnati, Sewer System Rev. Ref. Bonds, Series 2024-A, <br> 5.00% 12/1/2049  | 3375 | 3400 |
| County of Hamilton, Sales Tax Rev. Ref. and Improvement Bonds, CAB, Series 2000-B, AMBAC, 0% 12/1/2027  | 3180 | 2959 |
| Healthcare Fac. Rev. Bonds (Otterbein Homes Obligated Group), Series 2021-B, 4.00% 7/1/2034  | 490 | 491 |
| Healthcare Fac. Rev. Bonds (Otterbein Homes Obligated Group), Series 2021-B, 4.00% 7/1/2035  | 505 | 501 |
| Healthcare Fac. Rev. Bonds (Otterbein Homes Obligated Group), Series 2021-B, 4.00% 7/1/2036  | 400 | 391 |
| Healthcare Fac. Rev. Bonds (Otterbein Homes Obligated Group), Series 2023-B, 4.00% 7/1/2039  | 900 | 839 |
| Healthcare Fac. Rev. Bonds (Otterbein Homes Obligated Group), Series 2021-B, 4.00% 7/1/2046  | 1260 | 1050 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Ashtabula County Medical Center Obligated <br> Group), Series 2022, 5.25% 1/1/2037  | 840 | 885 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Ashtabula County Medical Center Obligated <br> Group), Series 2022, 5.25% 1/1/2040  | 2460 | 2527 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Ashtabula County Medical Center Obligated <br> Group), Series 2022, 5.25% 1/1/2047  | 2000 | 1953 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Ashtabula County Medical Center Obligated <br> Group), Series 2022, 5.25% 1/1/2052  | 1345 | 1300 |
| Higher Educational Facs. Commission, Higher Educational Facs. Rev. Bonds (University of Dayton Project), Series <br> 2018-B, 5.00% 12/1/2030  | 1090 | 1142 |
| Higher Educational Facs. Commission, Higher Educational Facs. Rev. Bonds (University of Dayton Project), Series <br> 2018-B, 5.00% 12/1/2032  | 1000 | 1039 |
| Higher Educational Facs. Commission, Higher Educational Facs. Rev. Bonds (University of Dayton Project), Series <br> 2018-B, 5.00% 12/1/2034  | 1040 | 1072 |
| Higher Educational Facs. Commission, Higher Educational Facs. Rev. Bonds (University of Dayton Project), Series <br> 2018-B, 5.00% 12/1/2036  | 1000 | 1021 |
| Higher Educational Facs. Commission, Hospital Parking Rev. Bonds (University Circle, Inc. 2020 Project), Series <br> 2020, 5.00% 1/15/2032  | 1095 | 1145 |
| Higher Educational Facs. Commission, Hospital Parking Rev. Bonds (University Circle, Inc. 2020 Project), Series <br> 2020, 5.00% 1/15/2045  | 4490 | 4432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **157** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Hospital Rev. Bonds (Aultman Health Foundation), Series 2018, 5.00% 12/1/2028 <sup>(a)</sup>  | USD2,690 | $2720 |
| Hospital Rev. Bonds (Aultman Health Foundation), Series 2018, 5.00% 12/1/2033 <sup>(a)</sup>  | 2000 | 1997 |
| Hospital Rev. Bonds (Aultman Health Foundation), Series 2018, 5.00% 12/1/2048 <sup>(a)</sup>  | 13825 | 11841 |
| Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2016-A, 5.00% 1/15/2035  | 1990 | 1995 |
| Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2016-A, 5.00% 1/15/2046  | 8300 | 8058 |
| Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2017-A, 5.00% 1/1/2031  | 1700 | 1782 |
| Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2021-B, 5.00% 1/1/2032  | 1575 | 1748 |
| Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2017-A, 3.25% 1/1/2035  | 3750 | 3543 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, <br> 2.50% 9/1/2035  | 1000 | 822 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-K, <br> 3.20% 9/1/2036  | 1030 | 917 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-K, <br> 3.50% 9/1/2046  | 280 | 280 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2016-D, <br> 4.00% 3/1/2047  | 2355 | 2362 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-A, <br> 4.50% 3/1/2047  | 2060 | 2073 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, <br> 4.00% 3/1/2048  | 4255 | 4267 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, <br> 4.50% 9/1/2049  | 3770 | 3818 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-B, <br> 3.25% 3/1/2050  | 1520 | 1514 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-B, <br> 4.50% 3/1/2050  | 3785 | 3836 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, <br> 3.75% 9/1/2050  | 4560 | 4589 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2021-A, <br> 3.00% 3/1/2052  | 13690 | 13556 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2022-A, <br> 3.25% 9/1/2052  | 11545 | 11493 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2023-A, <br> 5.50% 3/1/2053  | 15070 | 15949 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2023-B, <br> 6.00% 3/1/2055  | 12580 | 13747 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2024-A, <br> 6.25% 3/1/2055  | 10880 | 11871 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2024-B, <br> 6.25% 3/1/2055  | 3375 | 3711 |
| Major New State Infrastructure Project Rev. Bonds, Series 2024-1, 5.00% 12/15/2035  | 2000 | 2251 |
| Major New State Infrastructure Project Rev. Bonds, Series 2024-1, 5.00% 12/15/2036  | 1620 | 1800 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 4.00% 8/1/2036  | 1450 | 1456 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 4.00% 8/1/2038  | 2100 | 2054 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 4.00% 8/1/2039  | 1000 | 964 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 4.00% 8/1/2041  | 3000 | 2772 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 4.00% 8/1/2046  | 6600 | 5668 |
| Ohio University, General Receipts Bonds, Series 2017-A, 5.00% 12/1/2033  | 1000 | 1032 |
| Turnpike and Infrastructure Commission, Turnpike Rev. Bonds (Infrastructure Projects), Series 2018-A, 5.00% <br> 2/15/2031  | 1430 | 1505 |
| Turnpike and Infrastructure Commission, Turnpike Rev. Bonds (Infrastructure Projects), Series 2018-A, 4.00% <br> 2/15/2038  | 410 | 406 |
| Turnpike and Infrastructure Commission, Turnpike Rev. Bonds, CAB, Series 2018-A, 0% 2/15/2041  | 2665 | 1241 |
| Turnpike and Infrastructure Commission, Turnpike Rev. Bonds, CAB, Series 2018-A, 0% 2/15/2042  | 3500 | 1531 |
| Turnpike and Infrastructure Commission, Turnpike Rev. Bonds, CAB, Series 2018-A, 0% 2/15/2043  | 2340 | 965 |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2022-A, 5.00% <br> 2/15/2039  | 3575 | 3801 |
| County of Van Wert, Hospital Facs. Rev. Ref. and Improvement Bonds (Van Wert Health Obligated Group), Series <br> 2020, 6.125% 12/1/2049 (preref. 12/1/2029)  | 7900 | 8800 |
| County of Warren, Healthcare Facs., Improvement and Rev. Ref. Bonds (Otterbein Homes Obligated Group), <br> Series 2024, 5.00% 7/1/2039  | 1160 | 1188 |
| County of Warren, Healthcare Facs., Improvement and Rev. Ref. Bonds (Otterbein Homes Obligated Group), <br> Series 2024, 5.00% 7/1/2040  | 1195 | 1212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **158** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| County of Warren, Healthcare Facs., Improvement and Rev. Ref. Bonds (Otterbein Homes Obligated Group), <br> Series 2024, 5.00% 7/1/2041  | USD1,240 | $1246 |
| County of Warren, Healthcare Facs., Improvement and Rev. Ref. Bonds (Otterbein Homes Obligated Group), <br> Series 2024, 5.00% 7/1/2044  | 2250 | 2191 |
| County of Warren, Healthcare Facs., Improvement and Rev. Ref. Bonds (Otterbein Homes Obligated Group), <br> Series 2024, 5.00% 7/1/2049  | 4700 | 4430 |
| County of Warren, Healthcare Facs., Improvement and Rev. Ref. Bonds (Otterbein Homes Obligated Group), <br> Series 2024, 5.00% 7/1/2054  | 3500 | 3237 |
| County of Warren, Healthcare Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2014, 5.00% <br> 7/1/2033  | 375 | 375 |
| County of Warren, Healthcare Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2014, 5.00% <br> 7/1/2034  | 505 | 505 |
| County of Warren, Healthcare Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2016-A, 5.00% <br> 7/1/2040  | 1930 | 1932 |
| County of Warren, Healthcare Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2019-A, 4.00% <br> 7/1/2045  | 1000 | 845 |
| Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2020-A, 5.00% 12/1/2040  | 1250 | 1292 |
| Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2020-A, 5.00% 12/1/2050  | 1500 | 1503 |
|  |  | 306303 |
| **Oklahoma 0.33%** | **Oklahoma 0.33%** | **Oklahoma 0.33%** |
| Grand River Dam Auth., Rev. Bonds, Series 2017, 5.00% 6/1/2036  | 2000 | 2041 |
| Grand River Dam Auth., Rev. Bonds, Series 2017, 5.00% 6/1/2039  | 3530 | 3571 |
| Grand River Dam Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 6/1/2031  | 5500 | 5649 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2019-A, 4.00% <br> 9/1/2049  | 2160 | 2177 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2020-B, 3.25% <br> 9/1/2050  | 1335 | 1329 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2023-C, 6.00% <br> 3/1/2054  | 1350 | 1480 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-A, 6.00% <br> 9/1/2054  | 2265 | 2486 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2023-D, 6.50% <br> 9/1/2054  | 770 | 861 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-B, 6.25% <br> 9/1/2055  | 12920 | 14378 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-C, 6.00% <br> 3/1/2056  | 5615 | 6198 |
| Municipal Power Auth., Power Supply System Rev. Ref. Bonds, Series 2016-A, 5.00% 1/1/2031  | 1300 | 1310 |
| Municipal Power Auth., Power Supply System Rev. Ref. Bonds, Series 2016-A, 5.00% 1/1/2034  | 1000 | 1007 |
| Municipal Power Auth., Power Supply System Rev. Ref. Bonds, Series 2016-A, 5.00% 1/1/2047  | 3070 | 3084 |
| Turnpike Auth., Turnpike System Rev. Bonds, Series 2017-C, 5.00% 1/1/2047  | 3745 | 3747 |
| Turnpike Auth., Turnpike System Rev. Bonds, Series 2025-A, 5.25% 1/1/2050  | 5960 | 6160 |
| Turnpike Auth., Turnpike System Rev. Bonds, Series 2023, 5.50% 1/1/2053  | 4000 | 4151 |
| Turnpike Auth., Turnpike System Rev. Bonds, Series 2025-A, 5.50% 1/1/2054  | 14020 | 14786 |
|  |  | 74415 |
| **Oregon 0.55%** | **Oregon 0.55%** | **Oregon 0.55%** |
| Clackamas Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 6/15/2030  | 750 | 831 |
| Clackamas Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 6/15/2032  | 1000 | 1129 |
| Clackamas Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 6/15/2043  | 2000 | 2090 |
| Clackamas Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 6/15/2044  | 1500 | 1558 |
| County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Willamette View Project), Series 2017-A, <br> 5.00% 11/15/2037  | 455 | 448 |
| County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, <br> 5.00% 11/15/2032  | 950 | 959 |
| Dept. of Administrative Services, State Lottery Rev. Bonds, Series 2025-A, 5.00% 4/1/2029  | 1710 | 1860 |
| Dept. of Administrative Services, State Lottery Rev. Bonds, Series 2025-A, 5.00% 4/1/2030  | 1000 | 1106 |
| Facs. Auth., Rev. Ref. Bonds (Samaritan Health Services Project), Series 2020-A, 5.00% 10/1/2029  | 300 | 317 |
| Facs. Auth., Rev. Ref. Bonds (Samaritan Health Services Project), Series 2020-A, 5.00% 10/1/2030  | 300 | 319 |
| Facs. Auth., Rev. Ref. Bonds (Samaritan Health Services Project), Series 2020-A, 5.00% 10/1/2035  | 275 | 283 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **159** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Oregon (continued)** | **Oregon (continued)** | **Oregon (continued)** |
| Facs. Auth., Rev. Ref. Bonds (Samaritan Health Services Project), Series 2020-A, 5.00% 10/1/2040  | USD1,750 | $1750 |
| GO Bonds, Series 2017-C, 5.00% 6/1/2033  | 2500 | 2583 |
| GO Bonds (Article XI-Q State Projects), Series 2023-A, 5.00% 5/1/2036  | 500 | 549 |
| GO Bonds (Article XI-Q State Projects), Series 2023-A, 5.00% 5/1/2037  | 460 | 500 |
| GO Bonds (Article XI-Q State Projects), Series 2025-A, 5.25% 5/1/2042  | 1395 | 1501 |
| GO Bonds (Article XI-Q State Projects), Series 2025-A, 5.25% 5/1/2044  | 2500 | 2653 |
| GO Bonds (Article XI-Q State Projects), Series 2025-A, 5.25% 5/1/2045  | 1800 | 1902 |
| GO Bonds (Veteran's Welfare Bonds Series 96), Series 2015-Q, 4.00% 12/1/2045  | 200 | 200 |
| GO Bonds (Veteran's Welfare Bonds Series 99B), Series 2017-Q, 3.50% 12/1/2047  | 1190 | 1189 |
| GO Bonds (Veteran's Welfare Bonds Series 104), Series 2019-R, 3.50% 12/1/2049  | 1575 | 1576 |
| GO Bonds (Veteran's Welfare Bonds Series 108), Series 2021-O, 3.00% 12/1/2051  | 1985 | 1949 |
| GO Bonds (Veteran's Welfare Bonds Series 109), Series 2022-D, 5.00% 12/1/2052  | 455 | 472 |
| GO Bonds (Veteran's Welfare Bonds Series 111), Series 2023-E, 5.50% 12/1/2053  | 1350 | 1448 |
| GO Rev. Ref. Bonds (Article XI-F1 State Projects), Series 2025-F, 5.00% 8/1/2034  | 325 | 370 |
| GO Rev. Ref. Bonds (Article XI-G State Projects), Series 2025-G, 5.00% 8/1/2031  | 600 | 674 |
| GO Rev. Ref. Bonds (Article XI-G State Projects), Series 2025-G, 5.00% 8/1/2035  | 500 | 567 |
| GO Rev. Ref. Bonds (Article XI-G State Projects), Series 2025-G, 5.00% 8/1/2042  | 700 | 735 |
| Health and Science University, Rev. Bonds, Series 2016-B, 3.375% 7/1/2039  | 2275 | 2010 |
| Health and Science University, Rev. Green Bonds, Series 2021-A, 3.00% 7/1/2051  | 16205 | 10879 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-A, <br> 4.00% 7/1/2047  | 965 | 967 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-D, <br> 3.50% 7/1/2048  | 2425 | 2423 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-A, <br> 4.50% 1/1/2049  | 1130 | 1136 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-C, <br> 4.50% 7/1/2049  | 575 | 579 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-D, <br> 4.75% 1/1/2050  | 1260 | 1275 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2021-A, <br> 3.00% 7/1/2052  | 10700 | 10587 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2023-A, <br> 5.50% 7/1/2053  | 8005 | 8594 |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2024-C, <br> 6.50% 7/1/2054  | 14655 | 16330 |
| Oregon City School Dist. No. 62, GO Bonds, Series 2025-B, 5.00% 6/15/2042  | 1750 | 1836 |
| Oregon City School Dist. No. 62, GO Bonds, Series 2025-B, 5.00% 6/15/2043  | 1600 | 1664 |
| Oregon City School Dist. No. 62, GO Bonds, Series 2025-B, 5.00% 6/15/2044  | 2100 | 2171 |
| Oregon City School Dist. No. 62, GO Bonds, Series 2025-B, 5.00% 6/15/2045  | 2000 | 2051 |
| County of Polk, Hospital Fac. Auth., Rev. Bonds (Dallas Retirement Village Project), Series 2015-A, 5.375% <br> 7/1/2045  | 2000 | 1851 |
| City of Portland, Sewer System Rev. Ref. Bonds, Series 2025-A, 5.00% 10/1/2038  | 1720 | 1879 |
| City of Portland, Sewer System Rev. Ref. Bonds, Series 2025-A, 5.00% 10/1/2049  | 3880 | 3942 |
| City of Portland, Sewer System Rev. Ref. Bonds, Series 2025-A, 5.00% 10/1/2054  | 4480 | 4517 |
| City of Portland, Water System Rev. Bonds, Series 2019-A, 4.00% 5/1/2039  | 1445 | 1403 |
| Port of Portland, Portland International Airport Rev. Bonds, Series 23, 5.00% 7/1/2027  | 1675 | 1678 |
| Port of Portland, Portland International Airport Rev. Ref. Bonds, Series 26-B, 5.00% 7/1/2037  | 1000 | 1049 |
| Port of Portland, Portland International Airport Rev. Ref. Bonds, Series 26-B, 5.00% 7/1/2040  | 1000 | 1031 |
| City of Salem, Hospital Fac. Auth., Rev. and Rev. Ref. Bonds (Capital Manor Project), Series 2022, 5.00% 5/15/2027  | 125 | 128 |
| City of Salem, Hospital Fac. Auth., Rev. and Rev. Ref. Bonds (Capital Manor Project), Series 2022, 4.00% 5/15/2047  | 3950 | 3089 |
| City of Salem, Hospital Fac. Auth., Rev. and Rev. Ref. Bonds (Capital Manor Project), Series 2022, 4.00% 5/15/2057  | 4250 | 3081 |
| City of Salem, Hospital Fac. Auth., Rev. Bonds (Capital Manor Project), Series 2018, 5.00% 5/15/2026  | 225 | 227 |
| City of Salem, Hospital Fac. Auth., Rev. Bonds (Capital Manor Project), Series 2018, 5.00% 5/15/2027  | 125 | 128 |
| City of Salem, Hospital Fac. Auth., Rev. Bonds (Capital Manor Project), Series 2018, 5.00% 5/15/2053  | 2295 | 2018 |
| Tri-County Metropolitan Transportation Dist., Capital Grant Receipt Rev. Bonds, Series 2018-A, 5.00% 10/1/2029  | 2435 | 2563 |
| Tri-County Metropolitan Transportation Dist., Capital Grant Receipt Rev. Bonds, Series 2018-A, 5.00% 10/1/2030  | 2075 | 2181 |
| Tri-County Metropolitan Transportation Dist., Payroll Tax Rev. Bonds, Series 2021-A, 3.00% 9/1/2036  | 1000 | 901 |
|  |  | 125686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **160** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania 3.37%** | **Pennsylvania 3.37%** | **Pennsylvania 3.37%** |
| County of Adams, General Auth. Rev. Bonds (The Brethren Home Community Project), Series 2024-A, 5.00% <br> 6/1/2054  | USD2,950 | $2644 |
| County of Adams, General Auth. Rev. Bonds (The Brethren Home Community Project), Series 2024-A, 5.00% <br> 6/1/2059  | 3100 | 2737 |
| County of Allegheny, Airport Auth., Airport Rev. Bonds, Series 2012-B, AGI, 4.00% 1/1/2046  | 6580 | 5818 |
| County of Allegheny, Airport Auth., Airport Rev. Bonds, Series 2021-B, 5.00% 1/1/2051  | 1000 | 998 |
| County of Allegheny, Hospital Dev. Auth. Rev. Bonds (Allegheny Health Network Obligated Group Issue), Series <br> 2018-A, 5.00% 4/1/2032  | 4350 | 4509 |
| County of Allegheny, Hospital Dev. Auth. Rev. Bonds (Allegheny Health Network Obligated Group Issue), Series <br> 2018-A, 5.00% 4/1/2033  | 3500 | 3615 |
| County of Allegheny, Hospital Dev. Auth. Rev. Bonds (Allegheny Health Network Obligated Group Issue), Series <br> 2018-A, 4.00% 4/1/2037  | 3120 | 2956 |
| County of Allegheny, Hospital Dev. Auth. Rev. Bonds (Allegheny Health Network Obligated Group Issue), Series <br> 2018-A, 5.00% 4/1/2047  | 2500 | 2393 |
| County of Allegheny, Hospital Dev. Auth., Rev. Bonds (University of Pittsburgh Medical Center Issue), Series <br> 2007-A-1, (3-month USD CME Term SOFR x 0.67 + 0.82%) 3.86% 2/1/2037 <sup>(c)</sup>  | 4815 | 4821 |
| County of Allegheny, Hospital Dev. Auth., Rev. Bonds, (University of Pittsburgh Medical Center Issue), Series <br> 2019-A, 4.00% 7/15/2038  | 1930 | 1801 |
| County of Allegheny, Hospital Dev. Auth., UPMC Rev. Bonds, Series 2019-A, 4.00% 7/15/2037  | 8560 | 8130 |
| County of Allegheny, Hospital Dev. Auth., UPMC Rev. Bonds, Series 2019-A, 4.00% 7/15/2039  | 2105 | 1941 |
| County of Allegheny, Sanitary Auth., Sewer Rev. Bonds, Series 2020-A, 4.00% 6/1/2033  | 250 | 257 |
| County of Allegheny, Sanitary Auth., Sewer Rev. Bonds, Series 2024-A, 5.00% 12/1/2049  | 2000 | 2008 |
| County of Allegheny, Sanitary Auth., Sewer Rev. Bonds, Series 2024-A, 5.00% 12/1/2055  | 2000 | 1977 |
| Allentown City School Dist., Unlimited Tax GO Bonds, Series 2018, BAM, 5.00% 2/1/2028  | 2565 | 2686 |
| Allentown City School Dist., Unlimited Tax GO Bonds, Series 2018, BAM, 5.00% 2/1/2029  | 2995 | 3155 |
| City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Bonds (Waterfront - 30 E. Allen Street <br> Project), Series 2024-A, 5.25% 5/1/2042 <sup>(a)</sup>  | 400 | 384 |
| City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Ref. Bonds, Series 2022, 5.00% <br> 5/1/2042  | 1250 | 1260 |
| County of Berks, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (The Highlands at Wyomissing), Series 2017-C, <br> 5.00% 5/15/2037  | 800 | 802 |
| County of Berks, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (The Highlands at Wyomissing), Series 2017-A, <br> 5.00% 5/15/2047  | 1000 | 909 |
| County of Berks, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (The Highlands at Wyomissing), Series 2017-C, <br> 5.00% 5/15/2047  | 100 | 91 |
| County of Berks, Municipal Auth., Rev. Bonds (Tower Health Project), Series 2024-A-2, 6.00% 6/30/2034  | 955 | 998 |
| County of Berks, Municipal Auth., Rev. Bonds (Tower Health Project), Series 2024-A-1, 8.00% 6/30/2034  | 1749 | 1778 |
| County of Bucks, Industrial Dev. Auth., Rev. Bonds (Pennswood Village Project), Series 2018-A, 5.00% 10/1/2025  | 315 | 316 |
| County of Bucks, Industrial Dev. Auth., Rev. Bonds (Pennswood Village Project), Series 2018-A, 5.00% 10/1/2026  | 120 | 122 |
| County of Bucks, Industrial Dev. Auth., Rev. Bonds (Pennswood Village Project), Series 2018-A, 5.00% 10/1/2028  | 205 | 211 |
| County of Bucks, Industrial Dev. Auth., Rev. Bonds (Pennswood Village Project), Series 2018-A, 5.00% 10/1/2032  | 585 | 595 |
| County of Bucks, Industrial Dev. Auth., Rev. Bonds (Pennswood Village Project), Series 2018-A, 5.00% 10/1/2033  | 445 | 451 |
| County of Chester, Industrial Dev. Auth., Rev. Notes (Avon Grove Charter School Project), Series 2024, 5.00% <br> 3/1/2027  | 1700 | 1723 |
| County of Cumberland, Municipal Auth., Rev. Bonds (Diakon Lutheran Social Ministries Project), Series 2016, <br> 5.00% 1/1/2031  | 500 | 501 |
| County of Cumberland, Municipal Auth., Rev. Bonds (Diakon Lutheran Social Ministries Project), Series 2019-A, <br> 5.00% 1/1/2031  | 400 | 408 |
| County of Cumberland, Municipal Auth., Rev. Bonds (Diakon Lutheran Social Ministries Project), Series 2015, <br> 4.00% 1/1/2033  | 200 | 191 |
| County of Cumberland, Municipal Auth., Rev. Bonds (Diakon Lutheran Social Ministries Project), Series 2019-A, <br> 5.00% 1/1/2039  | 645 | 631 |
| Delaware River Joint Toll Bridge Commission, Bridge System Rev. Bonds, Series 2017, 5.00% 7/1/2032  | 55 | 57 |
| Delaware River Port Auth., Rev. Bonds, Series 2018-A, 5.00% 1/1/2031  | 1000 | 1070 |
| Delaware River Port Auth., Rev. Bonds, Series 2018-A, 5.00% 1/1/2032  | 1250 | 1331 |
| Delaware Valley Regional Fin. Auth., Local Government Rev. Bonds, Series 2007-C, (3-month USD-SOFR x 0.67 + <br> 0.75%) 3.826% 6/1/2037 <sup>(c)</sup>  | 19490 | 18095 |
| Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2022-A, AGI, 4.00% 2/1/2046  | 925 | 991 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2024, 5.375% 7/1/2039 <sup>(a)</sup>  | 870 | 918 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2016-A, 5.00% 7/1/2041  | 3470 | 3475 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2016-A, 5.00% 7/1/2041 (preref. <br> 7/1/2026)  | 795 | 810 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2016-A, 5.00% 7/1/2046  | 1065 | 1027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **161** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2016-A, 5.00% 7/1/2046 (preref. <br> 7/1/2026)  | USD245 | $250 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2019-A, 5.00% 7/1/2049  | 450 | 441 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2019-A, 5.00% 7/1/2049 (preref. <br> 7/1/2029)  | 50 | 54 |
| City of Dubois, Hospital Auth., Hospital Rev. Bonds (Penn Highlands Healthcare), Series 2020, 4.00% 7/15/2050  | 1500 | 1086 |
| City of Dubois, Hospital Auth., Hospital Rev. Bonds (Penn Highlands Healthcare), Series 2021, 4.00% 7/15/2051  | 690 | 496 |
| Econ. Dev. Fncg. Auth., Rev. Bonds (Presbyterian Senior Living Project), Series 2023-B-2, 5.00% 7/1/2038  | 5700 | 5810 |
| Econ. Dev. Fncg. Auth., Rev. Bonds (Presbyterian Senior Living Project), Series 2023-B-2, 5.00% 7/1/2042  | 4000 | 3927 |
| Econ. Dev. Fncg. Auth., Rev. Bonds (Presbyterian Senior Living Project), Series 2021, 4.00% 7/1/2046  | 750 | 614 |
| Econ. Dev. Fncg. Auth., Rev. Bonds (Presbyterian Senior Living Project), Series 2023-B-2, 5.25% 7/1/2046  | 1375 | 1339 |
| Econ. Dev. Fncg. Auth., Rev. Bonds (Villanova University Project), Series 2024, 5.00% 8/1/2040  | 1000 | 1060 |
| Econ. Dev. Fncg. Auth., Rev. Bonds (Villanova University Project), Series 2024, 5.00% 8/1/2041  | 1000 | 1050 |
| Econ. Dev. Fncg. Auth., Rev. Bonds (Villanova University Project), Series 2024, 5.00% 8/1/2049  | 8000 | 8103 |
| Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2025-B, 5.00% 3/15/2036  | 1015 | 1093 |
| Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2023-A-2, 4.00% 5/15/2040  | 2850 | 2591 |
| Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2022-A, 4.00% 2/15/2041  | 7550 | 6823 |
| Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2023-A-2, 4.00% 5/15/2041  | 5750 | 5200 |
| Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2023-A-2, 4.00% 5/15/2042  | 1100 | 976 |
| Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2023-A-2, 4.00% 5/15/2043  | 1000 | 873 |
| Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2021-A, 3.00% 10/15/2046  | 1000 | 710 |
| Erie County School Dist., Limited Tax GO Bonds, Series 2019-C, AGI, 5.00% 4/1/2030  | 1000 | 1073 |
| Erie County School Dist., Limited Tax GO Bonds, Series 2019-C, AGI, 5.00% 4/1/2030  | 500 | 536 |
| Erie County School Dist., Limited Tax GO Bonds, Series 2019-C, AGI, 5.00% 4/1/2029  | 4000 | 4074 |
| Erie County School Dist., Limited Tax GO Bonds, Series 2019-A, AGI, 5.00% 4/1/2030  | 6000 | 6087 |
| Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 6/1/2026  | 4000 | 4068 |
| Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 6/1/2027  | 2000 | 2075 |
| Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 6/1/2030  | 2000 | 2100 |
| Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 6/1/2031  | 3500 | 3658 |
| Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 6/1/2032  | 3000 | 3123 |
| Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 6/1/2033  | 3000 | 3109 |
| Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 6/1/2034  | 3000 | 3097 |
| GO Bonds, Series 2015-1, 4.00% 3/15/2034  | 500 | 501 |
| Health and Educational Facs. Auth., Health System Rev. Bonds (Mainline Health System), Series 2020-A, 4.00% <br> 9/1/2050  | 1500 | 1229 |
| Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series <br> 2017-A, 4.00% 8/15/2035  | 7000 | 6945 |
| Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series <br> 2017-A, 5.00% 8/15/2042  | 3500 | 3497 |
| Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series 2019, <br> 4.00% 8/15/2049  | 3400 | 2859 |
| Higher Educational Facs. Auth., Health System Rev. Ref. Bonds (University of Pennsylvania Health System), Series <br> 2021-B, 4.00% 8/15/2037  | 1525 | 1505 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 2.80% 10/1/2031  | 5000 | 4724 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-121, 2.80% 10/1/2031  | 3320 | 3173 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-124-B, 3.20% 10/1/2032  | 6000 | 5789 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2019-128-B, 3.50% 10/1/2034  | 6500 | 6150 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-119, 3.50% 10/1/2041  | 705 | 705 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-125-B, 3.65% 10/1/2042  | 13375 | 11647 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-120, 3.50% 10/1/2046  | 385 | 385 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2016-121, 3.50% 10/1/2046  | 375 | 375 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 10/1/2046  | 445 | 445 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-125-B, 3.70% 10/1/2047  | 425 | 348 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2018-126-A, 4.00% 10/1/2048  | 5635 | 5655 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2019-131-A, 3.50% 4/1/2049  | 1115 | 1115 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-135-A, 3.00% 10/1/2051  | 2000 | 1986 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-136, 3.00% 10/1/2051  | 9555 | 9490 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2022-138-A, 3.00% 10/1/2052  | 14580 | 14354 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2022-140-A, 5.00% 10/1/2052  | 2465 | 2544 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2023-141-A, 5.75% 10/1/2053  | 7985 | 8481 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2023-143-A, 6.25% 10/1/2053  | 480 | 522 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2024-144A, 6.00% 10/1/2054  | 6030 | 6541 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2024-145A, 6.00% 10/1/2054  | 5745 | 6247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **162** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2024-146A, 6.25% 10/1/2054  | USD2,475 | $2719 |
| Housing Fin. Agcy., Special Limited Obligation Multi Family Housing Dev. Bonds (Country Commons <br> Apartments), Series 2018, 3.60% 8/1/2035  | 5918 | 5591 |
| City of Lancaster, Industrial Dev. Auth., Health Center Rev. Ref. Bonds (Landis Homes Retirement Community <br> Project), Series 2021, 4.00% 7/1/2031  | 305 | 306 |
| City of Lancaster, Industrial Dev. Auth., Health Center Rev. Ref. Bonds (Landis Homes Retirement Community <br> Project), Series 2021, 4.00% 7/1/2051  | 1195 | 904 |
| City of Lancaster, Industrial Dev. Auth., Health Center Rev. Ref. Bonds (Landis Homes Retirement Community <br> Project), Series 2021, 4.00% 7/1/2056  | 1585 | 1160 |
| County of Lancaster, Hospital Auth., Health Center Rev. Bonds (Brethren Village Project), Series 2017, 5.00% <br> 7/1/2030  | 695 | 700 |
| County of Lancaster, Hospital Auth., Health Center Rev. Bonds (Masonic Villages Project), Series 2023, 5.125% <br> 11/1/2038  | 2990 | 3132 |
| County of Lancaster, Hospital Auth., Rev. Bonds (Penn State Health), Series 2021, 5.00% 11/1/2046  | 5890 | 5827 |
| Lancaster Municipal Auth., Healthcare Facs. Rev. Bonds (Garden Spot Village Project), Series 2024-A, 5.00% <br> 5/1/2026  | 165 | 167 |
| Lancaster Municipal Auth., Healthcare Facs. Rev. Bonds (Garden Spot Village Project), Series 2024-A, 5.00% <br> 5/1/2027  | 210 | 216 |
| Lancaster Municipal Auth., Healthcare Facs. Rev. Bonds (Garden Spot Village Project), Series 2024-A, 5.00% <br> 5/1/2028  | 210 | 219 |
| Lancaster Municipal Auth., Healthcare Facs. Rev. Bonds (Garden Spot Village Project), Series 2024-A, 5.00% <br> 5/1/2029  | 190 | 200 |
| Lancaster Municipal Auth., Healthcare Facs. Rev. Bonds (Garden Spot Village Project), Series 2024-A, 5.00% <br> 5/1/2030  | 200 | 213 |
| County of Lehigh, General Purpose Auth., Hospital Rev. Bonds (St. Luke's Hospital), Series 2017-B, (SIFMA <br> Municipal Swap Index + 1.10%) 3.39% 8/15/2038 <sup>(c)</sup>  | 11645 | 11490 |
| County of Lehigh, General Purpose Auth., Hospital Rev. Ref. Bonds (Lehigh Valley Health Network), Series 2016-A, <br> 4.00% 7/1/2035  | 4000 | 3893 |
| County of Lehigh, Industrial Dev. Auth., Special Obligation Rev. Bonds (West Hills Business Center Project), Series <br> 2014, 6.50% 7/1/2032  | 2365 | 2366 |
| County of Monroe, Lease Rental Rev. Bonds (Centurion Foundation Lehigh Valley), Series 2024-A, 5.10% <br> 6/15/2039 <sup>(f)</sup>  | 35635 | 33671 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2019, 4.00% 9/1/2038  | 1000 | 931 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2019, 4.00% 9/1/2039  | 1000 | 923 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2019, 4.00% 9/1/2044  | 2500 | 2153 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2019, 5.00% 9/1/2051  | 1240 | 1214 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2022-B, 4.00% 5/1/2056  | 3200 | 2502 |
| County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2016, 5.00% 11/15/2033  | 7195 | 7264 |
| County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2016, 5.00% 11/15/2036  | 19000 | 19121 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Foulkeways at Gwynedd Project), Series 2016, 5.00% <br> 12/1/2046  | 2695 | 2409 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2020-C, 4.00% <br> 11/15/2043  | 1000 | 855 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2020-C, 5.00% <br> 11/15/2045  | 3365 | 3206 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights, Ltd.), Series 2019, 4.00% 12/1/2028  | 205 | 207 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights, Ltd.), Series 2019, 4.00% 12/1/2037  | 100 | 93 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights, Ltd.), Series 2019, 4.00% 12/1/2038  | 175 | 161 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights, Ltd.), Series 2019, 3.25% 12/1/2039  | 125 | 102 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights, Ltd.), Series 2019, 5.00% 12/1/2044  | 850 | 808 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights, Ltd.), Series 2019, 5.00% 12/1/2049  | 3595 | 3309 |
| County of Montour, Geisinger Auth. Health System Rev. Bonds, Series 2020-A, 4.00% 4/1/2039  | 20090 | 18772 |
| Nazareth Area School Dist., GO Bonds, Series 2017-E, 5.00% 11/15/2039 (preref. 11/15/2025)  | 100 | 101 |
| County of Northampton, General Purpose Auth., Hospital Rev. Bonds (St. Luke's University Health Network <br> Project), Series 2018-A, 5.00% 8/15/2043  | 1000 | 1001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **163** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| County of Northampton, General Purpose Auth., Hospital Rev. Bonds (St. Luke's University Health Network <br> Project), Series 2016-A, 5.00% 8/15/2046  | USD7,500 | $7203 |
| Pennsylvania State University Bonds, Series 2018, 5.00% 9/1/2048  | 5955 | 5965 |
| Pennsylvania State University Bonds, Series 2025-A, 5.25% 9/1/2050  | 5500 | 5735 |
| Pennsylvania State University Bonds, Series 2024, 5.25% 9/1/2054  | 3570 | 3678 |
| City of Philadelphia, Gas Works Rev. Ref. Bonds, Fourteenth Series, 5.00% 10/1/2031  | 1500 | 1533 |
| City of Philadelphia, Gas Works Rev. Ref. Bonds, Fourteenth Series, 5.00% 10/1/2033  | 2750 | 2804 |
| City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health <br> System Obligated Group), Series 2017, 5.00% 7/1/2028  | 1000 | 1025 |
| City of Philadelphia, Hospitals and Higher Education Facs. Auth., Rev. Bonds (Temple University Health System <br> Obligated Group), Series 2022, AGI, 4.00% 7/1/2040  | 3660 | 3386 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School II Project), <br> Series 2020-A, 5.00% 8/1/2030  | 155 | 160 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School III Project), <br> Series 2021, 5.00% 8/1/2050  | 550 | 490 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School III Project), <br> Series 2021, 5.00% 8/1/2054  | 500 | 441 |
| City of Philadelphia, Industrial Dev. Auth., Hospital Rev. Bonds (The Children's Hospital of Philadelphia Project), <br> Series 2024-A, 5.50% 7/1/2053  | 5000 | 5218 |
| City of Philadelphia, Water and Wastewater Rev. and Rev. Ref. Bonds, Series 2020-A, 5.00% 11/1/2045  | 3000 | 3014 |
| City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2022-C, 5.00% 6/1/2042  | 1000 | 1025 |
| City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2017-A, 5.00% 10/1/2052  | 3000 | 2897 |
| City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2017-A, 5.25% 10/1/2052  | 3000 | 3001 |
| City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2023-B, AGI, 5.50% 9/1/2053  | 3000 | 3109 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, BAM, 5.00% 9/1/2027  | 3905 | 4006 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, 5.00% 9/1/2027  | 500 | 511 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, BAM, 5.00% 9/1/2027 (preref. 9/1/2026)  | 5 | 5 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, 5.00% 9/1/2028  | 11000 | 11238 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, 5.00% 9/1/2029  | 10000 | 10205 |
| Philadelphia School Dist., GO Bonds, Series 2018-A, 5.00% 9/1/2029  | 1250 | 1324 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, 5.00% 9/1/2030  | 1990 | 2029 |
| Philadelphia School Dist., GO Bonds, Series 2018-A, 5.00% 9/1/2031  | 1600 | 1681 |
| Philadelphia School Dist., GO Bonds, Series 2018-A, 5.00% 9/1/2032  | 1000 | 1046 |
| Philadelphia School Dist., GO Bonds, Series 2015-A, 5.00% 9/1/2035  | 1400 | 1403 |
| Philadelphia School Dist., GO Bonds, Series 2018-A, 5.00% 9/1/2035  | 1000 | 1033 |
| Philadelphia School Dist., GO Bonds, Series 2021-A, 5.00% 9/1/2035  | 6320 | 6706 |
| Philadelphia School Dist., GO Bonds, Series 2019-A, 4.00% 9/1/2036  | 3500 | 3450 |
| Philadelphia School Dist., GO Bonds, Series 2019-A, 4.00% 9/1/2037  | 3700 | 3556 |
| Philadelphia School Dist., GO Bonds, Series 2021-A, 4.00% 9/1/2037  | 3765 | 3674 |
| Philadelphia School Dist., GO Bonds, Series 2018-A, 5.00% 9/1/2037  | 1850 | 1898 |
| Philadelphia School Dist., GO Bonds, Series 2019-A, 4.00% 9/1/2038  | 4270 | 4018 |
| Philadelphia School Dist., GO Bonds, Series 2018-A, AGI, 5.00% 9/1/2038  | 1000 | 1022 |
| Philadelphia School Dist., GO Bonds, Series 2021-A, 4.00% 9/1/2046  | 10500 | 9232 |
| Philadelphia School Dist., GO Rev. Ref. Bonds, Series 2007-A, FGIC-NATL, 5.00% 6/1/2034  | 11000 | 12167 |
| City of Pittsburgh, Water and Sewer Auth., Water and Sewer System Rev. Ref. Bonds, Series 2019-B, AGI, 5.00% <br> 9/1/2032  | 1000 | 1124 |
| City of Pittsburgh, Water and Sewer Auth., Water and Sewer System Rev. Ref. Bonds, Series 2019-B, AGI, 5.00% <br> 9/1/2033  | 1250 | 1410 |
| Public School Building Auth., School Lease Rev. Ref. Bonds (Philadelphia School Dist. Project), Series 2016-A, AGI, <br> 5.00% 6/1/2033  | 9820 | 10219 |
| Reading School Dist., GO Bonds, Series 2017, AGI, 5.00% 3/1/2037  | 1750 | 1774 |
| Borough of Sayre, Health Care Facs. Auth., Rev. Bonds (Guthrie Health Issue), Series 2007, (3-month USD CME <br> Term SOFR + 0.83%) 3.906% 12/1/2031 <sup>(c)</sup>  | 2005 | 1988 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Lebanon Valley Brethren Home <br> Project), Series 2021-A, 4.00% 11/15/2025  | 115 | 115 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Lebanon Valley Brethren Home <br> Project), Series 2021-A, 4.00% 11/15/2030  | 330 | 327 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Lebanon Valley Brethren Home <br> Project), Series 2021-A, 4.00% 11/15/2031  | 195 | 191 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Lebanon Valley Brethren Home <br> Project), Series 2021-A, 4.00% 11/15/2046  | 525 | 416 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2017-A-1, 5.00% 12/1/2032  | 1000 | 1039 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2017-A-1, 5.00% 12/1/2033  | 1500 | 1554 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **164** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2016-A-1, 5.00% 12/1/2036  | USD3,250 | $3285 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 4.00% 12/1/2039  | 3410 | 3228 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-C, 4.00% 12/1/2039  | 1200 | 1144 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 4.00% 12/1/2040  | 4000 | 3738 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2020-B, 5.00% 12/1/2040  | 1000 | 1034 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 4.00% 12/1/2041  | 2175 | 1992 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2016-A-1, 5.00% 12/1/2041  | 9530 | 9574 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 4.00% 12/1/2042  | 3125 | 2809 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2017-A-1, 5.00% 12/1/2042  | 5500 | 5534 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 4.00% 12/1/2043  | 8140 | 7204 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-C, 4.00% 12/1/2043  | 2735 | 2444 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-A, 4.00% 12/1/2044  | 2075 | 1810 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2044  | 20450 | 20524 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2044  | 4000 | 4012 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-A, 4.00% 12/1/2046  | 2000 | 1703 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2016-A-1, 5.00% 12/1/2046  | 20960 | 20961 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 5.00% 12/1/2046  | 9000 | 9041 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-C, 5.00% 12/1/2046  | 4250 | 4232 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2017-A-1, 5.00% 12/1/2047  | 11220 | 11232 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2023-A, 5.00% 12/1/2048  | 5000 | 4991 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2049  | 24265 | 24268 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2024-C, 5.00% 12/1/2049  | 6825 | 6795 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-A, 4.00% 12/1/2050  | 9000 | 7407 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 3.00% 12/1/2051  | 7490 | 5035 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-C, 3.00% 12/1/2051  | 3320 | 2268 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 4.00% 12/1/2051  | 5000 | 4089 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-C, 4.00% 12/1/2051  | 5515 | 4581 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2024-C, 5.25% 12/1/2054  | 9000 | 9225 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2025-A, 5.25% 12/1/2055  | 10000 | 10228 |
| Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2025-2, 5.00% 12/1/2043  | 2935 | 3033 |
| Turnpike Commission, Turnpike Rev. Ref. Bonds, Series 2025-2, 5.00% 12/1/2044  | 4500 | 4624 |
| West Shore Area Auth., Rev. Bonds (Messiah Village Project), Series 2015-A, 5.00% 7/1/2035  | 1000 | 988 |
| County of Westmoreland, Municipal Auth., Municipal Service Rev. Bonds, Series 2016, BAM, 5.00% 8/15/2042  | 4000 | 4005 |
|  |  | 770288 |
| **Puerto Rico 1.24%** | **Puerto Rico 1.24%** | **Puerto Rico 1.24%** |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-A, 5.00% 7/1/2033 <sup>(a)</sup>  | 415 | 433 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2022-A, 5.00% 7/1/2033 <sup>(a)</sup>  | 2580 | 2704 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2035 <sup>(a)</sup>  | 23445 | 24169 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 5.00% 7/1/2037 <sup>(a)</sup>  | 1855 | 1904 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2022-A, 5.00% 7/1/2037 <sup>(a)</sup>  | 2295 | 2365 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2022-A, 4.00% 7/1/2042 <sup>(a)</sup>  | 2080 | 1797 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2007-UU, AGI, (3-month USD CME Term SOFR x 0.67 + 0.52%) <br> 3.571% 7/1/2029 <sup>(c)</sup>  | 18540 | 17772 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2041  | 200 | 174 |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(c)</sup>  | 152568 | 94974 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 103369 | 65252 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and <br> Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 10/1/2031  | 1135 | 1136 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and <br> Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.00% 10/1/2025  | 990 | 989 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and <br> Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.375% 10/1/2031  | 1870 | 1807 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2004, NATL, 4.50% 10/1/2029  | 1280 | 1281 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2019, 5.00% 10/1/2029  | 2100 | 2253 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2019, 5.00% 10/1/2039  | 2400 | 2489 |
| Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 8/1/2026 (escrowed to maturity)  | 3840 | 3961 |
| Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 8/1/2026 (escrowed to maturity)  | 45 | 46 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2018-A-1, 4.75% 7/1/2053  | 4099 | 3679 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **165** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, CAB, Series 2007-A, Class 2, 0% 8/1/2047 <sup>(c)</sup>  | USD5,690 | $1629 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, CAB, Series 2007-A, Class 2, 0% 8/1/2054 <sup>(c)</sup>  | 9298 | 1711 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040  | 5008 | 4661 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040  | 1892 | 1761 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.784% 7/1/2058  | 3638 | 3212 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1, 5.00% 7/1/2058  | 4793 | 4387 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2029  | 243 | 212 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2046  | 103494 | 32206 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-B-1, 0% 7/1/2046  | 10000 | 3112 |
| University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 6/1/2026  | 1250 | 1245 |
| University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 6/1/2030  | 5 | 5 |
|  |  | 283326 |
| **Rhode Island 0.23%** | **Rhode Island 0.23%** | **Rhode Island 0.23%** |
| Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 7/1/2032  | 640 | 646 |
| Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 7/1/2034  | 1505 | 1514 |
| Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 7/1/2036  | 500 | 501 |
| Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 7/1/2037  | 250 | 250 |
| Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 7/1/2041  | 2130 | 2121 |
| Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 7/1/2046  | 10010 | 9991 |
| Health and Educational Building Corp., Educational Institution Rev. Bonds (St. George's School Issue), Series <br> 2021, 4.00% 10/1/2046  | 1365 | 1165 |
| Health and Educational Building Corp., Educational Institution Rev. Bonds (St. George's School Issue), Series <br> 2021, 4.00% 10/1/2051  | 3865 | 3187 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 69-B, 4.00% 10/1/2048  | 2575 | 2594 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 74, 3.00% 4/1/2049  | 4840 | 4802 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 71, 3.75% 10/1/2049  | 3940 | 3958 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 70, 4.00% 10/1/2049  | 1925 | 1937 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 75-A, 3.00% 10/1/2051  | 7545 | 7466 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 76-A, 3.00% 10/1/2051  | 6605 | 6527 |
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 81-A, 6.25% 10/1/2053  | 1655 | 1801 |
| Housing and Mortgage Fin. Corp., Multi Family Dev. Green Bonds, Series 2024-1-A, FHA, 3.60% 10/1/2054 (put <br> 10/1/2027)  | 3280 | 3291 |
|  |  | 51751 |
| **South Carolina 2.23%** | **South Carolina 2.23%** | **South Carolina 2.23%** |
| Connector 2000 Assn., Inc., Toll Road Rev. Bonds, CAB, Series 2011-A-1, 0% 1/1/2042  | 2471 | 784 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 2.65% 7/1/2035  | 1080 | 942 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-B, FHA, 4.00% 7/1/2047  | 185 | 185 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2018-A, 4.50% 7/1/2048  | 365 | 369 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2019-B, 3.75% 1/1/2050  | 6345 | 6389 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2019-A, 4.00% 1/1/2050  | 2005 | 2025 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 7/1/2050  | 585 | 591 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2021-A, 3.00% 1/1/2052  | 3350 | 3314 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2022-A, 4.00% 1/1/2052  | 4065 | 4116 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2023-B, 6.00% 1/1/2054  | 5970 | 6542 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2024-A, 6.25% 7/1/2054  | 10540 | 11676 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2024-B, 6.00% 1/1/2055  | 6575 | 7259 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 7/1/2036  | 575 | 577 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (Bishop Gadsden Episcopal Retirement Community), Series 2019-A, <br> 4.00% 4/1/2034  | 805 | 788 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (Bishop Gadsden Episcopal Retirement Community), Series 2019-A, <br> 5.00% 4/1/2044  | 1280 | 1229 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (Bishop Gadsden Episcopal Retirement Community), Series 2019-A, <br> 5.00% 4/1/2049  | 4030 | 3763 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (Bishop Gadsden Episcopal Retirement Community), Series 2019-A, <br> 4.00% 4/1/2054  | 1165 | 883 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (Bishop Gadsden Episcopal Retirement Community), Series 2019-A, <br> 5.00% 4/1/2054  | 3500 | 3189 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (Custodial Receipts), Series 2018, 5.00% 8/15/2036 (preref. <br> 8/15/2026) <sup>(a)(d)</sup>  | 6100 | 6246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **166** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **South Carolina (continued)** | **South Carolina (continued)** | **South Carolina (continued)** |
| Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Bonds (Novant Health Obligated Group), Series 2024-A, 5.25% <br> 11/1/2041  | USD2,000 | $2085 |
| Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Bonds (Novant Health Obligated Group), Series 2024-A, 5.25% <br> 11/1/2044  | 3000 | 3068 |
| Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Bonds (Novant Health Obligated Group), Series 2024-A, 5.50% <br> 11/1/2045  | 3000 | 3130 |
| Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Bonds (Novant Health Obligated Group), Series 2024-A, 5.50% <br> 11/1/2048  | 5000 | 5164 |
| Jobs-Econ. Dev. Auth., Health Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-B, 5.00% 12/1/2048 <br> (put 10/1/2025)  | 5985 | 6008 |
| Jobs-Econ. Dev. Auth., Health Facs. Rev. Ref. Bonds (Wesley Commons), Series 2016, 5.00% 10/1/2026 <sup>(a)</sup>  | 620 | 621 |
| Jobs-Econ. Dev. Auth., Health Facs. Rev. Ref. Bonds (Wesley Commons), Series 2016, 5.00% 10/1/2036 <sup>(a)</sup>  | 2500 | 2334 |
| Jobs-Econ. Dev. Auth., Lease Rev. Bonds (SPE Fayssoux Properties, LLC Project), Series 2016-A, 5.25% 8/15/2033  | 1450 | 1466 |
| Jobs-Econ. Dev. Auth., Retirement Community Rev. Bonds (ACTS Retirement - Life Communities, Inc. Obligated <br> Group), Series 2018-C, 5.00% 11/15/2047  | 1090 | 1022 |
| Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2023-B-1, 5.25% 2/1/2054 (put 3/1/2031)  | 37455 | 40279 |
| Public Service Auth., Improvement and Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 12/1/2050  | 1070 | 1048 |
| Public Service Auth., Improvement Rev. Obligations, Series 2021-B, 5.00% 12/1/2040  | 10595 | 10823 |
| Public Service Auth., Improvement Rev. Obligations, Series 2021-B, 4.00% 12/1/2041  | 5640 | 5145 |
| Public Service Auth., Improvement Rev. Obligations, Series 2021-B, 4.00% 12/1/2042  | 5690 | 5094 |
| Public Service Auth., Improvement Rev. Obligations, Series 2021-B, 5.00% 12/1/2043  | 7750 | 7773 |
| Public Service Auth., Improvement Rev. Obligations, Series 2021-B, 5.00% 12/1/2051  | 6890 | 6745 |
| Public Service Auth., Improvement Rev. Obligations (Santee Cooper), Series 2025-A, 5.00% 12/1/2042  | 1675 | 1714 |
| Public Service Auth., Improvement Rev. Obligations (Santee Cooper), Series 2025-A, 5.25% 12/1/2050  | 8875 | 8974 |
| Public Service Auth., Improvement Rev. Obligations (Santee Cooper), Series 2025-A, 5.00% 12/1/2055  | 13905 | 13662 |
| Public Service Auth., Improvement Rev. Ref. Obligations (Santee Cooper), Series 2024-B, AGI, 5.00% 12/1/2042  | 5500 | 5643 |
| Public Service Auth., Improvement Rev. Ref. Obligations (Santee Cooper), Series 2024-B, AGI, 5.00% 12/1/2049  | 24500 | 24514 |
| Public Service Auth., Improvement Rev. Ref. Obligations (Santee Cooper), Series 2024-B, 5.00% 12/1/2049  | 10750 | 10554 |
| Public Service Auth., Improvement Rev. Ref. Obligations (Santee Cooper), Series 2024-B, AGI, 5.00% 12/1/2054  | 27825 | 27772 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 12/1/2034  | 900 | 903 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2035  | 6965 | 6979 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 12/1/2035  | 1090 | 1093 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2036  | 13800 | 13813 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 12/1/2036  | 1885 | 1889 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 12/1/2037  | 500 | 500 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2022-A, 5.00% 12/1/2039  | 6825 | 7010 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 12/1/2041  | 27465 | 27282 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2021-B, 4.00% 12/1/2047  | 3570 | 3030 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 12/1/2056  | 2930 | 2851 |
| Public Service Auth., Rev. Ref. and Improvement Obligations (Santee Cooper), Series 2015-A, 5.00% 12/1/2055  | 1750 | 1704 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 12/1/2028  | 2730 | 2773 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2029  | 25 | 25 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 12/1/2030  | 3010 | 3049 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2031  | 2620 | 2640 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2033  | 2295 | 2309 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 12/1/2034  | 3115 | 3127 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 12/1/2034  | 3625 | 3637 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 12/1/2035  | 4270 | 4281 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 4.00% 12/1/2038  | 5195 | 4960 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2038  | 5000 | 4993 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 4.00% 12/1/2042  | 5000 | 4476 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2025-B, 5.00% 12/1/2044  | 4000 | 4028 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2014-C, 4.00% 12/1/2045  | 470 | 408 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2025-B, 5.00% 12/1/2045  | 2000 | 2007 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 4.00% 12/1/2047  | 59900 | 50832 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2025-B, 5.00% 12/1/2047  | 3500 | 3473 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2025-B, 5.00% 12/1/2048  | 3500 | 3458 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 4.00% 12/1/2052  | 34450 | 28285 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 4.00% 12/1/2055  | 32260 | 26200 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-B, 4.00% 12/1/2055  | 14997 | 12180 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-B, 4.00% 12/1/2055  | 11906 | 9669 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **167** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **South Carolina (continued)** | **South Carolina (continued)** | **South Carolina (continued)** |
| University of South Carolina, Athletic Facs. Improvement and Rev. Ref. Bonds, Series 2022-A, 4.00% 5/1/2047  | USD1,540 | $1328 |
| University of South Carolina, Athletic Facs. Improvement and Rev. Ref. Bonds, Series 2022-A, 5.00% 5/1/2052  | 2030 | 2037 |
| University of South Carolina, Higher Education Rev. Bonds (Campus Village Project), Series 2021-A, 5.00% <br> 5/1/2040  | 6740 | 6948 |
|  |  | 509682 |
| **South Dakota 0.36%** | **South Dakota 0.36%** | **South Dakota 0.36%** |
| Health and Educational Facs. Auth., Rev. Bonds (Sanford), Series 2014-B, 5.00% 11/1/2025  | 600 | 601 |
| Health and Educational Facs. Auth., Rev. Bonds (Sanford), Series 2014-B, 5.00% 11/1/2026  | 700 | 701 |
| Health and Educational Facs. Auth., Rev. Bonds (Sanford), Series 2014-A, 4.00% 11/1/2034  | 7070 | 7035 |
| Health and Educational Facs. Auth., Rev. Bonds (Sanford), Series 2014-B, 5.00% 11/1/2034  | 6635 | 6640 |
| Health and Educational Facs. Auth., Rev. Bonds (Sanford), Series 2015, 4.00% 11/1/2040  | 1750 | 1607 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 11/1/2045  | 45 | 45 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-B, 3.50% 11/1/2046  | 405 | 405 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 11/1/2046  | 725 | 725 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2017-D, 4.00% 11/1/2047  | 2110 | 2116 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-A, 4.00% 11/1/2048  | 2995 | 3007 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 11/1/2048  | 2450 | 2479 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2019-B, 4.00% 5/1/2049  | 945 | 951 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2020-A, 3.75% 11/1/2050  | 7430 | 7466 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2020-C, 3.50% 5/1/2051  | 4765 | 4769 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2021-B, 3.00% 11/1/2051  | 5335 | 5279 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2022-B, 3.00% 11/1/2052  | 830 | 821 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2022-C, 5.00% 5/1/2053  | 475 | 492 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2023-A, 6.00% 5/1/2054  | 5130 | 5480 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2023-G, 6.25% 5/1/2055  | 1090 | 1186 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2024-A, 6.25% 5/1/2055  | 6640 | 7255 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2024-C, 6.25% 11/1/2055  | 15270 | 16988 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2025-A, 6.50% 11/1/2055  | 5000 | 5659 |
|  |  | 81707 |
| **Tennessee 0.64%** | **Tennessee 0.64%** | **Tennessee 0.64%** |
| City of Clarksville, Water Sewer and Gas Rev. Bonds, Series 2021-A, 4.00% 2/1/2051  | 7450 | 6329 |
| Health and Education Facs. Board, Hospital Rev. Bonds (Ballad Health), Series 2018, 4.00% 7/1/2040  | 6000 | 5612 |
| Health and Educational Facs. Board of the Metropolitan Government of Nashville and Davidson County, Rev. <br> Bonds (Vanderbilt University Medical Center), Series 2016-A, 5.00% 7/1/2046  | 5245 | 5079 |
| Housing Dev. Agcy., Homeownership Program Bonds, Series 2015-A, 3.50% 7/1/2045  | 1220 | 1219 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-2, 2.45% 7/1/2030  | 1760 | 1688 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-4, 2.65% 7/1/2034  | 805 | 702 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 7/1/2042  | 205 | 206 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2018-1, 4.00% 1/1/2043  | 1905 | 1912 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 1/1/2045  | 20 | 20 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, 4.00% 7/1/2045  | 235 | 235 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 4.00% 1/1/2046  | 360 | 361 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2016-1-B, 3.50% 1/1/2047  | 210 | 210 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-3, 3.50% 1/1/2048  | 1290 | 1289 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-2, 4.00% 1/1/2048  | 8330 | 8417 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2018-2, 4.00% 1/1/2049  | 3455 | 3474 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2018-3, 4.25% 7/1/2049  | 1445 | 1457 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-1, 4.25% 1/1/2050  | 2340 | 2363 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2020-1-A, 3.50% 7/1/2050  | 1600 | 1602 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2021-1, 3.00% 7/1/2051  | 2080 | 2060 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2021-2, 3.00% 1/1/2052  | 12165 | 12040 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2022-2, 5.00% 1/1/2053  | 360 | 374 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2023-2-A, 5.75% 1/1/2054  | 11025 | 11787 |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2025-1A, 6.00% 1/1/2056  | 920 | 1014 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC. - University of Tennessee Project), Series 2024-B-1, BAM, 5.00% 7/1/2049  | 1220 | 1196 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC. - University of Tennessee Project), Series 2024-A-1, BAM, 5.25% 7/1/2049  | 1250 | 1259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **168** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Tennessee (continued)** | **Tennessee (continued)** | **Tennessee (continued)** |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC. - University of Tennessee Project), Series 2024-A-1, BAM, 5.50% 7/1/2054  | USD780 | $794 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC. - University of Tennessee Project), Series 2024-A-1, BAM, 5.00% 7/1/2064  | 2215 | 2122 |
| City of Memphis, Electric System Rev. and Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2041  | 1895 | 1992 |
| City of Memphis, Electric System Rev. and Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2042  | 1900 | 1978 |
| City of Memphis, Electric System Rev. and Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2047  | 6705 | 6816 |
| City of Memphis, Electric System Rev. and Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2054  | 3160 | 3183 |
| Metropolitan Government of Nashville and Davidson County, Water & Sewer Rev. Bonds, Series 2017-B, 5.00% <br> 7/1/2046  | 4000 | 4015 |
| Metropolitan Government of Nashville and Davidson County, Water & Sewer Rev. Green Bonds, Series 2017-A, <br> 5.00% 7/1/2046  | 4000 | 4015 |
| Metropolitan Nashville Airport Auth., Airport Rev. Bonds, Series 2019-A, 5.00% 7/1/2044  | 8000 | 8080 |
| Metropolitan Nashville Airport Auth., Airport Rev. Bonds, Series 2019-A, 4.00% 7/1/2054  | 5000 | 4205 |
| Tennessee Energy Acquisition Corp., Commodity Project Rev. Bonds, Series 2021-A, 5.00% 5/1/2052 (put <br> 11/1/2031)  | 24605 | 25746 |
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2/1/2027  | 1890 | 1925 |
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2018, 4.00% 11/1/2049 (put 11/1/2025) <sup>(c)</sup>  | 8000 | 8010 |
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2023-A-1, 5.00% 5/1/2053 (put 5/1/2028)  | 900 | 928 |
|  |  | 145714 |
| **Texas 12.57%** | **Texas 12.57%** | **Texas 12.57%** |
| Affordable Housing Corp., Single Family Mortgage Rev. Bonds, Series 2023-A, 5.50% 9/1/2053  | 5350 | 5656 |
| Affordable Housing Corp., Single Family Mortgage Rev. Bonds (Texas Heroes Home Loan Program), Series <br> 2019-A, 4.25% 3/1/2049  | 1020 | 1029 |
| Alamo Community College Dist., Limited Tax Bonds, Series 2021, 4.00% 8/15/2036  | 3000 | 3016 |
| Aldine Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2029  | 1750 | 1896 |
| Aldine Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 6075 | 5127 |
| Aledo Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016, 5.00% 2/15/2036  | 1000 | 1008 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2024, 5.00% 2/15/2030  | 1000 | 1098 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2021, 3.00% 2/15/2037  | 5085 | 4441 |
| Anna Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.25% 2/15/2050  | 10035 | 10320 |
| Anna Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.25% 2/15/2055  | 9055 | 9285 |
| Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Harmony Public Schools), Series <br> 2017-A, 5.00% 2/15/2027  | 1210 | 1252 |
| Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Harmony Public Schools), Series <br> 2017-A, 5.00% 2/15/2042  | 2000 | 2008 |
| Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, <br> 5.00% 12/1/2034  | 650 | 665 |
| Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, <br> 5.00% 12/1/2036  | 915 | 931 |
| Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, <br> 5.00% 12/1/2037  | 1445 | 1467 |
| Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, <br> 5.00% 12/1/2047  | 2625 | 2613 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 4.125% 6/15/2034 <sup>(a)</sup>  | 770 | 759 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 4.25% 6/15/2039 <sup>(a)</sup>  | 1075 | 1005 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 4.50% 6/15/2044 <sup>(a)</sup>  | 510 | 459 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 4.75% 6/15/2049 <sup>(a)</sup>  | 420 | 374 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 4.875% 6/15/2054 <sup>(a)</sup>  | 420 | 374 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 4.875% 6/15/2059 <sup>(a)</sup>  | 220 | 193 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% <br> 8/15/2025  | 195 | 195 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 4.00% <br> 8/15/2034  | 330 | 333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **169** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 4.00% <br> 8/15/2035  | USD1,000 | $1002 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 4.00% <br> 8/15/2036  | 385 | 383 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 4.00% <br> 8/15/2038  | 900 | 872 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 4.00% <br> 8/15/2039  | 470 | 450 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 4.50% <br> 8/15/2039  | 390 | 368 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 4.75% <br> 8/15/2044  | 740 | 668 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 5.00% <br> 8/15/2049  | 535 | 486 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 5.00% <br> 8/15/2054  | 970 | 865 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Harmony Public Schools), Series 2024, 4.00% <br> 2/15/2049  | 6885 | 5837 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Harmony Public Schools), Series 2024, 4.00% <br> 2/15/2054  | 9260 | 7668 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 3.00% 8/15/2032  | 1000 | 954 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 4.00% 8/15/2034  | 1000 | 1013 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 4.00% 8/15/2035  | 1000 | 1006 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 4.00% 8/15/2037  | 1000 | 989 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, <br> 3.00% 8/15/2051  | 9545 | 6195 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, <br> 5.00% 8/15/2032  | 600 | 638 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2022, <br> 5.00% 8/15/2047  | 4050 | 4079 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2022, <br> 5.00% 8/15/2057  | 13120 | 12826 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 2.75% 12/1/2026  | 340 | 338 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 5.00% 12/1/2036  | 1880 | 1885 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2018-A, 5.00% 12/1/2037  | 725 | 732 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 12/1/2042  | 4165 | 4187 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 5.00% 12/1/2046  | 1100 | 1017 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2018-A, 5.00% 12/1/2048  | 2345 | 2348 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 12/1/2049  | 1725 | 1418 |
| City of Arlington, Special Tax Rev. Bonds, Series 2018-C, BAM, 5.00% 2/15/2029  | 1500 | 1583 |
| City of Arlington, Special Tax Rev. Bonds, Series 2018-C, BAM, 5.00% 2/15/2030  | 1000 | 1052 |
| City of Arlington, Special Tax Rev. Bonds, Series 2018-C, BAM, 5.00% 2/15/2031  | 1100 | 1152 |
| City of Arlington, Special Tax Rev. Bonds, Series 2018-C, BAM, 5.00% 2/15/2032  | 1000 | 1043 |
| City of Arlington, Special Tax Rev. Bonds, Series 2018-A, AGI, 5.00% 2/15/2035  | 2245 | 2313 |
| City of Arlington, Special Tax Rev. Bonds, Series 2018-A, AGI, 5.00% 2/15/2038  | 1000 | 1019 |
| City of Arlington, Special Tax Rev. Bonds, Series 2018-A, AGI, 5.00% 2/15/2043  | 11495 | 11514 |
| Austin Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-B, 5.00% 8/1/2030 (preref. 8/1/2025)  | 3000 | 3000 |
| Austin Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-B, 5.00% 8/1/2031 (preref. 8/1/2025)  | 6820 | 6820 |
| Austin Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2017, 5.00% <br> 8/1/2025  | 1500 | 1500 |
| Austin Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2017, 5.00% <br> 8/1/2037  | 2660 | 2692 |
| City of Austin, Airport System Rev. Bonds, Series 2017-A, 5.00% 11/15/2032  | 1100 | 1122 |
| City of Austin, Airport System Rev. Bonds, Series 2017-A, 5.00% 11/15/2033  | 2220 | 2258 |
| City of Austin, Airport System Rev. Bonds, Series 2017-A, 5.00% 11/15/2034  | 2000 | 2030 |
| City of Austin, Airport System Rev. Bonds, Series 2017-A, 5.00% 11/15/2035  | 1125 | 1139 |
| City of Austin, Airport System Rev. Bonds, Series 2017-A, 5.00% 11/15/2036  | 3605 | 3642 |
| City of Austin, Airport System Rev. Bonds, Series 2017-A, 5.00% 11/15/2037  | 2000 | 2016 |
| City of Austin, Airport System Rev. Bonds, Series 2017-A, 5.00% 11/15/2041  | 2500 | 2500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **170** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| City of Austin, Airport System Rev. Bonds, Series 2019-A, 5.00% 11/15/2049  | USD5,000 | $4957 |
| City of Austin, Electric Utility System Rev. Ref. and Improvement Bonds, Series 2023, 5.00% 11/15/2048  | 4750 | 4760 |
| City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2015-A, 5.00% 11/15/2028  | 1000 | 1006 |
| City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2015-A, 5.00% 11/15/2030  | 1520 | 1528 |
| City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2017, 5.00% 11/15/2031  | 1130 | 1156 |
| City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2017, 5.00% 11/15/2032  | 1000 | 1021 |
| City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2017, 5.00% 11/15/2033  | 1000 | 1020 |
| City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2015-A, 5.00% 11/15/2038  | 1000 | 1003 |
| City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2015-A, 5.00% 11/15/2045  | 1500 | 1501 |
| City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2024, 5.00% 11/15/2050  | 5000 | 4990 |
| City of Austin, Public Improvement and Rev. Ref. Bonds, Series 2024, 5.00% 9/1/2044  | 4240 | 4331 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 3.00% 5/15/2027 (preref. <br> 11/15/2025)  | 10 | 10 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 11/15/2035  | 4500 | 4570 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2021, 4.00% 11/15/2036  | 1565 | 1573 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 5.00% 11/15/2036  | 995 | 999 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 5.00% 11/15/2036 (preref. <br> 11/15/2025)  | 5 | 5 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 11/15/2036  | 6985 | 7077 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2021, 4.00% 11/15/2041  | 1750 | 1633 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 11/15/2045  | 11795 | 11674 |
| City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2017, 5.00% 11/15/2046  | 3800 | 3802 |
| Barbers Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2034  | 1000 | 1130 |
| Barbers Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2037  | 1625 | 1778 |
| Barbers Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2038  | 1000 | 1083 |
| Barbers Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2039  | 1500 | 1608 |
| Barbers Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2040  | 1000 | 1059 |
| Barbers Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2041  | 1000 | 1049 |
| Barbers Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2042  | 1200 | 1247 |
| Barbers Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2043  | 1830 | 1890 |
| Bastrop Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2042  | 1090 | 1123 |
| Bastrop Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2048  | 1250 | 1261 |
| Beaumont Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016, 3.00% 2/15/2033  | 4210 | 4018 |
| County of Bell, Combination Tax and Rev. Certs. of Obligation, Series 2021, 3.00% 2/15/2036  | 500 | 450 |
| County of Bell, Combination Tax and Rev. Certs. of Obligation, Series 2021, 3.00% 2/15/2037  | 1000 | 876 |
| County of Bexar, Hospital Dist., Certs. of Obligation, Series 2018, 5.00% 2/15/2033  | 2000 | 2053 |
| County of Bexar, Hospital Dist., Certs. of Obligation, Series 2022, 5.00% 2/15/2034  | 3105 | 3380 |
| County of Bexar, Hospital Dist., Certs. of Obligation, Series 2018, 5.00% 2/15/2035  | 6155 | 6294 |
| County of Bexar, Hospital Dist., Certs. of Obligation, Series 2018, 5.00% 2/15/2036  | 10150 | 10356 |
| County of Bexar, Hospital Dist., Certs. of Obligation, Series 2022, 5.00% 2/15/2036  | 2745 | 2928 |
| County of Bexar, Hospital Dist., Certs. of Obligation, Series 2020, 4.00% 2/15/2039  | 2220 | 2109 |
| County of Bexar, Hospital Dist., Certs. of Obligation, Series 2020, 4.00% 2/15/2040  | 1500 | 1400 |
| County of Bexar, Hospital Dist., Certs. of Obligation, Series 2020, 5.00% 2/15/2045  | 2500 | 2507 |
| County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2020, 4.00% 2/15/2037  | 1500 | 1478 |
| County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2020, 4.00% 2/15/2038  | 3000 | 2916 |
| County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2/15/2038  | 4200 | 4284 |
| County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2020, 4.00% 2/15/2039  | 1500 | 1425 |
| County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2020, 4.00% 2/15/2040  | 2150 | 2007 |
| Boerne Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2023, 3.125% 2/1/2053 <br> (put 2/1/2027)  | 7245 | 7257 |
| County of Brazoria, Municipal Utility Dist. No. 42, Unlimited Tax Bonds, Series 2025, 4.50% 4/1/2048  | 1220 | 1076 |
| County of Brazoria, Municipal Utility Dist. No. 42, Unlimited Tax Bonds, Series 2025, 4.375% 4/1/2052  | 1220 | 1030 |
| County of Brazoria, Municipal Utility Dist. No. 44, Unlimited Tax Bonds, Series 2024, 4.00% 9/1/2039  | 1025 | 924 |
| County of Brazoria, Municipal Utility Dist. No. 44, Unlimited Tax Bonds, Series 2024, 4.125% 9/1/2045  | 1140 | 948 |
| County of Brazoria, Municipal Utility Dist. No. 44, Unlimited Tax Bonds, Series 2024, 4.125% 9/1/2049  | 1000 | 787 |
| County of Brazoria, Municipal Utility Dist. No. 44, Unlimited Tax Road Bonds, Series 2024, 4.125% 9/1/2049  | 1010 | 795 |
| County of Brazoria, Utility Dist. No. 83, Unlimited Tax Road Bonds, Series 2024, 4.375% 11/1/2043  | 1000 | 872 |
| County of Brazoria, Utility Dist. No. 83, Unlimited Tax Road Bonds, Series 2024, 4.375% 11/1/2049  | 1020 | 838 |
| County of Brazoria, Utility Dist. No. 83, Unlimited Tax Road Bonds, Series 2024, 4.375% 11/1/2054  | 1080 | 880 |
| City of Bryan, Electric System Rev. Bonds, Series 2018, 4.00% 7/1/2043  | 4285 | 3763 |
| City of Bryan, Electric System Rev. Ref. and Improvement Bonds, Series 2016, 5.00% 7/1/2027  | 700 | 713 |
| City of Bryan, Electric System Rev. Ref. and Improvement Bonds, Series 2016, 5.00% 7/1/2028  | 1405 | 1431 |
| City of Bryan, Electric System Rev. Ref. Bonds, Series 2017, AGI, 5.00% 7/1/2029  | 645 | 670 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **171** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| City of Bryan, Electric System Rev. Ref. Bonds, Series 2017, AGI, 5.00% 7/1/2030  | USD1,000 | $1037 |
| County of Caldwell, Municipal Utility Dist. No. 2, Unlimited Tax Road Bonds, Series 2024-A, 4.375% 9/1/2049  | 1165 | 959 |
| County of Caldwell, Municipal Utility Dist. No. 2, Unlimited Tax Road Bonds, Series 2024-B, 4.50% 9/1/2049  | 1080 | 907 |
| Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (Redwood Apartments), Series 2020, 3.50% <br> 1/1/2041 (put 1/1/2026)  | 10000 | 10002 |
| Castleberry Independent School Dist., Unlimited Tax School Board Building Bonds, Series 2024-B, 5.00% <br> 2/15/2042  | 1000 | 1038 |
| Castleberry Independent School Dist., Unlimited Tax School Board Building Bonds, Series 2024-B, 5.00% <br> 2/15/2043  | 710 | 733 |
| Castleberry Independent School Dist., Unlimited Tax School Board Building Bonds, Series 2024-B, 5.00% <br> 2/15/2044  | 695 | 713 |
| Cedar Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2050  | 14475 | 12362 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2039  | 1395 | 1482 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2041  | 3335 | 3488 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2043  | 3610 | 3717 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2044  | 1670 | 1710 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2049  | 14590 | 12422 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2025-A, 5.25% 2/15/2050  | 4000 | 4126 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 4.00% 2/15/2053  | 4985 | 4166 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 5045 | 4198 |
| Central Texas Regional Mobility Auth., Rev. Bond Anticipation Notes, Series 2021-C, 5.00% 1/1/2027  | 3655 | 3687 |
| Central Texas Regional Mobility Auth., Rev. Bonds, Series 2021-B, 4.00% 1/1/2051  | 1315 | 1121 |
| Chapel Hill Independent School Dist., School Building Bonds, Series 2023, 5.00% 2/15/2036  | 525 | 578 |
| Chapel Hill Independent School Dist., School Building Bonds, Series 2023, 5.00% 2/15/2037  | 400 | 434 |
| Chapel Hill Independent School Dist., School Building Bonds, Series 2023, 5.00% 2/15/2048  | 2000 | 2027 |
| Clear Creek Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2024-A, 5.00% 2/15/2032  | 3000 | 3352 |
| Clear Creek Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016, 3.00% 2/15/2033  | 3460 | 3304 |
| Clear Creek Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2024-A, 5.00% 2/15/2033  | 765 | 858 |
| Clear Creek Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2024-A, 5.00% 2/15/2038  | 1235 | 1330 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Idea Public Schools), Series 2025, 5.00% <br> 8/15/2034  | 6000 | 6592 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Idea Public Schools), Series 2025, 5.00% <br> 8/15/2035  | 4615 | 5022 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Idea Public Schools), Series 2025, 5.00% <br> 8/15/2042  | 1920 | 1957 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Idea Public Schools), Series 2016-A, <br> 5.00% 8/15/2046  | 2000 | 2005 |
| Clifton Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (International Leadership of Texas, Inc.), <br> Series 2025-A, 5.00% 2/15/2035  | 2275 | 2471 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2016-B, 5.00% 8/15/2028  | 405 | 413 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 4.00% 8/15/2033  | 2125 | 2155 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 4.00% 8/15/2034  | 2300 | 2317 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 4.00% 8/15/2038  | 1085 | 1024 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 4.00% 8/15/2041  | 1400 | 1291 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 4.00% 8/15/2042  | 1400 | 1265 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 4.00% 8/15/2044  | 5000 | 4374 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2022-A, 4.00% 8/15/2047  | 6040 | 5055 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2018, 5.00% 8/15/2048  | 6470 | 6358 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2022-A, 4.00% 8/15/2051  | 9295 | 7547 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (International Leadership of Texas, Inc.), Series 2021, <br> 5.00% 8/15/2028  | 500 | 531 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (International Leadership of Texas, Inc.), Series 2021, <br> 3.00% 8/15/2037  | 1455 | 1241 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2014-A, 4.50% 12/1/2044  | 1465 | 1276 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2014-A, 4.60% 12/1/2049  | 3455 | 2954 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Yes Prep Public Schools, Inc.), Series 2020, 5.00% <br> 4/1/2027  | 560 | 581 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (Idea Public Schools), Series 2024, 5.00% <br> 8/15/2037  | 500 | 529 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (Idea Public Schools), Series 2024, 5.00% <br> 8/15/2039  | 1200 | 1254 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (Idea Public Schools), Series 2024, 4.00% <br> 8/15/2049  | 4000 | 3383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **172** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (Idea Public Schools), Series 2024, 4.00% <br> 8/15/2054  | USD3,705 | $3065 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2036  | 830 | 883 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2037  | 790 | 833 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2038  | 660 | 690 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (International Leadership of Texas, Inc.), Series <br> 2024-A, 5.00% 8/15/2039  | 650 | 674 |
| County of Colin Municipal Utility Dist. No. 10, Unlimited Tax Road Bonds, Series 2024, 4.50% 9/1/2046  | 1005 | 865 |
| County of Colin Municipal Utility Dist. No. 10, Unlimited Tax Road Bonds, Series 2024, 4.50% 9/1/2054  | 1090 | 909 |
| Comal Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2025, 5.00% 2/1/2042  | 1335 | 1384 |
| Comal Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2025, 5.00% 2/1/2043  | 1020 | 1049 |
| Comal Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2025, 5.00% 2/1/2044  | 2125 | 2175 |
| Conroe Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2016, 5.00% <br> 2/15/2038  | 455 | 458 |
| Conroe Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2016, 5.00% <br> 2/15/2038 (preref. 2/15/2026)  | 105 | 106 |
| Conroe Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 4.00% 2/15/2050  | 31390 | 26691 |
| Corpus Christi Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2030  | 1000 | 1107 |
| Corpus Christi Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2031  | 1400 | 1562 |
| Corpus Christi Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2034  | 1500 | 1688 |
| Corpus Christi Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2025, 5.00% 8/15/2040  | 1455 | 1548 |
| Corpus Christi Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 4.00% 8/15/2047  | 2500 | 2169 |
| Corpus Christi Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2049  | 7820 | 7912 |
| Corpus Christi Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 8/15/2054  | 8535 | 7140 |
| Port of Corpus Christi Auth. of Nueces County, Rev. Bonds, Series 2018-A, 5.00% 12/1/2036  | 1000 | 1029 |
| Port of Corpus Christi Auth. of Nueces County, Rev. Bonds, Series 2018-A, 5.00% 12/1/2037  | 1945 | 1990 |
| Port of Corpus Christi Auth. of Nueces County, Rev. Bonds, Series 2018-A, 5.00% 12/1/2038  | 1775 | 1806 |
| Port of Corpus Christi Auth. of Nueces County, Rev. Bonds, Series 2018-A, 5.00% 12/1/2043  | 9240 | 9260 |
| Port of Corpus Christi Auth. of Nueces County, Rev. Bonds, Series 2018-A, 5.00% 12/1/2048  | 7000 | 6862 |
| Cresson Crossroads Municipal Utility Dist. No. 2 Defined Area 3, Unlimited Tax Road Bonds, Series 2024, 4.625% <br> 9/15/2047  | 1455 | 1309 |
| Cresson Crossroads Municipal Utility Dist. No. 2 Defined Area 3, Unlimited Tax Road Bonds, Series 2024, 4.625% <br> 9/15/2054  | 1130 | 993 |
| Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2022-A, 5.00% <br> 2/15/2029  | 1000 | 1082 |
| Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-B, 5.00% <br> 2/15/2039  | 2000 | 2127 |
| Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-B, 5.00% <br> 2/15/2040  | 2000 | 2108 |
| Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-B, 5.00% <br> 2/15/2041  | 2750 | 2880 |
| Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-B, 5.00% <br> 2/15/2042  | 2500 | 2597 |
| Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-B, 5.00% <br> 2/15/2043  | 3750 | 3873 |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. and Improvement Bonds, <br> Series 2024, 5.00% 11/1/2037  | 5000 | 5418 |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. and Improvement Bonds, <br> Series 2024, 5.00% 11/1/2040  | 2500 | 2636 |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2023-B, <br> 5.00% 11/1/2025  | 1250 | 1257 |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2021-A, <br> 4.00% 11/1/2037  | 7675 | 7520 |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2022-B, <br> 5.00% 11/1/2037  | 2000 | 2131 |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2022-B, <br> 5.00% 11/1/2040  | 5125 | 5345 |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2022-B, <br> 4.00% 11/1/2042  | 1740 | 1622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **173** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2022-B, <br> 4.00% 11/1/2045  | USD1,025 | $920 |
| City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Notes (Estates at Ferguson), Series 2023, 5.00% <br> 7/1/2042 (put 7/1/2027)  | 1690 | 1739 |
| City of Dallas, GO Rev. Ref. and Improvement Bonds, Series 2023-A, 5.00% 2/15/2026  | 4225 | 4278 |
| City of Dallas, GO Rev. Ref. and Improvement Bonds, Series 2023-A, 5.00% 2/15/2027  | 5765 | 5977 |
| City of Dallas, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021, 4.00% 8/15/2034  | 2000 | 1969 |
| City of Dallas, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021, 4.00% 8/15/2036  | 1000 | 953 |
| City of Dallas, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021, 4.00% 8/15/2037  | 1250 | 1176 |
| City of Dallas, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021, 4.00% 8/15/2038  | 1000 | 925 |
| City of Dallas, Special Tax Rev. Bonds (Kay Bailey Hutchison Convention Center Dallas Venue Project), Series 2023, <br> 6.00% 8/15/2053 (put 8/15/2028) <sup>(a)</sup>  | 9505 | 9522 |
| City of Dallas, Waterworks and Sewer System Rev. Ref. Bonds, Series 2015-A, 5.00% 10/1/2025  | 4030 | 4046 |
| City of Dallas, Waterworks and Sewer System Rev. Ref. Bonds, Series 2015-A, 4.00% 10/1/2033  | 5500 | 5503 |
| City of Dallas, Waterworks and Sewer System Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2036  | 5400 | 5462 |
| City of Dallas, Waterworks and Sewer System Rev. Ref. Bonds, Series 2017, 5.00% 10/1/2042  | 8700 | 8751 |
| City of Dallas, Waterworks and Sewer System Rev. Ref. Bonds, Series 2017, 5.00% 10/1/2046  | 7250 | 7254 |
| Dallas Area Rapid Transit Sales Tax Rev. Improvement and Rev. Ref. Bonds, Series 2021-B, 4.00% 12/1/2051  | 10000 | 8307 |
| Dallas Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 2.00% 2/15/2043  | 4405 | 2725 |
| Dallas Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 2.00% 2/15/2044  | 1000 | 602 |
| Dallas Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 2.00% 2/15/2045  | 1000 | 590 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 4.00% 8/15/2037  | 700 | 687 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-B, 4.00% 8/15/2038  | 1000 | 956 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 4.00% 8/15/2039  | 750 | 702 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 4.00% 8/15/2040  | 1000 | 921 |
| Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 4.00% 8/15/2045  | 2500 | 2175 |
| City of Denton, Certs. of Obligation, Series 2020, 2.00% 2/15/2034  | 1400 | 1168 |
| City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 12/1/2029  | 3500 | 3593 |
| City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 12/1/2033  | 14180 | 14452 |
| City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 12/1/2035  | 6775 | 6881 |
| City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 12/1/2036  | 7500 | 7604 |
| Denton Independent School Dist., Unlimited Tax School Building Bonds, Series 2015-A, 5.00% 8/15/2045  | 1000 | 1001 |
| Eagle Mountain-Saginaw Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% <br> 8/15/2054  | 5000 | 4183 |
| County of East Montgomery Improvement Dist., Rev. Bonds, Series 2024, AGI, 5.00% 8/15/2040  | 1000 | 1043 |
| County of East Montgomery Improvement Dist., Rev. Bonds, Series 2024, AGI, 5.00% 8/15/2042  | 1000 | 1025 |
| County of East Montgomery Improvement Dist., Rev. Bonds, Series 2024, AGI, 5.25% 8/15/2049  | 3675 | 3784 |
| City of El Paso, Combination Tax and Rev. Certs. of Obligation, Series 2021-A, 4.00% 8/15/2040  | 1000 | 937 |
| City of El Paso, Combination Tax and Rev. Certs. of Obligation, Series 2021-A, 4.00% 8/15/2041  | 1000 | 918 |
| City of El Paso, Combination Tax and Rev. Certs. of Obligation, Series 2021-A, 4.00% 8/15/2044  | 1570 | 1385 |
| City of El Paso, Combination Tax and Rev. Certs. of Obligation, Series 2021-A, 4.00% 8/15/2047  | 1750 | 1499 |
| City of El Paso, Water and Sewer Improvement and Rev. Ref. Bonds, Series 2023, 5.25% 3/1/2049  | 5000 | 5098 |
| County of El Paso, Hospital Dist. GO Bonds, Series 2025, AGI, 5.00% 2/15/2034  | 1100 | 1215 |
| County of El Paso, Hospital Dist. GO Bonds, Series 2025, AGI, 5.00% 2/15/2035  | 1000 | 1103 |
| County of El Paso, Hospital Dist. GO Bonds, Series 2025, AGI, 5.50% 2/15/2050  | 2000 | 2067 |
| County of El Paso, Hospital Dist. Rev. Ref. Bonds, Series 2024, BAM, 4.125% 2/15/2049  | 1000 | 872 |
| County of El Paso, Hospital Dist. Rev. Ref. Bonds, Series 2024, BAM, 4.25% 2/15/2054  | 1265 | 1100 |
| El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 8/15/2025  | 1000 | 1001 |
| El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 8/15/2033 (preref. <br> 8/15/2025)  | 2000 | 2002 |
| County of Ellis, Municipal Utility Dist. No. 1B, Unlimited Tax Utility Bonds, Series 2025, 4.625% 9/1/2042  | 1000 | 938 |
| County of Ellis, Municipal Utility Dist. No. 1B, Unlimited Tax Utility Bonds, Series 2025, 4.625% 9/1/2046  | 1000 | 915 |
| County of Ellis, Municipal Utility Dist. No. 1B, Unlimited Tax Utility Bonds, Series 2025, 4.75% 9/1/2050  | 1230 | 1116 |
| Flour Bluff Independent School Dist., Unlimited Tax Building Bonds, Series 2025, 5.00% 8/15/2044  | 2325 | 2380 |
| Forney Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 8/15/2048  | 2260 | 2268 |
| Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-A, <br> 4.75% 5/1/2038  | 1750 | 1717 |
| Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-B, <br> 4.75% 11/1/2042  | 8340 | 7898 |
| Fort Bend County, Toll Road Rev. and Rev. Ref. Bonds, Series 2025, AGI, 5.25% 3/1/2055  | 25000 | 25655 |
| Fort Bend Grand Parkway Toll Road Auth., Limited Contract Tax and Toll Road Rev. Ref. Bonds, Series 2021-A, <br> 3.00% 3/1/2034  | 1500 | 1388 |
| Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2018, 5.00% 8/15/2027  | 1080 | 1134 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **174** |

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------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2021-B, 0.72% 8/1/2051 (put 8/1/2026)  | USD3,060 | $2972 |
| Fort Bend Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020-B, 0.875% <br> 8/1/2050 (put 8/1/2025)  | 2280 | 2280 |
| Fort Bend Independent School Dist., Unlimited Tax School Building Bonds, Series 2021-A, 4.00% 8/15/2032  | 750 | 780 |
| Fort Bend Independent School Dist., Unlimited Tax School Building Bonds, Series 2021-A, 4.00% 8/15/2033  | 705 | 726 |
| Fort Bend Independent School Dist., Unlimited Tax School Building Bonds, Series 2021-A, 4.00% 8/15/2034  | 1000 | 1018 |
| Fort Worth Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2029  | 1400 | 1518 |
| County of Fort Bend, Municipal Utility Dist. No. 216, Unlimited Tax Bonds, Series 2024, 4.00% 9/1/2039  | 1205 | 1085 |
| County of Fort Bend, Municipal Utility Dist. No. 216, Unlimited Tax Bonds, Series 2024, 4.25% 9/1/2048  | 1430 | 1216 |
| County of Fort Bend, Municipal Utility Dist. No. 232, Unlimited Tax Road Bonds, Series 2024, 4.25% 9/1/2049  | 1215 | 977 |
| Fort Bend County Municipal Utility Dist. No. 250, Contract Rev. Bonds, Series 2025, 4.25% 11/1/2039  | 1125 | 1054 |
| Fort Bend County Municipal Utility Dist. No. 250, Contract Rev. Bonds, Series 2025, 4.375% 11/1/2041  | 1240 | 1143 |
| Fort Bend County Municipal Utility Dist. No. 250, Contract Rev. Bonds, Series 2025, 4.50% 11/1/2043  | 1365 | 1251 |
| Fort Bend County Municipal Utility Dist. No. 250, Contract Rev. Bonds, Series 2025, 4.50% 11/1/2045  | 1505 | 1353 |
| Fort Bend County Municipal Utility Dist. No. 250, Contract Rev. Bonds, Series 2025, 4.50% 11/1/2047  | 1660 | 1467 |
| Fort Bend County Municipal Utility Dist. No. 250, Contract Rev. Bonds, Series 2025, 4.25% 11/1/2049  | 1830 | 1537 |
| City of Fort Worth, Water and Sewer System Rev. Bonds, Series 2024, 5.00% 2/15/2038  | 2990 | 3190 |
| City of Fort Worth, Water and Sewer System Rev. Bonds, Series 2024, 5.00% 2/15/2041  | 5 | 5 |
| Frenship Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2055  | 8465 | 8546 |
| Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2021, 4.00% <br> 2/15/2035  | 1040 | 1053 |
| County of Galveston Municipal Utility Dist. No. 36, Unlimited Tax Bonds, Series 2024, 4.00% 9/1/2040  | 1195 | 1070 |
| County of Galveston Municipal Utility Dist. No. 36, Unlimited Tax Bonds, Series 2024, 4.125% 9/1/2043  | 1080 | 939 |
| County of Galveston Municipal Utility Dist. No. 36, Unlimited Tax Bonds, Series 2024, 4.125% 9/1/2046  | 1270 | 1066 |
| County of Galveston Municipal Utility Dist. No. 36, Unlimited Tax Bonds, Series 2024, 4.125% 9/1/2049  | 1490 | 1222 |
| County of Galveston, Municipal Utility Dist. No. 79, Unlimited Tax Bonds, Series 2024, 4.375% 4/1/2053  | 1050 | 858 |
| City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021-A, 4.00% 3/1/2046  | 1900 | 1645 |
| City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2019, 4.00% 3/1/2049  | 1200 | 1019 |
| City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021-A, 4.00% 3/1/2051  | 2250 | 1878 |
| City of Garland, GO Rev. Ref. and Improvement Bonds, Series 2024, 5.00% 2/15/2040  | 1250 | 1298 |
| City of Garland, GO Rev. Ref. and Improvement Bonds, Series 2024, 5.00% 2/15/2041  | 1700 | 1754 |
| City of Garland, GO Rev. Ref. and Improvement Bonds, Series 2024, 5.00% 2/15/2042  | 2000 | 2049 |
| City of Garland, GO Rev. Ref. and Improvement Bonds, Series 2024, 4.00% 2/15/2044  | 2450 | 2190 |
| Garland Independent School Dist., Unlimited Tax School Building Bonds, Series 2023-A, 5.00% 2/15/2048  | 21630 | 21827 |
| Georgetown Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 2.00% 8/15/2034  | 2075 | 1732 |
| GO Rev. Ref. and Improvement Bonds, Series 2019-A, 3.00% 2/15/2038  | 4500 | 3829 |
| GO Water Financial Assistance Rev. Ref. Bonds, Series 2021-B, 5.00% 8/1/2025  | 5000 | 5000 |
| Gonzales Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 8/1/2049  | 2635 | 2259 |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-C, 4.00% 10/1/2045  | 8500 | 7374 |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-C, 4.00% 10/1/2049  | 8480 | 7210 |
| Greenwood Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2049  | 13750 | 13844 |
| Greenwood Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 13170 | 11097 |
| County of Harris, Metropolitan Transit Auth., Sales and Use Tax Bonds, Series 2019-A, 5.00% 11/1/2037  | 3170 | 3308 |
| County of Harris, Municipal Utility Dist. No. 478, Contract Rev. Road Bonds, Series 2025-A, 5.00% 12/1/2043  | 1155 | 1117 |
| County of Harris, Municipal Utility Dist. No. 478, Contract Rev. Road Bonds, Series 2025, 4.375% 12/1/2046  | 1135 | 956 |
| County of Harris, Municipal Utility Dist. No. 478, Contract Rev. Road Bonds, Series 2025-A, 5.00% 12/1/2047  | 1145 | 1078 |
| County of Harris, Municipal Utility Dist. No. 478, Contract Rev. Road Bonds, Series 2025, 4.375% 12/1/2050  | 1130 | 926 |
| County of Harris, Municipal Utility Dist. No. 493, Unlimited Tax Road Bonds, Series 2024, 4.125% 9/1/2044  | 1340 | 1133 |
| County of Harris, Municipal Utility Dist. No. 493, Unlimited Tax Road Bonds, Series 2024, 4.125% 9/1/2049  | 1710 | 1347 |
| County of Harris, Municipal Utility Dist. No. 572, Unlimited Tax Bonds, Series 2025, 4.50% 4/1/2046  | 1035 | 927 |
| County of Harris, Municipal Utility Dist. No. 572, Unlimited Tax Bonds, Series 2025, 4.375% 4/1/2051  | 1135 | 966 |
| County of Harris, Municipal Utility Dist. No. 578, Unlimited Tax Bonds, Series 2024, 4.25% 9/1/2050  | 1105 | 887 |
| County of Harris, Permanent Improvement Rev. Ref. Bonds, Series 2021-A, 4.00% 10/1/2036  | 1380 | 1395 |
| County of Harris, Permanent Improvement Rev. Ref. Bonds, Series 2024-A, 5.00% 9/15/2054  | 6655 | 6712 |
| County of Harris, Permanent Improvement Tax and Rev. Certs. of Obligation, Series 2024, 5.00% 9/15/2054  | 14965 | 15093 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2024-A, AGI, 5.00% 11/15/2029  | 10490 | 11401 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2024-A, AGI, 5.00% 11/15/2030  | 9910 | 10873 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2024-A, AGI, 5.00% 11/15/2037  | 5155 | 5523 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2024-B, AGI, 5.00% 11/15/2042  | 4945 | 5058 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2020-A, AGI, 3.125% 11/15/2056  | 1000 | 651 |
| County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 8/15/2031  | 2500 | 2623 |
| County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 8/15/2033  | 1000 | 1042 |
| County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 8/15/2043  | 3000 | 3012 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **175** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 4.00% 8/15/2048  | USD1,500 | $1279 |
| County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2024-A, 4.00% 8/15/2054  | 12435 | 10324 |
| County of Harris, Toll Road Rev. Ref. Bonds, Series 2016-A, 5.00% 8/15/2033  | 1220 | 1239 |
| County of Harris, Toll Road Rev. Ref. Bonds, Series 2016-A, 5.00% 8/15/2041  | 2000 | 2007 |
| County of Harris, Toll Road Rev. Ref. Bonds, Series 2021, 4.00% 8/15/2045  | 5000 | 4383 |
| County of Harris, Toll Road Rev. Ref. Bonds, Series 2016-A, 5.00% 8/15/2047  | 7300 | 7308 |
| County of Harris, Unlimited Tax Road Rev. Ref. Bonds, Series 2024-A, 5.00% 9/15/2049  | 2500 | 2531 |
| County of Harris, Unlimited Tax Road Rev. Ref. Bonds, Series 2024-A, 5.00% 9/15/2054  | 15615 | 15748 |
| Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. <br> Project), Series 2013-A, 5.00% 1/1/2033  | 875 | 875 |
| Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. <br> Project), Series 2016, 5.00% 1/1/2048  | 12175 | 10933 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series <br> 2019-A, 5.00% 12/1/2025  | 1000 | 1007 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series <br> 2019-A, 5.00% 12/1/2026  | 2500 | 2577 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series <br> 2020-C-3, 5.00% 6/1/2032 (put 12/1/2026)  | 500 | 514 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children's Hospital), Series 2015, <br> 5.00% 10/1/2028  | 1000 | 1003 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children's Hospital), Series 2015, <br> 5.00% 10/1/2032  | 1000 | 1002 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children's Hospital), Series 2019-A, <br> 3.00% 10/1/2039  | 5000 | 4177 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children's Hospital), Series 2021-A, <br> 4.00% 10/1/2041  | 1000 | 918 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children's Hospital), Series 2021-A, <br> 4.00% 10/1/2042  | 1520 | 1369 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children's Hospital), Series 2021-A, <br> 3.00% 10/1/2051  | 26885 | 18395 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Health System), <br> Series 2020-A, 4.30% 7/1/2040  | 7575 | 7281 |
| Harris County Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Ref. Bonds (TECO Project), Series 2017, <br> 5.00% 11/15/2025  | 1000 | 1006 |
| Harris County Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Ref. Bonds (TECO Project), Series 2017, <br> 5.00% 11/15/2027  | 3100 | 3255 |
| Harris County Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Ref. Bonds (TECO Project), Series 2017, <br> 5.00% 11/15/2028  | 2600 | 2713 |
| Harris County Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Ref. Bonds (TECO Project), Series 2017, <br> 5.00% 11/15/2030  | 1820 | 1889 |
| Harris County Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Ref. Bonds (TECO Project), Series 2017, <br> 5.00% 11/15/2031  | 2250 | 2325 |
| Harris County Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Ref. Bonds (TECO Project), Series 2017, <br> 4.00% 11/15/2035  | 12045 | 11807 |
| Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Houston Methodist Hospital), Series 2015, 5.00% <br> 12/1/2045  | 7005 | 6802 |
| County of Hidalgo, Drainage Dist. No. 1, Unlimited Tax Improvement Bonds, Series 2019, 5.00% 9/1/2032  | 1900 | 1963 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2019-A, 4.75% 1/1/2049  | 2805 | 2846 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2021-A, 3.00% 1/1/2052  | 5465 | 5399 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2023-A, 5.50% 7/1/2053  | 10935 | 11723 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2023-B, 6.00% 1/1/2054  | 16050 | 17600 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2024-A, 5.75% 7/1/2054  | 27855 | 30314 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2024-C, 6.00% 7/1/2054  | 10875 | 11999 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2020-A, 3.00% 9/1/2045  | 1230 | 914 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2017-A, 2.835% 9/1/2047  | 6492 | 5568 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2018-A, 4.75% 3/1/2049  | 1480 | 1498 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 3/1/2050  | 7620 | 7708 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 3/1/2052  | 8925 | 8741 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2022-A, 5.50% 9/1/2052  | 5365 | 5712 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2022-B, 6.00% 3/1/2053  | 1180 | 1288 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2023-C, 6.00% 3/1/2054  | 6230 | 6834 |
| City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 7/1/2028  | 1700 | 1816 |
| City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 7/1/2029  | 2400 | 2535 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **176** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 7/1/2030  | USD3,825 | $4028 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2018-D, 5.00% 7/1/2033  | 1000 | 1041 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2018-D, 5.00% 7/1/2034  | 2270 | 2354 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2018-D, 5.00% 7/1/2035  | 2000 | 2066 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2018-D, 5.00% 7/1/2036  | 8000 | 8179 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2018-D, 5.00% 7/1/2037  | 2500 | 2546 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2018-D, 5.00% 7/1/2038  | 2500 | 2536 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2023-B, AGI, 4.25% 7/1/2053  | 4000 | 3523 |
| City of Houston, Combined Utility System Rev. and Rev. Ref. Bonds, Series 2016-B, 4.00% 11/15/2031  | 8750 | 8804 |
| City of Houston, Combined Utility System Rev. and Rev. Ref. Bonds, Series 2020-C, 4.00% 11/15/2049  | 1030 | 868 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2018-D, 5.00% 11/15/2032  | 2000 | 2112 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2020-A, 5.00% 11/15/2033  | 5245 | 5669 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2015-A, 5.00% 11/15/2036  | 10000 | 10002 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2018-D, 5.00% 11/15/2038  | 10000 | 10252 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2014-D, 5.00% 11/15/2039  | 3000 | 3002 |
| City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2018-D, 5.00% 11/15/2039  | 3475 | 3527 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2025  | 45 | 45 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2026  | 80 | 81 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2027  | 235 | 240 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2028  | 115 | 119 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2029  | 160 | 166 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2030  | 165 | 171 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2031  | 265 | 274 |
| City of Houston, Downtown Redev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2015, BAM, 5.00% <br> 9/1/2028  | 3060 | 3064 |
| City of Houston, Downtown Redev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2015, BAM, 5.00% <br> 9/1/2029  | 1000 | 1001 |
| City of Houston, Downtown Redev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2015, BAM, 5.00% <br> 9/1/2030  | 1000 | 1001 |
| City of Houston, Downtown Redev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2015, BAM, 5.00% <br> 9/1/2031  | 1555 | 1556 |
| City of Houston, Downtown Redev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2015, BAM, 5.00% <br> 9/1/2032  | 1000 | 1001 |
| City of Houston, GO Rev. Ref. Bonds, Series 2024-A, 5.25% 3/1/2049  | 21685 | 21945 |
| City of Houston, GO Rev. Ref. Bonds, Series 2024-A, 4.125% 3/1/2051  | 3650 | 3136 |
| City of Houston, Public Improvement and Rev. Ref. Bonds, Series 2023-A, 5.25% 3/1/2040  | 750 | 792 |
| City of Houston, Public Improvement and Rev. Ref. Bonds, Series 2023-A, 5.25% 3/1/2042  | 1750 | 1822 |
| City of Houston, Public Improvement and Rev. Ref. Bonds, Series 2023-A, 5.25% 3/1/2043  | 2500 | 2591 |
| City of Houston, Water and Sewer System Rev. Bonds, CAB, Series 1998-A, AGI, 0% 12/1/2028  | 16525 | 14956 |
| Humble Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 5730 | 4890 |
| Humble Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2025, 5.00% 2/15/2042  | 2000 | 2083 |
| Humble Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2025, 5.00% 2/15/2043  | 1450 | 1500 |
| Humble Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2025, 4.00% 2/15/2052  | 4410 | 3796 |
| Hurst-Euless-Bedford Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% <br> 8/15/2050  | 13300 | 11322 |
| City of Hutto, Combination Tax and Waterworks and Sewer System Rev. Certs. of Obligation, Series 2024, BAM, <br> 5.00% 8/1/2040  | 1000 | 1054 |
| City of Hutto, Combination Tax and Waterworks and Sewer System Rev. Certs. of Obligation, Series 2024, BAM, <br> 5.00% 8/1/2041  | 1000 | 1044 |
| City of Hutto, Combination Tax and Waterworks and Sewer System Rev. Certs. of Obligation, Series 2024, BAM, <br> 5.00% 8/1/2042  | 1250 | 1294 |
| City of Hutto, Combination Tax and Waterworks and Sewer System Rev. Certs. of Obligation, Series 2024, BAM, <br> 4.125% 8/1/2049  | 3855 | 3374 |
| City of Hutto, Combination Tax and Waterworks and Sewer System Rev. Certs. of Obligation, Series 2024, BAM, <br> 4.25% 8/1/2054  | 10000 | 8725 |
| Hutto Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/1/2049  | 10000 | 10093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **177** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Hutto Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/1/2050  | USD2,500 | $2521 |
| Hutto Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/1/2054  | 3075 | 3094 |
| City of Irving, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2019, 5.00% 8/15/2031  | 125 | 129 |
| City of Irving, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2019, 5.00% 8/15/2032  | 440 | 450 |
| City of Irving, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2019, 5.00% 8/15/2034  | 300 | 305 |
| City of Irving, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2019, 5.00% 8/15/2043  | 1750 | 1619 |
| Irving Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2036  | 840 | 906 |
| Irving Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2037  | 3275 | 3498 |
| Irving Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2042  | 3000 | 3096 |
| Irving Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2043  | 3000 | 3078 |
| Jarrell Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2049  | 8225 | 8327 |
| Jarrell Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 8000 | 6709 |
| Joshua Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2040  | 900 | 949 |
| Joshua Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2041  | 1065 | 1114 |
| Joshua Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2042  | 1300 | 1349 |
| Joshua Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2043  | 1670 | 1723 |
| Joshua Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2044  | 1475 | 1514 |
| Katy Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 4.00% 2/15/2053  | 6000 | 5132 |
| County of Kaufman, Limited Tax Bonds, Series 2020-A, 4.00% 2/15/2033  | 345 | 352 |
| County of Kaufman, Limited Tax Bonds, Series 2020-A, 4.00% 2/15/2034  | 360 | 365 |
| County of Kaufman, Limited Tax Bonds, Series 2020-A, 4.00% 2/15/2035  | 375 | 377 |
| County of Kaufman, Limited Tax Bonds, Series 2020-A, 4.00% 2/15/2036  | 780 | 781 |
| County of Kaufman, Limited Tax Bonds, Series 2020-A, 4.00% 2/15/2037  | 810 | 806 |
| County of Kaufman, Limited Tax Bonds, Series 2020-A, 4.00% 2/15/2038  | 845 | 825 |
| County of Kaufman, Limited Tax Bonds, Series 2020-A, 4.00% 2/15/2039  | 880 | 835 |
| County of Kaufman, Limited Tax Bonds, Series 2020-A, 4.00% 2/15/2040  | 615 | 573 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 4.00% 2/15/2033  | 310 | 316 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 4.00% 2/15/2034  | 500 | 506 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 4.00% 2/15/2035  | 300 | 302 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 4.00% 2/15/2036  | 440 | 441 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 4.00% 2/15/2037  | 655 | 652 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 4.00% 2/15/2038  | 610 | 596 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 4.00% 2/15/2039  | 895 | 850 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 4.00% 2/15/2040  | 750 | 699 |
| County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 4.00% 2/15/2045  | 1500 | 1316 |
| Kaufman Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2054  | 3800 | 3801 |
| City of Kerrville Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), Series <br> 2015, 5.00% 8/15/2030  | 1000 | 1002 |
| City of Kerrville Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), Series <br> 2015, 5.00% 8/15/2035  | 3080 | 3086 |
| Klein Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2031  | 5500 | 6135 |
| La Vega Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2039  | 1025 | 1089 |
| La Vega Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2040  | 1060 | 1117 |
| La Vega Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2041  | 1880 | 1967 |
| La Vega Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2042  | 1975 | 2050 |
| La Vega Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2043  | 2100 | 2167 |
| Lago Bello Municipal Utility Dist. No. 1A, Unlimited Tax Road Bonds, Series 2024, 4.375% 9/1/2039  | 1055 | 967 |
| Lago Bello Municipal Utility Dist. No. 1A, Unlimited Tax Road Bonds, Series 2024, 4.375% 9/1/2043  | 1045 | 913 |
| Lago Bello Municipal Utility Dist. No. 1A, Unlimited Tax Road Bonds, Series 2024, 4.50% 9/1/2047  | 1255 | 1063 |
| Lago Bello Municipal Utility Dist. No. 1A, Unlimited Tax Road Bonds, Series 2024, 4.50% 9/1/2050  | 1105 | 925 |
| Lamar Consolidated Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2024, <br> 5.00% 2/15/2049  | 14700 | 14852 |
| Lamar Consolidated Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2023, 5.00% 2/15/2039  | 3000 | 3162 |
| Lamar Consolidated Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2023, 5.00% 2/15/2040  | 3000 | 3134 |
| Lamar Consolidated Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2023-A, 4.00% <br> 2/15/2048  | 5000 | 4320 |
| Laredo Unified School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 8/1/2036  | 1205 | 1234 |
| Lazy Nine Municipal Utility Dist. No. 1A, Unlimited Tax Bonds, Series 2023, 5.00% 9/1/2030  | 1650 | 1692 |
| Lazy Nine Municipal Utility Dist. No. 1A, Unlimited Tax Bonds, Series 2023, 5.125% 9/1/2033  | 1050 | 1080 |
| Lazy Nine Municipal Utility Dist. No. 1A, Unlimited Tax Bonds, Series 2023, 5.25% 9/1/2036  | 1235 | 1260 |
| Lazy Nine Municipal Utility Dist. No. 1A, Unlimited Tax Bonds, Series 2023, 5.50% 9/1/2039  | 1445 | 1463 |
| Lazy Nine Municipal Utility Dist. No. 1A, Unlimited Tax Bonds, Series 2023, 5.625% 9/1/2042  | 1195 | 1200 |
| Lazy Nine Municipal Utility Dist. No. 1A, Unlimited Tax Bonds, Series 2023, 5.625% 9/1/2045  | 1995 | 1973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **178** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Lazy Nine Municipal Utility Dist. No. 1A, Unlimited Tax Bonds, Series 2023, 5.625% 9/1/2049  | USD3,205 | $3092 |
| Leander Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2048  | 2725 | 2753 |
| Leander Independent School Dist., Unlimited Tax School Building Bonds, CAB, Series 2025-A, 0% 8/15/2030  | 575 | 490 |
| Leander Independent School Dist., Unlimited Tax School Building Bonds, CAB, Series 2025-A, 0% 8/15/2031  | 720 | 589 |
| Leander Independent School Dist., Unlimited Tax School Building Bonds, CAB, Series 2025-A, 0% 8/15/2032  | 720 | 564 |
| Lewisville Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 4.00% <br> 8/15/2036  | 3000 | 3012 |
| Little Elm Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 8/15/2054  | 6430 | 5379 |
| Lone Star College System, Limited Tax GO Bonds, Series 2017-A, 5.00% 8/15/2032  | 1000 | 1029 |
| Los Fresnos Consolidated Independent School Dist., Unlimited Tax School Buildings Bonds, Series 2021, 4.00% <br> 8/15/2046  | 1000 | 897 |
| Los Fresnos Consolidated Independent School Dist., Unlimited Tax School Buildings Bonds, Series 2021, 4.00% <br> 8/15/2051  | 1000 | 861 |
| Lower Colorado River Auth., Rev. Ref. Bonds, Series 2020, 5.00% 5/15/2038  | 1000 | 1040 |
| Lower Colorado River Auth., Rev. Ref. Bonds, Series 2023-B, 5.00% 5/15/2039 (put 5/15/2028)  | 13000 | 13608 |
| Lower Colorado River Auth., Rev. Ref. Bonds, Series 2020, 5.00% 5/15/2040  | 4415 | 4531 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2016, 5.00% 5/15/2029  | 1525 | 1548 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2019, 5.00% 5/15/2030  | 2500 | 2678 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020, 5.00% 5/15/2031  | 1000 | 1063 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2018, 5.00% 5/15/2032  | 3700 | 3863 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2018, 5.00% 5/15/2033  | 1250 | 1300 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2016, 4.00% 5/15/2034  | 1300 | 1300 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2018, 5.00% 5/15/2034  | 1240 | 1284 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020, 5.00% 5/15/2034  | 1500 | 1569 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2016, 4.00% 5/15/2035  | 850 | 840 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020-A, 5.00% 5/15/2036  | 1000 | 1051 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020-A, 5.00% 5/15/2037  | 1000 | 1045 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2019, 5.00% 5/15/2038  | 1000 | 1011 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020-A, 5.00% 5/15/2038  | 1585 | 1648 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2019, 5.00% 5/15/2039  | 1000 | 1009 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020-A, 5.00% 5/15/2039  | 1565 | 1617 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020, 5.00% 5/15/2040  | 810 | 824 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020-A, 5.00% 5/15/2045  | 2015 | 2023 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2016, 5.00% 5/15/2046  | 4000 | 3915 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2019-A, 4.00% 5/15/2049  | 5000 | 4080 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2020-A, 5.00% 5/15/2050  | 2500 | 2482 |
| Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), <br> Series 2024-A, AGI, 5.00% 5/15/2054  | 21000 | 21040 |
| Mabank Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2024, 5.00% <br> 8/15/2039  | 1355 | 1416 |
| Mabank Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2024, 5.00% <br> 8/15/2040  | 2400 | 2497 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **179** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Mabank Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2024, 5.00% <br> 8/15/2041  | USD2,000 | $2069 |
| Mabank Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2024, 5.00% <br> 8/15/2042  | 2600 | 2675 |
| Mabank Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2024, 5.00% <br> 8/15/2043  | 2780 | 2853 |
| Mabank Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2024, 5.00% <br> 8/15/2044  | 3770 | 3863 |
| Mansfield Independent School Dist., Unlimited Tax School Building Bonds, Series 2012, 3.00% 8/1/2036  | 3850 | 3419 |
| Mansfield Independent School Dist., Unlimited Tax School Building Bonds, Series 2012, 3.00% 8/1/2037  | 2920 | 2537 |
| County of Matagorda, Navigation Dist. No. 1, Pollution Control Rev. Ref. Bonds (AEP Texas Central Co. Project), <br> Series 2005-A, AMBAC, 4.40% 5/1/2030  | 1450 | 1516 |
| Medina Valley Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2044  | 3680 | 3774 |
| Medina Valley Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 0.82% 2/15/2051 <br> (put 2/15/2026)  | 2505 | 2465 |
| Medina Valley Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 4.00% 2/15/2053  | 3000 | 2526 |
| Melissa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/1/2040  | 1000 | 1058 |
| Melissa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/1/2042  | 1000 | 1039 |
| Melissa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/1/2043  | 1000 | 1033 |
| Melissa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/1/2044  | 1000 | 1027 |
| Melissa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/1/2054  | 4000 | 3519 |
| Midland Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2047  | 3390 | 3418 |
| Midland Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 4620 | 3917 |
| Miralomas Municipal Utility Dist., Unlimited Tax Bonds, Series 2024, 4.25% 9/1/2049  | 1005 | 810 |
| County of Montgomery, Fresh Water Supply Dist. No. 6, Unlimited Tax Bonds, Series 2025, 4.50% 8/1/2045  | 1035 | 899 |
| County of Montgomery, Fresh Water Supply Dist. No. 6, Unlimited Tax Bonds, Series 2025, 4.375% 8/1/2054  | 1095 | 889 |
| County of Montgomery, Municipal Utility Dist. No. 110, Unlimited Tax Road Bonds, Series 2023, 5.125% 4/1/2039  | 1425 | 1413 |
| County of Montgomery, Municipal Utility Dist. No. 110, Unlimited Tax Road Bonds, Series 2023, 5.375% 4/1/2045  | 1430 | 1366 |
| County of Montgomery, Municipal Utility Dist. No. 110, Unlimited Tax Road Bonds, Series 2023, 5.375% 4/1/2050  | 1610 | 1496 |
| County of Montgomery, Municipal Utility Dist. No. 170, Contract Rev. Bonds (Road Facs.), Series 2024, 4.375% <br> 12/1/2041  | 1140 | 1036 |
| County of Montgomery, Municipal Utility Dist. No. 170, Contract Rev. Bonds (Road Facs.), Series 2024, 4.50% <br> 12/1/2045  | 1140 | 1008 |
| County of Montgomery, Municipal Utility Dist. No. 170, Contract Rev. Bonds (Road Facs.), Series 2024, 4.50% <br> 12/1/2048  | 1010 | 871 |
| County of Montgomery, Municipal Utility Dist. No. 170, Contract Rev. Bonds (Road Facs.), Series 2024, 4.625% <br> 12/1/2051  | 1170 | 1016 |
| County of Montgomery, Municipal Utility Dist. No. 180, Unlimited Tax Road Bonds, Series 2024, 4.50% 9/1/2046  | 1005 | 866 |
| County of Montgomery, Municipal Utility Dist. No. 180, Unlimited Tax Road Bonds, Series 2024, 4.50% 9/1/2050  | 1010 | 846 |
| Montgomery Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 4.00% 2/15/2048  | 5005 | 4334 |
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2008-D, 6.25% 12/15/2026  | 1380 | 1415 |
| Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-B, (SIFMA Municipal Swap <br> Index + 0.55%) 2.84% 9/15/2027 <sup>(c)</sup>  | 5105 | 5075 |
| Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-A, (3-month USD CME Term <br> SOFR x 0.66 + 0.86%) 3.712% 9/15/2027 <sup>(c)</sup>  | 36365 | 36429 |
| Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-A, (3-month USD CME Term <br> SOFR x 0.67 + 1.045%) 3.938% 9/15/2027 <sup>(c)</sup>  | 12645 | 12701 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2027  | 7270 | 7539 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2029  | 6000 | 6338 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2030  | 2000 | 2120 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2031  | 12010 | 12750 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2032  | 8805 | 9341 |
| Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Rev. Bonds, Series 2023-A, 5.50% 1/1/2054 (put <br> 1/1/2030)  | 16285 | 17337 |
| Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Rev. Bonds, Series 2023-B, 5.50% 1/1/2054 (put <br> 1/1/2034)  | 46680 | 50723 |
| Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, AGI, 3.00% 9/1/2030  | 1000 | 994 |
| Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, AGI, 3.00% 9/1/2032  | 1565 | 1504 |
| Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, AGI, 3.00% 9/1/2034  | 1250 | 1157 |
| Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, AGI, 3.00% 9/1/2038  | 1000 | 841 |
| Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, AGI, 3.00% 9/1/2046  | 1000 | 750 |
| Nacogdoches Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2/15/2049  | 2360 | 2358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **180** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Nacogdoches Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2/15/2049 <br> (preref. 2/15/2028)  | USD250 | $265 |
| New Braunfels Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/1/2052  | 3180 | 2692 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2036  | 750 | 814 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2042  | 2000 | 2076 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2043  | 2190 | 2260 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2044  | 1250 | 1283 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2048  | 5000 | 5068 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2049  | 7500 | 6468 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 6310 | 5275 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. and Rev. Ref. Bonds (Junilee Academic Center), <br> Series 2021, 4.00% 8/15/2036 <sup>(a)</sup>  | 1000 | 909 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. and Rev. Ref. Bonds (Junilee Academic Center), <br> Series 2021, 4.00% 8/15/2041 <sup>(a)</sup>  | 1245 | 1039 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. and Rev. Ref. Bonds (Junilee Academic Center), <br> Series 2021, 4.00% 8/15/2046 <sup>(a)</sup>  | 1430 | 1117 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. and Rev. Ref. Bonds (Junilee Academic Center), <br> Series 2021, 4.00% 8/15/2051 <sup>(a)</sup>  | 1025 | 762 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. and Rev. Ref. Bonds (Junilee Academic Center), <br> Series 2021, 4.00% 8/15/2056 <sup>(a)</sup>  | 2490 | 1797 |
| New Hope Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Children's Health System of Texas Project), <br> Series 2017-A, 4.00% 8/15/2033  | 6000 | 6009 |
| New Hope Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Children's Health System of Texas Project), <br> Series 2017-A, 5.00% 8/15/2047  | 4000 | 3876 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes, Inc. Project), Series <br> 2014, 5.50% 1/1/2043  | 1000 | 892 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes, Inc. Project), Series <br> 2014, 5.50% 1/1/2049  | 1550 | 1311 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2021, <br> 4.00% 11/1/2049  | 3400 | 2726 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2025, <br> 5.00% 11/1/2060  | 2500 | 2227 |
| New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Island <br> Campus, LLC - Texas A&M University-Corpus Christi Island Campus Project), Series 2017-A, 5.00% 4/1/2037 <br> (preref. 4/1/2027)  | 1500 | 1552 |
| New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Island <br> Campus, LLC - Texas A&M University-Corpus Christi Island Campus Project), Series 2017-A, 5.00% 4/1/2042 <br> (preref. 4/1/2027)  | 875 | 905 |
| Newark Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Austin Achieve Public School, Inc.), <br> Series 2022, 4.00% 6/15/2052  | 2000 | 1665 |
| Newark Higher Education Fin. Corp., Rev. Improvement and Rev. Ref. Bonds (Abilene Christian University Project), <br> Series 2022-A, 4.00% 4/1/2057  | 30270 | 23181 |
| Newport Municipal Utility Dist. Defined Area No. 1, Unlimited Tax Bonds, Series 2024, 4.25% 4/1/2042  | 1075 | 934 |
| Newport Municipal Utility Dist. Defined Area No. 1, Unlimited Tax Bonds, Series 2024, 4.25% 4/1/2050  | 1650 | 1323 |
| North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 8/1/2025  | 2680 | 2680 |
| North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2007, 5.25% 2/1/2032  | 4300 | 4863 |
| North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2021, BAM, 4.00% 12/15/2033  | 1125 | 1160 |
| North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2021, BAM, 4.00% 12/15/2034  | 910 | 929 |
| North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2019-A, 4.00% 12/15/2044  | 2500 | 2181 |
| North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2021, BAM, 4.00% 12/15/2051  | 9070 | 7533 |
| North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2019-A, 4.00% 12/15/2058  | 2775 | 2213 |
| North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2021, BAM, 4.00% 12/15/2060  | 25000 | 20294 |
| North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 5.00% 12/15/2031  | 2100 | 2154 |
| North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 5.00% 12/15/2033  | 1200 | 1226 |
| North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 5.00% 12/15/2034  | 1250 | 1275 |
| North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 4.00% 12/15/2041  | 15790 | 14176 |
| North Texas Municipal Water Dist., Water System Rev. Ref. and Improvement Bonds, Series 2021, 3.00% 9/1/2039  | 1245 | 1005 |
| North Texas Municipal Water Dist., Water System Rev. Ref. and Improvement Bonds, Series 2021, 3.00% 9/1/2040  | 1265 | 1002 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 1/1/2033  | 1440 | 1475 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 1/1/2034  | 2000 | 2045 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2021-B, 4.00% 1/1/2035  | 1200 | 1188 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 1/1/2035  | 2245 | 2292 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 1/1/2036  | 2500 | 2548 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **181** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 1/1/2037  | USD3,000 | $3051 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 1/1/2038  | 8300 | 8431 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2022-A, 4.125% 1/1/2040  | 3215 | 3113 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 1/1/2043  | 33470 | 33532 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-B, 5.00% 1/1/2048  | 9500 | 9371 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Second Tier Bonds, Series 2021-B, 4.00% 1/1/2038  | 2500 | 2338 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Second Tier Bonds, Series 2021-B, 4.00% 1/1/2039  | 2500 | 2288 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Second Tier Bonds, Series 2021-B, 4.00% 1/1/2040  | 2000 | 1786 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Second Tier Bonds, Series 2021-B, 4.00% 1/1/2041  | 2000 | 1746 |
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2024-B, 5.00% 1/1/2032  | 8870 | 9825 |
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 1/1/2036  | 1000 | 1005 |
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 1/1/2039  | 7405 | 7425 |
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2041  | 6000 | 6242 |
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2043  | 1125 | 1153 |
| North Texas Tollway Auth., System Rev. Ref. First Tier Bonds, Series 2020-A, 3.00% 1/1/2037  | 18005 | 15964 |
| Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/15/2031  | 1000 | 1119 |
| Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2036  | 2000 | 2161 |
| Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2024-A, 5.00% 2/15/2049  | 25370 | 25463 |
| County of Nueces, Limited Tax Rev. Ref. Bonds, Series 2019, 4.00% 2/15/2034  | 1250 | 1264 |
| County of Nueces, Limited Tax Rev. Ref. Bonds, Series 2019, 4.00% 2/15/2035  | 650 | 652 |
| County of Nueces, Limited Tax Rev. Ref. Bonds, Series 2019, 4.00% 2/15/2039  | 1800 | 1684 |
| Pampa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2038  | 875 | 942 |
| Pampa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2040  | 1305 | 1382 |
| Pampa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2042  | 1380 | 1435 |
| Pampa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2043  | 1040 | 1074 |
| Pampa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/15/2049  | 4545 | 4604 |
| Pasadena Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2048  | 5000 | 5057 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% <br> 2/15/2034  | 2500 | 2668 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% <br> 2/15/2035  | 1500 | 1590 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2036  | 2000 | 2064 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% <br> 2/15/2036  | 1000 | 1053 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% <br> 2/15/2037  | 1000 | 1046 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% <br> 2/15/2038  | 1500 | 1559 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2039  | 3500 | 3517 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% <br> 2/15/2039  | 750 | 775 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2040  | 3000 | 3012 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% <br> 2/15/2040  | 1085 | 1116 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2042  | 4000 | 4010 |
| Pecos-Barstow-Toyah Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% <br> 2/15/2043  | 3750 | 3757 |
| Pine Forest Municipal Utility Dist., Unlimited Tax Bonds, Series 2025, 4.75% 9/1/2049  | 1175 | 1044 |
| Princeton Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2042  | 1500 | 1546 |
| Princeton Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2043  | 1000 | 1024 |
| Princeton Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2050  | 2750 | 2772 |
| Prosper Independent School Dist. (Counties of Collin and Denton), Unlimited Tax School Building Bonds, Series <br> 2024, 4.00% 2/15/2054  | 8000 | 6729 |
| Prosper Independent School Dist. (Counties of Collin and Denton), Unlimited Tax School Building Bonds, Series <br> 2024-A, 4.00% 2/15/2054  | 19705 | 16580 |
| Public Fin. Auth., Rev. Fncg. System Bonds (Texas Southern University), Series 2016, BAM, 4.00% 5/1/2033  | 665 | 666 |
| Rancho Del Cielo Municipal Utility Dist., Unlimited Tax Bonds, Series 2024, 4.50% 8/15/2045  | 1950 | 1682 |
| Rancho Del Cielo Municipal Utility Dist., Unlimited Tax Bonds, Series 2024, 4.375% 8/15/2053  | 2000 | 1633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **182** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Red River Education Fin. Corp., Higher Education Rev. Bonds (St. Edward's University Project), Series 2016, 4.00% <br> 6/1/2041  | USD1,640 | $1344 |
| Red River Education Fin. Corp., Higher Education Rev. Ref. and Improvement Bonds (Texas Christian University <br> Project), Series 2024, 5.00% 3/15/2035  | 7150 | 8046 |
| Riceland Management Dist., Unlimited Tax Road Bonds, Series 2024, 4.375% 9/1/2041  | 1130 | 1007 |
| Riceland Management Dist., Unlimited Tax Road Bonds, Series 2024, 4.625% 9/1/2046  | 1065 | 947 |
| Riceland Management Dist., Unlimited Tax Road Bonds, Series 2024, 4.625% 9/1/2050  | 1050 | 906 |
| Riceland Municipal Utility Dist. No. 1, Unlimited Tax Bonds, Series 2024, 4.25% 9/1/2034  | 1250 | 1200 |
| Riceland Municipal Utility Dist. No. 1, Unlimited Tax Bonds, Series 2024, 4.50% 9/1/2043  | 1020 | 896 |
| Riceland Municipal Utility Dist. No. 1, Unlimited Tax Bonds, Series 2024, 4.625% 9/1/2047  | 1260 | 1087 |
| Riceland Municipal Utility Dist. No. 1, Unlimited Tax Bonds, Series 2024, 4.625% 9/1/2050  | 1140 | 975 |
| Richardson Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2/15/2028  | 1065 | 1079 |
| Richardson Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2/15/2042  | 2500 | 2507 |
| Riverfield Municipal Utility Dist. No. 1, Unlimited Tax Utility Bonds, Series 2024, 4.25% 9/1/2040  | 1445 | 1283 |
| Riverfield Municipal Utility Dist. No. 1, Unlimited Tax Utility Bonds, Series 2024, 4.50% 9/1/2045  | 1190 | 1026 |
| Riverfield Municipal Utility Dist. No. 1, Unlimited Tax Utility Bonds, Series 2024, 4.375% 9/1/2049  | 1240 | 1020 |
| County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 4.00% 2/1/2034  | 325 | 328 |
| Royce City Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2053  | 1440 | 1449 |
| Royse City Independent School Dist. Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2040  | 1000 | 1054 |
| City of San Angelo, Combination Tax and Rev. Certs. Of Obligation, Series 2023, 4.00% 2/15/2044  | 1905 | 1699 |
| City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2015, 3.00% 2/1/2027  | 3500 | 3521 |
| City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2015, 3.00% 2/1/2028  | 5000 | 5005 |
| City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2015-D, 1.125% 12/1/2045 (put 12/1/2026)  | 8350 | 8097 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2016, 5.00% 2/1/2029  | 4000 | 4093 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-D, 5.00% 2/1/2030  | 415 | 454 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2021-A, 5.00% 2/1/2038  | 1750 | 1811 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2021-A, 5.00% 2/1/2039  | 2000 | 2053 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2021-A, 5.00% 2/1/2040  | 2465 | 2505 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2/1/2040  | 2000 | 2037 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2023-A, 5.25% 2/1/2040  | 2500 | 2640 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2023-B, 5.25% 2/1/2040  | 3730 | 3939 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 4.00% 2/1/2041  | 1250 | 1159 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2021-A, 5.00% 2/1/2041  | 2000 | 2020 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-A, 5.00% 2/1/2041  | 1250 | 1287 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2/1/2042  | 4400 | 4426 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 4.00% 2/1/2043  | 1250 | 1124 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2018-A, 5.00% 2/1/2044  | 4000 | 4027 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2/1/2044  | 2000 | 2002 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2044  | 1680 | 1706 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-C, 5.00% 2/1/2044  | 2000 | 2031 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-A, 5.25% 2/1/2044  | 3340 | 3464 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2020, 5.00% 2/1/2045  | 1600 | 1605 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2021-A, 5.00% 2/1/2046  | 5985 | 5962 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2018-A, 5.00% 2/1/2048  | 6180 | 6189 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2020, 5.00% 2/1/2049  | 1000 | 999 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2021-A, 5.00% 2/1/2049  | 23590 | 23287 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-D, 5.00% 2/1/2049  | 4000 | 4042 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-B, 5.00% 2/1/2054  | 8000 | 8045 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-C, 5.00% 2/1/2054  | 3725 | 3746 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2015-B, 4.00% 5/15/2040  | 7000 | 6481 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2023-A, 5.00% 5/15/2040  | 7305 | 7683 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2023-A, 5.00% 5/15/2041  | 8330 | 8690 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2013-F, 1.00% 5/1/2043 (put 11/1/2026)  | 2000 | 1940 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2023-A, 5.00% 5/15/2043  | 9650 | 9910 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2020-A, 5.00% 5/15/2045  | 2165 | 2173 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 5/15/2048  | 2555 | 2558 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2023-A, 5.25% 5/15/2048  | 17500 | 18043 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2021-A, 4.00% 5/15/2051  | 1000 | 833 |
| City of San Antonio, Water System Rev. and Rev. Ref. Bonds, Series 2023-A, 5.25% 5/15/2052  | 11115 | 11343 |
| City of San Antonio, Water System Rev. Bonds, Series 2020-C, 3.00% 5/15/2042  | 2000 | 1586 |
| City of San Antonio, Water System Rev. Bonds, Series 2020-C, 5.00% 5/15/2046  | 3330 | 3338 |
| San Antonio Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 8/15/2052  | 5285 | 5301 |
| San Jacinto Community College Dist., GO Building and Rev. Ref. Bonds, Series 2021, 4.00% 2/15/2046  | 3500 | 3057 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **183** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Sherman Independent School Dist., Unlimited Tax School Building Bonds, Series 2023-B, 5.00% 2/15/2048  | USD23,250 | $23506 |
| South San Antonio Independent School Dist., Unlimited Tax School Building Bonds, Series 2005, 5.50% <br> 8/15/2030  | 4010 | 4395 |
| Southwest Houston Redev. Auth., Tax Increment Contract Rev. Bonds, Series 2020, AGI, 4.00% 9/1/2035  | 465 | 463 |
| Southwest Houston Redev. Auth., Tax Increment Contract Rev. Bonds, Series 2020, AGI, 4.00% 9/1/2037  | 775 | 758 |
| Splendora Independent School Dist., Unlimited Tax School Building Bonds (Montgomery County), Series 2023, <br> 5.00% 2/15/2041  | 1530 | 1590 |
| Spring Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2024-B, 5.00% 8/15/2029  | 375 | 408 |
| Spring Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2024-B, 5.00% 8/15/2030  | 1940 | 2134 |
| Sunnyvale Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2025, 5.00% <br> 2/15/2042  | 1000 | 1038 |
| Sunnyvale Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2025, 5.00% <br> 2/15/2043  | 1000 | 1032 |
| Sunnyvale Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2025, 5.00% <br> 2/15/2044  | 1000 | 1026 |
| Sunnyvale Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2025, 5.00% <br> 2/15/2045  | 1000 | 1022 |
| Sunnyvale Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2025, 5.00% <br> 2/15/2050  | 3500 | 3538 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 12/31/2037  | 2500 | 2351 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 6/30/2038  | 2500 | 2330 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 6/30/2039  | 1545 | 1416 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 12/31/2039  | 1250 | 1135 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 6/30/2040  | 3775 | 3395 |
| County of Tarrant, Cultural Education Facs. Fin. Corp., Rev. Bonds (Christus Health), Series 2022-A, 4.00% <br> 7/1/2053  | 1000 | 793 |
| County of Tarrant, Hospital Dist., Limited Tax Bonds, Series 2023, 4.00% 8/15/2043  | 2500 | 2273 |
| County of Tarrant, Karis Municipal Management Dist., Unlimited Tax Utility Bonds, Series 2025, 4.625% 12/1/2045  | 1015 | 937 |
| County of Tarrant, Karis Municipal Management Dist., Unlimited Tax Utility Bonds, Series 2025, 4.00% 12/1/2049  | 1220 | 982 |
| Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Bonds, Series 2015-A, 4.25% <br> 11/15/2052  | 1000 | 875 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Baylor Scott & White Health Project), <br> Series 2016-A, 5.00% 11/15/2031  | 1000 | 1013 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Baylor Scott & White Health Project), <br> Series 2016-A, 5.00% 11/15/2037  | 2000 | 2014 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Baylor Scott & White Health Project), <br> Series 2022-E, 5.00% 11/15/2052 (put 5/15/2026)  | 1000 | 1012 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Cook Children's Medical Center), Series <br> 2020, 4.00% 12/1/2045  | 5000 | 4347 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Methodist Hospitals of Dallas), Series <br> 2022, 4.00% 10/1/2041  | 3000 | 2761 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Methodist Hospitals of Dallas), Series <br> 2022, 4.00% 10/1/2042  | 2725 | 2479 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Methodist Hospitals of Dallas), Series <br> 2022, 4.00% 10/1/2047  | 1350 | 1154 |
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Methodist Hospitals of Dallas), Series <br> 2022, 4.00% 10/1/2052  | 2315 | 1893 |
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated <br> Group), Series 2016, 4.00% 5/15/2031  | 6315 | 6083 |
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Barton Creek Senior Living Center, <br> Inc. - Querencia Project), Series 2015, 5.00% 11/15/2035  | 1500 | 1500 |
| Texas City Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 4.00% 8/15/2040  | 1000 | 960 |
| Board of Regents of Texas A&M University System, Rev. Fncg. System Bonds, Series 2024-A, 5.00% 5/15/2041  | 7235 | 7584 |
| Greater Texoma Utility Auth., Contract Rev. Bonds (City of Sherman Project), Series 2024-A, BAM, 5.00% <br> 10/1/2030  | 1000 | 1096 |
| Greater Texoma Utility Auth., Contract Rev. Bonds (City of Sherman Project), Series 2024, BAM, 5.00% 10/1/2049  | 8580 | 8578 |
| Greater Texoma Utility Auth., Contract Rev. Bonds (City of Sherman Project), Series 2024, BAM, 4.375% 10/1/2054  | 2000 | 1750 |
| Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2017-C, 5.00% 5/15/2033  | 1000 | 1028 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **184** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2022, 5.25% 5/15/2047  | USD2,735 | $2804 |
| Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2019-A, <br> 5.00% 3/15/2032  | 6030 | 6394 |
| Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2017-A, <br> 5.00% 3/15/2035  | 1145 | 1170 |
| Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2017-A, <br> 5.00% 3/15/2036  | 1180 | 1202 |
| Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2024, <br> 5.00% 3/15/2042  | 5000 | 5167 |
| Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2024, <br> 4.00% 3/15/2049  | 7940 | 6779 |
| Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2024, <br> 5.25% 3/15/2054  | 13240 | 13467 |
| Tomball Business Improvement Dist. No. 1, Unlimited Tax Bonds, Series 2024, 4.00% 11/15/2043  | 1075 | 917 |
| Tomball Business Improvement Dist. No. 1, Unlimited Tax Bonds, Series 2024, 4.125% 11/15/2045  | 1185 | 1005 |
| Tomball Business Improvement Dist. No. 1, Unlimited Tax Bonds, Series 2024, 4.125% 11/15/2047  | 1305 | 1084 |
| Tomball Business Improvement Dist. No. 1, Unlimited Tax Bonds, Series 2024, 4.125% 11/15/2049  | 1335 | 1092 |
| Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2024-C, 5.00% 8/15/2041  | 6000 | 6180 |
| Transportation Commission, Highway Improvement GO Bonds, Series 2016-A, 5.00% 4/1/2031  | 3000 | 3039 |
| Transportation Commission, State Highway 249 System First Tier Toll Rev. Bonds, CAB, Series 2019-A, 0% <br> 8/1/2038  | 850 | 462 |
| Transportation Commission, State Highway 249 System First Tier Toll Rev. Bonds, CAB, Series 2019-A, 0% <br> 8/1/2039  | 950 | 485 |
| Transportation Commission, State Highway 249 System First Tier Toll Rev. Bonds, CAB, Series 2019-A, 0% <br> 8/1/2040  | 800 | 382 |
| Transportation Commission, State Highway 249 System First Tier Toll Rev. Bonds, CAB, Series 2019-A, 0% <br> 8/1/2041  | 1425 | 636 |
| Transportation Commission, State Highway 249 System First Tier Toll Rev. Bonds, CAB, Series 2019-A, 0% <br> 8/1/2043  | 2185 | 850 |
| Transportation Commission, State Highway 249 System First Tier Toll Rev. Bonds, CAB, Series 2019-A, 0% <br> 8/1/2044  | 2850 | 1044 |
| Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, CAB, Series 2002-A, AMBAC, 0% 8/15/2028  | 26715 | 24454 |
| Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, CAB, Series 2002-A, AMBAC, 0% 8/15/2029  | 22525 | 19961 |
| United Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 8/15/2031  | 1000 | 1041 |
| United Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 8/15/2032  | 1000 | 1038 |
| Board of Regents of the University of Houston System, Consolidated Rev. and Rev. Ref. Bonds, Series 2017-A, <br> 5.00% 2/15/2026  | 3000 | 3042 |
| Board of Regents of the University of Houston System, Consolidated Rev. and Rev. Ref. Bonds, Series 2020-A, <br> 3.00% 2/15/2030  | 4440 | 4435 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2018-A, 5.00% 4/15/2031  | 3040 | 3209 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2018-A, 5.00% 4/15/2032  | 2185 | 2296 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2018-A, 5.00% 4/15/2033  | 2000 | 2094 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2018-A, 5.00% 4/15/2036  | 2000 | 2070 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2018-A, 5.00% 4/15/2037  | 1800 | 1855 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2018-A, 5.00% 4/15/2038  | 2100 | 2155 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2018-A, 5.00% 4/15/2039  | 2125 | 2171 |
| Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, <br> Series 2018-A, 5.00% 4/15/2044  | 5000 | 5020 |
| Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2022-A, 4.00% 8/15/2052  | 5000 | 4154 |
| Via Metropolitan Transit Advanced Transportation Dist., Sales Tax Rev. Bonds, Series 2024, 5.00% 8/1/2042  | 1325 | 1375 |
| Via Metropolitan Transit Advanced Transportation Dist., Sales Tax Rev. Bonds, Series 2024, 5.00% 8/1/2043  | 1250 | 1291 |
| Via Metropolitan Transit Advanced Transportation Dist., Sales Tax Rev. Bonds, Series 2024, 5.00% 8/1/2044  | 1350 | 1390 |
| Via Metropolitan Transit Advanced Transportation Dist., Sales Tax Rev. Bonds, Series 2024, 5.00% 8/1/2049  | 4090 | 4176 |
| Waco Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 3.00% 8/15/2039  | 3365 | 2795 |
| Waller Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 2/15/2046  | 6305 | 6418 |
| Water Dev. Board, State Revolving Fund Rev. Bonds, Series 2023, 5.00% 8/1/2037  | 1000 | 1075 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **185** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Water Dev. Board, State Revolving Fund Rev. Bonds, Series 2020, 4.00% 8/1/2038  | USD1,000 | $981 |
| Water Dev. Board, State Revolving Fund Rev. Bonds, Series 2023, 5.00% 8/1/2038  | 1200 | 1275 |
| Water Dev. Board, State Water Implementation Rev. Fund, Reserve Bonds (Master Trust), Series 2024-A, 5.00% <br> 10/15/2053  | 28565 | 28688 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2015-A, 5.00% <br> 10/15/2030  | 3920 | 3936 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 4.00% <br> 10/15/2032  | 7445 | 7565 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2019-A, 3.00% <br> 10/15/2033  | 2000 | 1871 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 4.00% <br> 10/15/2033  | 2000 | 2025 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 4.00% <br> 10/15/2034  | 5440 | 5487 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 4.00% <br> 10/15/2035  | 6510 | 6543 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2017-A, 4.00% <br> 10/15/2036  | 9000 | 8902 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 4.00% <br> 10/15/2037  | 8900 | 8833 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 4.00% <br> 10/15/2038  | 4000 | 3909 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2024-A, 5.00% <br> 10/15/2038  | 5000 | 5379 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2015-A, 5.00% <br> 10/15/2040  | 6950 | 6962 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2016, 5.00% <br> 10/15/2046  | 8000 | 8018 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2023-A, 5.25% <br> 10/15/2051  | 35460 | 36249 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2021, 4.00% <br> 10/15/2056  | 5130 | 4255 |
| Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2023-A, 5.00% <br> 10/15/2058  | 9700 | 9716 |
| Waxachie Independent School Dist., School Building Bonds, Series 2023, 5.00% 2/15/2036  | 360 | 395 |
| Waxachie Independent School Dist., School Building Bonds, Series 2023, 5.00% 2/15/2037  | 300 | 325 |
| Waxachie Independent School Dist., School Building Bonds, Series 2024, 5.00% 2/15/2044  | 1000 | 1026 |
| Waxachie Independent School Dist., School Building Bonds, Series 2024, 4.00% 2/15/2049  | 7190 | 6228 |
| Waxachie Independent School Dist., School Building Bonds, Series 2024, 4.00% 2/15/2053  | 6880 | 5839 |
| Weslaco Independent School Dist., School Building Bonds, Series 2024, 5.00% 2/15/2041  | 1000 | 1047 |
| Weslaco Independent School Dist., School Building Bonds, Series 2024, 5.00% 2/15/2042  | 1000 | 1038 |
| Weslaco Independent School Dist., School Building Bonds, Series 2024, 5.00% 2/15/2043  | 1250 | 1296 |
| Weslaco Independent School Dist., School Building Bonds, Series 2024, 5.00% 2/15/2044  | 1250 | 1288 |
| West Harris County Regional Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2019, 4.00% 12/15/2045  | 1000 | 855 |
| West Harris County Regional Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2021, BAM, 4.00% <br> 12/15/2060  | 12750 | 10131 |
| West Travis County Public Utility Agcy., Rev. Ref. Bonds, Series 2017, BAM, 4.00% 8/15/2033  | 1100 | 1107 |
| Whitesboro Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2040  | 2225 | 2332 |
| Whitesboro Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2041  | 2865 | 2979 |
| Whitesboro Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2042  | 3000 | 3094 |
| Whitesboro Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2043  | 2665 | 2727 |
| Whitesboro Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 2/15/2044  | 3330 | 3386 |
| County of Williamson, Municipal Utility Dist. No. 51, Unlimited Tax Road Bonds, Series 2024, 4.25% 9/1/2042  | 1000 | 872 |
| County of Williamson, Municipal Utility Dist. No. 51, Unlimited Tax Road Bonds, Series 2024, 4.375% 9/1/2046  | 1195 | 1018 |
| County of Williamson, Municipal Utility Dist. No. 51, Unlimited Tax Road Bonds, Series 2024, 4.25% 9/1/2049  | 1040 | 840 |
| Witchita Falls Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 2.00% 2/1/2034  | 5755 | 4881 |
|  |  | 2873076 |
| **United States 1.29%** | **United States 1.29%** | **United States 1.29%** |
| Freddie Mac, Multi Family Certs., Series 2023, 0.897% 6/25/2035 <sup>(a)(c)</sup>  | 35570 | 1891 |
| Freddie Mac, Multi Family Certs., Series 2023, 2.75% 11/25/2035 <sup>(a)</sup>  | 47103 | 42149 |
| Freddie Mac, Multi Family Certs., Series 2023, 4.003% 1/25/2040 <sup>(c)</sup>  | 33753 | 32119 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **186** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Freddie Mac, Multi Family Certs., Series 2023, 4.414% 8/25/2040 <sup>(c)</sup>  | USD9,303 | $9307 |
| Freddie Mac, Multi Family Certs. Green Bonds, Series 2025, 4.388% 11/25/2042 <sup>(c)</sup>  | 27103 | 26448 |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class AUS, 3.40% 1/25/2036  | 22580 | 21004 |
| Freddie Mac, Multi Family Mortgage Certs., Series 2018-M-042, Class A, (SIFMA Municipal Swap Index + 0.30%) <br> 2.60% 9/15/2033 <sup>(a)</sup>  | 21850 | 18725 |
| Freddie Mac, Multi Family Mortgage Certs., Series 2018-M-046, 2.625% 6/15/2035 <sup>(a)</sup>  | 12195 | 10563 |
| Freddie Mac, Multi Family Mortgage Certs., Series 2020-M-067, Class A, 2.25% 12/15/2037  | 55980 | 43531 |
| Freddie Mac, Multi Family Mortgage Certs. Green Bonds, Series 2024, 3.157% 12/25/2038 <sup>(c)</sup>  | 69052 | 59632 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2023-ML-9, Class AUS, 3.996% 12/25/2036 <sup>(c)</sup>  | 4346 | 4307 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2024, 3.427% 11/25/2038 <sup>(c)</sup>  | 19823 | 18304 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2023, Class A, 2.99% 4/25/2043 <sup>(c)</sup>  | 8737 | 7518 |
|  |  | 295498 |
| **Utah 0.63%** | **Utah 0.63%** | **Utah 0.63%** |
| Board of Higher Education, General Rev. Bonds (University of Utah), Series 2023-B, 5.25% 8/1/2053  | 1950 | 1997 |
| Charter School Fin. Auth., Charter School Rev. Ref. Bonds (Early Light Academy), Series 2017, 5.00% 7/15/2037 <sup>(a)</sup>  | 5185 | 4899 |
| Downtown Revitalization Public Infrastructure Dist., Sales Tax Rev. Bonds (SEG Redev. Project), Series 2025-A, AGI, <br> 5.00% 6/1/2034  | 1000 | 1114 |
| Downtown Revitalization Public Infrastructure Dist., Sales Tax Rev. Bonds (SEG Redev. Project), Series 2025-A, AGI, <br> 5.00% 6/1/2035  | 1000 | 1111 |
| Downtown Revitalization Public Infrastructure Dist., Sales Tax Rev. Bonds (SEG Redev. Project), Series 2025-A, AGI, <br> 5.25% 6/1/2043  | 955 | 1001 |
| Downtown Revitalization Public Infrastructure Dist., Sales Tax Rev. Bonds (SEG Redev. Project), Series 2025-A, AGI, <br> 5.50% 6/1/2050  | 8540 | 8908 |
| Downtown Revitalization Public Infrastructure Dist., Sales Tax Rev. Bonds (SEG Redev. Project), Series 2025-A, AGI, <br> 5.50% 6/1/2055  | 6875 | 7153 |
| GO Bonds, Series 2020, 3.00% 7/1/2034  | 2025 | 1896 |
| Housing Corp., Single Family Mortgage Bonds, Series 2023-A, 6.00% 7/1/2053  | 2720 | 2935 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-A, 6.50% 1/1/2054  | 950 | 1042 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-C, 6.00% 7/1/2054  | 740 | 814 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-E, 6.00% 7/1/2054  | 1825 | 2013 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-G, 6.25% 7/1/2055  | 3250 | 3624 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-I, 6.25% 7/1/2055  | 4500 | 5038 |
| Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, FHA, 4.00% 1/1/2045  | 3510 | 3515 |
| MIDA Mountain Village Public Infrastructure Dist., Tax Allocation Rev. Bonds, Series 2024-1, 5.125% 6/15/2054 <sup>(a)</sup>  | 3465 | 3179 |
| MIDA Mountain Village Public Infrastructure Dist., Tax Allocation Rev. Bonds, Series 2024-2, 6.00% 6/15/2054 <sup>(a)</sup>  | 3505 | 3495 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-B, 4.00% 7/1/2037  | 4260 | 4195 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-B, 4.00% 7/1/2038  | 4430 | 4295 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-B, 4.00% 7/1/2039  | 4510 | 4322 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-B, 4.00% 7/1/2040  | 4795 | 4520 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2017-B, 5.00% 7/1/2047  | 5995 | 5989 |
| School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018-A-1, 5.00% <br> 10/15/2038  | 730 | 736 |
| School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018-A-1, 5.00% <br> 10/15/2043  | 1150 | 1129 |
| School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018-A-1, 5.00% <br> 10/15/2048  | 1185 | 1134 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.00% 6/1/2032  | 100 | 112 |
| Telecommunication Open Infrastructure Agcy., Sales Tax and Telecommunications Rev. Ref. Bonds, Series 2022, <br> 5.25% 6/1/2037  | 1000 | 1080 |
| Transit Auth., Sales Tax Rev. and Rev. Ref. Bonds, Series 2007-A, NATL, 5.00% 6/15/2035  | 18000 | 20179 |
| Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2024, 5.00% 6/15/2040  | 1765 | 1881 |
| Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2024, 5.00% 6/15/2041  | 4500 | 4753 |
| Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2024, 5.00% 6/15/2042  | 1500 | 1570 |
| Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2025, 5.00% 12/15/2043  | 4050 | 4239 |
| UIPA Crossroads Public Infrastructure Dist., Tax Differential Rev. Bonds, Series 2021, 4.125% 6/1/2041 <sup>(a)</sup>  | 4790 | 4307 |
| UIPA Crossroads Public Infrastructure Dist., Tax Differential Rev. Bonds, Series 2021, 4.375% 6/1/2052 <sup>(a)</sup>  | 8500 | 7297 |
| County of Utah, Hospital Rev. Bonds (IHC Health Services, Inc.), Series 2018-A, 5.00% 5/15/2032  | 1000 | 1053 |
| County of Utah, Hospital Rev. Bonds (IHC Health Services, Inc.), Series 2018-A, 5.00% 5/15/2034  | 1000 | 1044 |
| County of Utah, Hospital Rev. Bonds (IHC Health Services, Inc.), Series 2018-A, 5.00% 5/15/2035  | 1000 | 1039 |
| County of Utah, Hospital Rev. Bonds (IHC Health Services, Inc.), Series 2018-A, 5.00% 5/15/2036  | 2000 | 2071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **187** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| County of Utah, Hospital Rev. Bonds (IHC Health Services, Inc.), Series 2018-A, 4.00% 5/15/2041  | USD10,000 | $9144 |
| County of Utah, Hospital Rev. Bonds (IHC Health Services, Inc.), Series 2020-A, 3.00% 5/15/2050  | 2155 | 1469 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 5.00% 5/1/2027  | 315 | 327 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 5.00% 5/1/2028  | 450 | 477 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 5.00% 5/1/2030  | 175 | 191 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 5.00% 5/1/2031  | 95 | 104 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 4.00% 5/1/2032  | 135 | 141 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 4.00% 5/1/2033  | 150 | 155 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 4.00% 5/1/2034  | 115 | 118 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 4.00% 5/1/2035  | 215 | 218 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 4.00% 5/1/2037  | 300 | 299 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 4.00% 5/1/2039  | 175 | 166 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 4.00% 5/1/2040  | 160 | 150 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 4.00% 5/1/2041  | 175 | 161 |
| City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, AGI, 4.00% 5/1/2046  | 275 | 235 |
|  |  | 144034 |
| **Vermont 0.06%** | **Vermont 0.06%** | **Vermont 0.06%** |
| Educational and Health Buildings Fncg. Agcy., Rev. Bonds (The University of Vermont Medical Center Project), <br> Series 2016-A, 5.00% 12/1/2031  | 3300 | 3337 |
| Educational and Health Buildings Fncg. Agcy., Rev. Bonds (The University of Vermont Medical Center Project), <br> Series 2016-A, 5.00% 12/1/2033  | 2200 | 2217 |
| Educational and Health Buildings Fncg. Agcy., Rev. Bonds (The University of Vermont Medical Center Project), <br> Series 2016-B, 5.00% 12/1/2039  | 1750 | 1751 |
| Educational and Health Buildings Fncg. Agcy., Rev. Bonds (The University of Vermont Medical Center Project), <br> Series 2016-B, 5.00% 12/1/2046  | 4300 | 4179 |
| Housing Fin. Agcy., Multi Family Mortgage Bonds, Series 2021-A, 2.60% 8/15/2051  | 1000 | 613 |
| Housing Fin. Agcy., Multi Family Mortgage Bonds, Series 2022-A, 2.85% 2/15/2052  | 1830 | 1187 |
| Housing Fin. Agcy., Multiple Purpose Bonds, Series 2017-D, 4.00% 5/1/2048  | 50 | 50 |
| Housing Fin. Agcy., Multiple Purpose Bonds, Series 2018-A, 4.00% 11/1/2048  | 675 | 677 |
|  |  | 14011 |
| **Virgin Islands 0.07%** | **Virgin Islands 0.07%** | **Virgin Islands 0.07%** |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2025  | 1675 | 1677 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2027  | 2500 | 2540 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2028  | 3355 | 3430 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2032  | 6950 | 7097 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2039  | 1000 | 998 |
|  |  | 15742 |
| **Virginia 1.64%** | **Virginia 1.64%** | **Virginia 1.64%** |
| County of Albemarle, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Westminster-Canterbury of the Blue <br> Ridge), Series 2022-A, 4.00% 6/1/2049  | 2800 | 2328 |
| County of Albemarle, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Westminster-Canterbury of the Blue <br> Ridge), Series 2022-B, 4.00% 6/1/2054  | 5220 | 4170 |
| City of Alexandria, Industrial Dev. Auth., Demand Rev. Ref. Bonds (Goodwin House), Series 2015, 5.00% <br> 10/1/2045 (preref. 10/1/2025)  | 3000 | 3011 |
| County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 4.00% <br> 7/1/2045  | 3335 | 2951 |
| County of Arlington, Industrial Dev. Auth., Multifamily Housing Rev. Bonds (Park Shirlington Apartments), Series <br> 2023-A, 5.00% 1/1/2026  | 1935 | 1953 |
| City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds, Convertible CAB, Series <br> 2012-B, 4.875% 7/15/2040  | 2000 | 2001 |
| College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series <br> 2019-A, 3.00% 2/1/2037  | 5000 | 4414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **188** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series <br> 2023-A, 5.00% 2/1/2039  | USD1,900 | $2028 |
| College Building Auth., Educational Facs. Rev. Bonds (Washington and Lee University Project), Series 2001, 5.75% <br> 1/1/2034  | 1000 | 1180 |
| College Building Auth., Educational Facs. Rev. Ref. Bonds (21st Century College and Equipment Programs), Series <br> 2017-E, 5.00% 2/1/2029  | 9150 | 9683 |
| College Building Auth., Educational Facs. Rev. Ref. Bonds (Public Higher Education Fncg. Program), Series 2015-B, <br> 5.00% 9/1/2026  | 900 | 902 |
| College Building Auth., Educational Facs. Rev. Ref. Bonds (Public Higher Education Fncg. Program), Series 2015-B, <br> 5.00% 9/1/2028  | 2600 | 2605 |
| Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. and Rev. Ref. Notes, Series <br> 2017, 3.00% 9/15/2028  | 5755 | 5777 |
| County of Fairfax, Econ. Dev. Auth., County Facs. Rev. Ref. Bonds (County Facs. Project), Series 2021-B, 4.00% <br> 10/1/2037  | 1525 | 1529 |
| County of Fairfax, Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Inova Health System Project), Series 2022, <br> 4.00% 5/15/2042  | 7560 | 6917 |
| County of Fairfax, Public Improvement Bonds, Series 2018-A, 5.00% 10/1/2025  | 750 | 753 |
| County of Fairfax, Public Improvement Bonds, Series 2022-A, 4.00% 10/1/2026  | 5460 | 5555 |
| County of Fairfax, Public Improvement Bonds, Series 2025-A, 5.00% 10/1/2037  | 5000 | 5505 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. and Rev. Ref. Bonds (Longwood University Student <br> Housing Project), Series 2018-A, 5.00% 1/1/2032  | 1010 | 1032 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Bonds (Convocation Center Project), Series 2021, <br> AGI, 5.375% 7/1/2053 (put 7/1/2043)  | 5250 | 5339 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2033  | 705 | 717 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2038  | 5280 | 5184 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2020-A, 5.00% 1/1/2040  | 6340 | 5986 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2043  | 2900 | 2628 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2048  | 6390 | 5586 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2020-A, 5.00% 1/1/2050  | 10500 | 9078 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2055  | 9000 | 7625 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2020-A, 5.00% 1/1/2059  | 19410 | 16227 |
| Freddie Mac, Multi Family Mortgage Certs., Series 2015-M-033, 2.65% 9/15/2030  | 6995 | 6381 |
| Hampton Roads Sanitation Dist., Wastewater Rev. Bonds, Series 2025-A, 5.00% 7/15/2026  | 1005 | 1027 |
| Hampton Roads, Transportation Accountability Commission, Rev. Bonds (Hampton Roads Transportation Fund), <br> Series 2024-A, 5.00% 7/1/2054  | 4715 | 4765 |
| County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. and Rev. Ref. Bonds (Westminster-Canterbury of <br> Richmond), Series 2020, 3.00% 10/1/2035  | 475 | 442 |
| County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. and Rev. Ref. Bonds (Westminster-Canterbury of <br> Richmond), Series 2020, 4.00% 10/1/2045  | 1420 | 1255 |
| County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2019-A, 5.00% <br> 6/1/2034  | 6150 | 6195 |
| County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Westminster-Canterbury of <br> Richmond), Series 2020, 4.00% 10/1/2033  | 515 | 525 |
| County of Henrico, Econ. Dev. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2017-C, <br> 3.25% 12/1/2025  | 120 | 120 |
| County of Henrico, Econ. Dev. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2017-C, <br> 5.00% 12/1/2047  | 1150 | 1087 |
| Housing Dev. Auth., Rental Housing Bonds, Series 2020-G, 2.40% 9/1/2045  | 2165 | 1413 |
| Housing Dev. Auth., Rental Housing Bonds, Series 2020-G, 2.625% 11/1/2053  | 1190 | 724 |
| County of Isle of Wight, Econ. Dev. Auth., Health System Rev. Bonds (Riverside Health System), Series 2023, AGI, <br> 5.25% 7/1/2043  | 1665 | 1710 |
| County of Isle of Wight, Econ. Dev. Auth., Health System Rev. Bonds (Riverside Health System), Series 2023, AGI, <br> 5.25% 7/1/2048  | 2900 | 2923 |
| County of Isle of Wight, Econ. Dev. Auth., Health System Rev. Bonds (Riverside Health System), Series 2023, AGI, <br> 5.25% 7/1/2053  | 3125 | 3139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **189** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Williamsburg Landing), Series 2024-C-3, <br> 5.25% 12/1/2027  | USD730 | $730 |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Williamsburg Landing), Series 2024-C-2, <br> 5.50% 12/1/2028  | 905 | 905 |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Williamsburg Landing), Series <br> 2021-A, 4.00% 12/1/2025  | 200 | 200 |
| City of Lexington, Industrial Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Kendal at Lexington), Series 2022, <br> 4.00% 1/1/2048  | 2310 | 1839 |
| Town of Louisa, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project), <br> Series 2008-B, 0.75% 11/1/2035 (put 9/2/2025)  | 10875 | 10833 |
| Town of Louisa, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project), <br> Series 2008-A, 3.65% 11/1/2035 (put 9/2/2025)  | 1000 | 1015 |
| City of Lynchburg, Econ. Dev. Auth., Hospital Rev. and Rev. Ref. Bonds (Centra Health Obligated Group), Series <br> 2021, 3.00% 1/1/2051  | 7450 | 4821 |
| City of Lynchburg, Econ. Dev. Auth., Hospital Rev. and Rev. Ref. Bonds (Centra Health Obligated Group), Series <br> 2021, 4.00% 1/1/2055  | 2640 | 2071 |
| New River Valley Regional Jail Auth., Regional Jail Fac. Rev. Ref. Bonds, Series 2016, 5.00% 10/1/2031  | 2000 | 2048 |
| City of Newport News, Econ. Dev. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2016, <br> 3.125% 12/1/2026  | 200 | 198 |
| City of Newport News, Econ. Dev. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2016, <br> 5.00% 12/1/2038  | 515 | 515 |
| City of Newport News, Industrial Dev. Auth., Health Systems Rev. Bonds, Series 2017-A, 5.00% 7/1/2046 <sup>(a)</sup>  | 15250 | 14194 |
| City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), Series 2015, <br> 5.33% 7/1/2045 <sup>(a)</sup>  | 41100 | 39127 |
| City of Norfolk, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Braywood Manor Apartments), <br> Series 2023, 5.00% 5/1/2043 (put 5/1/2026)  | 2145 | 2177 |
| County of Prince William, Gateway Community Dev. Auth., Special Assessment Rev. Ref. Bonds, Series 2012, <br> 5.00% 3/1/2030  | 2505 | 2508 |
| County of Prince William, Heritage Hunt Commercial Community Dev. Auth., Special Assessment Bonds, Series <br> 1999-B, 7.00% 3/1/2029  | 288 | 288 |
| Public Building Auth., Public Facs. Rev. Bonds, Series 2015-B, 5.00% 8/1/2026  | 1140 | 1142 |
| Public Building Auth., Public Facs. Rev. Bonds, Series 2020-A, 4.00% 8/1/2040 (preref. 8/1/2030)  | 15 | 16 |
| Public Building Auth., Public Facs. Rev. Ref. Bonds, Series 2024-B, 5.00% 8/1/2025  | 10000 | 10000 |
| Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2015-A, 5.00% 8/1/2026  | 2000 | 2000 |
| Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2015-A, 5.00% 8/1/2028  | 2200 | 2200 |
| Rappahannock Regional Jail Auth., Fac. Capital Improvement Rev. and Rev. Ref. Bonds, Series 2015, 5.00% <br> 10/1/2030 (preref. 10/1/2025)  | 1750 | 1757 |
| Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2014-B, 5.00% 11/1/2027  | 420 | 421 |
| City of Roanoke, Econ. Dev. Auth., Hospital Rev. Bonds (Carilion Health System Obligated Group), Series 2020-A, <br> 4.00% 7/1/2051  | 2415 | 2049 |
| Small Business Fncg. Auth., Health Care Facs. Rev. Bonds (Mary Washington Healthcare Obligated Group.), Series <br> 2025-A-1, 5.25% 6/15/2050  | 4180 | 4205 |
| Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 6/1/2032  | 2500 | 2509 |
| Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 6/1/2037  | 2105 | 2101 |
| Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 6/1/2042  | 2960 | 2811 |
| Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 6/1/2047  | 4000 | 3638 |
| Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 6/1/2052  | 5000 | 4399 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, <br> 3.00% 12/1/2026  | 235 | 233 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, <br> 4.00% 12/1/2036  | 1710 | 1644 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, <br> 4.00% 12/1/2041  | 2220 | 1978 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, <br> 4.00% 12/1/2051  | 9975 | 7870 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2024-A, 5.00% <br> 12/1/2034  | 2000 | 2111 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2024-A, 5.00% <br> 12/1/2039  | 1740 | 1772 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2024-A, 5.50% <br> 12/1/2054  | 2275 | 2240 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2026  | 1250 | 1259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **190** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2033  | USD1,665 | $1745 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2034  | 550 | 574 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2035  | 1630 | 1690 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 4.00% <br> 1/1/2037  | 2370 | 2278 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 4.00% <br> 1/1/2038  | 5000 | 4720 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 4.00% <br> 1/1/2045  | 24010 | 20209 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 4.00% <br> 1/1/2051  | 28055 | 22440 |
| Virginia Beach Dev. Auth., Residential Care Fac. Rev. Bonds (Westminster-Canterbury on Chesapeake Bay), Series <br> 2023-B-3, 5.375% 9/1/2029  | 7205 | 7280 |
| Virginia Beach Dev. Auth., Residential Care Fac. Rev. Bonds (Westminster-Canterbury on Chesapeake Bay), Series <br> 2023-B-2, 5.75% 9/1/2030  | 2000 | 2019 |
| Western Virginia Regional Jail Auth., Regional Jail Fac. Rev. Ref. Bonds, Series 2015, 5.00% 12/1/2025  | 1115 | 1123 |
| City of Winchester, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Valley Health System Obligated Group), Series <br> 2015, 5.00% 1/1/2035  | 1000 | 1004 |
| County of Wise, Industrial Dev. Auth., Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power <br> Co. Project), Series 2009-A, 0.75% 10/1/2040 (put 9/2/2025)  | 12875 | 12833 |
|  |  | 374109 |
| **Washington 2.50%** | **Washington 2.50%** | **Washington 2.50%** |
| Bethel School Dist. No. 403, Unlimited Tax GO Rev. Ref. Bonds, Series 2020, 4.00% 12/1/2025  | 420 | 422 |
| Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Improvement and Rev. Ref. <br> Green Bonds, Series 2021-S-1, 3.00% 11/1/2036  | 13500 | 12075 |
| Central Puget Sound Regional Transit Auth., Sales Tax Improvement and Rev. Ref. Green Bonds, Series 2015-S-1, <br> 5.00% 11/1/2031 (preref. 11/1/2025)  | 460 | 463 |
| Central Puget Sound Regional Transit Auth., Sales Tax Improvement and Rev. Ref. Green Bonds, Series 2015-S-1, <br> 5.00% 11/1/2050 (preref. 11/1/2025)  | 5000 | 5032 |
| Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2010-B, 5.00% 7/1/2043  | 6200 | 6060 |
| Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2010-B, 5.00% 7/1/2048  | 4000 | 3855 |
| Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2018, 4.00% 7/1/2058  | 5230 | 3995 |
| Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2018, 5.00% 7/1/2058  | 12750 | 11999 |
| Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 4.00% 7/1/2043  | 1140 | 980 |
| Energy Northwest, Electric Rev. and Rev. Ref. Bonds (Columbia Generating Station), Series 2023-A, 5.00% <br> 7/1/2038  | 8435 | 8997 |
| Energy Northwest, Electric Rev. Ref. Bonds (Columbia Generating Station), Series 2025-A, 5.00% 7/1/2031  | 2000 | 2238 |
| Energy Northwest, Electric Rev. Ref. Bonds (Columbia Generating Station), Series 2025-A, 5.00% 7/1/2034  | 1000 | 1131 |
| Energy Northwest, Electric Rev. Ref. Bonds (Columbia Generating Station), Series 2024-A, 5.00% 7/1/2040  | 5000 | 5286 |
| Energy Northwest, Electric Rev. Ref. Bonds (Project No. 1), Series 2025-A, 5.00% 7/1/2034  | 1000 | 1131 |
| Town of Erie, Westerly Metropolitan Dist. No. 4, Limited Tax GO Bonds, Convertible CAB, Series 2021-A-2, 4.00% <br> 12/1/2045 <sup>(a)</sup>  | 1200 | 1025 |
| GO Bonds, Series 2017-A, 5.00% 8/1/2036  | 5000 | 5060 |
| GO Bonds, Series 2017-A, 5.00% 8/1/2037  | 2500 | 2526 |
| GO Bonds, Series 2022-A, 5.00% 8/1/2039  | 15330 | 16087 |
| GO Bonds, Series 2016-A-1, 5.00% 8/1/2040  | 4750 | 4750 |
| GO Bonds, Series 2018-C, 5.00% 2/1/2041  | 2000 | 2032 |
| GO Bonds, Series 2018-A, 5.00% 8/1/2041  | 780 | 789 |
| GO Bonds, Series 2018-A, 5.00% 8/1/2042  | 4000 | 4036 |
| GO Bonds, Series 2023-A, 5.00% 8/1/2044  | 4000 | 4071 |
| GO Bonds, Series 2024-A, 5.00% 8/1/2046  | 16690 | 16938 |
| GO Rev. Ref. Bonds, Series 2018-R-D, 5.00% 8/1/2035  | 3000 | 3090 |
| County of Grant Public Utility Dist. No. 2, Rev. Ref. Bonds (Priest Rapids Hydroelectric Project), Series 2023-A, <br> 5.00% 1/1/2039  | 1000 | 1058 |
| County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-O, 5.00% 1/1/2042  | 1200 | 1206 |
| County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2020-R, 2.00% 1/1/2044 (put <br> 12/1/2025)  | 1500 | 1494 |
| Health Care Facs. Auth., Rev. Bonds (CommonSpirit Health), Series 2019-B-2, 5.00% 8/1/2049 (put 8/1/2025)  | 5000 | 5000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **191** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| Health Care Facs. Auth., Rev. Bonds (Multicare Health System), Series 2015-A, 5.00% 8/15/2033  | USD2,480 | $2480 |
| Health Care Facs. Auth., Rev. Bonds (Multicare Health System), Series 2017-B, 5.00% 8/15/2037  | 2500 | 2522 |
| Health Care Facs. Auth., Rev. Bonds (Multicare Health System), Series 2017-B, 4.00% 8/15/2041  | 5000 | 4455 |
| Health Care Facs. Auth., Rev. Bonds (Providence Health & Services), Series 2015-A, 4.00% 10/1/2045  | 4505 | 3739 |
| Health Care Facs. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2014-D, 5.00% 10/1/2041  | 16980 | 16835 |
| Health Care Facs. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2014-C, 5.00% 10/1/2044  | 19155 | 18573 |
| Health Care Facs. Auth., Rev. Bonds (Seattle Children's Hospital), Series 2017-A, 5.00% 10/1/2047  | 10315 | 10054 |
| Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2017, 5.00% 8/15/2029  | 1800 | 1843 |
| Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2017, 5.00% 8/15/2033  | 1000 | 1009 |
| Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2017, 5.00% 8/15/2036  | 2965 | 2966 |
| Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2017, 5.00% 8/15/2037  | 1205 | 1199 |
| Health Care Facs. Auth., Rev. Bonds (Yakima Valley Memorial Hospital Assn.), Series 2016, 5.00% 12/1/2031 <br> (preref. 12/1/2026)  | 4625 | 4761 |
| Health Care Facs. Auth., Rev. Bonds (Yakima Valley Memorial Hospital Assn.), Series 2016, 5.00% 12/1/2041 <br> (preref. 12/1/2026)  | 1000 | 1029 |
| Health Care Facs. Auth., Rev. Bonds (Yakima Valley Memorial Hospital Assn.), Series 2016, 5.00% 12/1/2046 <br> (preref. 12/1/2026)  | 2180 | 2244 |
| Health Care Facs. Auth., Rev. Ref. Bonds (Central Washington Health Services Assn.), Series 2015, 5.00% 7/1/2028  | 1500 | 1501 |
| Health Care Facs. Auth., Rev. Ref. Bonds (Central Washington Health Services Assn.), Series 2015, 5.00% 7/1/2029  | 1750 | 1751 |
| Health Care Facs. Auth., Rev. Ref. Bonds (Central Washington Health Services Assn.), Series 2015, 5.00% 7/1/2030  | 1500 | 1501 |
| Health Care Facs. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2018-B, 5.00% 10/1/2029  | 1700 | 1782 |
| Health Care Facs. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2018-B, 5.00% 10/1/2033  | 3000 | 3083 |
| Housing Fin. Commission, Municipal Certs., Series 2021-1, Class X, interest only, 0.725% 12/20/2035 <sup>(g)</sup>  | 12665 | 494 |
| Housing Fin. Commission, Municipal Certs., Series 2021-1, 3.50% 12/20/2035  | 50394 | 47364 |
| Housing Fin. Commission, Municipal Certs., Series 2023-1, 1.45% 4/20/2037 <sup>(c)</sup>  | 44990 | 4418 |
| Housing Fin. Commission, Municipal Certs., Series 2023-1, 3.375% 4/20/2037  | 49043 | 44448 |
| Housing Fin. Commission, Municipal Certs., Series 2024-1-A, 4.085% 3/1/2050 <sup>(c)</sup>  | 28665 | 26387 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Emerald Heights Project), Series 2023-A, <br> 5.00% 7/1/2026  | 415 | 421 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Emerald Heights Project), Series 2023-A, <br> 5.00% 7/1/2027  | 705 | 726 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Emerald Heights Project), Series 2023-A, <br> 5.00% 7/1/2030  | 155 | 165 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Emerald Heights Project), Series 2023-A, <br> 5.00% 7/1/2038  | 1590 | 1619 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Emerald Heights Project), Series 2023-A, <br> 5.00% 7/1/2043  | 2225 | 2175 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Horizon House Project), Series 2017, <br> 5.00% 1/1/2027 <sup>(a)</sup>  | 110 | 111 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Horizon House Project), Series 2017, <br> 5.00% 1/1/2028 <sup>(a)</sup>  | 250 | 252 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Horizon House Project), Series 2017, <br> 5.00% 1/1/2029 <sup>(a)</sup>  | 160 | 162 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% <br> 1/1/2038 <sup>(a)</sup>  | 2300 | 2156 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% <br> 1/1/2043 <sup>(a)</sup>  | 3400 | 2980 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% <br> 1/1/2048 <sup>(a)</sup>  | 2820 | 2350 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2015-1-N, 3.45% 12/1/2030  | 975 | 975 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2020-1-N, 2.45% 12/1/2035  | 1400 | 1134 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2020-1-N, 2.65% 12/1/2040  | 1750 | 1302 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2020-1-N, 2.80% 12/1/2043  | 975 | 703 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2017-2-N, 3.50% 6/1/2047  | 325 | 325 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 12/1/2047  | 40 | 40 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2018-1-N, 4.00% 12/1/2048  | 1295 | 1302 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2019-1-N, 4.00% 6/1/2049  | 2285 | 2300 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2021-1-N, 3.00% 12/1/2049  | 3615 | 3577 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2021-2-N, 3.00% 6/1/2051  | 4380 | 4320 |
| Housing Fin. Commission, Single Family Program Rev. Ref. Bonds, Series 2022-1-N, 5.00% 12/1/2052  | 3085 | 3226 |
| Kalispel Tribe of Indians, Priority Distribution Payment Bonds, Series 2018-A, 5.00% 1/1/2032 <sup>(a)</sup>  | 9750 | 9955 |
| Kelso School Dist. No. 458, GO Bonds, Series 2019, 4.00% 12/1/2038  | 1680 | 1646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **192** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2043 <sup>(a)</sup>  | USD40,335 | $30284 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2048 <sup>(a)</sup>  | 18345 | 12531 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2058 <sup>(a)</sup>  | 22180 | 13685 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2058 <sup>(a)</sup>  | 10375 | 6293 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 4.00% <br>7/1/2058 <sup>(a)</sup>  | 4740 | 3558 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-A, 5.00% <br>7/1/2058  | 2965 | 2790 |
| Motor Vehicle Fuel Tax and Vehicle Related Fees GO Bonds, Series 2025-D, 5.00% 6/1/2043  | 2165 | 2255 |
| Motor Vehicle Fuel Tax and Vehicle Related Fees GO Bonds, Series 2024-B, 5.00% 6/1/2045  | 4645 | 4730 |
| Motor Vehicle Fuel Tax and Vehicle Related Fees GO Bonds, Series 2025-D, 5.00% 6/1/2048  | 10000 | 10188 |
| Motor Vehicle Fuel Tax and Vehicle Related Fees GO Bonds, Series 2025-D, 5.00% 6/1/2049  | 16785 | 17082 |
| Motor Vehicle Fuel Tax GO Bonds, Series 2017-B, 5.00% 8/1/2036  | 2500 | 2530 |
| Motor Vehicle Fuel Tax GO Bonds, Series 2017-B, 5.00% 8/1/2040  | 2500 | 2515 |
| City of Seattle, Housing Auth., Rev. and Rev. Ref. Bonds (Northgate Plaza Project), Series 2021, 1.00% 6/1/2026  | 2040 | 1995 |
| City of Seattle, Municipal Light and Power Improvement Rev. Bonds, Series 2018-A, 4.00% 1/1/2040  | 10890 | 10242 |
| City of Seattle, Municipal Light and Power Improvement Rev. Green Bonds, Series 2020-A, 4.00% 7/1/2034  | 1785 | 1828 |
| City of Seattle, Water System Improvement and Rev. Ref. Bonds, Series 2021, 5.00% 8/1/2025  | 3770 | 3770 |
| County of Snohomish, Public Utility Dist. No. 1, Electric System Rev. Bonds, Series 2021-A, 5.00% 12/1/2051  | 15270 | 15329 |
| County of Snohomish, Public Utility Dist. No. 1, Electric System Rev. Bonds, Series 2022-A, 5.00% 12/1/2052  | 6975 | 7000 |
| City of Tacoma, Electric System Rev. Green Bonds, Series 2024-A, 5.00% 1/1/2049  | 2070 | 2078 |
| City of Tacoma, Electric System Rev. Green Bonds, Series 2024-A, 5.00% 1/1/2054  | 3000 | 3012 |
| Tacoma School Dist. No. 10, Unlimited Tax GO Bonds, Series 2020-B, 4.00% 12/1/2041  | 3205 | 2973 |
| University of Washington, General Rev. Ref. Bonds, Series 2025-C, 5.00% 1/1/2030  | 1000 | 1098 |
| Various Purpose GO Bonds, Series 2021-A, 5.00% 8/1/2033  | 1060 | 1148 |
| Various Purpose GO Bonds, Series 2024-C, 5.00% 2/1/2040  | 2500 | 2652 |
| Various Purpose GO Bonds, Series 2023-B, 5.00% 2/1/2042  | 3665 | 3785 |
| Various Purpose GO Bonds, Series 2025-C, 5.00% 2/1/2047  | 5000 | 5099 |
| Various Purpose GO Bonds, Series 2025-A, 5.00% 8/1/2048  | 6435 | 6534 |
| Various Purpose GO Rev. Ref. Bonds, Series 2022-R-C, 4.00% 7/1/2026  | 7000 | 7100 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025-R-B, 5.00% 7/1/2039  | 3750 | 4037 |
|  |  | 571307 |
| **West Virginia 0.07%** | **West Virginia 0.07%** | **West Virginia 0.07%** |
| Hospital Fin. Auth., Hospital Rev. and Improvement Bonds (West Virginia University Health System Obligated <br> Group), Series 2023-A, 5.00% 6/1/2038  | 950 | 999 |
| Hospital Fin. Auth., Hospital Rev. and Improvement Bonds (West Virginia University Health System Obligated <br> Group), Series 2023-A, 4.125% 6/1/2042  | 5250 | 4728 |
| Hospital Fin. Auth., Hospital Rev. Ref. and Improvement Rev. Bonds (Cabell Huntington Hospital Obligated <br> Group), Series 2018-A, 4.00% 1/1/2038  | 1375 | 1257 |
| Parkways Auth., Turnpike Toll Rev. Bonds, Series 2021, 5.00% 6/1/2038  | 2175 | 2283 |
| Parkways Auth., Turnpike Toll Rev. Bonds, Series 2018, 5.00% 6/1/2043  | 975 | 983 |
| Parkways Auth., Turnpike Toll Rev. Bonds, Series 2021, 5.00% 6/1/2047  | 6000 | 6017 |
|  |  | 16267 |
| **Wisconsin 1.77%** | **Wisconsin 1.77%** | **Wisconsin 1.77%** |
| GO Bonds, Series 2021-B, 4.00% 5/1/2039  | 1000 | 973 |
| GO Rev. Ref. Bonds, Series 2025-1, 5.00% 5/1/2035  | 1580 | 1795 |
| Health and Educational Facs. Auth., Rev. Bonds (Agnesian HealthCare, Inc.), Series 2017, 5.00% 7/1/2042  | 3380 | 3363 |
| Health and Educational Facs. Auth., Rev. Bonds (Agnesian HealthCare, Inc.), Series 2017, 4.00% 7/1/2047  | 2500 | 2135 |
| Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2016-A, 5.00% <br> 11/15/2036  | 2270 | 2285 |
| Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2016-A, 4.00% <br> 11/15/2046 (preref. 5/15/2026)  | 1670 | 1689 |
| Health and Educational Facs. Auth., Rev. Bonds (Aspirus Inc. Obligated Group), Series 2025, 5.25% 8/15/2055  | 14000 | 14148 |
| Health and Educational Facs. Auth., Rev. Bonds (Aspirus, Inc. Obligated Group), Series 2021, 5.00% 8/15/2038  | 2900 | 3026 |
| Health and Educational Facs. Auth., Rev. Bonds (Aspirus, Inc. Obligated Group), Series 2021, 5.00% 8/15/2039  | 2500 | 2591 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **193** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Health and Educational Facs. Auth., Rev. Bonds (Bellin Memorial Hospital, Inc.), Series 2022-A, 5.50% 12/1/2052  | USD3,685 | $3799 |
| Health and Educational Facs. Auth., Rev. Bonds (Beloit Health System, Inc.), Series 2016, 5.00% 7/1/2041  | 1590 | 1590 |
| Health and Educational Facs. Auth., Rev. Bonds (Froedtert Health, Inc.), Series 2024-A, 5.00% 4/1/2044  | 1700 | 1717 |
| Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2020-A, AGI, 4.00% <br> 2/15/2034  | 1360 | 1373 |
| Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2020-A, AGI, 4.00% <br> 2/15/2035  | 1000 | 1005 |
| Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% <br> 2/15/2046  | 2500 | 2421 |
| Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2020-B, 5.00% <br> 2/15/2051 (put 2/15/2027)  | 4035 | 4138 |
| Health and Educational Facs. Auth., Rev. Bonds (Milwaukee Regional Medical Center Thermal Service, Inc.), Series <br> 2018, 5.00% 4/1/2036  | 3870 | 3992 |
| Health and Educational Facs. Auth., Rev. Bonds (Milwaukee Regional Medical Center Thermal Service, Inc.), Series <br> 2018, 5.00% 4/1/2037  | 3500 | 3593 |
| Health and Educational Facs. Auth., Rev. Bonds (Milwaukee Regional Medical Center Thermal Service, Inc.), Series <br> 2018, 5.00% 4/1/2044  | 29700 | 28730 |
| Health and Educational Facs. Auth., Rev. Bonds (Milwaukee Regional Medical Center Utility and Infrastructure <br> Obligated Group), Series 2022-A, 5.00% 4/1/2029  | 500 | 538 |
| Health and Educational Facs. Auth., Rev. Bonds (Milwaukee Regional Medical Center Utility and Infrastructure <br> Obligated Group), Series 2022-A, 5.00% 4/1/2031  | 500 | 549 |
| Health and Educational Facs. Auth., Rev. Bonds (Milwaukee Regional Medical Center Utility and Infrastructure <br> Obligated Group), Series 2022-A, 5.00% 4/1/2042  | 5000 | 5072 |
| Health and Educational Facs. Auth., Rev. Bonds (Milwaukee Regional Medical Center Utility and Infrastructure <br> Obligated Group), Series 2022-A, 5.00% 4/1/2052  | 10250 | 10104 |
| Health and Educational Facs. Auth., Rev. Bonds (Three Pillars Senior Living Communities), Series 2024-B-2, 4.20% <br> 8/15/2028  | 2955 | 2952 |
| Health and Educational Facs. Auth., Rev. Bonds (Three Pillars Senior Living Communities), Series 2024-B-1, 4.40% <br> 8/15/2029  | 1600 | 1600 |
| Health and Educational Facs. Auth., Rev. Ref. Bonds (The Monroe Clinic, Inc.), Series 2016, 4.00% 2/15/2031 <br> (preref. 8/15/2025)  | 450 | 450 |
| Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2017-A, 2.69% 7/1/2047  | 3823 | 3396 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2018-D, 4.00% 3/1/2047  | 2505 | 2520 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 3/1/2048  | 1530 | 1534 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2018-B, 4.00% 3/1/2048  | 4055 | 4066 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2019-A, 4.25% 3/1/2049  | 2985 | 3024 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2019-C, 3.75% 3/1/2050  | 10885 | 10931 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2020-A, 3.50% 9/1/2050  | 5240 | 5245 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-A, 3.00% 3/1/2052  | 2275 | 2249 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-C, 3.00% 9/1/2052  | 2060 | 2037 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2023-A, 6.00% 3/1/2054  | 9640 | 10560 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2024-B, 6.00% 3/1/2055  | 3690 | 4010 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds (Social Bonds), Series 2024-C, 6.00% 3/1/2055  | 2485 | 2718 |
| Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2021-A, 4.00% 6/1/2061 <sup>(a)</sup>  | 250 | 159 |
| Public Fin. Auth., Charter School Rev. Bonds (Foundation Academy Charter School Project), Series 2024, 5.00% <br> 7/1/2055 <sup>(a)</sup>  | 1670 | 1445 |
| Public Fin. Auth., Education Rev. Ref. Bonds (Pinecrest Academy of Nevada-Sloan Canyon Campus Project), Series <br> 2024-A, 4.00% 7/15/2034 <sup>(a)</sup>  | 1000 | 953 |
| Public Fin. Auth., Health Care Facs. Rev. Bonds (Appalachian Regional Healthcare System Obligated Group), <br> Series 2021-A, 5.00% 7/1/2040  | 1000 | 960 |
| Public Fin. Auth., Health Care Facs. Rev. Bonds (Appalachian Regional Healthcare System Obligated Group), <br> Series 2021-A, 4.00% 7/1/2046  | 1380 | 1043 |
| Public Fin. Auth., Health Care Facs. Rev. Bonds (Appalachian Regional Healthcare System Obligated Group), <br> Series 2021-A, 4.00% 7/1/2051  | 2925 | 2087 |
| Public Fin. Auth., Health Care Facs. Rev. Bonds (Appalachian Regional Healthcare System Obligated Group), <br> Series 2021-A, 4.00% 7/1/2056  | 3710 | 2565 |
| Public Fin. Auth., Health Care System Rev. Bonds (Cone Health), Series 2022-A, 4.00% 10/1/2052  | 12285 | 10136 |
| Public Fin. Auth., Health Care System Rev. Bonds (Cone Health), Series 2022-A, 5.00% 10/1/2052  | 7500 | 7284 |
| Public Fin. Auth., Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2020-A, 5.00% 6/1/2034  | 1000 | 1050 |
| Public Fin. Auth., Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2020-A, AGI, 3.00% <br> 6/1/2045  | 32000 | 23516 |
| Public Fin. Auth., Hospital Rev. Bonds (WakeMed), Series 2019-A, 5.00% 10/1/2044  | 3000 | 2964 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **194** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% <br> 6/1/2031  | USD3,115 | $3152 |
| Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% <br> 6/1/2032  | 3250 | 3283 |
| Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% <br> 6/1/2040  | 11585 | 11425 |
| Public Fin. Auth., Infrastructure Program Anticipation Improvement and Rev. Ref. Bonds (Astro Texas Land <br> Projects), Series 2025, 5.00% 12/15/2036 <sup>(a)</sup>  | 22996 | 22632 |
| Public Fin. Auth., Lease Dev. Rev. Bonds, Series 2016, AGI, 5.00% 3/1/2041  | 4850 | 4884 |
| Public Fin. Auth., Pollution Control Rev. Bonds (Duke Energy Progress Project), Series 2022-A-2, 3.70% 10/1/2046 <br> (put 10/1/2030)  | 24060 | 24310 |
| Public Fin. Auth., Pooled Charter School Certs., Series 2023-1, 5.75% 7/1/2062  | 1895 | 1885 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.25% 7/1/2034  | 370 | 404 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.25% 7/1/2042  | 7000 | 7161 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.375% 7/1/2047  | 5635 | 5669 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.50% 7/1/2052  | 2425 | 2436 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.625% 7/1/2055  | 4130 | 4147 |
| Public Fin. Auth., Retirement Community Rev. Bonds (Evergreens Obligated Group), Series 2019-A, 5.00% <br> 11/15/2044  | 1290 | 1240 |
| Public Fin. Auth., Retirement Community Rev. Bonds (Evergreens Obligated Group), Series 2019-A, 5.00% <br> 11/15/2049  | 1400 | 1300 |
| Public Fin. Auth., Retirement Community Rev. Bonds (Lifespace Communities, Inc.), Series 2020-A, 5.00% <br> 11/15/2041  | 6965 | 6942 |
| Public Fin. Auth., Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (The United Methodist Retirement <br> Homes), Series 2021-A, 4.00% 10/1/2051  | 1025 | 797 |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 9/1/2054 <sup>(a)</sup>  | 1625 | 1388 |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Givens Estates), Series 2021, 4.00% 12/1/2041  | 5275 | 4532 |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Givens Estates), Series 2021, 4.00% 12/1/2051  | 15900 | 12208 |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Givens Estates), Series 2021, 4.00% 12/1/2056  | 1000 | 747 |
| Public Fin. Auth., Rev. Bonds (Bayhealth Medical Center Project), Series 2021-A, 3.00% 7/1/2050  | 13515 | 9399 |
| Public Fin. Auth., Rev. Bonds (Bayhealth Medical Center Project), Series 2021-A, BAM, 3.00% 7/1/2050  | 6095 | 4279 |
| Public Fin. Auth., Rev. Bonds (Kahala Nui Project), Series 2025, 5.00% 11/15/2045  | 1150 | 1119 |
| Public Fin. Auth., Rev. Bonds (Kahala Nui Project), Series 2025, 5.25% 11/15/2050  | 2850 | 2816 |
| Public Fin. Auth., Rev. Bonds (Kahala Nui Project), Series 2025, 5.25% 11/15/2055  | 1750 | 1707 |
| Public Fin. Auth., Rev. Bonds (Kahala Nui Project), Series 2025, 5.25% 11/15/2061  | 2910 | 2808 |
| Public Fin. Auth., Rev. Bonds (The Obligated Group of National Senior Communities, Inc.), Series 2022, 4.00% <br> 1/1/2035  | 1190 | 1184 |
| Public Fin. Auth., Rev. Bonds (The Obligated Group of National Senior Communities, Inc.), Series 2022, 4.00% <br> 1/1/2036  | 1240 | 1219 |
| Public Fin. Auth., Rev. Bonds (The Obligated Group of National Senior Communities, Inc.), Series 2022, 4.00% <br> 1/1/2037  | 1290 | 1251 |
| Public Fin. Auth., Rev. Bonds (The Obligated Group of National Senior Communities, Inc.), Series 2022, 4.00% <br> 1/1/2042  | 3050 | 2676 |
| Public Fin. Auth., Rev. Bonds (The Obligated Group of National Senior Communities, Inc.), Series 2022, 4.00% <br> 1/1/2047  | 3850 | 3210 |
| Public Fin. Auth., Rev. Bonds (The Obligated Group of National Senior Communities, Inc.), Series 2022, 4.00% <br> 1/1/2052  | 1700 | 1355 |
| Public Fin. Auth., Rev. Ref. Bonds (Roseman University of Health Sciences Project), Series 2022, 4.00% 4/1/2042 <sup>(a)</sup>  | 2050 | 1705 |
| Public Fin. Auth., Senior Living Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 5.00% 1/1/2035  | 1000 | 1017 |
| Public Fin. Auth., Senior Living Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 4.00% 1/1/2046  | 1000 | 770 |
| Public Fin. Auth., Social Rev. Bonds (The Carmelite System, Inc. Obligated Group), Series 2020, 3.25% 1/1/2026  | 1545 | 1537 |
| Public Fin. Auth., Social Rev. Bonds (The Carmelite System, Inc. Obligated Group), Series 2020, 3.25% 1/1/2028  | 175 | 170 |
| Public Fin. Auth., Social Rev. Bonds (The Carmelite System, Inc. Obligated Group), Series 2020, 5.00% 1/1/2040  | 4475 | 4404 |
| Public Fin. Auth., Social Rev. Bonds (The Carmelite System, Inc. Obligated Group), Series 2020, 5.00% 1/1/2045  | 1530 | 1425 |
| Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series <br> 2020-A, AGI, 4.00% 7/1/2055  | 1250 | 1028 |
| Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series <br> 2019-A, AGI, 5.00% 7/1/2058  | 2000 | 1909 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **195** | American Funds Tax-Exempt Income Funds |

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------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series <br> 2015, 5.25% 7/1/2047  | USD1,000 | $925 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Manoa, LLC UH Residences for Graduate Students), Series <br> 2023-A, 5.25% 7/1/2038 <sup>(a)</sup>  | 1335 | 1337 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Manoa, LLC UH Residences for Graduate Students), Series <br> 2023-A, 5.50% 7/1/2043 <sup>(a)</sup>  | 1920 | 1864 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Manoa, LLC UH Residences for Graduate Students), Series <br> 2023-A, 5.75% 7/1/2053 <sup>(a)</sup>  | 1145 | 1090 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Wilmington, LLC - University of North Carolina Project), Series <br> 2018, AGI, 5.00% 7/1/2058  | 11250 | 10754 |
| Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-B, 5.00% <br> 6/1/2034  | 1125 | 1151 |
| Public Fin. Auth., Student Housing Rev. Green Bonds (University of Hawaii Foundation Project), Series 2021-A-1, <br> 4.00% 7/1/2061 <sup>(a)</sup>  | 1080 | 763 |
| University of Wisconsin, Hospitals and Clinics Auth., Rev. Green Bonds, Series 2021-B, 4.00% 4/1/2051  | 8500 | 7146 |
|  |  | 404640 |
| **Wyoming 0.05%** | **Wyoming 0.05%** | **Wyoming 0.05%** |
| Community Dev. Auth., Housing Rev. Bonds, Series 2020-2, 2.10% 12/1/2035  | 1200 | 933 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2017-5, 4.00% 12/1/2046  | 580 | 582 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2020-2, 3.00% 6/1/2049  | 3940 | 3900 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2021-3, 3.00% 6/1/2050  | 825 | 819 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2020-1, 4.00% 12/1/2050  | 1890 | 1910 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2023-1, 5.75% 6/1/2053  | 1550 | 1642 |
| Community Dev. Auth., Housing Rev. Bonds, Series 2024-1, 6.00% 12/1/2054  | 720 | 784 |
|  |  | 10570 |
| **Total bonds, notes & other debt instruments** (cost: $22,851,318,000) |  | 21543552 |
| Short-term securities 5.34% |  |  |
| **Municipals 5.34%** | **Municipals 5.34%** | **Municipals 5.34%** |
| Freddie Mac, Multi Family Mortgage Certs., Series 2019-M-055, 2.50% 12/15/2028 <sup>(a)(c)</sup> <br>| 16935 | 16935 |
| State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series <br> 1993-A, 2.75% 12/1/2033 <sup>(c)</sup> <br>| 16600 | 16600 |
| State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project), Series 2001, <br> 2.75% 12/1/2029 <sup>(c)</sup> <br>| 26200 | 26200 |
| State of Arizona, Health Facs. Auth., Rev. Bonds (Banner Health), Series 2015-B, 2.54% 1/1/2046 <br> (put 11/4/2026) <sup>(c)(h)</sup> <br>| 4800 | 4800 |
| State of Arizona, Health Facs. Auth., Rev. Bonds (Banner Health), Series 2015-B, 2.54% 1/1/2046 <br> (preref. 11/4/2025) <sup>(c)</sup> <br>| 200 | 200 |
| State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children's Hospital), Series <br> 2019-A, 2.75% 2/1/2048 <sup>(c)</sup> <br>| 10910 | 10910 |
| State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children's Hospital), Series <br> 2019-B, 2.75% 2/1/2048 <sup>(c)</sup> <br>| 27815 | 27815 |
| State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), <br> Series 2014-A, 2.10% 11/15/2052 <sup>(c)</sup> <br>| 13690 | 13690 |
| State of California, City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2025, 5.00% <br> 6/25/2026 <br>| 22850 | 23401 |
| State of California, City of Pasadena, Demand Rev. Ref. Certs. of Part., Series 2008-A, 1.60% <br> 2/1/2035 <sup>(c)</sup> <br>| 8100 | 8100 |
| State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, <br> 2.30% 5/15/2048 <sup>(c)</sup> <br>| 41385 | 41385 |
| State of Connecticut, Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series <br> 2016-A-1, 2.05% 7/1/2042 <sup>(c)</sup> <br>| 25700 | 25700 |
| State of District of Columbia, Water and Sewer Auth., Public Utility Multimodal Rev. Bonds, Series <br> 2014-B-1, 2.28% 10/1/2050 <sup>(c)</sup> <br>| 38530 | 38530 |
| State of Florida, County of Alachua, Health Facs. Auth., Rev. IAM Commercial Paper, Series 2025, <br> 2.89% 8/21/2025 <br>| 10000 | 10000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **196** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| State of Hawaii, Dept. of Budget and Fin., Special Purpose Rev. Bonds (The Queen's Health <br> Systems), Series 2025-C, 2.35% 7/1/2051 <sup>(c)</sup> <br>| USD15,080 | $15080 |
| State of Idaho, Health Facs. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series <br> 2013-ID, 3.00% 12/1/2048 (put 2/3/2025) <sup>(h)</sup> <br>| 1455 | 1455 |
| State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series <br> 2011-A, 2.55% 8/1/2044 <sup>(c)</sup> <br>| 15600 | 15600 |
| State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series <br> 2010-A, 2.60% 8/1/2044 <sup>(c)</sup> <br>| 14295 | 14295 |
| State of Indiana, Fin. Auth., Econ. Dev. Rev. Ref. Bonds (Republic Services, Inc. Project), Series <br> 2010-B, 3.45% 5/1/2028 (put 3/3/2025) <sup>(h)</sup> <br>| 7575 | 7579 |
| State of Indiana, Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), <br> Series 2009-A-3, 2.35% 12/1/2039 <sup>(c)</sup> <br>| 17320 | 17320 |
| State of Indiana, Fin. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2008-E-8, <br> 2.25% 11/15/2033 <sup>(c)</sup> <br>| 23200 | 23200 |
| State of Iowa, Fin. Auth., Rev. Bonds (UnityPoint Health), Series 2018-E, 2.45% 2/15/2041 <sup>(c)</sup> <br>| 24355 | 24355 |
| State of Kentucky, Econ. Dev. Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. <br> Project), Series 2010-B, 3.45% 5/1/2028 (put 3/3/2025) <sup>(h)</sup> <br>| 1265 | 1265 |
| State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. <br> Bonds (ExxonMobil Project), Series 2011, 2.77% 12/1/2051 <sup>(c)</sup> <br>| 13000 | 13000 |
| State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil <br> Project), Series 2010-A, 2.77% 8/1/2035 <sup>(c)</sup> <br>| 8300 | 8300 |
| State of Maryland, County of Montgomery, GO Consolidated Public Improvement Bonds, Series <br> 2017-E, 2.55% 11/1/2037 <sup>(c)</sup> <br>| 42060 | 42060 |
| State of Massachusetts, Massachusetts Bay Transportation Auth., General Transportation System <br> Bonds, Series 2000-A, 2.20% 3/1/2030 (preref. 9/1/2025) <sup>(c)</sup> <br>| 20745 | 20745 |
| State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2012-B, <br> 2.55% 4/1/2042 <sup>(c)</sup> <br>| 3500 | 3500 |
| State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2011-B, <br> 2.08% 11/15/2038 <sup>(c)</sup> <br>| 20000 | 20000 |
| State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2025-C, <br> 2.10% 11/15/2064 <sup>(c)</sup> <br>| 15850 | 15850 |
| State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2025-D, <br> 2.10% 11/15/2064 <sup>(c)</sup> <br>| 10690 | 10690 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2010-D, 2.18% 12/1/2030 <sup>(c)</sup> <br>| 14980 | 14980 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2007-A, 2.75% 12/1/2030 <sup>(c)</sup> <br>| 37200 | 37200 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2007-C, 2.75% 12/1/2030 <sup>(c)</sup> <br>| 3300 | 3300 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2007-D, 2.75% 12/1/2030 <sup>(c)</sup> <br>| 5500 | 5500 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2011-D, 2.70% 11/1/2035 <sup>(c)</sup> <br>| 5795 | 5795 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2011-E, 2.75% 11/1/2035 <sup>(c)</sup> <br>| 13500 | 13500 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2011-F, 2.75% 11/1/2035 <sup>(c)</sup> <br>| 24450 | 24450 |
| State of Mississippi, Business Fin. Corp., Port Fac. Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), <br> Series 2023, 2.75% 6/1/2043 <sup>(c)</sup> <br>| 31160 | 31160 |
| State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds <br> (Washington University), Series 2003-B, 2.80% 2/15/2033 <sup>(c)</sup> <br>| 12650 | 12650 |
| State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds <br> (Washington University), Series 2000-B, 2.65% 3/1/2040 <sup>(c)</sup> <br>| 9200 | 9200 |
| State of New Hampshire, Health and Education Facs. Auth., Rev. Bonds (Dartmouth College Issue), <br> Series 2007-B, 2.70% 6/1/2041 <sup>(c)</sup> <br>| 1620 | 1620 |
| State of New York, New York City GO Bonds, Fiscal 2008, Series 2008-L-3, 2.75% 4/1/2036 <sup>(c)</sup> <br>| 2090 | 2090 |
| State of New York, New York City GO Bonds, Fiscal 2010, Series 2010-G-4, 2.00% 3/1/2039 <sup>(c)</sup> <br>| 13615 | 13615 |
| State of New York, New York City GO Bonds, Fiscal 2012, Series 2012-G-6, 2.85% 4/1/2042 <sup>(c)</sup> <br>| 25340 | 25340 |
| State of New York, New York City GO Bonds, Fiscal 2013, Series 2013-F-3, 2.75% 3/1/2042 <sup>(c)</sup> <br>| 29020 | 29020 |
| State of New York, New York City GO Bonds, Fiscal 2021, Series 2021-2, 2.80% 4/1/2042 <sup>(c)</sup> <br>| 1680 | 1680 |
| State of New York, New York City GO Bonds, Fiscal 2021, Series 2021-3, 2.80% 4/1/2042 <sup>(c)</sup> <br>| 1275 | 1275 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2007-CC-1, 2.25% 6/15/2038 <sup>(c)</sup> <br>| 13785 | 13785 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **197** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2011-FF-1, 2.75% 6/15/2044 <sup>(c)</sup> <br>| USD38,325 | $38325 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2013-AA-2, 2.00% 6/15/2046 <sup>(c)</sup> <br>| 4500 | 4500 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2016-AA-1, 2.75% 6/15/2048 <sup>(c)</sup> <br>| 20380 | 20380 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2015-BB-1, 2.75% 6/15/2049 <sup>(c)</sup> <br>| 23585 | 23585 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Fiscal 2023, Series 2023-CC, 2.80% 6/15/2053 <sup>(c)</sup> <br>| 10060 | 10060 |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2015, <br> Series 2015-E-4, 2.75% 2/1/2045 <sup>(c)</sup> <br>| 21450 | 21450 |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, <br> Series 2016-A-4, 2.75% 8/1/2041 <sup>(c)</sup> <br>| 28340 | 28340 |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, <br> Series 2025-H-3, 2.75% 11/1/2054 <sup>(c)</sup> <br>| 39500 | 39500 |
| State of New York, Triborough Bridge and Tunnel Auth., General Rev. Bonds, Series 2001-C, 2.80% <br> 1/1/2032 <sup>(c)</sup> <br>| 18445 | 18445 |
| State of New York, Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds, Series 2005-B-3, <br> 2.75% 1/1/2035 <sup>(c)</sup> <br>| 10450 | 10450 |
| State of North Carolina, Medical Care Commission, Medical Care Facs. Rev. Bonds (Catholic Health <br> East Issue), Series 2008, 2.20% 11/15/2028 <sup>(c)</sup> <br>| 3980 | 3980 |
| State of North Carolina, University of North Carolina Chapel Hill, Rev. Bonds, Series 2001, 1.85% <br> 12/1/2025 <sup>(c)</sup> <br>| 1180 | 1180 |
| State of Ohio, County of Franklin, Rev. Bonds (CHE Trinity Health Credit Group), Series 2013, 3.00% <br> 12/1/2046 (put 8/1/2025) <sup>(h)</sup> <br>| 14450 | 14450 |
| State of Ohio, Higher Educational Facs. Commission, Rev. IAM Commercial Paper, Series 2025, <br> 2.96% 9/5/2025 <br>| 29145 | 29148 |
| State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series <br> 2013-B-3, 2.85% 1/1/2039 <sup>(c)</sup> <br>| 8300 | 8300 |
| State of Ohio, Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2015-B, <br> 2.82% 1/15/2045 <sup>(c)</sup> <br>| 2400 | 2400 |
| State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated <br> Group), Series 2018-B, 2.75% 5/1/2048 <sup>(c)</sup> <br>| 44700 | 44700 |
| State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds, Series 2003, <br> Bank of America LOC, 2.83% 1/1/2033 <sup>(c)</sup> <br>| 925 | 925 |
| State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds <br> (Tennessee County Loan Pool), Series 2002, Bank of America LOC, 2.80% 4/1/2032 <sup>(c)</sup> <br>| 2910 | 2910 |
| State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds <br> (Tennessee County Loan Pool), Series 2008, Bank of America LOC, 2.80% 7/1/2038 <sup>(c)</sup> <br>| 565 | 565 |
| State of Texas, Gulf Coast Industrial Dev. Auth., Rev. Bonds (ExxonMobil Project), Series 2012, <br> 2.80% 11/1/2041 <sup>(c)</sup> <br>| 4610 | 4610 |
| State of Texas, City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2012-A, 2.40% <br> 5/15/2034 <sup>(c)</sup> <br>| 5000 | 5000 |
| State of Texas, City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2012-B, 2.40% <br> 5/15/2034 <sup>(c)</sup> <br>| 25000 | 25000 |
| State of Texas, Lower Neches Valley Auth. Industrial Dev. Corp., Rev. Bonds (ExxonMobil Project), <br> Series 2010, 2.80% 11/1/2038 <sup>(c)</sup> <br>| 15000 | 15000 |
| State of Texas, Travis County Strategic Housing Fin. Corp., Multi Family Housing Rev. Bonds (Yager <br> Flats), Series 2021, 3.50% 9/1/2041 (put 2/1/2026) <sup>(h)</sup> <br>| 12245 | 12275 |
| State of Texas, University of Texas, Rev. IAM Commercial Paper, Series 2025-A, 2.90% 10/7/2025  | 15000 | 14998 |
| State of Virginia, College Building Auth., Educational Facs. Rev. Bonds (University of Richmond <br> Project), Series 2006, 2.70% 11/1/2036 <sup>(c)</sup> <br>| 14800 | 14800 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **198** |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| State of Virginia, County of Loudoun, Industrial Dev. Auth., Multi-Modal Rev. Bonds (Howard <br> Hughes Medical Institute Issue), Series 2003-C, 2.20% 2/15/2038 <sup>(c)</sup> <br>| USD16,025 | $16025 |
| State of Wyoming, County of Lincoln, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series <br> 2014, 2.77% 10/1/2044 <sup>(c)</sup> <br>| 12140 | 12140 |
| State of Wyoming, County of Sublette, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), <br> Series 2014, 2.75% 10/1/2044 <sup>(c)</sup> <br>| 12975 | 12975 |
|  |  | 1221136 |
| **Total short-term securities** (cost: $1,220,937,000) |  | 1221136 |
| **Total investment securities 99.56%** (cost: $24,072,255,000) |  | 22764688 |
| **Other assets less liabilities 0.44%** |  | 100985 |
| **Net assets 100.00%** |  | $22865673 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 7/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5336 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1,104,469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1424)<br>|
| 5 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4617 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1745 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2307 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (260871)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2844)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75080)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1708)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4231)<br>|

---

**Restricted securities** <sup>(f)</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| County of Monroe, Lease Rental Rev. Bonds (Centurion Foundation Lehigh <br> Valley), Series 2024-A, 5.10% 6/15/2039 <br>| 6/14/2024 | $35635 | $33671 | 0.15<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) 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 $880,872,000, which represented 3.85% of the net assets of the fund. 

<sup>(b)</sup> Scheduled interest and/or principal payment was not received.

<sup>(c)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. 

<sup>(d)</sup> Step bond; coupon rate may change at a later date.

<sup>(e)</sup> Scheduled interest payment was not received. Coupon payments are paid at the election of the issuer and any unpaid amounts are accumulated.

<sup>(f)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(g)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(h)</sup> For short-term securities, the mandatory put date is considered to be the maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **199** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Agcy. = Agency |
| AGI = Assured Guaranty insured |
| AMBAC = American Municipal Bond Assurance Company insured |
| AMT = Alternative Minimum Tax |
| Assn. = Association |
| Auth. = Authority |
| BAM = Build America Mutual insured |
| CAB = Capital Appreciation Bonds |
| Certs. = Certificates |
| CME = CME Group |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Dists. = Districts |
| Econ. = Economic |
| Fac. = Facility |

---

---

| |
|:---|
| Facs. = Facilities |
| FHA = Federal Housing Administration insured |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| IAM = Interest at Maturity |
| LOC = Letter of credit |
| NATL = National Public Finance Guarantee Corp. insured |
| Part. = Participation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| SIFMA = Securities Industry and Financial Markets Association |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **200** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup>

Investment portfolio July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 94.05% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Alabama 1.91%** | **Alabama 1.91%** | **Alabama 1.91%** |
| County of Baldwin, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Novelis Corp. Project), Series 2025-A, <br> AMT, 5.00% 6/1/2055 (put 6/1/2032) <sup>(a)</sup>  | USD20,030 | $20004 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2023-C, 5.50% 10/1/2054 (put 6/1/2032)  | 1000 | 1080 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-D, 5.00% 3/1/2055 (put 11/1/2034)  | 14155 | 14900 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-C, 5.00% 5/1/2055 (put 7/1/2031)  | 6665 | 7030 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2024-B, 5.00% 10/1/2055 (put 9/1/2032)  | 29270 | 30831 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds (Project No. 7), Series 2021-C-1, 4.00% 10/1/2052 (put <br> 12/1/2026)  | 8810 | 8877 |
| Black Belt Energy Gas Dist., Gas Project Rev. Bonds (Project No. 8), Series 2022-A, 4.00% 12/1/2052 (put <br> 12/1/2029)  | 21935 | 21660 |
| Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 5), Series 2020-A-1, 4.00% 10/1/2049 (put <br> 10/1/2026)  | 315 | 316 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 6/1/2051 (put 12/1/2031)  | 10420 | 10544 |
| Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2023-B, 5.25% 12/1/2053 (put 12/1/2026)  | 1185 | 1273 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2023-A-1, 5.50% 11/1/2053 (put <br> 1/1/2031)  | 13950 | 15017 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2023-B-1, 5.75% 4/1/2054 (put <br> 11/1/2031)  | 3920 | 4291 |
| Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2024-B, 5.25% 7/1/2054 (put 6/1/2032)  | 15025 | 16104 |
| City of Homewood, Educational Building Auth., Rev. Bonds (CHF - Horizons II, LLC, Student Housing & Parking <br> Project at Samford University), Series 2024-C, 5.50% 10/1/2054  | 2500 | 2442 |
| City of Homewood, Educational Building Auth., Rev. Bonds (CHF - Horizons II, LLC, Student Housing & Parking <br> Project at Samford University), Series 2024-C, 5.00% 10/1/2056  | 1245 | 1121 |
| City of Hoover, Industrial Dev. Board, Environmental Improvement Rev. Bonds (U.S. Steel Corp. Project), Series <br> 2019, AMT, 5.75% 10/1/2049  | 5860 | 5865 |
| City of Hoover, Industrial Dev. Board, Environmental Improvement Rev. Bonds (U.S. Steel Corp. Project), Series <br> 2020, AMT, 6.375% 11/1/2050 (put 11/1/2030)  | 1965 | 2138 |
| County of Houston, Health Care Auth., Hospital Rev. Bonds, Series 2016-A, 5.00% 10/1/2030  | 5050 | 5080 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2041  | 625 | 649 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2043  | 1015 | 1039 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.25% 10/1/2049  | 1890 | 1898 |
| County of Jefferson, Sewer Rev. Warrants, Series 2024, 5.50% 10/1/2053  | 3000 | 3049 |
| County of Mobile Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (AM/NS Calvert, LLC Project), Series <br> 2024-B, AMT, 4.75% 12/1/2054  | 905 | 791 |
| County of Mobile Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (AM/NS Calvert, LLC Project), Series <br> 2024-A, AMT, 5.00% 6/1/2054  | 1080 | 984 |
| City of Montgomery, Medical Clinic Board, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), Series 2015, <br> 5.00% 3/1/2033 <sup>(b)</sup>  | 2500 | 1250 |
| City of Phenix, Industrial Dev. Board, Environmental Improvement Rev. Ref. Bonds (MeadWestvaco-Mead Coated <br> Board Project), Series 2012-A, AMT, 4.125% 5/15/2035  | 10650 | 10112 |
| Public Educational Building Auth. of Jacksonville, Higher Educational Facs. Rev. Bonds (JSU Foundation Project), <br> Series 2024-A, BAM, 5.00% 8/1/2056  | 955 | 921 |
| City of Selma, Industrial Dev. Board, Gulf Opportunity Zone Rev. Ref. Bonds (International Paper Co. Project), <br> Series 2019-A, 3.45% 11/1/2033 (put 10/1/2031)  | 520 | 510 |
| City of Selma, Industrial Dev. Board, Gulf Opportunity Zone Rev. Ref. Bonds (International Paper Co. Project), <br> Series 2020-A, 4.20% 5/1/2034  | 1885 | 1882 |
| South East Gas Supply Dist., Gas Supply Rev. Ref. Bonds (Project No. 2), Series 2024-B, 5.00% 6/1/2049 (put <br> 5/1/2032)  | 10010 | 10578 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2024-A, 5.00% 11/1/2035  | 11500 | 11863 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2025-B, 5.25% 3/1/2055 (put <br> 1/1/2033)  | 6865 | 7128 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2025-A, 5.00% 1/1/2056 (put <br> 6/1/2035)  | 14515 | 14656 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 1), Series 2021-A, 4.00% 11/1/2051 (put <br> 10/1/2028)  | 1415 | 1422 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 2), Series 2021-B-1, 4.00% 12/1/2051 (put <br> 12/1/2031)  | 11875 | 11811 |
| Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 3), Series 2022-A-1, 5.50% 1/1/2053 (put <br> 12/1/2029)  | 2005 | 2134 |
| Southeast Energy Auth., Cooperative Dist. Energy Supply Rev. Bonds, Series 2024-C, 5.00% 10/1/2055 (put <br> 11/1/2032)  | 10670 | 11333 |
|  |  | 262583 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **201** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Alaska 0.23%** | **Alaska 0.23%** | **Alaska 0.23%** |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 2.15% 6/1/2026  | USD500 | $495 |
| Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2024-A, 6.00% 6/1/2054  | 675 | 732 |
| Industrial Dev. and Export Auth., Power Rev. Ref. Bonds, Series 2015, AMT, 5.00% 1/1/2033  | 2000 | 2001 |
| Industrial Dev. and Export Auth., Power Rev. Ref. Bonds, Series 2015, AMT, 5.00% 1/1/2034  | 2000 | 2000 |
| Industrial Dev. and Export Auth., Power Rev. Ref. Bonds (Snettisham Hydroelectric Project), Series 2015, AMT, <br> 5.00% 1/1/2029  | 2000 | 2002 |
| Industrial Dev. and Export Auth., Power Rev. Ref. Bonds (Snettisham Hydroelectric Project), Series 2015, AMT, <br> 5.00% 1/1/2031  | 1500 | 1501 |
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds, CAB, Series 2021-B-2, 0% <br> 6/1/2066  | 201395 | 22863 |
|  |  | 31594 |
| **American Samoa 0.09%** | **American Samoa 0.09%** | **American Samoa 0.09%** |
| Econ. Dev. Auth., General Rev. Bonds, Series 2021-A, 5.00% 9/1/2038 <sup>(a)</sup>  | 1500 | 1466 |
| Econ. Dev. Auth., Rev. Ref. Bonds, Series 2015-A, 7.125% 9/1/2038 <sup>(a)</sup>  | 11000 | 11613 |
|  |  | 13079 |
| **Arizona 3.15%** | **Arizona 3.15%** | **Arizona 3.15%** |
| Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2024-B, 5.00% <br> 5/1/2039  | 10000 | 10836 |
| City of Chandler, Industrial Dev. Auth., Industrial Dev. Rev. Bonds (Intel Corp. Project), Series 2022-2, AMT, 5.00% <br> 9/1/2052 (put 9/1/2027)  | 5000 | 5087 |
| Coconino County Pollution Control Corp., Pollution Control Rev. Ref. Bonds (Nevada Power Company Projects), <br> Series 2017-A, AMT, 4.125% 9/1/2032 (put 3/31/2026)  | 1000 | 1002 |
| City of Glendale, Industrial Dev. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern <br> University Foundation), Series 2021-A, AMT, 2.125% 7/1/2033  | 475 | 388 |
| City of Glendale, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Glencroft Retirement Community Project), Series <br> 2016, 4.25% 11/15/2026  | 190 | 188 |
| City of Glendale, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Glencroft Retirement Community Project), Series <br> 2016, 5.00% 11/15/2036  | 600 | 552 |
| City of Glendale, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Glencroft Retirement Community Project), Series <br> 2016, 5.25% 11/15/2046  | 1545 | 1299 |
| City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (The Terraces of Phoenix Project), Series 2018-A, 4.00% <br> 7/1/2028  | 285 | 283 |
| City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (The Terraces of Phoenix Project), Series 2018-A, 5.00% <br> 7/1/2033  | 1045 | 1050 |
| City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (The Terraces of Phoenix Project), Series 2018-A, 5.00% <br> 7/1/2048  | 3100 | 2663 |
| City of Glendale, Industrial Dev. Auth., Senior Living Rev. Bonds (Royal Oaks - Insirata Pointe), Series 2020-A, <br> 5.00% 5/15/2056  | 6000 | 4866 |
| City of Glendale, Industrial Dev. Auth., Senior Living Rev. Bonds (Royal Oaks Life Care Community), Series 2016, <br> 4.00% 5/15/2026  | 650 | 648 |
| City of Glendale, Industrial Dev. Auth., Senior Living Rev. Bonds (Royal Oaks Life Care Community), Series 2016, <br> 5.00% 5/15/2039  | 2250 | 2104 |
| Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, (3-month USD CME Term SOFR x 0.67 + 0.81%) <br> 2.87% 1/1/2037 <sup>(c)</sup>  | 9180 | 8895 |
| Industrial Dev. Auth., Charter School Social Rev. Bonds (Equitable School Revolving Fund), Series 2020, 4.00% <br> 11/1/2037  | 1100 | 1029 |
| Industrial Dev. Auth., Charter School Social Rev. Bonds (Equitable School Revolving Fund), Series 2020, 4.00% <br> 11/1/2038  | 600 | 551 |
| Industrial Dev. Auth., Charter School Social Rev. Bonds (Equitable School Revolving Fund), Series 2020, 4.00% <br> 11/1/2039  | 750 | 681 |
| Industrial Dev. Auth., Charter School Social Rev. Bonds (Equitable School Revolving Fund), Series 2020, 4.00% <br> 11/1/2040  | 800 | 717 |
| Industrial Dev. Auth., Charter School Social Rev. Bonds (Equitable School Revolving Fund), Series 2020, 4.00% <br> 11/1/2050  | 1000 | 792 |
| Industrial Dev. Auth., Education Fac. Rev. Bonds (KIPP NYC Public Charter Schools - Jerome Fac. Project), Series <br> 2021-B, 4.00% 7/1/2051  | 820 | 661 |
| Industrial Dev. Auth., Education Fac. Rev. Bonds (KIPP NYC Public Charter Schools - Jerome Fac. Project), Series <br> 2021-B, 4.00% 7/1/2061  | 5080 | 3889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **202** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Industrial Dev. Auth., Education Fac. Rev. Bonds (KIPP NYC Public Charter Schools - Macombs Fac. Project), Series <br> 2021-A, 4.00% 7/1/2041  | USD1,750 | $1531 |
| Industrial Dev. Auth., Education Fac. Rev. Bonds (KIPP NYC Public Charter Schools - Macombs Fac. Project), Series <br> 2021-A, 4.00% 7/1/2051  | 6625 | 5342 |
| Industrial Dev. Auth., Education Fac. Rev. Bonds (KIPP NYC Public Charter Schools - Macombs Fac. Project), Series <br> 2021-A, 4.00% 7/1/2061  | 6170 | 4724 |
| Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence - East Tucson and Central Tucson <br> Projects), Series 2019-A, 5.00% 7/1/2039 <sup>(a)</sup>  | 4400 | 4166 |
| Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence - East Tucson and Central Tucson <br> Projects), Series 2019-A, 5.00% 7/1/2049 <sup>(a)</sup>  | 7900 | 6850 |
| Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence - East Tucson and Central Tucson <br> Projects), Series 2019-A, 5.00% 7/1/2054 <sup>(a)</sup>  | 6000 | 5100 |
| Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence Projects), Series 2022-A, 4.00% <br> 7/1/2042  | 15875 | 13009 |
| Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence Projects), Series 2022-B, 4.50% <br> 7/1/2052  | 5420 | 4372 |
| Industrial Dev. Auth., Education Facs. Rev. Bonds (Leman Academy of Excellence Projects), Series 2022-B, 4.50% <br> 7/1/2057  | 2745 | 2161 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-B, 5.50% <br> 7/1/2038 <sup>(a)</sup>  | 1400 | 1405 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2019, 5.00% <br>7/1/2039 <sup>(a)</sup>  | 780 | 751 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-B, 5.125% <br> 7/1/2047 <sup>(a)</sup>  | 2230 | 2020 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-B, 5.625% <br> 7/1/2048 <sup>(a)</sup>  | 2500 | 2416 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2019, 5.00% <br>7/1/2049 <sup>(a)</sup>  | 2900 | 2575 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2017-B, 5.25% <br> 7/1/2051 <sup>(a)</sup>  | 570 | 513 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2018-B, 5.75% <br> 7/1/2053 <sup>(a)</sup>  | 3750 | 3599 |
| Industrial Dev. Auth., Education Rev. Bonds (Academies of Math & Science Projects), Series 2019, 5.00% <br>7/1/2054 <sup>(a)</sup>  | 2000 | 1736 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 4.00% 7/1/2027 <sup>(a)</sup>  | 935 | 936 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 7/1/2037 <sup>(a)</sup>  | 675 | 677 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 7/1/2037 <sup>(a)</sup>  | 630 | 631 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.125% 7/1/2037 <sup>(a)</sup>  | 1500 | 1503 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 7/1/2047 <sup>(a)</sup>  | 2135 | 1963 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 7/1/2047 <sup>(a)</sup>  | 2125 | 1954 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.25% 7/1/2047 <sup>(a)</sup>  | 3200 | 3042 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-A, 5.375% 7/1/2050 <sup>(a)</sup>  | 13580 | 12959 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-D, 5.00% 7/1/2051 <sup>(a)</sup>  | 5000 | 4507 |
| Industrial Dev. Auth., Education Rev. Bonds (Basis School Project), Series 2017-G, 5.00% 7/1/2051 <sup>(a)</sup>  | 1550 | 1397 |
| Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus <br> Projects), Series 2019-A, 3.55% 7/15/2029  | 505 | 495 |
| Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus <br> Projects), Series 2019-A, 5.00% 7/15/2039  | 4125 | 3969 |
| Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Fire Mesa and Red Rock Campus <br> Projects), Series 2019-A, 5.00% 7/15/2049  | 6655 | 5768 |
| Industrial Dev. Auth., Education Rev. Bonds (Doral Academy of Nevada - Pebble Campus Projects), Series 2020-A, <br> 5.00% 7/15/2050 <sup>(a)</sup>  | 1275 | 1099 |
| Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Cadence Campus Project), Series <br> 2020-A, 4.00% 7/15/2040 <sup>(a)</sup>  | 1850 | 1599 |
| Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Cadence Campus Project), Series <br> 2020-A, 4.00% 7/15/2050 <sup>(a)</sup>  | 2580 | 1974 |
| Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Horizon, Inspirada and St. Rose <br> Campus Projects), Series 2018-A, 5.75% 7/15/2038 <sup>(a)</sup>  | 1960 | 1971 |
| Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Horizon, Inspirada and St. Rose <br> Campus Projects), Series 2018-A, 5.75% 7/15/2048 <sup>(a)</sup>  | 3230 | 3175 |
| Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Nevada - Sloan Canyon Campus Project), <br> Series 2020-A-1, 5.00% 7/15/2040 <sup>(a)</sup>  | 2260 | 2219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **203** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Industrial Dev. Auth., Education Rev. Bonds (Pinecrest Academy of Northern Nevada Project), Series 2022-A, <br> 4.50% 7/15/2029 <sup>(a)</sup>  | USD5,170 | $5030 |
| Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Aliante and Skye Canyon Campus <br> Projects), Series 2021-A, 3.00% 12/15/2031 <sup>(a)</sup>  | 735 | 678 |
| Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Aliante and Skye Canyon Campus <br> Projects), Series 2021-A, 4.00% 12/15/2051 <sup>(a)</sup>  | 1200 | 883 |
| Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Lone Mountain Campus Projects), <br> Series 2019-A, 3.75% 12/15/2029 <sup>(a)</sup>  | 355 | 350 |
| Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Lone Mountain Campus Projects), <br> Series 2019-A, 5.00% 12/15/2039 <sup>(a)</sup>  | 440 | 424 |
| Industrial Dev. Auth., Education Rev. Bonds (Somerset Academy of Las Vegas - Lone Mountain Campus Projects), <br> Series 2019-A, 5.00% 12/15/2049 <sup>(a)</sup>  | 800 | 700 |
| Industrial Dev. Auth., Multi Family Housing Rev. Bonds (The Acacia At Youngtown Phase II Project), Series 2024, <br> 5.00% 11/1/2058 (put 7/1/2027)  | 9555 | 9835 |
| Industrial Dev. Auth., Municipal Certs., Series 2019-2, Class X, interest only, 1.016% 5/20/2033 <sup>(c)(d)</sup>  | 141818 | 4993 |
| Industrial Dev. Auth., Municipal Certs., Series 2019-2, Class A, 3.625% 5/20/2033  | 32530 | 31313 |
| County of La Paz, Industrial Dev. Auth, Education Fac. Lease Rev. Bonds (Charter School Solutions Albuquerque <br> School of Excellence Project), Series 2016-A, 4.375% 2/15/2028 <sup>(a)</sup>  | 610 | 604 |
| County of La Paz, Industrial Dev. Auth, Education Fac. Lease Rev. Bonds (Charter School Solutions Albuquerque <br> School of Excellence Project), Series 2016-A, 5.00% 2/15/2046 <sup>(a)</sup>  | 5400 | 4654 |
| County of Maricopa, Industrial Dev. Auth., Charter School Rev. Bonds (Paradis Schools Projects), Series 2025, <br> 5.625% 7/1/2045 <sup>(a)</sup>  | 535 | 516 |
| County of Maricopa, Industrial Dev. Auth., Charter School Rev. Bonds (Paradis Schools Projects), Series 2025, <br> 5.875% 7/1/2060 <sup>(a)</sup>  | 930 | 888 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Benjamin Franklin Charter School Projects), <br> Series 2018-A, 6.00% 7/1/2038 <sup>(a)</sup>  | 2000 | 2041 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Benjamin Franklin Charter School Projects), <br> Series 2018-A, 6.00% 7/1/2052 <sup>(a)</sup>  | 3625 | 3631 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2021-B, 2.10% 7/1/2026 <sup>(a)</sup>  | 330 | 323 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2021-B, 2.625% 7/1/2031 <sup>(a)</sup>  | 3380 | 3094 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2019-B, 5.00% 7/1/2039 <sup>(a)</sup>  | 3500 | 3505 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2021-A, 4.00% 7/1/2041 <sup>(a)</sup>  | 1020 | 878 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2021-B, 3.50% 7/1/2044 <sup>(a)</sup>  | 10400 | 7837 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2020, 5.25% 7/1/2045  | 3075 | 3077 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2019-B, 5.00% 7/1/2049 <sup>(a)</sup>  | 4785 | 4396 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2020, 4.00% 7/1/2050  | 3620 | 2883 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2021-A, 4.00% 7/1/2051 <sup>(a)</sup>  | 2490 | 1933 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2019-B, 5.00% 7/1/2054 <sup>(a)</sup>  | 5025 | 4547 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2021-A, 4.00% 7/1/2056 <sup>(a)</sup>  | 1350 | 1021 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Paradise Schools Projects), Series 2016, 5.00% <br> 7/1/2036 <sup>(a)</sup>  | 3250 | 3221 |
| County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (Paradise Schools Projects), Series 2016, 5.00% <br> 7/1/2047 <sup>(a)</sup>  | 10580 | 9259 |
| County of Maricopa, Industrial Dev. Auth., Facs. Rev. Bonds (Commercial Metals Co. Project), Series 2022, AMT, <br> 4.00% 10/15/2047 <sup>(a)</sup>  | 14645 | 11477 |
| County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2019-E, 3.00% 1/1/2049  | 4355 | 2994 |
| County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2019-F, 3.00% 1/1/2049  | 1000 | 688 |
| County of Maricopa, Industrial Dev. Auth., Senior Living Fac. Rev. Bonds (Christian Care Surprise, Inc. Project), <br> Series 2016, 6.00% 1/1/2048 <sup>(a)</sup>  | 1345 | 1106 |
| County of Maricopa, Pollution Control Rev. Ref. Bonds (El Paso Electric Co. Palo Verde Project), Series 2009-A, <br> 3.60% 2/1/2040  | 2000 | 1729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **204** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Maricopa County Pollution Control Corp., Pollution Control Rev. Ref. Bonds (Palo Verde Project), Series 2009-B, <br> 3.60% 4/1/2040  | USD2,625 | $2266 |
| Maricopa County Pollution Control Corp., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), <br> Series 2000-A, 2.40% 6/1/2035  | 4000 | 3213 |
| Maricopa County Pollution Control Corp., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), <br> Series 2000-B, 2.40% 6/1/2035  | 4060 | 3261 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2015, 5.00% <br> 7/1/2035 <sup>(a)</sup>  | 6330 | 6331 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2016-A, 5.00% <br> 7/1/2035 <sup>(a)</sup>  | 1500 | 1500 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2015, 5.00% <br> 7/1/2045 <sup>(a)</sup>  | 1690 | 1580 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Basis Schools, Inc. Project), Series 2016-A, 5.00% <br> 7/1/2046 <sup>(a)</sup>  | 7100 | 6546 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2016-A, 4.00% 7/1/2026 <sup>(a)</sup>  | 610 | 613 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2015, 5.00% 7/1/2035 <sup>(a)</sup>  | 3540 | 3541 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2016-A, 5.00% 7/1/2041 <sup>(a)</sup>  | 15075 | 14577 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2015, 5.00% 7/1/2045 <sup>(a)</sup>  | 2250 | 2100 |
| City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series <br> 2016-A, 5.00% 7/1/2046 <sup>(a)</sup>  | 2800 | 2590 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), Series <br> 2019, 5.00% 6/15/2034 <sup>(a)</sup>  | 575 | 575 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), Series <br> 2021, 4.00% 6/15/2041 <sup>(a)</sup>  | 8500 | 6986 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), Series <br> 2021, 4.00% 6/15/2041 <sup>(a)</sup>  | 740 | 608 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), Series <br> 2021, 4.00% 6/15/2051 <sup>(a)</sup>  | 2280 | 1657 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), Series <br> 2021, 4.00% 6/15/2057 <sup>(a)</sup>  | 695 | 493 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy), Series 2019, <br> 5.00% 6/15/2039 <sup>(a)</sup>  | 655 | 627 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy), Series 2019, <br> 5.00% 6/15/2049 <sup>(a)</sup>  | 1230 | 1064 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy), Series 2019, <br> 5.00% 6/15/2052 <sup>(a)</sup>  | 2150 | 1832 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (Imagine East Mesa Charter Schools Project), <br> Series 2019, 5.00% 7/1/2029 <sup>(a)</sup>  | 250 | 252 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (Imagine East Mesa Charter Schools Project), <br> Series 2019, 5.00% 7/1/2034 <sup>(a)</sup>  | 400 | 400 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (Imagine East Mesa Charter Schools Project), <br> Series 2019, 5.00% 7/1/2039 <sup>(a)</sup>  | 500 | 471 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Bonds (Imagine East Mesa Charter Schools Project), <br> Series 2019, 5.00% 7/1/2049 <sup>(a)</sup>  | 1500 | 1302 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Ref. Bonds (American Leadership Academy Project), <br> Series 2022, 4.00% 6/15/2051 <sup>(a)</sup>  | 4500 | 3271 |
| County of Pima, Industrial Dev. Auth., Education Fac. Rev. Ref. Bonds (American Leadership Academy Project), <br> Series 2022, 4.00% 6/15/2057 <sup>(a)</sup>  | 5415 | 3841 |
| County of Pima, Industrial Dev. Auth., Senior Living Rev. Bonds (La Posada at Pusch Ridge Project), Series 2022-A, <br> 6.75% 11/15/2042 <sup>(a)</sup>  | 3000 | 3138 |
| County of Pima, Industrial Dev. Auth., Senior Living Rev. Bonds (La Posada at Pusch Ridge Project), Series 2022-A, <br> 6.875% 11/15/2052 <sup>(a)</sup>  | 8500 | 8745 |
| County of Pima, Industrial Dev. Auth., Senior Living Rev. Bonds (La Posada at Pusch Ridge Project), Series 2022-A, <br> 7.00% 11/15/2057 <sup>(a)</sup>  | 6250 | 6456 |
| County of Pinal, Industrial Dev. Auth., Environmental Facs. Rev. Green Bonds (WOF SW GGP 1, LLC Project), Series <br> 2021-B, AMT, 5.50% 10/1/2033 <sup>(e)</sup>  | 5854 | 6028 |
| County of Pinal, Industrial Dev. Auth., Environmental Facs. Rev. Green Bonds (WOF SW GGP 1, LLC Project), CAB, <br> Series 2021-B, AMT, 5.50% 10/1/2033 <sup>(a)(e)</sup>  | 13522 | 13923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **205** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| City of Sierra Vista, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), <br> Series 2024, 5.00% 6/15/2044 <sup>(a)</sup>  | USD2,230 | $2013 |
| City of Sierra Vista, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), <br> Series 2024, 5.00% 6/15/2054 <sup>(a)</sup>  | 3540 | 2997 |
| City of Sierra Vista, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), <br> Series 2023, 5.75% 6/15/2058 <sup>(a)</sup>  | 1725 | 1625 |
| City of Sierra Vista, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), <br> Series 2024, 5.00% 6/15/2059 <sup>(a)</sup>  | 3425 | 2853 |
| City of Sierra Vista, Industrial Dev. Auth., Education Fac. Rev. Bonds (American Leadership Academy Project), <br> Series 2024, 5.00% 6/15/2064 <sup>(a)</sup>  | 3075 | 2530 |
| City of Tempe, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Friendship Village of Tempe Project), Series 2021-A, <br> 4.00% 12/1/2038  | 7185 | 6461 |
| City of Tempe, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Friendship Village of Tempe Project), Series 2021-A, <br> 4.00% 12/1/2046  | 5500 | 4418 |
| City of Tempe, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Friendship Village of Tempe Project), Series 2021-B, <br> 4.00% 12/1/2056  | 2130 | 1573 |
| City of Tempe, Industrial Dev. Auth., Rev. Bonds (Friendship Village of Tempe Project), Series 2019, 5.00% <br> 12/1/2054  | 1850 | 1579 |
| County of Yavapai, Industrial Dev. Auth., Hospital Rev. Bonds (Yavapai Regional Medical Center), Series 2019, <br> 4.00% 8/1/2043  | 1060 | 928 |
| County of Yavapai, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), <br> Series 2002, AMT, 1.30% 6/1/2027  | 4515 | 4318 |
|  |  | 433879 |
| **Arkansas 0.83%** | **Arkansas 0.83%** | **Arkansas 0.83%** |
| Dev. Fin. Auth., Environmental Improvement Rev. Bonds (United States Steel Corp. Project), Series 2022, AMT, <br> 5.45% 9/1/2052  | 6500 | 6356 |
| Dev. Fin. Auth., Environmental Improvement Rev. Green Bonds (United States Steel Corp. Project), Series 2023, <br> AMT, 5.70% 5/1/2053  | 2900 | 2911 |
| Dev. Fin. Auth., Industrial Dev. Rev. Bonds (Big River Steel Project), Series 2019, AMT, 4.50% 9/1/2049 <sup>(a)</sup>  | 68450 | 63028 |
| Dev. Fin. Auth., Industrial Dev. Rev. Green Bonds (Big River Steel Project), Series 2020, AMT, 4.75% 9/1/2049 <sup>(a)</sup>  | 44975 | 41785 |
|  |  | 114080 |
| **California 7.82%** | **California 7.82%** | **California 7.82%** |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2022-A, 0% 10/1/2049 (5.375% on <br> 10/1/2037) <sup>(e)</sup>  | 595 | 329 |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2022-C-2, 0% 10/1/2050 (5.40% on <br> 10/1/2037) <sup>(e)</sup>  | 1975 | 1090 |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Convertible CAB, Series 2022-C-2, AGI, 0% 10/1/2052 <br> (5.45% on 10/1/2037) <sup>(e)</sup>  | 2265 | 1247 |
| City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, <br> Series 2016, 5.00% 9/1/2031  | 150 | 152 |
| City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, <br> Series 2016, 5.00% 9/1/2032  | 160 | 162 |
| City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, <br> Series 2016, 5.00% 9/1/2033  | 320 | 323 |
| Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, 5.25% 7/1/2049  | 1490 | 1507 |
| California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds, (Los Angeles County <br> Securitization Corp.), Series 2020-B-1, 5.00% 6/1/2049  | 260 | 252 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2025-A, 5.25% 11/1/2050  | 10000 | 10431 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2025-A, 5.25% 11/1/2056  | 5000 | 5203 |
| Central Valley Energy Auth., Commodity Supply Rev. Bonds, Series 2025, 5.00% 12/1/2055 (put 8/1/2035)  | 2620 | 2799 |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2035  | 690 | 462 |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2036  | 750 | 473 |
| Coast Community College Dist., GO Bonds, CAB, 2012 Election, Series 2019-F, 0% 8/1/2040  | 5000 | 2491 |
| Coast Community College Dist., GO Bonds, CAB, 2012 Election, Series 2019-F, 0% 8/1/2042  | 8000 | 3559 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% 2/1/2052 (put <br> 8/1/2031)  | 13000 | 12926 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-C, 5.25% 1/1/2054 (put <br> 10/1/2031)  | 2000 | 2088 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **206** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-A, 5.00% 5/1/2054 (put <br> 4/1/2032)  | USD16,350 | $17291 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-G, 5.25% 11/1/2054 (put <br> 4/1/2030)  | 3515 | 3721 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-B, 5.00% 1/1/2055 (put <br> 12/1/2032)  | 1900 | 1979 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-E, 5.00% 2/1/2055 (put <br> 9/1/2032)  | 4770 | 5064 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-F, 5.00% 2/1/2055 (put <br> 11/1/2032)  | 17760 | 18829 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, 5.00% 8/1/2055 (put <br> 10/1/2032)  | 11670 | 12350 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-D, 5.00% 10/1/2055 (put <br> 7/1/2034)  | 2500 | 2606 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, 5.00% 11/1/2055 (put <br> 8/1/2032)  | 8325 | 8642 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, 5.00% 1/1/2056 (put <br> 8/1/2033)  | 1015 | 1101 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-A, 5.00% 1/1/2056 (put <br> 5/1/2035)  | 3945 | 4063 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-B, 5.00% 3/1/2056 (put <br> 11/1/2035)  | 5080 | 5395 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Fountains at Emerald Park), Series 2021-A-2, 4.00% <br> 8/1/2046 <sup>(a)</sup>  | 6650 | 5392 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Glendale Properties), Series 2021-A-2, 4.00% 8/1/2047 <br> <sup>(a)</sup>  | 40155 | 29711 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Glendale Properties), Series 2021-A-1, 4.00% 2/1/2056 <br> <sup>(a)</sup>  | 8605 | 6693 |
| Community Housing Agcy., Essential Housing Rev. Bonds (K Street Flats), Series 2021-A-2, 4.00% 8/1/2050 <sup>(a)</sup>  | 4185 | 3116 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Summit at Sausalito Apartments), Series 2021-A-2, <br> 4.00% 2/1/2050 <sup>(a)</sup>  | 13930 | 10022 |
| Community Housing Agcy., Essential Housing Rev. Bonds (The Exchange at Bayfront Apartments), Series <br> 2021-A-2, 4.00% 8/1/2051 <sup>(a)</sup>  | 31075 | 14119 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Verdant at Green Valley), Series 2019-A, 5.00% <br> 8/1/2049 <sup>(a)</sup>  | 5510 | 4826 |
| Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2034  | 1000 | 698 |
| Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2036  | 1100 | 683 |
| Corona-Norco Unified School Dist., Public Fin. Auth., Special Tax Rev. Bonds, Series 2016-05-1, 4.00% 9/1/2029  | 615 | 619 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (1818 Platinum Triangle - Anaheim), <br> Series 2021-A-2, 3.25% 4/1/2057 <sup>(a)</sup>  | 1770 | 1217 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (1818 Platinum Triangle - Anaheim), <br> Series 2021-B, 4.00% 4/1/2057 <sup>(a)</sup>  | 13405 | 9487 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (777 Place - Pomona), Series <br> 2021-B, 4.00% 5/1/2057 <sup>(a)</sup>  | 2650 | 1771 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Acacia on Santa Rosa Creek), Series <br> 2021-A, 4.00% 10/1/2056 <sup>(a)</sup>  | 2000 | 1554 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Acacia On Santa Rosa Creek), <br> Series 2021-B, 4.00% 10/1/2046 <sup>(a)</sup>  | 14200 | 10846 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange Portfolio), Series <br> 2021-A-1, 2.80% 3/1/2047 <sup>(a)</sup>  | 12500 | 9301 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange Portfolio), Series <br> 2021-A-2, 3.00% 3/1/2057 <sup>(a)</sup>  | 4000 | 2534 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange Portfolio), Series <br> 2021-B, 4.00% 3/1/2057 <sup>(a)</sup>  | 2390 | 1652 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (CTR City Anaheim), Series 2020-A, <br> 5.00% 1/1/2054 <sup>(a)</sup>  | 1000 | 866 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Dublin), Series 2021-A-2, 3.00% <br> 2/1/2057 <sup>(a)</sup>  | 3000 | 1961 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Escondido Portfolio), Series <br> 2021-A-1, 3.00% 6/1/2048 <sup>(a)</sup>  | 6400 | 4345 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Escondido Portfolio), Series <br> 2021-A-2, 4.00% 6/1/2058 <sup>(a)</sup>  | 12265 | 9150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **207** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Escondido Portfolio), Series <br> 2021-B, 4.00% 12/1/2059 <sup>(a)</sup>  | USD28,995 | $14866 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Jefferson-Anaheim), Series <br> 2021-A-1, 2.875% 8/1/2041 <sup>(a)</sup>  | 830 | 730 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Millennium South Bay - <br> Hawthorne), Series 2021-A-1, 3.375% 7/1/2043 <sup>(a)</sup>  | 6150 | 4794 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Millennium South Bay - <br> Hawthorne), Series 2021-B, 4.00% 7/1/2058 <sup>(a)</sup>  | 7250 | 4059 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Monterey Station Apartments), <br> Series 2021-A-2, 3.125% 7/1/2056 <sup>(a)</sup>  | 11970 | 7497 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Monterey Station Apartments), <br> Series 2021-B, 4.00% 7/1/2058 <sup>(a)</sup>  | 10000 | 6209 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Parallel-Anaheim), Series 2021-A, <br> 4.00% 8/1/2056 <sup>(a)</sup>  | 26315 | 22324 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Park Crossing Apartments), Series <br> 2021-A, 3.25% 12/1/2058 <sup>(a)</sup>  | 14795 | 9565 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), Series <br> 2021-A-1, 2.65% 12/1/2046 <sup>(a)</sup>  | 4220 | 3366 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), Series <br> 2021-A-2, 3.00% 12/1/2056 <sup>(a)</sup>  | 4930 | 3288 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), Series 2021-B, <br> 4.00% 12/1/2056 <sup>(a)</sup>  | 30845 | 22333 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (The Link - Glendale), Series <br> 2021-A-2, 4.00% 7/1/2056 <sup>(a)</sup>  | 21045 | 15358 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Theo - Pasadena), Series 2021-A-2, <br> 3.25% 5/1/2057 <sup>(a)</sup>  | 4020 | 2694 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Towne - Glendale), Series 2022-B, <br> 5.00% 9/1/2037 <sup>(a)</sup>  | 1000 | 986 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Union South Bay), Series 2021-A-1, <br> 3.10% 7/1/2045 <sup>(a)</sup>  | 14600 | 11629 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Union South Bay), Series 2021-A-2, <br> 4.00% 7/1/2056 <sup>(a)</sup>  | 58300 | 43405 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Westgate Phase 1 - Pasadena), <br> Series 2021-A-1, 3.00% 6/1/2047 <sup>(a)</sup>  | 1800 | 1190 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Westgate Phase 1 - Pasadena), <br> Series 2021-A-2, 3.125% 6/1/2057 <sup>(a)</sup>  | 16660 | 9483 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Wood Creek Apartments), Series <br> 2021-A-2, 4.00% 12/1/2058 <sup>(a)</sup>  | 3905 | 2614 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Wood Creek Apartments), Series <br> 2021-B, 4.00% 12/1/2059 <sup>(a)</sup>  | 35155 | 18514 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2045  | 780 | 660 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2051  | 780 | 628 |
| East County Advanced Water Purification JT Powers Auth. Green Bonds, Series 2024-A-1, 3.125% 9/1/2026  | 20000 | 20075 |
| Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2017-B, 4.00% 4/1/2047  | 2150 | 1890 |
| Educational Facs. Auth., Rev. Bonds (Saint Mary's College of California), Series 2023-A, 5.25% 10/1/2044  | 1450 | 1381 |
| Enterprise Dev. Auth., Charter School Rev. Ref. Bonds (Rocketship Public Schools - Obligated Group No. 2), Series <br> 2022-A, 4.00% 6/1/2042 <sup>(a)</sup>  | 500 | 401 |
| Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2038  | 1210 | 683 |
| Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2039  | 1000 | 531 |
| Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2040  | 1000 | 499 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, CAB, Series 2015-A, AGI, 0% 1/15/2034  | 1000 | 743 |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2021-ML-10, Class XUS, 2.059% 1/25/2038 <sup>(a)(c)</sup>  | 26866 | 3809 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2023, Class ACA, 2.25% 9/25/2037  | 3904 | 3232 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2021-ML-10, Class AUS, 2.032% 1/25/2038 <sup>(a)</sup>  | 2528 | 1996 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2024, 4.595% 8/25/2041 <sup>(c)</sup>  | 8118 | 8103 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, CAB, Series <br> 2021-B-2, 0% 6/1/2066  | 1000 | 96 |
| Hastings Campus Housing Fin. Auth., Campus Housing Rev. Green Bonds, Series 2020-A, 5.00% 7/1/2061 <sup>(a)</sup>  | 32775 | 27367 |
| Hastings Campus Housing Fin. Auth., Campus Housing Rev. Green Bonds, Convertible CAB, Series 2020-B, 0% <br> 7/1/2061 (6.75% on 7/1/2035) <sup>(a)(e)</sup>  | 10000 | 4276 |
| Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 4.00% 3/1/2043  | 2240 | 1813 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **208** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2021-A, 3.00% 8/15/2051  | USD7,500 | $5057 |
| Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2020-A, 4.00% 4/1/2045  | 7505 | 6560 |
| Housing Fin. Agcy., Municipal Certs., Series 2019-1, Class X, interest only, 0.29% 1/15/2035 <sup>(c)(d)</sup>  | 28788 | 324 |
| Housing Fin. Agcy., Municipal Certs., Series 2019-1, Class A, 4.25% 1/15/2035  | 6494 | 6587 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-1, Class X, interest only, 0.825% 3/25/2035 <sup>(c)(d)</sup>  | 14862 | 601 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-1, Class X, interest only, 0.798% 11/20/2035 <sup>(c)(d)</sup>  | 58774 | 2507 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-1, 3.50% 11/20/2035  | 11558 | 10791 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-3, Class X, interest only, 0.764% 8/20/2036 <sup>(d)</sup>  | 31600 | 1431 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036  | 20327 | 18953 |
| Housing Fin. Agcy., Municipal Certs., Series 2023-1, Class X, 0.297% 9/20/2036 <sup>(c)</sup>  | 102649 | 2286 |
| Housing Fin. Agcy., Municipal Certs., Series 2023-1, Class A, 4.375% 9/20/2036  | 13682 | 13627 |
| Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Ref. Bonds (Palomar Estates West), Series 2015, <br> 5.00% 9/15/2036  | 1000 | 1001 |
| Infrastructure and Econ. Dev. Bank, Rev. Bonds (WFCS Portfolio Projects), Series 2021-A-1, 5.00% 1/1/2056 <sup>(a)</sup>  | 2540 | 2103 |
| Infrastructure and Econ. Dev. Bank, Rev. Bonds (WFCS Portfolio Projects), CAB, Series 2021-B, 0% 1/1/2061 <sup>(a)</sup>  | 38240 | 2648 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2032  | 350 | 351 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2033  | 590 | 591 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2034  | 615 | 616 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2035  | 375 | 376 |
| City of Lake Elsinore, Community Facs. Dist. No. 2006-1 (Summerly), Special Tax Bonds, Series 2020, 4.00% <br> 9/1/2036  | 350 | 336 |
| City of Lake Elsinore, Community Facs. Dist. No. 2006-1 (Summerly), Special Tax Bonds, Series 2020, 4.00% <br> 9/1/2050  | 1100 | 888 |
| City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 9/1/2027  | 70 | 70 |
| City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 9/1/2031  | 2685 | 2690 |
| City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 9/1/2035  | 3330 | 3337 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2014-1 (Mountain House School Facs.), Special <br> Tax Bonds, Series 2020, 4.00% 9/1/2040  | 120 | 110 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2014-1 (Mountain House School Facs.), Special <br> Tax Bonds, Series 2020, 4.00% 9/1/2045  | 275 | 237 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2014-1 (Mountain House School Facs.), Special <br> Tax Bonds, Series 2020, 4.00% 9/1/2049  | 675 | 561 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Green Bonds, Series <br> 2025-D, 5.25% 5/15/2051  | 15000 | 15538 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, AMT, 3.00% <br> 5/15/2040  | 2865 | 2233 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, AMT, 3.00% <br> 5/15/2040 (preref. 11/15/2031)  | 135 | 131 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2033  | 3000 | 3343 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% 7/1/2035  | 1000 | 1097 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2036  | 1000 | 1074 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2036  | 1000 | 1078 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2037  | 1205 | 1277 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2038  | 370 | 385 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2038  | 755 | 792 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2038  | 2110 | 2226 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2038  | 2305 | 2438 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2039  | 1365 | 1409 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2039  | 520 | 543 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% 7/1/2040  | 1200 | 1234 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2040  | 1065 | 1103 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2040  | 1000 | 1035 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2041  | 600 | 612 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% 7/1/2041  | 2425 | 2476 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2041  | 500 | 515 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2042  | 2000 | 2050 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2044  | 515 | 521 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.25% 7/1/2044  | 560 | 581 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.25% 7/1/2045  | 125 | 129 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.25% 7/1/2046  | 375 | 387 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% 7/1/2048  | 6920 | 6936 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2050  | 2410 | 2409 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, 5.00% 7/1/2050  | 855 | 855 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **209** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2052  | USD1,500 | $1489 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2052  | 385 | 384 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2053  | 3000 | 2991 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2053  | 720 | 718 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-1-A, 5.25% 7/1/2053  | 1000 | 1017 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2055  | 165 | 164 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2034  | 1000 | 1103 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-A, 5.00% 7/1/2036  | 1000 | 1079 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2039  | 2000 | 2080 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2039  | 2000 | 2095 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2039  | 4930 | 5189 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2041  | 330 | 340 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% 7/1/2043  | 125 | 127 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-A, 5.00% 7/1/2044  | 490 | 496 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2047  | 665 | 665 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% 7/1/2047  | 2000 | 2000 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-D, 5.00% 7/1/2047  | 500 | 500 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.25% 7/1/2053  | 1905 | 1938 |
| City of Los Angeles, Housing Auth., Multi Family Housing Rev. Bonds (Clarendon Apartments), Series 2024-B, <br> 6.00% 12/1/2062 <sup>(a)</sup>  | 14030 | 12770 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2042  | 5000 | 5305 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2043  | 3885 | 4094 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2042  | 1020 | 1028 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2047  | 905 | 897 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2052  | 800 | 783 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2025-A-1, <br> 5.00% 7/1/2049  | 3000 | 3061 |
| Morongo Band of Mission Indians (The), Rev. Ref. Bonds, Series 2018-B, 5.00% 10/1/2042 <sup>(a)</sup>  | 11415 | 11284 |
| City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), Improvement Area No. 1, <br> Special Tax Bonds, Series 2025, 5.00% 9/1/2050  | 1525 | 1443 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2044  | 370 | 360 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2054  | 860 | 804 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds, Series <br> 2024, 5.125% 9/1/2059  | 445 | 425 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2049  | 510 | 488 |
| Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, <br> 5.00% 6/1/2036  | 750 | 753 |
| Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, <br> 5.00% 6/1/2046  | 1745 | 1651 |
| Municipal Fin. Auth., Municipal Certs., Series 2025-1, 3.438% 2/20/2041 <sup>(c)</sup>  | 10882 | 9597 |
| Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (California Baptist University), Series 2025-A, 5.00% 11/1/2035 <sup>(a)</sup>  | 1150 | 1186 |
| Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (California Baptist University), Series 2025-A, 5.125% 11/1/2040 <sup>(a)</sup>  | 1350 | 1354 |
| Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (California Baptist University), Series 2025-A, 5.375% 11/1/2045 <sup>(a)</sup>  | 465 | 460 |
| Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (California Baptist University), Series 2025-A, 5.625% 11/1/2054 <sup>(a)</sup>  | 500 | 494 |
| Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.25% 11/1/2035 <sup>(a)</sup>  | 2035 | 2037 |
| Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.50% 11/1/2045 <sup>(a)</sup>  | 5600 | 5342 |
| Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 11/1/2046 <sup>(a)</sup>  | 750 | 682 |
| Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2040  | 2535 | 2186 |
| Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2050  | 2330 | 1811 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, 3.00% 2/1/2046  | 1685 | 1173 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, AGI, 4.00% 2/1/2051  | 4275 | 3608 |
| Municipal Fin. Auth., Rev. Bonds (HumanGood - California Obligated Group), Series 2021, 3.00% 10/1/2046  | 2000 | 1402 |
| Municipal Fin. Auth., Rev. Bonds (HumanGood - California Obligated Group), Series 2021, 3.00% 10/1/2049  | 5125 | 3433 |
| Municipal Fin. Auth., Rev. Bonds (HumanGood - California Obligated Group), Series 2021, 4.00% 10/1/2049  | 1000 | 803 |
| Municipal Fin. Auth., Rev. Bonds (John Adams Academies, Inc.), Series 2019-A, 4.00% 10/1/2029 <sup>(a)</sup>  | 385 | 383 |
| Municipal Fin. Auth., Rev. Bonds (John Adams Academies, Inc.), Series 2019-A, 5.00% 10/1/2049 <sup>(a)</sup>  | 1525 | 1320 |
| Municipal Fin. Auth., Rev. Bonds (John Adams Academies, Inc.), Series 2019-A, 5.00% 10/1/2057 <sup>(a)</sup>  | 1100 | 924 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **210** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 4.00% 12/31/2047  | USD6,855 | $5587 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 4/1/2026  | 1065 | 1065 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 4/1/2030  | 1000 | 1000 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2038  | 1750 | 1640 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-B, 4.65% 5/1/2030  | 240 | 245 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-A, 5.50% 5/1/2044 <sup>(a)</sup>  | 175 | 171 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-A, 5.75% 5/1/2054 <sup>(a)</sup>  | 235 | 228 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-A, 5.875% 5/1/2059 <sup>(a)</sup>  | 150 | 147 |
| Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2019, 5.00% 11/15/2039  | 425 | 423 |
| Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2022-A, 4.00% <br> 11/15/2042  | 465 | 396 |
| Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2022-A, 4.00% <br> 11/15/2052  | 500 | 383 |
| Municipal Fin. Auth., Social Rev. Bonds (HealthRIGHT 360), Series 2019-A, 5.00% 11/1/2039 <sup>(a)</sup>  | 525 | 487 |
| Municipal Fin. Auth., Social Rev. Bonds (HealthRIGHT 360), Series 2019-A, 5.00% 11/1/2049 <sup>(a)</sup>  | 2000 | 1700 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2023-A, AMT, <br> 4.375% 9/1/2053 (put 9/1/2033)  | 2250 | 2237 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2024-A, AMT, <br> 3.875% 3/1/2054 (put 3/1/2034)  | 2160 | 2050 |
| Municipal Fin. Auth., Special Fac. Rev. Bonds (United Airlines, Inc. Los Angeles International Airport Project), Series <br> 2019, AMT, 4.00% 7/15/2029  | 15535 | 15273 |
| Municipal Fin. Auth., Special Fin. Agcy. VII, Essential Housing Rev. Bonds (The Breakwater Apartments), Series <br> 2021-A-2, 4.00% 8/1/2047 <sup>(a)</sup>  | 6010 | 5303 |
| Municipal Fin. Auth., Special Fin. Agcy. XII, Essential Housing Rev. Bonds (Allure Apartments), Series 2022-A-2, <br> 4.375% 8/1/2049 <sup>(a)</sup>  | 5000 | 4043 |
| Municipal Fin. Auth., Special Fin. Agcy. XII, Essential Housing Rev. Bonds (Allure Apartments), Series 2022-A-1, <br> 3.25% 2/1/2057 <sup>(a)</sup>  | 12990 | 8823 |
| Municipal Fin. Auth., Special Fin. Agcy., Essential Housing Rev. Bonds (Latitude 33), Series 2021-A-2, 4.00% <br> 12/1/2045 <sup>(a)</sup>  | 3905 | 2936 |
| Municipal Fin. Auth., Special Fin. Agcy., Essential Housing Rev. Bonds (Latitude 33), Series 2021-A-1, 3.00% <br> 12/1/2056 <sup>(a)</sup>  | 8455 | 5239 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM, 4.00% 5/15/2046  | 290 | 263 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM, 3.00% 5/15/2051  | 3470 | 2472 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM, 3.00% 5/15/2054  | 805 | 558 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2025  | 1150 | 1151 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class A-CA, 3.811% 7/20/2039 <sup>(c)</sup>  | 14206 | 13080 |
| Newport-Mesa Unified School Dist., GO Rev. Ref. Bonds, CAB, Series 2017, 0% 8/1/2044  | 1780 | 678 |
| Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, (3-month USD CME Term SOFR x 0.67 <br> + 0.72%) 3.769% 7/1/2027 <sup>(c)</sup>  | 3030 | 3031 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2037  | 1260 | 1309 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2042  | 600 | 608 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2047  | 970 | 964 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2052  | 2350 | 2313 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, 5.50% <br> 8/15/2053  | 845 | 857 |
| City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2041  | 720 | 648 |
| Palomar Health, GO Rev. Ref. Bonds, Series 2017, AGI, 5.00% 11/1/2028  | 445 | 434 |
| Palomar Health, GO Rev. Ref. Bonds, Series 2016, AGI, 5.00% 11/1/2042  | 4765 | 3737 |
| Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 11/1/2039  | 2625 | 2216 |
| Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2029  | 2750 | 2318 |
| Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2031  | 2500 | 1903 |
| Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (Poseidon Resources (Channelside), LP Desalination <br> Project), Series 2012, AMT, 5.00% 11/21/2045 <sup>(a)</sup>  | 3250 | 3039 |
| Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-B, 4.00% 10/15/2051 (put <br> 10/15/2031)  | 685 | 644 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **211** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Public Fin. Auth., Senior Living Rev. Bonds (The James), Series 2024-A, 5.875% 6/1/2039 <sup>(a)</sup>  | USD4,665 | $4499 |
| Public Fin. Auth., Senior Living Rev. Bonds (The James), Series 2024-A, 6.20% 6/1/2044 <sup>(a)</sup>  | 5000 | 4651 |
| Public Fin. Auth., Senior Living Rev. Bonds (The James), Series 2024-A, 6.50% 6/1/2054 <sup>(a)</sup>  | 5115 | 4693 |
| Public Fin. Auth., Senior Living Rev. Bonds (The James), Series 2024-A, 6.375% 6/1/2059 <sup>(a)</sup>  | 16955 | 14969 |
| City of Rancho Cordova, Community Facs. Dist. No. 2003-1 (Sunridge Anatolia), Special Tax Bonds, Series 2016, <br> 4.00% 9/1/2037  | 500 | 482 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1 (Public Improvements), Special Tax Bonds, <br> Series 2019-A, 5.00% 9/1/2038  | 3750 | 3791 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1 (Public Improvements), Special Tax Bonds, <br> Series 2019-A, 5.00% 9/1/2048  | 4545 | 4337 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1 (Public Improvements), Special Tax Bonds, <br> Series 2022, 5.75% 9/1/2052  | 4250 | 4314 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2019-1 (Phase 2 Public Improvements), Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2051  | 1000 | 799 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds, <br> Series 2021-1, 4.00% 9/1/2041  | 1015 | 905 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds, <br> Series 2021-1, 4.00% 9/1/2046  | 1530 | 1292 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds, <br> Series 2021-1, 4.00% 9/1/2051  | 2685 | 2157 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2039  | 1810 | 1824 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 4.50% 9/1/2044  | 1000 | 909 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2054  | 580 | 544 |
| County of Riverside, Redev. Agcy., Tax Allocation Bonds (Jurupa Valley Redev. Project Area), CAB, Series 2011-B, <br> 0% 10/1/2039  | 4210 | 2183 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% <br> 9/1/2029  | 1000 | 1001 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% <br> 9/1/2030  | 455 | 455 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% <br> 9/1/2031  | 595 | 595 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% <br> 9/1/2033  | 500 | 500 |
| City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2049  | 2000 | 1864 |
| City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2054  | 4000 | 3694 |
| City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 2, Special Tax <br> Bonds, Series 2022, 5.50% 9/1/2052  | 4695 | 4618 |
| City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 2, Special Tax <br> Bonds, Series 2022, 5.75% 9/1/2052  | 3785 | 3820 |
| County of Sacramento, Water Fncg. Auth., Rev. Ref. Bonds (Water Agcy. Zones 40 and 41), Series 2007-B, <br> (3-month USD CME Term SOFR x 0.67 + 0.55%) 3.626% 6/1/2034 <sup>(c)</sup>  | 4775 | 4644 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series <br> 2024-A-2, AMT, 5.25% 5/1/2049  | 1300 | 1310 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 1, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2046  | 2155 | 1756 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 1, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2051  | 1140 | 888 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 2, <br> Special Tax Bonds, Series 2022-A, 4.00% 9/1/2042 <sup>(a)</sup>  | 2005 | 1751 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 2, <br> Special Tax Bonds, Series 2022-A, 4.00% 9/1/2052 <sup>(a)</sup>  | 1500 | 1178 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2025-D, <br> 5.00% 11/1/2055  | 6320 | 6450 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2025-E, <br> 5.25% 11/1/2055  | 11455 | 11940 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax <br> Bonds, Series 2021-A, 4.00% 9/1/2036 <sup>(a)</sup>  | 440 | 423 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **212** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax <br> Bonds, Series 2021-A, 4.00% 9/1/2051 <sup>(a)</sup>  | USD6,685 | $5253 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Office Special <br> Tax Bonds, Series 2023-B, 5.25% 9/1/2038 <sup>(a)</sup>  | 1260 | 1310 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Office Special <br> Tax Bonds, Series 2023-B, 5.50% 9/1/2043 <sup>(a)</sup>  | 650 | 666 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Office Special <br> Tax Bonds, Series 2023-B, 5.75% 9/1/2053 <sup>(a)</sup>  | 940 | 961 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Shoreline <br> Special Tax Bonds, Series 2023-C, 5.75% 9/1/2053 <sup>(a)</sup>  | 770 | 787 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 7 (Hunters Point <br> Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 8/1/2044  | 810 | 810 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Mission <br> Bay South Redev. Project), Series 2016-C, 5.00% 8/1/2031  | 665 | 676 |
| City of San Francisco, Bay Area Rapid Transit Dist., GO Green Bonds, 2016 Election, Series 2020-C-1, 3.00% <br> 8/1/2050  | 3270 | 2291 |
| San Francisco Community College Dist., GO Bonds, 2020 Election, Series 2020-A, 3.00% 6/15/2045  | 2850 | 2121 |
| San Marcos Unified School Dist., GO Rev. Ref. Bonds, 2024 Election, Series 2025-A, 5.25% 8/1/2055  | 1365 | 1415 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Oceanside Project), Series 2022-A, 5.00% <br> 10/1/2052 <sup>(a)</sup>  | 1250 | 1143 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Oceanside Project), Series 2022-A, 5.00% <br> 10/1/2061 <sup>(a)</sup>  | 1170 | 1056 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 4.00% 10/1/2027 <sup>(a)</sup>  | 600 | 603 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 10/1/2044 <sup>(a)</sup>  | 1000 | 948 |
| School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00% <br> 6/1/2029 <sup>(a)</sup>  | 500 | 503 |
| School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00% <br> 6/1/2048 <sup>(a)</sup>  | 1000 | 875 |
| School Fin. Auth., Charter School Rev. Bonds (Larchmont Charter School Project), Series 2018-A, 5.00% <br>6/1/2028 <sup>(a)</sup>  | 510 | 517 |
| School Fin. Auth., Charter School Rev. Bonds (Larchmont Charter School Project), Series 2018-A, 5.00% <br>6/1/2043 <sup>(a)</sup>  | 760 | 703 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2016-A, 5.00% <br> 6/1/2046 <sup>(a)</sup>  | 1850 | 1651 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2017-A, 5.125% <br> 6/1/2047 <sup>(a)</sup>  | 750 | 676 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2017-A, 5.25% <br> 6/1/2052 <sup>(a)</sup>  | 375 | 336 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00% <br> 6/1/2037 <sup>(a)</sup>  | 360 | 351 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00% <br> 6/1/2047 <sup>(a)</sup>  | 1470 | 1304 |
| School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series 2023-A, 5.75% <br> 7/1/2042 <sup>(a)</sup>  | 410 | 417 |
| School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% <br> 7/1/2052 <sup>(a)</sup>  | 2350 | 2076 |
| School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% <br> 7/1/2047 <sup>(a)</sup>  | 1460 | 1320 |
| School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00% 7/1/2049 <br> <sup>(a)</sup>  | 1000 | 914 |
| City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. <br> Bonds, Series 2016, 3.00% 9/1/2027  | 100 | 99 |
| City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. <br> Bonds, Series 2016, 3.00% 9/1/2028  | 120 | 118 |
| City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. <br> Bonds, Series 2016, 3.125% 9/1/2030  | 175 | 169 |
| City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. <br> Bonds, Series 2016, 3.125% 9/1/2031  | 460 | 437 |
| Southern California Logistics Airport Auth., Tax Allocation Parity Bonds (Southern California Logistics Airport <br> Project), Series 2005-A, AGI, 4.50% 12/1/2030  | 120 | 120 |
| Southern California Public Power Auth., Ref. Rev. Bonds (Apex Power Project), Series 2024-A, 5.00% 7/1/2033  | 1000 | 1114 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series <br> 2024-1, 5.00% 7/1/2053  | 1650 | 1650 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **213** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series <br> 2025-1, 5.00% 7/1/2053  | USD610 | $610 |
| Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% <br> 10/1/2045  | 850 | 853 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 3.00% <br> 4/1/2051  | 6230 | 4098 |
| Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A, <br> 5.00% 6/1/2034 <sup>(a)</sup>  | 275 | 280 |
| Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A, <br> 5.00% 6/1/2039 <sup>(a)</sup>  | 370 | 362 |
| Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2014-A, 5.25% <br> 12/1/2044  | 5575 | 5373 |
| Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2014-A, 5.50% <br> 12/1/2054  | 1395 | 1351 |
| Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2016-A, 5.25% <br> 12/1/2056 <sup>(a)</sup>  | 15100 | 13960 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00% <br> 11/1/2032 <sup>(a)</sup>  | 720 | 730 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, <br> 4.00% 6/1/2026 <sup>(a)</sup>  | 700 | 699 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, <br> 5.00% 6/1/2036 <sup>(a)</sup>  | 2610 | 2613 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, <br> 5.00% 6/1/2046 <sup>(a)</sup>  | 3750 | 3421 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds (City of Hesperia <br> Ranchero Road Widening Improvements), Series 2023, 5.75% 9/2/2053  | 3495 | 3524 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (Custodial Receipts), Series 2017, 4.305% <br> 7/1/2032  | 3435 | 3162 |
| Statewide Communities Dev. Auth., Taxable Statewide Community Infrastructure Program Rev. Bonds, Series <br> 2024-B-2, 7.00% 9/2/2054  | 1000 | 940 |
| City of Thousand Oaks, Community Facs. Dist. No. 1994-1 (Marketplace Public Pedestrian, Traffic Circulation and <br> Parking Facs.), Special Tax Rev. Ref. Bonds, Series 2012, 5.375% 9/1/2031  | 735 | 735 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 4.00% 5/15/2055  | 2780 | 2345 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.25% 5/15/2055  | 5310 | 5493 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2044  | 815 | 854 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 3/1/2045  | 1125 | 1174 |
|  |  | 1075749 |
| **Colorado 9.52%** | **Colorado 9.52%** | **Colorado 9.52%** |
| County of Adams, Amber Creek Metropolitan Dist., Limited Tax GO Bonds, Series 2017-B, 7.75% 12/15/2047 <sup>(f)</sup>  | 513 | 511 |
| County of Adams, Amber Creek Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series <br> 2017-A, 5.00% 12/1/2037  | 1515 | 1466 |
| County of Adams, Amber Creek Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series <br> 2017-A, 5.125% 12/1/2047  | 2507 | 2330 |
| County of Adams, Bradburn Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2018-B, 7.25% 12/15/2047 <sup>(f)</sup>  | 2488 | 2488 |
| County of Adams, Bradburn Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. and Improvement Bonds <br> (Convertible to Unlimited Tax), Series 2018-A, 5.00% 12/1/2038  | 840 | 825 |
| County of Adams, Bradburn Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. and Improvement Bonds <br> (Convertible to Unlimited Tax), Series 2018-A, 5.00% 12/1/2047  | 1200 | 1077 |
| County of Adams, Clear Creek Transit Metropolitan Dist. No. 2, Rev. Supported Limited Tax GO Bonds, Series <br> 2021-A, 4.00% 12/1/2031  | 424 | 371 |
| County of Adams, Clear Creek Transit Metropolitan Dist. No. 2, Rev. Supported Limited Tax GO Bonds, Series <br> 2021-A, 5.00% 12/1/2041  | 2387 | 1824 |
| County of Adams, Clear Creek Transit Metropolitan Dist. No. 2, Rev. Supported Limited Tax GO Bonds, Series <br> 2021-A, 5.00% 12/1/2050  | 4500 | 3163 |
| County of Adams, Clear Creek Transit Metropolitan Dist. No. 2, Rev. Supported Limited Tax GO Bonds, Series <br> 2021-B, 7.90% 12/15/2050 <sup>(f)</sup>  | 1125 | 1073 |
| County of Adams, DIATC Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series 2019, <br> 5.00% 12/1/2039 <sup>(a)</sup>  | 1985 | 1884 |
| County of Adams, DIATC Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series 2019, <br> 5.00% 12/1/2049 <sup>(a)</sup>  | 3000 | 2700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **214** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| County of Adams, Rocky Mountain Rail Park Metropolitan Dist., Limited Tax GO and Enterprise Rev. Bonds, Series <br> 2021-A, 5.00% 12/1/2041 <sup>(a)</sup>  | USD1,000 | $938 |
| County of Adams, Rocky Mountain Rail Park Metropolitan Dist., Limited Tax GO and Enterprise Rev. Bonds, Series <br> 2021-A, 5.00% 12/1/2051 <sup>(a)</sup>  | 14200 | 12501 |
| County of Adams, The Village at Dry Creek Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Bonds, <br> Series 2019, 4.375% 12/1/2044  | 2530 | 2295 |
| Aerotropolis Regional Transportation Auth., Special Rev. Bonds, Series 2024, 5.50% 12/1/2044 <sup>(a)</sup>  | 6500 | 6233 |
| Aerotropolis Regional Transportation Auth., Special Rev. Bonds, Series 2021, 4.375% 12/1/2052  | 9785 | 7713 |
| Aerotropolis Regional Transportation Auth., Special Rev. Bonds, Series 2024, 5.75% 12/1/2054 <sup>(a)</sup>  | 11350 | 10996 |
| County of Arapahoe, Copperleaf Metropolitan Dist. No. 9, Limited Tax GO Bonds, Series 2021, 4.875% <br>12/1/2051 <sup>(f)</sup>  | 5000 | 3774 |
| County of Arapahoe, Fitzsimons Village Metropolitan Dist. No. 1, Limited Tax GO and Special Rev. Ref. Bonds, <br> Series 2020-A, 5.00% 12/1/2049  | 3625 | 3267 |
| County of Arapahoe, Fitzsimons Village Metropolitan Dist. No. 3, Limited Tax GO and Special Rev. Ref. and <br> Improvement Bonds, Series 2021-A-1, 4.00% 12/1/2026  | 1140 | 1139 |
| County of Arapahoe, Fitzsimons Village Metropolitan Dist. No. 3, Limited Tax GO and Special Rev. Ref. and <br> Improvement Bonds, Series 2021-A-1, 4.00% 12/1/2031  | 555 | 544 |
| County of Arapahoe, Fitzsimons Village Metropolitan Dist. No. 3, Limited Tax GO and Special Rev. Ref. and <br> Improvement Bonds, Series 2021-A-1, 4.00% 12/1/2041  | 3600 | 3059 |
| County of Arapahoe, Fitzsimons Village Metropolitan Dist. No. 3, Limited Tax GO and Special Rev. Ref. and <br> Improvement Bonds, Series 2021-A-1, 4.25% 12/1/2055  | 15250 | 12032 |
| County of Arapahoe, Forest Trace Metropolitan Dist. No. 3, GO Limited Tax Bonds. Series 2023-B, 9.00% <br> 12/15/2047 <sup>(a)</sup>  | 1002 | 1005 |
| County of Arapahoe, Gardens of Havana Metropolitan Dist. No. 3, Special Rev. Ref. Bonds, Series 2017-A, 4.625% <br> 12/1/2027  | 722 | 722 |
| County of Arapahoe, Gardens of Havana Metropolitan Dist. No. 3, Special Rev. Ref. Bonds, Series 2017-A, 5.125% <br> 12/1/2037  | 570 | 551 |
| County of Arapahoe, Powhaton Road Metropolitan Dist. No. 3, Limited Tax Supported Rev. Bonds, Series 2021, <br> 5.00% 12/1/2051 <sup>(f)</sup>  | 5960 | 5001 |
| County of Arapahoe, Sky Ranch Community Auth. Board Dist. No. 1, Limited Tax Supported Bonds, Series 2024-B, <br> 6.50% 12/15/2054 <sup>(f)</sup>  | 550 | 544 |
| Arkansas River Power Auth., Power Supply System Rev. Ref. Bonds, Series 2018-A, 5.00% 10/1/2033  | 1685 | 1725 |
| Arkansas River Power Auth., Power Supply System Rev. Ref. Bonds, Series 2018-A, 5.00% 10/1/2043  | 4000 | 3912 |
| City of Arvada, Canyon Pines Metropolitan Dist., Special Improvement Dist. No. 1, Special Assessment Rev. Bonds, <br> Series 2021-A-2, 3.75% 12/1/2040  | 6359 | 4853 |
| City of Arvada, Haskins Station Metropolitan Dist., Limited Tax GO and Special Rev. Bonds, Series 2019-A, 5.00% <br> 12/1/2039  | 3690 | 3290 |
| City of Arvada, Haskins Station Metropolitan Dist., Limited Tax GO and Special Rev. Bonds, Series 2019-A, 5.00% <br> 12/1/2049  | 5950 | 4994 |
| City of Arvada, Mountain Shadows Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series <br> 2016, 5.00% 12/1/2035  | 489 | 489 |
| City of Arvada, Mountain Shadows Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series <br> 2016, 5.00% 12/1/2046  | 978 | 910 |
| City of Arvada, Sabell Metropolitan Dist., Limited Tax GO Bonds, Series 2020-B-3, 8.25% 12/15/2050 <sup>(a)(f)</sup>  | 606 | 607 |
| City of Arvada, Sabell Metropolitan Dist., Limited Tax GO Bonds (Convertible to Unlimited Tax), Series 2020-A, <br> 5.00% 12/1/2050 <sup>(a)</sup>  | 4369 | 4017 |
| Town of Ault, Conestoga Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. and Improvement Bonds, Series <br> 2021-A-3, 5.25% 12/1/2051 <sup>(f)</sup>  | 1625 | 1375 |
| City of Aurora, Aurora Crossroads Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2020-A, 5.00% <br> 12/1/2040  | 1326 | 1291 |
| City of Aurora, Aurora Crossroads Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2020-A, 5.00% <br> 12/1/2050  | 5565 | 5131 |
| City of Aurora, Buckley Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2021, 6.00% 12/1/2051 <sup>(f)</sup>  | 29160 | 27575 |
| City of Aurora, Colorado International Center Metropolitan Dist. No. 3, Limited Tax GO Rev. Ref. and Improvement <br> Bonds (Convertible to Unlimited Tax), Series 2016, 4.625% 12/1/2031  | 541 | 522 |
| City of Aurora, Colorado International Center Metropolitan Dist. No. 3, Limited Tax GO Rev. Ref. and Improvement <br> Bonds (Convertible to Unlimited Tax), Series 2016, 5.00% 12/1/2046  | 3140 | 2842 |
| City of Aurora, Colorado International Center Metropolitan Dist. No. 7, Limited Tax GO Bonds, Convertible CAB, <br> Series 2021, 0% 12/1/2051 (5.25% on 12/1/2027) <sup>(e)</sup>  | 14150 | 10744 |
| City of Aurora, Cornerstar Metropolitan Dist., Limited Tax GO Rev. Ref. Bonds (Convertible to Unlimited Tax), <br> Series 2017-A, 4.50% 12/1/2027  | 345 | 345 |
| City of Aurora, Forest Trace Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2020-B, 7.875% 12/15/2049 <sup>(f)</sup>  | 933 | 933 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **215** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| City of Aurora, HM Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Bonds, Convertible CAB, Series <br> 2021, 0% 12/1/2051 (6.00% on 12/1/2027) <sup>(e)</sup>  | USD58,557 | $46345 |
| City of Aurora, Horizon Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Bonds, Series 2021-A-3, 4.50% <br> 12/1/2051 <sup>(a)(f)</sup>  | 6380 | 4719 |
| City of Aurora, Inspiration Metropolitan Dist., Limited Tax GO Bonds (Convertible to Unlimited Tax), Series 2021-B, <br> 5.00% 12/15/2036  | 733 | 664 |
| City of Aurora, Painted Prairie Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2018, 5.25% 12/1/2048  | 2000 | 1793 |
| City of Aurora, Parkside at City Centre Business Improvement Dist., Special Rev. and Tax Supported Senior Bonds, <br> Series 2019-A, 6.25% 12/1/2048  | 13515 | 12494 |
| City of Aurora, Pronghorn Valley Metropolitan Dist., Limited Tax GO Bonds, Series 2021-B, 7.25% 12/15/2051 <sup>(f)</sup>  | 524 | 524 |
| City of Aurora, Pronghorn Valley Metropolitan Dist., Limited Tax GO Bonds (Convertible to Unlimited Tax), Series <br> 2021-A, 3.75% 12/1/2041  | 3615 | 2971 |
| City of Aurora, Pronghorn Valley Metropolitan Dist., Limited Tax GO Bonds (Convertible to Unlimited Tax), Series <br> 2021-A, 4.00% 12/1/2051  | 3875 | 2986 |
| City of Aurora, Senac South Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2021-A-3, 5.25% 12/1/2051 <sup>(f)</sup>  | 12415 | 11178 |
| City of Aurora, Sky Dance Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2024-B, 6.00% 12/1/2054  | 2500 | 2457 |
| City of Aurora, Sky Dance Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2024-B, 8.50% 12/15/2054 <sup>(f)</sup>  | 694 | 696 |
| City of Aurora, Southlands Metropolitan Dist. No. 1, GO Rev. Ref. Bonds, Series 2017-A-1, 5.00% 12/1/2037  | 2265 | 2216 |
| City of Aurora, Southlands Metropolitan Dist. No. 1, GO Rev. Ref. Bonds, Series 2017-A-2, 5.00% 12/1/2037  | 600 | 587 |
| City of Aurora, Southlands Metropolitan Dist. No. 1, GO Rev. Ref. Bonds, Series 2017-A-1, 5.00% 12/1/2047  | 3085 | 2822 |
| City of Aurora, Transport Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2021-A-1, 4.125% 12/1/2031  | 800 | 729 |
| City of Aurora, Transport Metropolitan Dist. No. 3, Limited Tax GO Bonds, CAB, Series 2021-A-1, 0% 12/1/2051 <br> (5.50% on 12/1/2025) <sup>(e)</sup>  | 3000 | 2315 |
| City of Aurora, Velocity Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2019, 5.375% 12/1/2039  | 1000 | 945 |
| City of Aurora, Velocity Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2019, 5.50% 12/1/2048  | 7500 | 6826 |
| City of Aurora, Velocity Metropolitan Dist. No. 5, Limited Tax GO Bonds, Series 2022-B, 8.00% 12/15/2039 <sup>(f)</sup>  | 14190 | 14183 |
| City of Aurora, Windler Public Improvement Auth., Limited Tax Supported Rev. Bonds, Series 2021-A-1, 4.00% <br> 12/1/2041  | 2135 | 1703 |
| City of Aurora, Windler Public Improvement Auth., Limited Tax Supported Rev. Bonds, Series 2021-A-1, 4.125% <br> 12/1/2051  | 32980 | 24116 |
| City of Aurora, Windler Public Improvement Auth., Limited Tax Supported Rev. Bonds, Convertible CAB, Series <br> 2021-A-2, 0% 12/1/2036 (4.375% on 12/1/2027) <sup>(e)</sup>  | 7370 | 5796 |
| Town of Bennett, Section 27 Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 4.50% 12/1/2051 <sup>(f)</sup>  | 4160 | 3160 |
| Town of Berthoud, Berthoud-Heritage Metropolitan Dist. No. 10, Limited Tax GO Bonds, Series 2022-A, 4.75% <br> 12/1/2052  | 500 | 396 |
| Berthoud-Heritage Metropolitan Dist. No. 1, Limited Tax Supported Rev. Bonds, Series 2019, 5.625% 12/1/2048 <sup>(f)</sup>  | 2000 | 1848 |
| City of Brighton, Brighton Crossing Metropolitan Dist. No. 6, Limited Tax GO Bonds, Series 2020-A, 5.00% <br> 12/1/2040  | 1030 | 979 |
| City of Brighton, Brighton Crossing Metropolitan Dist. No. 6, Limited Tax GO Bonds, Series 2020-A, 5.00% <br> 12/1/2050  | 13530 | 12205 |
| City of Brighton, Prairie Corner Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 4.875% 12/1/2051  | 3000 | 2386 |
| City of Brighton, Ridgeline Vista Metropolitan Dist., GO Limited Tax Bonds, Series 2021-A, 5.25% 12/1/2060 <sup>(f)</sup>  | 5300 | 4682 |
| City and County of Broomfield, Arista Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, <br> Series 2023-B, 8.25% 12/15/2039  | 9500 | 9561 |
| City and County of Broomfield, Aspen Street Metropolitan Dist., Limited Tax GO Bonds, Series 2021-A-3, 5.125% <br> 12/1/2050 <sup>(f)</sup>  | 5389 | 4323 |
| City and County of Broomfield, Baseline Metropolitan Dist. No. 1, Special Rev. Bonds, Series 2024-B, 6.75% <br> 12/15/2054 <sup>(f)</sup>  | 4750 | 4714 |
| City and County of Broomfield, BBC Metropolitan Dist., Limited Tax GO Rev. Ref. Bonds, Series 2021, 4.75% <br> 12/1/2051 <sup>(f)</sup>  | 15745 | 12098 |
| City and County of Broomfield, Broomfield Village Metropolitan Dist. No. 2, Limited Tax GO and Rev. Bonds, <br> Series 2021-A-2, 5.00% 12/1/2049 <sup>(a)</sup>  | 704 | 619 |
| City and County of Broomfield, Broomfield Village Metropolitan Dist. No. 2, Limited Tax GO and Rev. Ref. Bonds, <br> Series 2021-A-1, 5.00% 12/1/2049 <sup>(a)</sup>  | 2843 | 2469 |
| City and County of Broomfield, Highlands Metropolitan Dist. No. 1, Limited Tax GO Bonds (Convertible to <br> Unlimited Tax), Series 2021, 4.00% 12/1/2031  | 1969 | 1822 |
| City and County of Broomfield, Highlands Metropolitan Dist. No. 1, Limited Tax GO Bonds (Convertible to <br> Unlimited Tax), Series 2021, 5.00% 12/1/2051  | 1150 | 953 |
| City and County of Broomfield, Highlands Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2022, 6.75% <br> 12/1/2051 <sup>(f)</sup>  | 5975 | 5476 |
| City and County of Broomfield, Lambertson Farms Metropolitan Dist. No. 1, Rev. Ref. and Improvement Bonds, <br> Series 2024-B, 6.25% 12/20/2054 <sup>(a)</sup>  | 3395 | 3333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **216** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| City and County of Broomfield, Palisade Metropolitan Dist. No. 2, Limited Tax GO and Rev. Bonds, Series 2024-C, <br> 8.00% 12/15/2037 <sup>(a)</sup>  | USD2,580 | $2609 |
| City and County of Broomfield, Palisade Metropolitan Dist. No. 2, Limited Tax GO and Rev. Ref. Bonds, CAB, <br> Series 2024-B, 0% 12/15/2054 (5.875% on 12/15/2026) <sup>(a)(e)</sup>  | 8445 | 7822 |
| City and County of Broomfield, Palisade Park North Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2021, <br> 5.50% 12/1/2051 <sup>(f)</sup>  | 38562 | 29296 |
| Canyons Metropolitan Dist. No. 5, Limited Tax GO and Special Rev. Ref. Bonds, Series 2024-B, 6.50% <br>12/15/2054 <sup>(f)</sup>  | 3900 | 3855 |
| Town of Castle Rock, Castleview Metropolitan Dist. No. 1, Limited Tax GO Bonds, Series 2021-A-3, 5.00% <br> 12/1/2050 <sup>(f)</sup>  | 4720 | 3655 |
| Town of Castle Rock, Lanterns Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2021-A-3, <br>4.50% 12/1/2050 <sup>(f)</sup>  | 2830 | 2061 |
| CCP Metropolitan Dist. No. 3, Limited Tax GO Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2053 <sup>(f)</sup>  | 1200 | 1115 |
| City of Centennial, Southglenn Metropolitan Dist., Special Rev. Ref. Bonds, Series 2016, 5.00% 12/1/2030  | 5140 | 5140 |
| City of Centennial, Southglenn Metropolitan Dist., Special Rev. Ref. Bonds, Series 2016, 5.00% 12/1/2036  | 1620 | 1567 |
| City of Centennial, Southglenn Metropolitan Dist., Special Rev. Ref. Bonds, Series 2016, 5.00% 12/1/2046  | 4989 | 4377 |
| Colorado Springs School Dist. No. 11, Certs. Of Part., Series 2024, BAM, 5.00% 12/15/2044  | 120 | 122 |
| Colorado Springs School Dist. No. 11, Certs. Of Part., Series 2024, BAM, 5.25% 12/15/2048  | 840 | 857 |
| City of Colorado Springs, Creekwalk Marketplace Business Improvement Dist., Limited Tax Supported and <br> Special Rev. Ref. and Improvement Bonds, Series 2024-A, 6.00% 12/1/2054  | 16500 | 15190 |
| City of Colorado Springs, Creekwalk Marketplace Business Improvement Dist., Limited Tax Supported and <br> Special Rev. Ref. and Improvement Bonds, Series 2024-B, 8.00% 12/15/2054  | 9300 | 9325 |
| City of Colorado Springs, Gold Hills North Business Improvement Dist., Limited Tax GO and Special Rev. Bonds, <br> Series 2024-A, 5.60% 12/1/2054 <sup>(a)</sup>  | 6000 | 5549 |
| City of Colorado Springs, Gold Hills North Business Improvement Dist., Limited Tax GO and Special Rev. Bonds, <br> Series 2024-B, 8.00% 12/15/2054 <sup>(a)</sup>  | 2345 | 2350 |
| City of Colorado Springs, Banning Lewis Ranch Metropolitan Dist. No. 8, Limited Tax GO Bonds, Series 2021, <br> 4.875% 12/1/2051 <sup>(a)(f)</sup>  | 5500 | 4613 |
| City of Colorado Springs, Colorado Crossing Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2020-A-2 <br> 4.00% 12/1/2030  | 1510 | 1468 |
| City of Colorado Springs, Colorado Crossing Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2020-A-2 <br> 5.00% 12/1/2050  | 10500 | 9356 |
| City of Colorado Springs, Copper Ridge Metropolitan Dist., Tax Increment and Sales Tax Rev. Bonds, Series 2019, <br> 4.00% 12/1/2029  | 8605 | 8298 |
| City of Colorado Springs, Copper Ridge Metropolitan Dist., Tax Increment and Sales Tax Rev. Bonds, Series 2019, <br> 5.00% 12/1/2039  | 2000 | 1910 |
| City of Colorado Springs, Copper Ridge Metropolitan Dist., Tax Increment and Sales Tax Rev. Bonds, Series 2019, <br> 5.00% 12/1/2043  | 7565 | 6791 |
| City of Colorado Springs, Gold Hill Mesa Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Bonds, Series <br> 2022-B, 7.00% 12/15/2039 <sup>(f)</sup>  | 3751 | 3768 |
| City of Colorado Springs, Greenways Metropolitan Dist. No. 1, Limited Tax GO Bonds, Series 2021-A-3, 4.625% <br> 12/1/2051 <sup>(f)</sup>  | 3196 | 2366 |
| City of Colorado Springs, Mountain Vista Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 4.875% <br> 12/1/2050 <sup>(a)(f)</sup>  | 12000 | 9435 |
| City of Colorado Springs, Peak Metropolitan Dist. No. 1, Limited Tax GO Bonds, Series 2021-B, 7.625% <br> 12/15/2051 <sup>(a)(f)</sup>  | 1651 | 1623 |
| City of Colorado Springs, Vistas at West Mesa Metropolitan Dist., Limited Tax Rev. Ref. and Improvement GO <br> Bonds, Series 2023, 7.50% 12/1/2053 <sup>(f)</sup>  | 2635 | 2303 |
| Commerce City, Buffalo Ridge Metropolitan Dist., Limited Tax GO Bonds, Series 2018-B, 7.375% 12/15/2047 <sup>(f)</sup>  | 1138 | 1138 |
| Commerce City, Nexus North at DIA Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 5.00% 12/1/2041  | 1035 | 933 |
| Commerce City, Nexus North at DIA Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 5.00% 12/1/2051  | 570 | 500 |
| Commerce City, Reunion Metropolitan Dist., Special Rev. Bonds, Series 2021-A, 3.625% 12/1/2044  | 11226 | 7790 |
| City of Commerce City, Second Creek Farm Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2019-A, <br> 5.00% 12/1/2049  | 4500 | 3970 |
| Conexus Metropolitan Dist. No. 1, Limited Tax GO and Special Rev. Bonds, Series 2025-A, 6.25% 12/1/2055  | 5000 | 4813 |
| Crowfoot Valley Ranch Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. Bonds, Series 2024-B, 6.125% <br> 12/15/2054  | 3250 | 3108 |
| City and County of Denver, 2000 Holly Metropolitan Dist., Limited Tax GO Bonds, Series 2020-A, 5.00% <br> 12/1/2050  | 3625 | 3234 |
| City and County of Denver, 9th Avenue Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2018, 5.00% <br> 12/1/2048  | 2472 | 2293 |
| City and County of Denver, Airport System Rev. Bonds, Series 2022-A, AMT, 4.125% 11/15/2053  | 2750 | 2314 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **217** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| City and County of Denver, Aviation Station North Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. and <br> Improvement Bonds, Series 2019-A, 5.00% 12/1/2048  | USD3,920 | $3570 |
| City and County of Denver, Broadway Park North Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. and <br> Improvement Bonds, Series 2020, 5.00% 12/1/2040 <sup>(a)</sup>  | 2860 | 2624 |
| City and County of Denver, Broadway Park North Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. and <br> Improvement Bonds, Series 2020, 5.00% 12/1/2049 <sup>(a)</sup>  | 8085 | 7048 |
| City and County of Denver, Broadway Station Metropolitan Dist. No. 3, Limited Tax GO Bonds (Convertible to <br> Unlimited Tax), Convertible CAB, Series 2019-B, 0% 12/1/2049 (7.50% on 12/1/2027) <sup>(e)</sup>  | 20665 | 14186 |
| City and County of Denver, Colorado International Center Metropolitan Dist. No. 14, Limited Tax GO Bonds, <br> Series 2022, 7.50% 12/15/2051 <sup>(f)</sup>  | 16508 | 16506 |
| City and County of Denver, Colorado International Center Metropolitan Dist. No. 14, Limited Tax GO Rev. Ref. and <br> Improvement Bonds, Series 2018, 5.875% 12/1/2046  | 15475 | 14762 |
| City and County of Denver, Dedicated Tax Rev. Bonds, CAB, Series 2018-A-2, 0% 8/1/2034  | 605 | 412 |
| City and County of Denver, Denver Gateway Meadows Metropolitan Dist., Limited Tax GO Bonds, Series 2021, <br> 6.00% 12/1/2051 <sup>(f)</sup>  | 9580 | 9059 |
| City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), <br> Series 2017, AMT, 5.00% 10/1/2032  | 26690 | 26688 |
| City and County of Denver, Loretto Heights Community Auth., Special Rev. Bonds, Series 2021, 4.875% <br>12/1/2051 <sup>(f)</sup>  | 6000 | 4483 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2026  | 1700 | 1710 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2027  | 2500 | 2517 |
| City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 12/1/2033  | 1000 | 1004 |
| City and County of Denver, Water Rev. Bonds, Series 2016-A, 3.00% 9/15/2045  | 2500 | 1854 |
| City of Denver, Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2018-A, 5.25% 12/1/2039 <sup>(a)</sup>  | 6100 | 5887 |
| City of Denver, Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2018-A, 5.25% 12/1/2039 <sup>(a)</sup>  | 3040 | 2934 |
| Denver Health and Hospital Auth., Healthcare Rev. Bonds, Series 2025-A, 5.125% 12/1/2050  | 2000 | 1929 |
| Denver Health and Hospital Auth., Healthcare Rev. Bonds, Series 2025-A, 6.00% 12/1/2055  | 2295 | 2399 |
| County of Douglas, Canyons Metropolitan Dist. No. 3, Limited Tax GO and Special Rev. Bonds, Series 2021, 5.50% <br> 12/1/2051 <sup>(f)</sup>  | 16000 | 13578 |
| County of Douglas, Chambers Highpoint Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Bonds, Series <br> 2021, 5.00% 12/1/2041  | 1810 | 1538 |
| County of Douglas, Chambers Highpoint Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Bonds, Series <br> 2021, 5.00% 12/1/2051  | 3130 | 2378 |
| County of Douglas, Cielo Metropolitan Dist., Limited Tax GO Bonds, Series 2021-3, 5.25% 12/1/2050 <sup>(f)</sup>  | 2500 | 2063 |
| County of Douglas, Hilltop Metropolitan Dist., Limited Tax GO Bonds, Series 2020-A, AMT, 6.25% 12/1/2050  | 1655 | 1444 |
| County of Douglas, Mirabelle Metropolitan Dist. No. 2, Limited Tax GO Ref. Rev. and Improvement Bonds, Series <br> 2025-A, AGI, 4.50% 12/1/2049  | 510 | 457 |
| County of Douglas, Mirabelle Metropolitan Dist. No. 2, Limited Tax GO Ref. Rev. and Improvement Bonds, Series <br> 2025-B, 6.125% 12/15/2049  | 2100 | 2004 |
| County of Douglas, Newlin Crossing Metropolitan Dist., Limited Tax GO Bonds, Series 2024-A, 5.375% <br>12/1/2054 <sup>(a)(f)</sup>  | 645 | 597 |
| E-470 Public Highway Auth., Rev. Bonds, Series 2024-A, 5.00% 9/1/2040  | 1050 | 1105 |
| E-470 Public Highway Auth., Rev. Bonds, CAB, Series 2006-B, NATL, 0% 9/1/2037  | 3865 | 2121 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Ascent Classical Academy Charter Schools, Inc. <br> Project), Series 2024, 5.25% 4/1/2039 <sup>(a)</sup>  | 1000 | 973 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Ascent Classical Academy Charter Schools, Inc. <br> Project), Series 2024, 5.50% 4/1/2044 <sup>(a)</sup>  | 625 | 597 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Ascent Classical Academy Charter Schools, Inc. <br> Project), Series 2024, 5.80% 4/1/2054 <sup>(a)</sup>  | 4955 | 4698 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Ascent Classical Academy Charter Schools, Inc. <br> Project), Series 2024, 5.75% 4/1/2059 <sup>(a)</sup>  | 4460 | 4152 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Aspen View Academy Project), Series 2021, <br> 4.00% 5/1/2041  | 85 | 73 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Aspen View Academy Project), Series 2021, <br> 4.00% 5/1/2051  | 300 | 232 |
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Aspen View Academy Project), Series 2021, <br> 4.00% 5/1/2061  | 495 | 363 |
| County of El Paso, Flying Horse Metropolitan Dist. No. 3, Limited Tax GO Rev. Ref. Bonds, Series 2019, 6.00% <br> 12/1/2049 <sup>(a)(f)</sup>  | 4965 | 4769 |
| County of El Paso, Glen Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2021, 4.25% 12/1/2051  | 2870 | 2203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **218** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| County of El Paso, Wagons West Metropolitan Dist., Limited Tax GO Bonds, Series 2020-A, 5.00% 12/1/2049  | USD1,165 | $1012 |
| County of El Paso, Waterview II Metropolitan Dist., Limited Tax GO Bonds, Series 2022-A, 4.50% 12/1/2031  | 530 | 520 |
| County of El Paso, Waterview II Metropolitan Dist., Limited Tax GO Bonds, Series 2022-A, 5.00% 12/1/2041  | 1250 | 1197 |
| County of El Paso, Waterview II Metropolitan Dist., Limited Tax GO Bonds, Series 2022-A, 5.00% 12/1/2051  | 4200 | 3822 |
| County of El Paso, Waterview II Metropolitan Dist., Limited Tax GO Bonds, Series 2022-B-3, 8.00% 12/15/2051 <sup>(f)</sup>  | 2916 | 2921 |
| County of El Paso, Waterview North Metropolitan Dist. No. 1, Limited Tax GO Bonds, Series 2024-A, 5.75% <br> 12/1/2054 <sup>(a)</sup>  | 3020 | 2744 |
| County of El Paso, Waterview North Metropolitan Dist. No. 1, Limited Tax GO Bonds, Series 2024-B, 8.00% <br> 12/15/2054 <sup>(a)</sup>  | 782 | 784 |
| County of Elbert, Elbert and Highway 86 Commercial Metropolitan Dist., Special Rev. and Tax Supported Rev. Ref. <br> and Improvement Bonds, Series 2021-A, 5.00% 12/1/2041 <sup>(a)</sup>  | 2900 | 2752 |
| County of Elbert, Elbert and Highway 86 Commercial Metropolitan Dist., Special Rev. and Tax Supported Rev. Ref. <br> and Improvement Bonds, Series 2021-A, 5.00% 12/1/2051 <sup>(a)</sup>  | 4500 | 3956 |
| County of Elbert, Independence Metropolitan Dist. No. 3, Limited Tax GO and Special Rev. Ref. and Improvement <br> Bonds, Series 2024-A, 5.375% 12/1/2054  | 7120 | 6709 |
| County of Elbert, Independence Metropolitan Dist. No. 3, Limited Tax GO and Special Rev. Ref. and Improvement <br> Bonds, Series 2024-B, 7.125% 12/15/2054  | 4090 | 4082 |
| County of Elbert, Independence Water and Sanitation Dist., Special Rev. Ref. and Improvement Bonds, Series <br> 2024, 5.125% 12/1/2033  | 4910 | 4966 |
| Town of Elizabeth, Highway 86 Metropolitan Dist., Limited Tax GO Cash Flow Bonds, Series 2021-A-3, 5.125% <br> 12/1/2051 <sup>(f)</sup>  | 1015 | 835 |
| Town of Erie, Erie Commons Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-B, 6.95% 12/15/2054 <sup>(f)</sup>  | 3100 | 2980 |
| Town of Erie, Four Corners Business Improvement Dist., Limited Tax Rev. Bond, Series 2022, 6.00% 12/1/2052  | 4000 | 3888 |
| Town of Erie, Jay Grove Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 4.25% 12/1/2051 <sup>(f)</sup>  | 2450 | 1780 |
| Town of Erie, Sunset Parks Metropolitan Dist., Limited Tax GO Bonds, Series 2024-A, 5.125% 12/1/2054 <sup>(a)(f)</sup>  | 915 | 835 |
| Town of Erie, Sunset Parks Metropolitan Dist., Limited Tax GO Bonds, Series 2024-B, 7.625% 12/15/2054 <sup>(a)(f)</sup>  | 648 | 647 |
| Town of Erie, Westerly Metropolitan Dist. No. 4, Limited Tax GO Bonds, Series 2021-A-1, 5.00% 12/1/2040  | 1000 | 944 |
| Town of Erie, Westerly Metropolitan Dist. No. 4, Limited Tax GO Bonds, Series 2021-A-1, 5.00% 12/1/2050  | 7300 | 6567 |
| Town of Erie, Westerly Metropolitan Dist. No. 4, Limited Tax GO Bonds, CAB, Series 2021-A-2, 0% 12/1/2050 <br> (5.20% on 12/1/2026) <sup>(e)</sup>  | 1000 | 911 |
| Town of Firestone, Cottonwood Hollow Residential Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 5.00% <br> 12/1/2051 <sup>(f)</sup>  | 13823 | 10560 |
| Town of Firestone, St. Vrain Lakes Metropolitan Dist. No. 2, Subordinate Limited Tax GO Rev. Ref. and <br> Improvement Bonds, Series 2024-B, 6.375% 11/15/2054 <sup>(f)</sup>  | 3700 | 3698 |
| City of Fort Collins, Waters' Edge Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2021, 5.00% <br>12/1/2051 <sup>(f)</sup>  | 4945 | 4338 |
| City of Fort Lupton, Lupton Village Residential Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 4.625% <br> 12/1/2051 <sup>(f)</sup>  | 10130 | 7528 |
| City of Fort Lupton, Murata Farms Residential Metropolitan Dist., Limited Tax GO Bonds, Series 2022, 6.125% <br> 12/1/2051 <sup>(f)</sup>  | 4205 | 3645 |
| Town of Frederick, Hidden Creek Metropolitan Dist., Limited Tax GO Bonds, Series 2021-A-3, 4.625% <br>12/1/2045 <sup>(a)(f)</sup>  | 2290 | 1848 |
| County of Grand, Roam Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2021, 6.00% 12/1/2051 <sup>(f)</sup>  | 21875 | 20374 |
| City of Greeley, Lake Bluff Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. and Improvement Bonds, Series <br> 2021, 5.25% 12/1/2051 <sup>(f)</sup>  | 24500 | 20410 |
| City of Greeley, Westgate Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2021, 5.375% 12/1/2051 <sup>(f)</sup>  | 12538 | 10584 |
| City of Greenwood Village, Fiddler's Business Improvement Dist., GO Rev. Ref. Bonds, Series 2022, 5.00% <br> 12/1/2032 <sup>(a)</sup>  | 605 | 616 |
| City of Greenwood Village, Fiddler's Business Improvement Dist., GO Rev. Ref. Bonds, Series 2022, 5.55% <br> 12/1/2047 <sup>(a)</sup>  | 4600 | 4531 |
| Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), <br> Series 2017, 5.00% 6/1/2047 (preref. 6/1/2027)  | 2000 | 2083 |
| Health Facs. Auth., Hospital Rev. Bonds (AdventHealth Obligated Group), Series 2021-A, 3.00% 11/15/2051  | 7375 | 4960 |
| Health Facs. Auth., Rev. Bonds (Colorado Senior Residences Project), Series 2012, 7.125% 6/1/2047 <sup>(b)</sup>  | 2891 | 231 |
| Health Facs. Auth., Rev. Bonds (Covenant Living Communities and Services), Series 2020-A, 4.00% 12/1/2050  | 1000 | 790 |
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2018, 5.00% 12/1/2048  | 2480 | 2313 |
| Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.00% 6/1/2042 <sup>(b)</sup>  | 1314 | 105 |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Bethesda Project), Series 2018-A-1, 4.25% 9/15/2038  | 145 | 129 |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, <br> 4.00% 1/1/2038  | 1700 | 1524 |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2019, <br> 5.00% 1/1/2038  | 6805 | 6748 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **219** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Christian Living Neighborhoods Project), Series 2021, <br> 4.00% 1/1/2042  | USD3,500 | $2925 |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series <br> 2017-A, 5.00% 5/15/2027  | 480 | 487 |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series <br> 2017-A, 5.25% 5/15/2028  | 500 | 510 |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series <br> 2017-A, 5.25% 5/15/2031  | 2395 | 2439 |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series <br> 2017-A, 5.25% 5/15/2032  | 1050 | 1068 |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series <br> 2017-A, 5.25% 5/15/2037  | 2300 | 2320 |
| Health Facs. Auth., Rev. Ref. and Improvement Bonds (Frasier Meadows Retirement Community Project), Series <br> 2017-A, 5.25% 5/15/2047  | 1700 | 1624 |
| Health Facs. Auth., Rev. Ref. Bonds (Christian Living Neighborhoods Project), Series 2016, 5.00% 1/1/2037  | 6450 | 6450 |
| Health Facs. Auth., Rev. Ref. Bonds (Frasier Project), Series 2023-A, 4.00% 5/15/2041  | 1475 | 1284 |
| Health Facs. Auth., Rev. Ref. Bonds (Frasier Project), Series 2023-A, 4.00% 5/15/2048  | 6025 | 4765 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-F, Class I, 4.25% 11/1/2049  | 1260 | 1275 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2023-O, Class III, 6.50% 5/1/2054  | 755 | 835 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2025-B, Class I, 5.75% 11/1/2054  | 4255 | 4671 |
| Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2025-J, Class III, 6.25% 5/1/2055  | 3145 | 3507 |
| City and County of Jefferson, Dinosaur Ridge Metropolitan Dist., Special Rev. Ref. and Improvement Bonds, Series <br> 2019, 5.00% 6/1/2049  | 6925 | 6266 |
| County of Jefferson, Hogback Metropolitan Dist., Limited Tax GO Bonds (Convertible to Unlimited Tax), Series <br> 2021-A-3, 5.00% 12/1/2041  | 725 | 671 |
| County of Jefferson, Hogback Metropolitan Dist., Limited Tax GO Bonds (Convertible to Unlimited Tax), Series <br> 2021-A-3, 5.00% 12/1/2051  | 2550 | 2251 |
| County of Jefferson, RRC Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2021, 5.25% 12/1/2051 <sup>(f)</sup>  | 20000 | 16813 |
| County of Jefferson, Three Hills Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 5.625% 12/1/2051 <sup>(f)</sup>  | 12205 | 10759 |
| Jefferson Center Metropolitan Dist. No. 1, Special Rev. Bonds, Series 2020-B, 5.75% 12/15/2050  | 3000 | 2960 |
| County of Jefferson and City and County of Broomfield, Verve Metropolitan Dist. No. 1, Limited Tax GO Rev. Ref. <br> and Improvement Bonds (Convertible to Unlimited Tax), Series 2021, 5.00% 12/1/2041  | 2250 | 2017 |
| County of Jefferson and City and County of Broomfield, Verve Metropolitan Dist. No. 1, Limited Tax GO Rev. Ref. <br> and Improvement Bonds (Convertible to Unlimited Tax), Series 2021, 5.00% 12/1/2051  | 1770 | 1476 |
| Town of Johnstown, Granary Metropolitan Dist. No. 4, Limited Tax GO Bonds, Series 2022, 6.75% 12/1/2051 <sup>(f)</sup>  | 18768 | 18244 |
| Town of Johnstown, Granary Metropolitan Dist. No. 9, Special Improvement Dist. No. 1, Special Assessment Rev. <br> Bonds, Series 2024, 5.45% 12/1/2044 <sup>(a)</sup>  | 4660 | 4265 |
| Town of Johnstown, Johnstown Farms East Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 5.00% <br> 12/1/2051 <sup>(a)(f)</sup>  | 1500 | 1208 |
| Town of Johnstown, Thompson Crossing Metropolitan Dist. No. 4, Limited Tax GO Rev. Ref. and Improvement <br> Bonds (Convertible to Unlimited Tax), Series 2019, 5.00% 12/1/2039  | 2300 | 2248 |
| Town of Johnstown, Thompson Crossing Metropolitan Dist. No. 4, Limited Tax GO Rev. Ref. and Improvement <br> Bonds (Convertible to Unlimited Tax), Series 2019, 5.00% 12/1/2049  | 9490 | 8440 |
| Karl's Farm Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2024-B, 6.20% 12/15/2044 <sup>(f)</sup>  | 567 | 567 |
| Kinston Metropolitan Dist. No. 5, Limited Tax GO Bonds, Series 2020-A, 5.125% 12/1/2050  | 1450 | 1290 |
| County of La Plata, Three Sprints Metropolitan Dist. No. 1, Limited Tax GO Rev. Ref. Bonds, Series 2020-B, 7.125% <br> 12/15/2050 <sup>(f)</sup>  | 2685 | 2670 |
| Lafferty Canyon Metropolitan Dist. Limited Tax GO Bonds, Series 2025-B, 5.625% 12/1/2055  | 500 | 472 |
| Lafferty Canyon Metropolitan Dist. Limited Tax GO Bonds, Series 2025-B, 8.00% 12/15/2055  | 835 | 838 |
| County of Larimer, East Fossil Creek Ranch Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2021-A, 6.00% <br> 12/1/2048 <sup>(f)</sup>  | 4750 | 4261 |
| Legato Community Auth., Limited Tax Rev. Bonds (Dist. Nos. 1, 2, 3, and 7), Series 2021-A-1, 5.00% 12/1/2051  | 750 | 613 |
| City of Littleton, Mineral Business Improvement Dist., Limited Tax GO and Special Rev. Bonds, Series 2024-A, <br> 5.75% 12/1/2054 <sup>(a)</sup>  | 2740 | 2625 |
| City of Littleton, Mineral Business Improvement Dist., Limited Tax GO and Special Rev. Bonds, Series 2024-B, <br> 8.50% 12/1/2054 <sup>(a)(f)</sup>  | 525 | 526 |
| City of Lone Tree, Rampart Range Metropolitan Dist. No. 5, Limited Tax Supported and Special Rev. Bonds, Series <br> 2021, 4.00% 12/1/2036  | 1600 | 1488 |
| City of Lone Tree, Rampart Range Metropolitan Dist. No. 5, Limited Tax Supported and Special Rev. Bonds, Series <br> 2021, 4.00% 12/1/2041  | 7500 | 6484 |
| City of Lone Tree, Rampart Range Metropolitan Dist. No. 5, Limited Tax Supported and Special Rev. Bonds, Series <br> 2021, 4.00% 12/1/2051  | 40810 | 31729 |
| City of Loveland, Cascade Ridge Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 5.00% 12/1/2051 <sup>(f)</sup>  | 5625 | 4633 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **220** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. and Improvement Bonds, Series 2020-A, 5.00% <br> 12/1/2051  | USD5,000 | $4615 |
| City of Loveland, Eagle Brook Meadows Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2021, 5.00% <br> 12/1/2051 <sup>(f)</sup>  | 1600 | 1405 |
| Mead Place Metropolitan Dist. No. 4, Limited Tax GO Bonds, CAB, Series 2024, 0% 12/1/2054 (8.00% on <br> 6/1/2029) <sup>(a)(e)</sup>  | 14000 | 9570 |
| Town of Mead, Liberty Ranch Metropolitan Dist., Limited Tax GO Rev. Ref. Bonds, Series 2021-A, 5.25% <br>12/1/2051 <sup>(f)</sup>  | 6590 | 5540 |
| Mesa County Valley School Dist. No. 51 (Grand Junction), GO Bonds, Series 2025, 5.25% 12/1/2049  | 10000 | 10349 |
| Town of Monument, Willow Springs Ranch Metropolitan Dist., Limited Tax GO Bonds, Series 2024-B, 6.50% <br> 10/15/2054 <sup>(a)(f)</sup>  | 645 | 637 |
| North Range Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, Series <br> 2017-A, 5.75% 12/1/2047  | 1000 | 957 |
| Palisade Park North Metropolitan Dist. No. 1, Limited Tax GO Bonds, Series 2021-B, 5.25% 12/15/2051 <sup>(f)</sup>  | 2412 | 2078 |
| Town of Parker, Belford North Metropolitan Dist., GO Limited Tax Bonds, Series 2020-A, 5.50% 12/01/2050  | 5125 | 4375 |
| Town of Parker, Cherry Creek South Metropolitan Dist. No. 5, Limited Tax GO Bonds, Series 2021, 6.00% <br> 12/1/2051 <sup>(f)</sup>  | 36049 | 31632 |
| Town of Parker, Overlook Metropolitan Dist., Limited Tax GO Rev. Ref. Bonds, Series 2021-B, 5.50% 12/15/2051 <sup>(f)</sup>  | 904 | 783 |
| Town of Parker, Reata Ridge Village Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, 5.00% <br> 12/1/2049  | 1759 | 1538 |
| Town of Parker, Reata Ridge Village Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-B, 8.00% <br> 12/15/2049 <sup>(f)</sup>  | 614 | 615 |
| Town of Parker, Westcreek Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2019-A, 5.375% 12/1/2048  | 1433 | 1336 |
| Poudre Heights Valley Metropolitan Dist., Limited Tax GO Bonds, Series 2024-B, 7.875% 12/1/2040 <sup>(a)(f)</sup>  | 985 | 986 |
| Poudre Heights Valley Metropolitan Dist., Limited Tax GO Bonds, Series 2024-A, 5.50% 12/1/2054 <sup>(a)(f)</sup>  | 975 | 868 |
| Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.25% 11/15/2028  | 1670 | 1751 |
| County of Pueblo, North Vista Highlands Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2021-B, 9.00% <br> 12/15/2051 <sup>(f)</sup>  | 4003 | 1900 |
| Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-B, <br> 4.00% 7/15/2034  | 1000 | 992 |
| Town of Snowmass Village, Base Village Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. Bonds, Series 2016-A, <br> 5.50% 12/1/2036  | 4543 | 4545 |
| Town of Snowmass Village, Base Village Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. Bonds, Series 2016-A, <br> 5.75% 12/1/2046  | 2585 | 2585 |
| Town of Snowmass Village, Base Village Metropolitan Dist. No. 2, Limited Tax GO Rev. Ref. Bonds, Series 2016-A, <br> 6.50% 12/15/2048 <sup>(f)</sup>  | 3500 | 2676 |
| Sterling Ranch Community Auth. Board, Special Improvement Dist. No. 1, Special Assessment Rev. Bonds, Series <br> 2024, 5.625% 12/1/2043  | 5400 | 5323 |
| Sterling Ranch Community Auth. Board, Special Rev. Dist. No. 4-A, Rev. Ref. and Improvement Bonds, Series <br> 2024-A, 6.125% 12/1/2039  | 1100 | 1118 |
| Sterling Ranch Community Auth. Board, Special Rev. Dist. No. 4-A, Rev. Ref. and Improvement Bonds, Series <br> 2024-A, 5.75% 12/1/2054 <sup>(a)</sup>  | 2300 | 2186 |
| Sterling Ranch Community Auth. Board, Special Rev. Dist. No. 4-A, Rev. Ref. and Improvement Bonds, Series <br> 2024-A, 6.50% 12/1/2054  | 3000 | 3030 |
| Sterling Ranch Community Auth. Board, Special Rev. Dist. No. 4-A, Rev. Ref. and Improvement Bonds, Series <br> 2024-B, 8.25% 12/15/2054 <sup>(a)</sup>  | 2100 | 2105 |
| Sterling Ranch Community Auth. Board, Special Rev. Dist. No. 4-A, Rev. Ref. and Improvement Bonds, Series <br> 2024-B, 8.75% 12/15/2054 <sup>(f)</sup>  | 1840 | 1844 |
| Town of Superior, STC Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Ref. and Improvement Bonds, <br> Series 2025-B, 8.00% 12/15/2055 <sup>(a)</sup>  | 1840 | 1845 |
| Town of Superior, STC Metropolitan Dist. No. 2, Limited Tax GO and Special Rev. Ref. Bonds, Series 2025-A-2, <br> 6.25% 12/1/2055 <sup>(a)</sup>  | 6500 | 6554 |
| Talon Pointe Metropolitan Dist., GO Rev. Ref. and Improvement Bonds, Series 2019-A, 5.25% 12/1/2039  | 4953 | 3919 |
| Talon Pointe Metropolitan Dist., GO Rev. Ref. and Improvement Bonds, Series 2019-A, 5.25% 12/1/2051  | 10885 | 7719 |
| City of Thornton, Creekside Village Metropolitan Dist., Limited Tax GO Bonds, Series 2019-A, 5.00% 12/1/2039  | 743 | 690 |
| City of Thornton, Creekside Village Metropolitan Dist., Limited Tax GO Bonds, Series 2019-A, 5.00% 12/1/2049  | 1590 | 1341 |
| Tow of Eagle, Haymeadow Metropolitan Dist. No. 1, Limited Tax GO Bonds, Series 2025-A, 6.125% 12/1/2054  | 1500 | 1503 |
| Trails at Crowfoot Metropolitan Dist. No. 3, Limited Tax GO Rev. Ref. Bonds, Series 2024-B, 6.875% 12/15/2052 <sup>(f)</sup>  | 1375 | 1356 |
| Tree Farm Metropolitan Dist., GO Limited Tax Bonds, Series 2021, 4.50% 12/1/2041 <sup>(a)</sup>  | 500 | 427 |
| Vail Home Partners Corp., Housing Facs. Rev. Bonds, Series 2025, 5.875% 10/1/2055 <sup>(a)</sup>  | 1380 | 1352 |
| Vail Home Partners Corp., Housing Facs. Rev. Bonds, Series 2025, 6.00% 10/1/2064 <sup>(a)</sup>  | 2465 | 2420 |
| Water Valley Metropolitan Dist. No. 2, GO Rev. Ref. Bonds, Series 2016, 5.25% 12/1/2040  | 1045 | 1021 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **221** | American Funds Tax-Exempt Income Funds |

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------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| County of Weld, Red Barn Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series 2025-A, <br> 5.50% 12/1/2055  | USD2,000 | $1919 |
| County of Weld, Red Barn Metropolitan Dist., Limited Tax GO Rev. Ref. and Improvement Bonds, Series 2025-B, <br> 7.875% 12/15/2055  | 675 | 675 |
| County of Weld, Tri-Pointe Residential Metropolitan Dist., Limited Tax GO Rev. Ref. Bonds, Series 2021, 4.50% <br> 12/1/2051  | 24140 | 18460 |
| County of Weld, Waterfront at Foster Lake Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2022-A-3-1, <br> 5.00% 12/1/2042  | 3600 | 3135 |
| County of Weld, Waterfront at Foster Lake Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2022-A-3-1, <br> 5.00% 12/1/2051  | 11000 | 8838 |
| County of Weld, Waterfront at Foster Lake Metropolitan Dist. No. 2, Limited Tax GO Bonds, Convertible CAB, <br> Series 2022-A-3-2, 0% 12/1/2051 (4.625% on 12/1/2027) <sup>(e)</sup>  | 5130 | 4060 |
| County of Weld, Waterfront at Foster Lake Metropolitan Dist. No. 2, Special Rev. Bonds, Series 2022, 4.625% <br> 12/1/2028 <sup>(f)</sup>  | 19500 | 17633 |
| City of Wheat Ridge, Longs Peak Metropolitan Dist., Limited Tax GO Bonds, Series 2021, 5.25% 12/1/2051 <sup>(a)(f)</sup>  | 30510 | 28108 |
| Willow Bend Metropolitan Dist., Limited Tax (Convertible to Unlimited Tax) GO Bonds, Series 2019-A, 5.00% <br> 12/1/2049  | 500 | 442 |
| Town of Windsor, Great Western Metropolitan Dist. No. 5, Limited Tax GO Rev. Ref. Bonds, Series 2020, 4.75% <br> 12/1/2050  | 8645 | 7180 |
| Town of Windsor, Jacoby Farm Metropolitan Dist., Limited Tax GO Rev. Ref. Bonds, Series 2021, 5.00% <br> 12/15/2046 <sup>(a)(f)</sup>  | 8750 | 7567 |
| Town of Windsor, Prairie Song Metropolitan Dist. No. 4, Limited Tax GO Bonds, Series 2021, 6.00% 12/1/2051 <sup>(f)</sup>  | 9237 | 8735 |
| Town of Windsor, Ptarmigan West Metropolitan Dist. No. 2, Limited Tax GO Bonds, Series 2021, 4.125% <br> 12/1/2051  | 4000 | 2700 |
| Town of Windsor, Water Valley Metropolitan Dist. No. 3, Limited Tax GO Bonds, Series 2024-A, 5.25% <br>12/1/2054 <sup>(f)</sup>  | 600 | 555 |
|  |  | 1308835 |
| **Connecticut 0.88%** | **Connecticut 0.88%** | **Connecticut 0.88%** |
| City of Bridgeport, Steel Point Infrastructure Improvement Dist., Special Obligation Rev. Bonds (Steelpointe <br> Harbor Project), Series 2021, 4.00% 4/1/2036 <sup>(a)</sup>  | 850 | 816 |
| City of Bridgeport, Steel Point Infrastructure Improvement Dist., Special Obligation Rev. Bonds (Steelpointe <br> Harbor Project), Series 2021, 4.00% 4/1/2041 <sup>(a)</sup>  | 1000 | 892 |
| City of Bridgeport, Steel Point Infrastructure Improvement Dist., Special Obligation Rev. Bonds (Steelpointe <br> Harbor Project), Series 2024, 5.625% 4/1/2044 <sup>(a)</sup>  | 1800 | 1821 |
| City of Bridgeport, Steel Point Infrastructure Improvement Dist., Special Obligation Rev. Bonds (Steelpointe <br> Harbor Project), Series 2021, 4.00% 4/1/2051 <sup>(a)</sup>  | 6390 | 5116 |
| City of Bridgeport, Steel Point Infrastructure Improvement Dist., Special Obligation Rev. Bonds (Steelpointe <br> Harbor Project), Series 2024, 6.00% 4/1/2052 <sup>(a)</sup>  | 3320 | 3441 |
| Health and Educational Facs. Auth., Rev. Bonds (Griffin Hospital Issue), Series 2020-G-1, 5.00% 7/1/2039 <sup>(a)</sup>  | 1000 | 958 |
| Health and Educational Facs. Auth., Rev. Bonds (Griffin Hospital Issue), Series 2020-G-1, 5.00% 7/1/2044 <sup>(a)</sup>  | 1000 | 914 |
| Health and Educational Facs. Auth., Rev. Bonds (Hartford Healthcare Issue), Series 2014-E, 5.00% 7/1/2042  | 1800 | 1795 |
| Health and Educational Facs. Auth., Rev. Bonds (Healthcare Fac. Expansion Issue - Church Home of Hartford, Inc. <br> Project), Series 2016-A, 5.00% 9/1/2053 <sup>(a)</sup>  | 1640 | 1424 |
| Health and Educational Facs. Auth., Rev. Bonds (McLean Affiliates, Inc.), Series 2020-A, 5.00% 1/1/2045 <sup>(a)</sup>  | 1455 | 1213 |
| Health and Educational Facs. Auth., Rev. Bonds (McLean Affiliates, Inc.), Series 2020-A, 5.00% 1/1/2055 <sup>(a)</sup>  | 1625 | 1257 |
| Health and Educational Facs. Auth., Rev. Bonds (Quinnipiac University Issue), Series 2015-L, 5.00% 7/1/2029  | 1270 | 1271 |
| Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2020-K, 4.00% 7/1/2045  | 1875 | 1618 |
| Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2022-L, 5.00% 7/1/2052  | 3000 | 2940 |
| Health and Educational Facs. Auth., Rev. Bonds (Stamford Hospital Issue), Series 2022-M, 4.00% 7/1/2039  | 1525 | 1427 |
| Health and Educational Facs. Auth., Rev. Bonds (Stamford Hospital Issue), Series 2022-M, 4.00% 7/1/2040  | 515 | 468 |
| Health and Educational Facs. Auth., Rev. Bonds (Stamford Hospital Issue), Series 2022-M, 4.00% 7/1/2042  | 330 | 293 |
| Health and Educational Facs. Auth., Rev. Bonds (The Jerome Home Issue), Series 2021-E, 4.00% 7/1/2041  | 1190 | 1009 |
| Health and Educational Facs. Auth., Rev. Bonds (The Jerome Home Issue), Series 2021-E, 4.00% 7/1/2051  | 1565 | 1160 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2026  | 280 | 285 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2027  | 150 | 155 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2028  | 205 | 214 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 5.00% <br> 11/15/2029  | 550 | 580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **222** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2017-A, AMT, 4.00% <br> 11/15/2031 (preref. 11/15/2025)  | USD585 | $587 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2017-A, AMT, 4.125% <br> 11/15/2032 (preref. 11/15/2025)  | 580 | 582 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2017-A, AMT, 4.125% <br> 11/15/2033 (preref. 11/15/2025)  | 290 | 291 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2023-B, AMT, 4.00% <br> 11/15/2035  | 780 | 756 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2020-B, AMT, 3.25% <br> 11/15/2036  | 1430 | 1288 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2023-B, AMT, 4.00% <br> 11/15/2036  | 250 | 241 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2021-B, AMT, 2.25% <br> 11/15/2037  | 2445 | 1845 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2023-B, AMT, 4.125% <br> 11/15/2037  | 910 | 876 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2025-B-1, AMT, 4.75% <br> 11/15/2037  | 850 | 838 |
| Higher Education Supplemental Loan Auth., Rev. Bonds (Chesla Loan Program), Series 2024-B, AMT, 4.125% <br> 11/15/2040  | 1150 | 1095 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-A-2, AMT, 4.00% 11/15/2041  | 330 | 331 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2022-A-1, 3.50% 11/15/2051  | 845 | 845 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2023-B, 5.75% 11/15/2053  | 1345 | 1438 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2024-A, 6.00% 11/15/2054  | 835 | 905 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2024-C-1, 6.00% 11/15/2054  | 600 | 662 |
| Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Bonds, Series 2016-A, 5.50% 8/1/2026 <sup>(a)</sup>  | 2085 | 2091 |
| Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2015-C, 6.25% <br> 2/1/2030 <sup>(a)</sup>  | 15335 | 15431 |
| Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2020-B, 6.50% <br> 8/1/2035 <sup>(a)</sup>  | 13280 | 13484 |
| Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2015-A, 6.75% <br> 2/1/2045 <sup>(a)</sup>  | 14140 | 14249 |
| City of Stamford, Harbor Point Infrastructure Improvement Dist., Special Obligation Rev. Ref. Bonds (Harbor Point <br> Project), Series 2017, 5.00% 4/1/2030 <sup>(a)</sup>  | 2135 | 2164 |
| City of Stamford, Harbor Point Infrastructure Improvement Dist., Special Obligation Rev. Ref. Bonds (Harbor Point <br> Project), Series 2017, 5.00% 4/1/2039 <sup>(a)</sup>  | 14305 | 14333 |
| City of Stamford, Housing Auth. Rev Bonds (Mozaic Concierge Living Project), Series 2025-C, 4.75% 10/1/2032  | 3255 | 3301 |
| City of Stamford, Housing Auth. Rev Bonds (Mozaic Concierge Living Project), Series 2025-B, 5.375% 10/1/2033  | 7500 | 7515 |
| City of Stamford, Housing Auth. Rev Bonds (Mozaic Concierge Living Project), Series 2025-A, 6.00% 10/1/2040  | 1000 | 1009 |
| City of Stamford, Housing Auth. Rev Bonds (Mozaic Concierge Living Project), Series 2025-A, 6.375% 10/1/2045  | 1700 | 1694 |
| City of Stamford, Housing Auth. Rev Bonds (Mozaic Concierge Living Project), Series 2025-A, 6.50% 10/1/2055  | 1045 | 1029 |
| City of Stamford, Housing Auth. Rev Bonds (Mozaic Concierge Living Project), Series 2025-A, 6.25% 10/1/2060  | 910 | 859 |
|  |  | 120806 |
| **Delaware 0.11%** | **Delaware 0.11%** | **Delaware 0.11%** |
| Econ. Dev. Auth., Charter School Rev. Bonds (Aspira of Delaware Charter Operations, Inc. Project), Series 2016-A, <br> 5.00% 6/1/2046  | 300 | 268 |
| Econ. Dev. Auth., Charter School Rev. Bonds (Aspira of Delaware Charter Operations, Inc. Project), Series 2016-A, <br> 5.00% 6/1/2051  | 1350 | 1167 |
| Econ. Dev. Auth., Exempt Fac. Rev. Ref. Bonds (NRG Energy Project), Series 2020-A, 1.25% 10/1/2040 (put <br> 10/1/2025)  | 4495 | 4469 |
| Econ. Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated <br> Group), Series 2018-B, 5.00% 11/15/2048  | 1315 | 1226 |
| Housing Auth., Single Family Mortgage Rev. Bonds, Series 2024-B, 6.00% 1/1/2055  | 7680 | 8421 |
|  |  | 15551 |
| **District of Columbia 0.29%** | **District of Columbia 0.29%** | **District of Columbia 0.29%** |
| Income Tax Secured Rev. Bonds, Series 2020-A, 3.00% 3/1/2041  | 3000 | 2424 |
| Income Tax Secured Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2050  | 2000 | 2027 |
| Metropolitan Area Transit Auth., Dedicated Rev. Bonds, Series 2025-A, 5.25% 7/15/2055  | 1780 | 1830 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **223** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| Metropolitan Washington DC Airports Auth., Airport System Rev. and Rev. Ref. Bonds, Series 2025-A, AMT, 5.00% <br> 10/1/2050  | USD5,000 | $4948 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2024-A, AMT, 5.25% <br> 10/1/2041  | 1375 | 1427 |
| Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2024-A, AMT, 5.50% <br> 10/1/2054  | 6500 | 6662 |
| Metropolitan Washington DC Airports Auth., Dulles Toll Road Rev. Ref. Bonds (Dulles Metrorail and Capital <br> Improvement Projects), Series 2019-B, 4.00% 10/1/2053  | 8000 | 6477 |
| Rev. Bonds (DC International School Issue), Series 2019, 5.00% 7/1/2039  | 1000 | 1005 |
| Rev. Bonds (Friendship Public Charter School, Inc. Issue), Series 2016-A, 5.00% 6/1/2036  | 1295 | 1297 |
| Rev. Bonds (Friendship Public Charter School, Inc. Issue), Series 2016-A, 5.00% 6/1/2041  | 3545 | 3424 |
| Rev. Bonds (Friendship Public Charter School, Inc. Issue), Series 2016-A, 5.00% 6/1/2046  | 2450 | 2292 |
| Rev. Bonds (Rocketship DC Obligated Group), Series 2024-A, 5.00% 6/1/2034  | 650 | 657 |
| Rev. Bonds (Rocketship DC Obligated Group), Series 2021-A, 5.00% 6/1/2041 <sup>(a)</sup>  | 1250 | 1165 |
| Rev. Ref. Bonds (KIPP DC Issue), Series 2017-B, 5.00% 7/1/2048  | 4220 | 3972 |
|  |  | 39607 |
| **Florida 4.89%** | **Florida 4.89%** | **Florida 4.89%** |
| County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Bonds (Oak Hammock at the <br> University of Florida, Inc. Project), Series 2021, 4.00% 10/1/2040  | 2020 | 1784 |
| County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Bonds (Oak Hammock at the <br> University of Florida, Inc. Project), Series 2022, 4.00% 10/1/2040  | 1025 | 905 |
| County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Bonds (Oak Hammock at the <br> University of Florida, Inc. Project), Series 2021, 4.00% 10/1/2046  | 1605 | 1270 |
| County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Bonds (Oak Hammock at the <br> University of Florida, Inc. Project), Series 2022, 4.00% 10/1/2046  | 1750 | 1385 |
| County of Alachua, Health Facs. Auth., Health Facs. Rev. Bonds (Shands HealthCare Project), Series 2007-A, <br> (USD-SOFR x 0.67 + 0.87) 3.791% 12/1/2037 <sup>(c)</sup>  | 2095 | 2054 |
| County of Alachua, Health Facs. Auth., Health Facs. Rev. Ref. Bonds, Series 2019-A, 4.00% 12/1/2049  | 2825 | 2328 |
| County of Alachua, Parker Road Community Dev. Dist., Capital Improvement Rev. Ref. and Rev. Bonds, Series <br> 2020, 3.375% 5/1/2030  | 335 | 320 |
| County of Alachua, Parker Road Community Dev. Dist., Capital Improvement Rev. Ref. and Rev. Bonds, Series <br> 2020, 3.875% 5/1/2040  | 900 | 734 |
| County of Alachua, Parker Road Community Dev. Dist., Capital Improvement Rev. Ref. and Rev. Bonds, Series <br> 2020, 4.10% 5/1/2050  | 1000 | 758 |
| City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2018-A, 5.00% 11/15/2043  | 1225 | 1169 |
| City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2018-A, 5.00% 11/15/2048  | 7000 | 6444 |
| City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2018-A, 5.00% 11/15/2053  | 5450 | 4914 |
| City of Atlantic Beach, Health Care Facs. Rev. Ref. Bonds (Fleet Landing Project), Series 2013-A, 5.00% 11/15/2037  | 1865 | 1865 |
| County of Broward, Airport System Rev. Bonds, Series 2019-A, AMT, 4.00% 10/1/2044  | 2375 | 2064 |
| County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (The Palms of Deerfield Townhomes), <br> Series 2024-A, 3.40% 3/1/2057 (put 3/1/2026)  | 300 | 300 |
| Capital Projects Fin. Auth., Educational Facs. Rev. Bonds (Kissimmee Charter Academy Project), Series 2024, <br> 6.125% 6/15/2044 <sup>(a)</sup>  | 400 | 401 |
| Capital Projects Fin. Auth., Educational Facs. Rev. Bonds (Kissimmee Charter Academy Project), Series 2024, <br> 6.50% 6/15/2054 <sup>(a)</sup>  | 275 | 274 |
| Capital Projects Fin. Auth., Educational Facs. Rev. Bonds (Kissimmee Charter Academy Project), Series 2024, <br> 6.625% 6/15/2059 <sup>(a)</sup>  | 445 | 446 |
| Capital Projects Fin. Auth., Student Housing Rev. Ref. Bonds (Capital Projects Loan Program - Florida Universities), <br> Series 2020-A-1, 5.00% 10/1/2029  | 1000 | 1058 |
| Capital Projects Fin. Auth., Student Housing Rev. Ref. Bonds (Capital Projects Loan Program - Florida Universities), <br> Series 2020-A-1, 5.00% 10/1/2030  | 1000 | 1064 |
| Capital Projects Fin. Auth., Student Housing Rev. Ref. Bonds (Capital Projects Loan Program - Florida Universities), <br> Series 2020-A-1, 5.00% 10/1/2033  | 1500 | 1561 |
| Capital Projects Fin. Auth., Student Housing Rev. Ref. Bonds (Capital Projects Loan Program - Florida Universities), <br> Series 2020-A-1, 5.00% 10/1/2035  | 500 | 513 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (AcadeMir Charter Schools, Inc. Project), Series 2021-A-2, 4.00% <br> 7/1/2041 <sup>(a)</sup>  | 710 | 587 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (AcadeMir Charter Schools, Inc. Project), Series 2021-A-2, 4.00% <br> 7/1/2051 <sup>(a)</sup>  | 1710 | 1243 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (AcadeMir Charter Schools, Inc. Project), Series 2021-A-2, 4.00% <br> 7/1/2056 <sup>(a)</sup>  | 1445 | 1031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **224** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Charter Educational Foundation, Inc.), Series 2018-A, 5.375% <br> 6/15/2038 <sup>(a)</sup>  | USD1,105 | $1054 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Charter Educational Foundation, Inc.), Series 2018-A, 5.375% <br> 6/15/2048 <sup>(a)</sup>  | 2595 | 2288 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Imagine School at Land O' Lakes Project), Series 2020-A, 5.00% <br> 12/15/2039 <sup>(a)</sup>  | 1285 | 1184 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Imagine School at Land O' Lakes Project), Series 2020-A, 5.00% <br> 12/15/2054 <sup>(a)</sup>  | 2150 | 1767 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Imagine School at North Manatee Project), Series 2021-C, <br> 5.00% 6/1/2041 <sup>(a)</sup>  | 235 | 210 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Imagine School at North Manatee Project), Series 2021-C, <br> 5.00% 6/1/2056 <sup>(a)</sup>  | 1040 | 845 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Odyssey Charter School), Series 2019, 5.00% 7/1/2049 <sup>(a)</sup>  | 1690 | 1498 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Odyssey Charter School), Series 2019, 5.00% 7/1/2054 <sup>(a)</sup>  | 4385 | 3823 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Renaissance Charter School), Series 2017-A, 4.375% <br>6/15/2027 <sup>(a)</sup>  | 810 | 808 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Renaissance Charter School), Series 2017-A, 5.125% <br>6/15/2037 <sup>(a)</sup>  | 5225 | 5079 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Renaissance Charter School), Series 2017-A, 5.25% <br>6/15/2047 <sup>(a)</sup>  | 9900 | 8866 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2019-A, 4.00% <br> 10/15/2029 <sup>(a)</sup>  | 445 | 444 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2017-A, 5.00% <br> 10/15/2037 <sup>(a)</sup>  | 1370 | 1344 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2019-A, 5.00% <br> 10/15/2039 <sup>(a)</sup>  | 1125 | 1076 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2017-A, 5.00% <br> 10/15/2047 <sup>(a)</sup>  | 3070 | 2767 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2019-A, 5.00% <br> 10/15/2049 <sup>(a)</sup>  | 2985 | 2649 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2017-A, 5.00% <br> 10/15/2052 <sup>(a)</sup>  | 1790 | 1571 |
| Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2019-A, 5.00% <br> 10/15/2054 <sup>(a)</sup>  | 1340 | 1169 |
| Capital Trust Agcy., Rev. Bonds (Educational Growth Fund, LLC Charter School Portfolio Projects), Series 2021-A-1, <br> 5.00% 7/1/2056 <sup>(a)</sup>  | 26825 | 22407 |
| Capital Trust Agcy., Rev. Bonds (Educational Growth Fund, LLC Charter School Portfolio Projects), CAB, Series <br> 2021-B, 0% 7/1/2061 <sup>(a)</sup>  | 180480 | 13258 |
| Capital Trust Agcy., Rev. Bonds (WFCS Portfolio Projects), Series 2021-A-1, 5.00% 1/1/2056 <sup>(a)</sup>  | 5550 | 4531 |
| Capital Trust Agcy., Rev. Bonds (WFCS Portfolio Projects), CAB, Series 2021-B, 0% 1/1/2061 <sup>(a)</sup>  | 5900 | 395 |
| Capital Trust Agcy., Senior Rev. Bonds (Educational Growth Fund, LLC Charter School Portfolio Projects), Series <br> 2021-A-1, 3.375% 7/1/2031 <sup>(a)</sup>  | 4615 | 4395 |
| Capital Trust Auth., Charter School Rev. Bonds (Mason Classical Academy Project), Series 2024-A, 5.00% <br>6/1/2044 <sup>(a)</sup>  | 1520 | 1383 |
| Capital Trust Auth., Charter School Rev. Bonds (Mason Classical Academy Project), Series 2024-A, 5.00% <br>6/1/2064 <sup>(a)</sup>  | 3765 | 3160 |
| Capital Trust Auth., Educational Facs. Rev. and Rev. Ref. Bonds (IPS Enterprises, Inc. Projects), Series 2023-A, 6.00% <br> 6/15/2043 <sup>(a)</sup>  | 1250 | 1262 |
| Capital Trust Auth., Educational Facs. Rev. and Rev. Ref. Bonds (IPS Enterprises, Inc. Projects), Series 2023-A, 6.25% <br> 6/15/2053 <sup>(a)</sup>  | 3550 | 3569 |
| Capital Trust Auth., Educational Facs. Rev. and Rev. Ref. Bonds (IPS Enterprises, Inc. Projects), Series 2023-A, <br> 6.375% 6/15/2058 <sup>(a)</sup>  | 3370 | 3398 |
| Capital Trust Auth., Educational Facs. Rev. and Rev. Ref. Bonds (Kipp Miami North Campus Project), Series 2024-A, <br> 5.625% 6/15/2044 <sup>(a)</sup>  | 405 | 398 |
| Capital Trust Auth., Educational Facs. Rev. and Rev. Ref. Bonds (Kipp Miami North Campus Project), Series 2024-A, <br> 6.00% 6/15/2054 <sup>(a)</sup>  | 650 | 645 |
| Capital Trust Auth., Educational Facs. Rev. and Rev. Ref. Bonds (Kipp Miami North Campus Project), Series 2024-A, <br> 6.125% 6/15/2060 <sup>(a)</sup>  | 800 | 796 |
| Capital Trust Auth., Educational Facs. Rev. and Rev. Ref. Bonds (Plato Academy Schools Project), Series 2024-A, <br> 5.00% 12/15/2044  | 2950 | 2690 |
| Capital Trust Auth., Educational Facs. Rev. and Rev. Ref. Bonds (Plato Academy Schools Project), Series 2024-A, <br> 5.125% 12/15/2054  | 6885 | 6009 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **225** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Capital Trust Auth., Educational Facs. Rev. and Rev. Ref. Bonds (Plato Academy Schools Project), Series 2024-A, <br> 5.125% 12/15/2059  | USD6,520 | $5598 |
| Capital Trust Auth., Educational Facs. Rev. Bonds (Imagine School at West Pasco Project), Series 2023-A, 6.50% <br> 12/15/2053 <sup>(a)</sup>  | 1320 | 1228 |
| Capital Trust Auth., Educational Facs. Rev. Bonds (Imagine School at West Pasco Project), Series 2023-A, 6.50% <br> 12/15/2058 <sup>(a)</sup>  | 1730 | 1591 |
| Counties of Charlotte and Lee, Babcock Ranch Community Independent Special Dist., Special Assessment Rev. <br> Bonds, Series 2024, 4.30% 5/1/2031 <sup>(a)</sup>  | 690 | 693 |
| Counties of Charlotte and Lee, Babcock Ranch Community Independent Special Dist., Special Assessment Rev. <br> Bonds, Series 2024, 5.00% 5/1/2044 <sup>(a)</sup>  | 1040 | 979 |
| Counties of Charlotte and Lee, Babcock Ranch Community Independent Special Dist., Special Assessment Rev. <br> Bonds, Series 2024, 5.25% 5/1/2055 <sup>(a)</sup>  | 2035 | 1904 |
| County of Clay, Sandridge Community Dev. Dist., Special Assessment Rev. Bonds, Series 2021-A-1, 3.875% <br> 5/1/2041  | 500 | 435 |
| County of Collier, Ave Maria Stewardship Community Dist., Capital Improvement Rev. Bonds (Phase 3 Master <br> Improvements Project), Series 2019, 2.25% 5/1/2026  | 260 | 257 |
| County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings, Inc.), Series 2015-A, 5.00% <br> 5/1/2045  | 1480 | 1400 |
| County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings, Inc.), Series 2015-A, 5.00% <br> 5/1/2048  | 3250 | 3029 |
| County of Collier, Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings, Inc.), Series 2022, 4.00% <br> 5/1/2052  | 2270 | 1783 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Brightline Florida Passenger Rail Project), Series 2024, AGI, AMT, <br> 5.25% 7/1/2047  | 4795 | 4586 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Cornerstone Charter Academy Project), Series 2022, 5.00% <br> 10/1/2042 <sup>(a)</sup>  | 250 | 232 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Cornerstone Charter Academy Project), Series 2022, 5.125% <br> 10/1/2052 <sup>(a)</sup>  | 4120 | 3639 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Cornerstone Charter Academy Project), Series 2022, 5.25% <br> 10/1/2056 <sup>(a)</sup>  | 1900 | 1687 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Cornerstone Classical Academy), Series 2024-A, 5.00% 6/1/2034 <sup>(a)</sup>  | 595 | 598 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Cornerstone Classical Academy), Series 2024-A, 5.25% 6/1/2044 <sup>(a)</sup>  | 2185 | 2040 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Cornerstone Classical Academy), Series 2024-A, 5.50% 6/1/2054 <sup>(a)</sup>  | 2400 | 2221 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Cornerstone Classical Academy), Series 2024-A, 5.50% 6/1/2059 <sup>(a)</sup>  | 3000 | 2718 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Creative Inspiration Journey School of St. Cloud), Series 2021-A, <br> 5.00% 6/15/2041 <sup>(a)</sup>  | 1245 | 1100 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Creative Inspiration Journey School of St. Cloud), Series 2021-A, <br> 5.00% 6/15/2051 <sup>(a)</sup>  | 1035 | 846 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 5.00% 6/15/2033  | 760 | 773 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 4.00% 6/15/2042  | 1000 | 850 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 5.00% 6/15/2042  | 2000 | 1941 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 5.00% 6/15/2047  | 2000 | 1864 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2020-A, 5.00% 6/15/2050  | 1120 | 1028 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 4.00% 6/15/2052  | 625 | 484 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Mater Academy Projects), Series 2022-A, 5.00% 6/15/2052  | 3535 | 3224 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Renaissance Charter School, Inc. Projects), Series 2023-A, 6.625% <br> 6/15/2043 <sup>(a)</sup>  | 2000 | 2082 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (Renaissance Charter School, Inc. Projects), Series 2023-A, 6.75% <br> 6/15/2053 <sup>(a)</sup>  | 5530 | 5703 |
| Dev. Fin. Corp., Educational Facs. Rev. Bonds (River City Science Academy Projects), Series 2021-A, 4.00% <br> 7/1/2055  | 1000 | 753 |
| Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (Renaissance Charter School, Inc.), Series 2020-C, 4.00% <br>9/15/2030 <sup>(a)</sup>  | 1630 | 1570 |
| Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (Renaissance Charter School, Inc.), Series 2020-C, 5.00% <br>9/15/2040 <sup>(a)</sup>  | 3650 | 3300 |
| Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (Renaissance Charter School, Inc.), Series 2020-C, 5.00% <br>9/15/2050 <sup>(a)</sup>  | 3950 | 3270 |
| Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2022-A, 5.00% 2/1/2035  | 2365 | 2454 |
| Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2022-A, 5.00% 2/1/2038  | 5115 | 5200 |
| Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2022-A, 4.00% 2/1/2052  | 8620 | 6738 |
| Dev. Fin. Corp., Rev. Bonds (Brightline Florida Passenger Rail Expansion Project), Series 2024, AMT, 12.00% <br> 7/15/2032 (put 7/15/2028) <sup>(a)</sup>  | 1250 | 750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **226** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Dev. Fin. Corp., Rev. Bonds (Brightline Florida Passenger Rail Expansion Project), Series 2024, AGI, AMT, 5.25% <br> 7/1/2053  | USD2,875 | $2753 |
| Dev. Fin. Corp., Senior Living Rev. Bonds (Mayflower Retirement Community Center, Inc.), Series 2020-A, 5.25% <br> 6/1/2050 <sup>(a)</sup>  | 2000 | 1782 |
| Dev. Fin. Corp., Senior Living Rev. Bonds (Mayflower Retirement Community Center, Inc.), Series 2020-A, 5.25% <br> 6/1/2055 <sup>(a)</sup>  | 2000 | 1745 |
| Dev. Fin. Corp., Senior Living Rev. Bonds (Mayflower Retirement Community Project), Series 2021-A, 4.00% <br> 6/1/2036 <sup>(a)</sup>  | 1605 | 1420 |
| Dev. Fin. Corp., Senior Living Rev. Bonds (Mayflower Retirement Community Project), Series 2021-A, 4.00% <br> 6/1/2041 <sup>(a)</sup>  | 1320 | 1046 |
| Dev. Fin. Corp., Senior Living Rev. Bonds (Mayflower Retirement Community Project), Series 2021-A, 4.00% <br> 6/1/2046 <sup>(a)</sup>  | 1205 | 871 |
| Dev. Fin. Corp., Senior Living Rev. Bonds (Mayflower Retirement Community Project), Series 2021-A, 4.00% <br> 6/1/2055 <sup>(a)</sup>  | 600 | 398 |
| Dev. Fin. Corp., Solid Waste Disposal Rev. Bonds (GFL Solid Waste Southeast LLC Project), Series 2024-A, AMT, <br> 4.375% 10/1/2054 (put 10/1/2031) <sup>(a)</sup>  | 25705 | 25540 |
| Dev. Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc. Project), Series 2017, AMT, 5.25% 8/1/2029  | 6125 | 6332 |
| Dev. Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc. Project), Series 2021, AMT, 3.00% 6/1/2032  | 58585 | 53052 |
| Dev. Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc. Project), Series 2023, AMT, 6.125% <br> 7/1/2032 (put 7/1/2026) <sup>(a)</sup>  | 5100 | 5157 |
| Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2022-A, AMT, 4.00% 10/1/2052  | 4670 | 3837 |
| City of Haines City, Charles Cove Community Dev. Dist., Special Assessment Rev. Bonds, Series 2020, 4.25% <br> 5/1/2040  | 500 | 464 |
| City of Haines City, Charles Cove Community Dev. Dist., Special Assessment Rev. Bonds, Series 2021, 4.00% <br> 5/1/2052  | 500 | 395 |
| Halifax Hospital Medical Center, Hospital Rev. Ref. Bonds, Series 2016, 5.00% 6/1/2028  | 1170 | 1189 |
| Halifax Hospital Medical Center, Hospital Rev. Ref. Bonds, Series 2016, 5.00% 6/1/2030  | 2750 | 2787 |
| City of Hialeah, Two Lakes Community Dev. Dist., Special Assessment Bonds, Series 2024, 5.00% 5/1/2044  | 360 | 352 |
| City of Hialeah, Two Lakes Community Dev. Dist., Special Assessment Bonds, Series 2024, 5.00% 5/1/2055  | 580 | 544 |
| Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Bonds (Florida Institute of Technology), Series 2019, <br> 5.00% 10/1/2035  | 750 | 763 |
| County of Hillsborough, Industrial Dev. Auth., Hospital Rev. Bonds (Tampa General Hospital Project), Series <br> 2020-A, 4.00% 8/1/2045  | 1000 | 858 |
| County of Hillsborough, Industrial Dev. Auth., Hospital Rev. Bonds (Tampa General Hospital Project), Series <br> 2020-A, 3.50% 8/1/2055  | 2500 | 1768 |
| County of Hillsborough, Industrial Dev. Auth., Hospital Rev. Bonds (Tampa General Hospital Project), Series <br> 2020-A, 4.00% 8/1/2055  | 3600 | 2979 |
| Hobe-St. Lucie Conservancy Dist., Improvement Bonds (Unit of Dev. No. 1A), Series 2024, 4.75% 5/1/2031  | 295 | 303 |
| Hobe-St. Lucie Conservancy Dist., Improvement Bonds (Unit of Dev. No. 1A), Series 2024, 5.60% 5/1/2044  | 1720 | 1699 |
| Hobe-St. Lucie Conservancy Dist., Improvement Bonds (Unit of Dev. No. 1A), Series 2024, 5.875% 5/1/2055  | 2475 | 2418 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2023-3, 5.75% 1/1/2054  | 415 | 451 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-3, 6.25% 1/1/2055  | 1490 | 1635 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-5, 6.25% 1/1/2055  | 555 | 611 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2024-1, 6.25% 7/1/2055  | 1375 | 1528 |
| Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2025-1, 6.25% 1/1/2056  | 1115 | 1235 |
| Kingston One Community Dev. Dist., Special Assessment Bonds (Assessment Area One - 2025 Project), Series <br> 2025, 5.75% 5/1/2045  | 1250 | 1229 |
| Kingston One Community Dev. Dist., Special Assessment Bonds (Assessment Area One - 2025 Project), Series <br> 2025, 6.00% 5/1/2057  | 5600 | 5488 |
| County of Lee, Esplanade Lake Club Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2019-A-1, <br> 4.00% 11/1/2040  | 580 | 510 |
| County of Lee, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Cypress Cove at Healthpark Florida, Inc. <br> Project), Series 2022-A, 5.25% 10/1/2052  | 1850 | 1571 |
| County of Lee, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Cypress Cove at Healthpark Florida, Inc. <br> Project), Series 2022-A, 5.25% 10/1/2057  | 6365 | 5302 |
| County of Lee, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Shell Point Obligated Group), Series 2024-A, <br> 5.25% 11/15/2044  | 2520 | 2522 |
| County of Lee, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Shell Point Obligated Group), Series 2024-C, <br> 5.00% 11/15/2054  | 1000 | 909 |
| County of Lee, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Shell Point Obligated Group), Series 2024-A, <br> 5.25% 11/15/2054  | 2690 | 2579 |
| County of Lee, Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell <br> Point Project), Series 2019, 5.00% 11/15/2044  | 205 | 197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **227** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| County of Lee, Portico Community Dev. Dist., Special Assessment Rev. Ref. and Improvement Bonds, Series <br> 2020-1, 3.50% 5/1/2037  | USD500 | $437 |
| County of Lee, River Hall Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2021-A-1, 3.00% <br> 5/1/2031  | 400 | 376 |
| County of Lee, River Hall Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2021-A-2, 3.00% <br> 5/1/2031  | 160 | 150 |
| County of Lee, River Hall Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2021-A-1, 3.00% <br> 5/1/2036  | 830 | 702 |
| County of Lee, River Hall Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2021-A-2, 3.00% <br> 5/1/2036  | 535 | 452 |
| Local Government Fin. Commission, Educational Facs. Rev. Bonds (Bridgeprep Academy Projects), Series 2025-A, <br> 6.00% 6/15/2045 <sup>(a)</sup>  | 1720 | 1720 |
| Local Government Fin. Commission, Educational Facs. Rev. Bonds (Bridgeprep Academy Projects), Series 2025-A, <br> 6.25% 6/15/2055 <sup>(a)</sup>  | 8500 | 8504 |
| Local Government Fin. Commission, Educational Facs. Rev. Bonds (Bridgeprep Academy Projects), Series 2025-A, <br> 6.125% 6/15/2065 <sup>(a)</sup>  | 14460 | 14002 |
| Counties of Manatee and Sarasota, Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds <br> (Lakewood Centre North), Series 2015, 4.875% 5/1/2035  | 465 | 465 |
| Counties of Manatee and Sarasota, Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds <br> (Lakewood Centre North), Series 2015, 4.875% 5/1/2045  | 1895 | 1766 |
| Counties of Manatee and Sarasota, Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds <br> (Lakewood National and Polo Run Project), Series 2017, 5.25% 5/1/2037  | 1000 | 1010 |
| Counties of Manatee and Sarasota, Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds <br> (Lakewood National and Polo Run Project), Series 2017, 5.375% 5/1/2047  | 1100 | 1102 |
| County of Manatee, Artisan Lakes East Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2021-1, <br> 4.00% 5/1/2051  | 250 | 192 |
| County of Manatee, North River Ranch Community Dev. Dist., Capital Improvement Rev. Bonds (Phase 1 Project), <br> Series 2020-A-1, 4.00% 5/1/2040  | 500 | 445 |
| County of Manatee, North River Ranch Community Dev. Dist., Capital Improvement Rev. Bonds (Phase 1 Project), <br> Series 2020-A-1, 4.25% 5/1/2051  | 1000 | 820 |
| City of Miami, Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Infrastructure <br> Project), Series 2014-B, 5.00% 5/1/2037  | 1735 | 1735 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% 10/1/2029  | 2825 | 3041 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2024-A, AMT, 5.00% 10/1/2035  | 8000 | 8531 |
| County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2017-B, AMT, 5.00% 10/1/2040  | 12660 | 12629 |
| County of Miami-Dade, Health Facs. Auth., Hospital Rev. and Rev. Ref. Bonds (Nicklaus Children's Hospital <br> Project), Series 2021-A, AGI, 4.00% 8/1/2051  | 3000 | 2560 |
| County of Miami-Dade, Industrial Dev. Auth., Industrial Dev. Rev. Bonds (CFC-MB I, LLC Collins Park Housing <br> Project), Series 2023, AMT, 6.25% 1/1/2059 <sup>(a)</sup>  | 7500 | 7222 |
| County of Miami-Dade, Sawyers Landing Community Dev. Dist., Special Assessment Rev. Bonds, Series 2021, <br> 3.25% 5/1/2026  | 610 | 608 |
| County of Miami-Dade, Sawyers Landing Community Dev. Dist., Special Assessment Rev. Bonds, Series 2021, <br> 3.75% 5/1/2031  | 6035 | 5994 |
| County of Miami-Dade, Sawyers Landing Community Dev. Dist., Special Assessment Rev. Bonds, Series 2021, <br> 4.125% 5/1/2041  | 12185 | 10685 |
| County of Miami-Dade, Sawyers Landing Community Dev. Dist., Special Assessment Rev. Bonds, Series 2021, <br> 4.25% 5/1/2053  | 17165 | 13842 |
| County of Miami-Dade, Water and Sewer System Rev. Bonds, Series 2024-A, 5.25% 10/1/2054  | 3000 | 3066 |
| City of Miami Beach, Health Facs. Auth., Hospital Rev. Bonds (Mount Sinai Medical Center of Florida), Series <br> 2021-B, 3.00% 11/15/2051  | 11085 | 7325 |
| Middleton Community Dev. Dist. A, Special Assessment Rev. Bonds (City of Wildwood), Series 2024, 4.00% <br> 5/1/2034  | 1300 | 1285 |
| Middleton Community Dev. Dist. A, Special Assessment Rev. Bonds (City of Wildwood), Series 2024, 4.20% <br> 5/1/2039  | 1000 | 950 |
| Middleton Community Dev. Dist. A, Special Assessment Rev. Bonds (City of Wildwood), Series 2024, 4.55% <br> 5/1/2044  | 975 | 899 |
| Middleton Community Dev. Dist. A, Special Assessment Rev. Bonds (City of Wildwood), Series 2024, 4.75% <br> 5/1/2055  | 3120 | 2812 |
| Mirada II Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2021, 4.00% 5/1/2051  | 1250 | 979 |
| Municipal Loan Council, Capital Improvement Rev. Bonds (Shingle Creek Transit and Utility Community Dev. Dist. <br> Series), Series 2024, AMT, 4.50% 5/1/2031  | 170 | 172 |
| Municipal Loan Council, Capital Improvement Rev. Bonds (Shingle Creek Transit and Utility Community Dev. Dist. <br> Series), Series 2024, AMT, 5.15% 5/1/2044  | 510 | 495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **228** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Municipal Loan Council, Capital Improvement Rev. Bonds (Shingle Creek Transit and Utility Community Dev. Dist. <br> Series), Series 2024, AMT, 5.40% 5/1/2054  | USD825 | $787 |
| City of North Port, West Villages Improvement Dist. No. 2, Special Assessment Bonds, Series 2019-A-1, 5.75% <br> 5/1/2036  | 1930 | 1932 |
| City of North Port, West Villages Improvement Dist. No. 2, Special Assessment Bonds, Series 2019-A-2, 5.75% <br> 5/1/2036  | 2295 | 1331 |
| County of Orange, Health Facs. Auth., Health Care Facs. Rev. Bonds (Presbyterian Retirement Communities <br> Project), Series 2015, 5.00% 8/1/2045  | 4300 | 4138 |
| County of Orange, Health Facs. Auth., Hospital Rev. Bonds (Orlando Health Obligated Group), Series 2023-A, <br> 5.00% 10/1/2053  | 2835 | 2759 |
| County of Orange, Health Facs. Auth., Hospital Rev. Bonds (Orlando Health Obligated Group), Series 2025-A, <br> 5.25% 10/1/2056  | 2115 | 2111 |
| County of Orange, Health Facs. Auth., Hospital Rev. Ref. Bonds (Orlando Health Obligated Group), Series 2016-A, <br> 5.00% 10/1/2033  | 1240 | 1260 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 4.00% 8/1/2042  | 4525 | 3906 |
| County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2023-A, 4.00% 8/1/2047  | 6670 | 5396 |
| Orlando Utilities Commission, Utility System Rev. Bonds, Series 2025-A, 5.00% 10/1/2050  | 3000 | 3010 |
| County of Palm Beach, Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2016, 5.00% 11/15/2032  | 4935 | 4990 |
| County of Palm Beach, Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2018-A, 5.00% 11/15/2045  | 1250 | 1191 |
| County of Palm Beach, Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2025-B, 5.00% 11/15/2055  | 3500 | 3198 |
| County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2016-B, 5.00% <br> 5/15/2036  | 1015 | 1017 |
| County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2020-B, 4.00% <br> 11/15/2041  | 250 | 222 |
| County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2020-B, 5.00% <br> 11/15/2042  | 650 | 639 |
| County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2019-B, 5.00% <br> 5/15/2053  | 1200 | 1072 |
| County of Palm Beach, Health Facs. Auth., Rev. Bonds (Toby & Leon Cooperman Sinai Residences of Boca Raton <br> Expansion), Series 2020, 5.00% 6/1/2055  | 3650 | 3261 |
| City of Palm Coast, Palm Coast Park Community Dev. Dist., Special Assessment Bonds, Series 2006, 5.70% <br> 5/1/2037  | 1805 | 1828 |
| City of Palm Coast, Town Center at Palm Coast Community Dev. Dist., Capital Improvement Rev. Bonds, Series <br> 2005, 6.00% 5/1/2036  | 1710 | 1711 |
| County of Pasco, Capital Improvement Cigarette Tax Allocation Bonds, Series 2023-A, AGI, 5.75% 9/1/2054  | 650 | 679 |
| County of Pasco, River Landing Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2020-A, 4.125% <br> 5/1/2040  | 500 | 444 |
| County of Pinellas, Educational Facs. Auth., Lease Rev. Bonds (Discovery Academy of Science Project), Series <br> 2022-A, 4.00% 6/1/2046 <sup>(a)</sup>  | 1690 | 1231 |
| County of Pinellas, Educational Facs. Auth., Lease Rev. Bonds (Discovery Academy of Science Project), Series <br> 2022-A, 5.00% 6/1/2056 <sup>(a)</sup>  | 4000 | 3199 |
| County of Pinellas, Industrial Dev. Auth., Rev. Bonds (Drs. Kiran & Pallavi Patel 2017 Foundation for Global <br> Understanding, Inc. Project), Series 2019, 5.00% 7/1/2029  | 1645 | 1676 |
| County of Pinellas, Industrial Dev. Auth., Rev. Bonds (Drs. Kiran & Pallavi Patel 2017 Foundation for Global <br> Understanding, Inc. Project), Series 2019, 5.00% 7/1/2039  | 3070 | 2947 |
| County of Polk, Industrial Dev. Auth., Retirement Fac. Rev. Ref. and Improvement Bonds (Carpenters Home <br> Estates, Inc. Project), Series 2019-A, 5.00% 1/1/2039  | 990 | 971 |
| County of Polk, Industrial Dev. Auth., Retirement Fac. Rev. Ref. and Improvement Bonds (Carpenters Home <br> Estates, Inc. Project), Series 2019-A, 5.00% 1/1/2055  | 1580 | 1356 |
| County of Polk, Westside Haines City Community Dev. Dist., Special Assessment Bonds (Assessment Area One <br> Project), Series 2021, 3.25% 5/1/2041  | 750 | 601 |
| City of Pompano Beach, Rev. and Rev. Ref. Bonds (John Knox Village Project), Series 2020, 3.50% 9/1/2030  | 1225 | 1199 |
| City of Pompano Beach, Rev. and Rev. Ref. Bonds (John Knox Village Project), Series 2020, 3.50% 9/1/2035  | 4800 | 4355 |
| City of Pompano Beach, Rev. and Rev. Ref. Bonds (John Knox Village Project), Series 2020, 4.00% 9/1/2040  | 140 | 123 |
| City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2021-A, 4.00% 9/1/2036  | 2560 | 2396 |
| City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 9/1/2039  | 750 | 732 |
| City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2021-A, 4.00% 9/1/2041  | 3415 | 2948 |
| City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 9/1/2044  | 2505 | 2296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **229** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2021-A, 4.00% 9/1/2051  | USD1,930 | $1469 |
| City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2021-A, 4.00% 9/1/2056  | 8795 | 6483 |
| City of Port St. Lucie, Tradition Community Dev. Dist. No. 9, Special Assessment Bonds (Community Infrastructure), <br> Series 2025, 5.65% 5/1/2056  | 750 | 703 |
| City of Port St. Lucie, Utility System Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2036  | 2000 | 1998 |
| City of Port St. Lucie, Tradition Community Dev. Dist. No. 9, Special Assessment Bonds (Community Infrastructure), <br> Series 2021, 4.00% 5/1/2052  | 500 | 382 |
| City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, <br> 6.375% 5/1/2013 <sup>(b)</sup>  | 3490 | 2374 |
| City of St. Cloud, Stevens Plantation Improvement Project Dependent Special Dist., Rev. Bonds, Series 2003, <br> 6.375% 5/1/2013 <sup>(b)</sup>  | 3584 | 1039 |
| Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series <br> 2022-B, 3.25% 5/1/2040  | 7885 | 6265 |
| County of St. Johns, Industrial Dev. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group <br> Project), Series 2020-A, 4.00% 8/1/2055  | 3815 | 2895 |
| County of St. Johns, Industrial Dev. Auth., Senior Living Rev. Bonds (Vicars Landing Project), Series 2021-A, 4.00% <br> 12/15/2036  | 1000 | 881 |
| County of St. Johns, Industrial Dev. Auth., Senior Living Rev. Bonds (Vicars Landing Project), Series 2021-A, 4.00% <br> 12/15/2041  | 750 | 604 |
| County of St. Johns, Industrial Dev. Auth., Senior Living Rev. Bonds (Vicars Landing Project), Series 2021-A, 4.00% <br> 12/15/2046  | 4665 | 3449 |
| County of St. Johns, Industrial Dev. Auth., Senior Living Rev. Bonds (Vicars Landing Project), Series 2021-A, 4.00% <br> 12/15/2050  | 2310 | 1619 |
| County of St. Johns, Marshall Creek Community Dev. Dist., Special Assessment Bonds, Series 2002, 5.00% <br> 5/1/2032  | 1680 | 1682 |
| County of St. Johns, Marshall Creek Community Dev. Dist., Special Assessment Bonds, Series 2016, 6.32% <br> 5/1/2045  | 210 | 207 |
| County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-A, <br> 5.00% 1/1/2037  | 2150 | 2143 |
| County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-A, <br> 5.00% 1/1/2042  | 4350 | 4105 |
| County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-A, <br> 5.00% 1/1/2047  | 3645 | 3260 |
| County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Bonds (Village on the Isle Project), Series 2017-A, <br> 5.00% 1/1/2052  | 6695 | 5780 |
| County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Improvement Bonds (Sunnyside Village Project), <br> Series 2018, 5.00% 5/15/2048  | 1200 | 1065 |
| County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Ref. Bonds (Village on the Isle Project), Series 2016, <br> 5.00% 1/1/2026  | 150 | 150 |
| County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Ref. Bonds (Village on the Isle Project), Series 2016, <br> 5.00% 1/1/2027  | 180 | 182 |
| County of Sarasota, Health Facs. Auth., Retirement Fac. Rev. Ref. Bonds (Village on the Isle Project), Series 2016, <br> 5.00% 1/1/2030  | 120 | 121 |
| South Broward Hospital Dist., Hospital Rev. Bonds (South Broward Hospital Dist. Obligated Group), Series <br> 2021-A, 3.00% 5/1/2051  | 2000 | 1317 |
| City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), <br> Series 2017, 4.00% 8/15/2042  | 2000 | 1754 |
| City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), <br> Series 2017, 5.00% 8/15/2047  | 3350 | 3267 |
| Southeast Overtown/Park West Community Redev. Agcy., Tax Increment Rev. Bonds, Series 2014-A-1, 5.00% <br> 3/1/2030 <sup>(a)</sup>  | 5500 | 5508 |
| City of St. Cloud, Gramercy Farms Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2011, 6.75% <br> 5/1/2039  | 1518 | 1443 |
| City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2015-A, <br> 5.00% 12/1/2040  | 1350 | 1340 |
| City of Tampa, Rev. and Rev. Ref. Bonds (University of Tampa Project), Series 2015, 5.00% 4/1/2045  | 1500 | 1484 |
| City of Tampa, Rev. and Rev. Ref. Bonds (University of Tampa Project), Series 2020-A, 4.00% 4/1/2050  | 3475 | 2887 |
| City of Venice, Laurel Road Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2021-A-1, 3.25% <br> 5/1/2041  | 1000 | 783 |
| City of Venice, Laurel Road Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2021-A-1, 4.00% <br> 5/1/2052  | 1455 | 1108 |
| City of Venice, Retirement Community Rev. Improvement Bonds (Village on the Isle Project), Series 2024-B-1, <br> 4.625% 1/1/2030 <sup>(a)</sup>  | 375 | 376 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **230** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| City of Venice, Retirement Community Rev. Improvement Bonds (Village on the Isle Project), Series 2019, 5.00% <br> 1/1/2037  | USD1,000 | $979 |
| City of Venice, Retirement Community Rev. Improvement Bonds (Village on the Isle Project), Series 2019, 5.00% <br> 1/1/2047  | 4205 | 3673 |
| City of Venice, Retirement Community Rev. Improvement Bonds (Village on the Isle Project), Series 2019, 5.00% <br> 1/1/2052  | 3010 | 2550 |
| City of Venice, Retirement Community Rev. Improvement Bonds (Village on the Isle Project), Series 2024-A, 5.50% <br> 1/1/2055 <sup>(a)</sup>  | 2500 | 2294 |
| City of Venice, Retirement Community Rev. Improvement Bonds (Village on the Isle Project), Series 2024-A, <br> 5.625% 1/1/2060 <sup>(a)</sup>  | 7825 | 7257 |
| City of Wildwood, Village Community Dev. Dist. No. 12, Special Assessment Rev. Bonds, Series 2018, 4.25% <br> 5/1/2043  | 980 | 876 |
| City of Wildwood, Village Community Dev. Dist. No. 13, Special Assessment Rev. Bonds, Series 2021, 3.00% <br> 5/1/2041  | 2450 | 1883 |
| City of Wildwood, Village Community Dev. Dist. No. 13, Special Assessment Rev. Bonds, Series 2021, 3.25% <br> 5/1/2052  | 3750 | 2545 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2024, 4.00% <br> 5/1/2034 <sup>(a)</sup>  | 140 | 137 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2024, 4.20% <br> 5/1/2039 <sup>(a)</sup>  | 835 | 777 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2024, 4.55% <br> 5/1/2044 <sup>(a)</sup>  | 1035 | 956 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2023, 5.25% <br> 5/1/2054 <sup>(a)</sup>  | 3000 | 2897 |
| City of Wildwood, Village Community Dev. Dist. No. 15, Special Assessment Rev. Bonds, Series 2024, 4.80% <br> 5/1/2055 <sup>(a)</sup>  | 11370 | 10148 |
| City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. <br> Ref. Bonds, Series 2016, 3.75% 5/1/2031  | 3395 | 3368 |
| City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. <br> Ref. Bonds, Series 2016, 4.125% 5/1/2037  | 1970 | 1888 |
|  |  | 672213 |
| **Georgia 1.32%** | **Georgia 1.32%** | **Georgia 1.32%** |
| City of Atlanta, Airport General Rev. Bonds, Series 2022-B, AMT, 5.00% 7/1/2047  | 2000 | 1961 |
| City of Atlanta, Airport General Rev. Bonds, Series 2024-B, AMT, 5.25% 7/1/2049  | 3335 | 3387 |
| City of Atlanta, Airport Passenger Fac. Charge and General Rev. Bonds, Series 2019-D, AMT, 4.00% 7/1/2040  | 1750 | 1605 |
| City of Atlanta, Dev. Auth. Rev. Bonds, (Gulch Enterprise Zone Project), CAB, Series 2024-A-1, 0% 12/15/2048 <br> (6.50% on 6/15/2028) <sup>(a)(e)</sup>  | 3450 | 2933 |
| City of Atlanta, Dev. Auth. Senior Rev. Bonds (Westside Gulch Area Project), Series 2024-A-2, 5.50% 4/1/2039 <sup>(a)</sup>  | 2000 | 1998 |
| City of Atlanta, Dev. Auth., Health Care Facs. Rev. Bonds, CAB, Series 2017-B-2, 0% 1/1/2044  | 1631 | 1 |
| City of Atlanta, Dev. Auth., Senior Health Care Facs. Rev. Bonds (Georgia Proton Treatment Center Project), Series <br> 2017-A-1, 7.00% 1/1/2040 <sup>(b)</sup>  | 6000 | 3120 |
| City of Atlanta, Urban Redev. Agcy., Rev. Bonds (Atlanta Beltline Trail Completion Project), Series 2021, 2.875% <br> 7/1/2031 <sup>(a)</sup>  | 1000 | 948 |
| City of Atlanta, Urban Redev. Agcy., Rev. Bonds (Atlanta Beltline Trail Completion Project), Series 2021, 3.625% <br> 7/1/2042 <sup>(a)</sup>  | 4245 | 3574 |
| City of Atlanta, Urban Redev. Agcy., Rev. Bonds (Atlanta Beltline Trail Completion Project), Series 2021, 3.875% <br> 7/1/2051 <sup>(a)</sup>  | 6935 | 5563 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Transmission Corp. Vogtle Project), Series <br> 2012, 2.75% 1/1/2052  | 10575 | 6257 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series <br> 2013-A, 3.60% 1/1/2040 (put 2/1/2030)  | 1915 | 1939 |
| County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series <br> 2017-C, 4.125% 11/1/2045  | 5000 | 4331 |
| County of Cobb, Dev. Auth., Charter School Rev. Bonds (Northwest Classical Academy Project), Series 2023-A, <br> 6.00% 6/15/2043 <sup>(a)</sup>  | 500 | 485 |
| County of Cobb, Dev. Auth., Charter School Rev. Bonds (Northwest Classical Academy Project), Series 2023-A, <br> 6.40% 6/15/2053 <sup>(a)</sup>  | 1750 | 1678 |
| County of Cobb, Dev. Auth., Charter School Rev. Bonds (Northwest Classical Academy Project), Series 2023-A, <br> 6.375% 6/15/2058 <sup>(a)</sup>  | 1250 | 1175 |
| County of Cobb, Dev. Auth., Educational Facs. Rev. Bonds (Mt. Bethel Christian Academy Project), Series 2023-A, <br> 6.25% 6/1/2055 <sup>(a)</sup>  | 1725 | 1729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **231** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| County of Cobb, Dev. Auth., Educational Facs. Rev. Bonds (Mt. Bethel Christian Academy Project), Series 2023-A, <br> 6.25% 6/1/2064 <sup>(a)</sup>  | USD3,050 | $3026 |
| County of Cobb, Dev. Auth., Parking and Dining Hall Lease Rev. Ref. Bonds (Kennesaw State University Real Estate <br> Foundations Projects), Series 2017, 5.00% 7/15/2033  | 1000 | 1035 |
| County of Coweta, Residential Care Facs. for the Elderly Auth., Rev. Bonds (Wesley Woods of Newnan - Peachtree <br> City Project), Series 2021, 4.00% 3/1/2026  | 445 | 444 |
| County of Coweta, Residential Care Facs. for the Elderly Auth., Rev. Bonds (Wesley Woods of Newnan - Peachtree <br> City Project), Series 2021, 4.00% 3/1/2031  | 1265 | 1227 |
| County of Coweta, Residential Care Facs. for the Elderly Auth., Rev. Bonds (Wesley Woods of Newnan - Peachtree <br> City Project), Series 2021, 4.00% 3/1/2036  | 970 | 870 |
| County of Coweta, Residential Care Facs. for the Elderly Auth., Rev. Bonds (Wesley Woods of Newnan - Peachtree <br> City Project), Series 2021, 4.00% 3/1/2041  | 935 | 760 |
| County of Coweta, Residential Care Facs. for the Elderly Auth., Rev. Bonds (Wesley Woods of Newnan - Peachtree <br> City Project), Series 2021, 4.00% 3/1/2046  | 1060 | 781 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.00% <br> 10/1/2038  | 940 | 983 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.00% <br> 10/1/2039  | 900 | 934 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.00% <br> 10/1/2040  | 725 | 744 |
| County of Fayette Dev., Auth. Rev. Bonds (United States Soccer Federation, Inc. Project), Series 2024, 5.25% <br> 10/1/2054  | 6395 | 6407 |
| Geo. L. Smith II Georgia World Congress Center Auth., Convention Center Hotel First Tier Rev. Bonds, Series <br> 2021-A, 2.375% 1/1/2031  | 1000 | 932 |
| Geo. L. Smith II World Congress Center Auth., Convention Center Hotel Second Tier Rev. Bonds, Series 2021-B, <br> 3.625% 1/1/2031 <sup>(a)</sup>  | 1970 | 1895 |
| Geo. L. Smith II World Congress Center Auth., Convention Center Hotel Second Tier Rev. Bonds, Series 2021-B, <br> 5.00% 1/1/2036 <sup>(a)</sup>  | 2315 | 2319 |
| Geo. L. Smith II World Congress Center Auth., Convention Center Hotel Second Tier Rev. Bonds, Series 2021-B, <br> 5.00% 1/1/2054 <sup>(a)</sup>  | 1000 | 884 |
| Counties of Macon and Bibb, Urban Dev. Auth., Rev. Bonds (Academy for Classical Education, Inc.), Series 2017, <br> 5.75% 6/15/2037 <sup>(a)</sup>  | 1200 | 1213 |
| Counties of Macon and Bibb, Urban Dev. Auth., Rev. Bonds (Academy for Classical Education, Inc.), Series 2017, <br> 5.875% 6/15/2047 <sup>(a)</sup>  | 2180 | 2175 |
| Counties of Macon and Bibb, Urban Dev. Auth., Rev. Bonds (Academy for Classical Education, Inc.), Series 2017, <br> 6.00% 6/15/2052 <sup>(a)</sup>  | 3060 | 3061 |
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 9/15/2026  | 1000 | 1024 |
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 9/15/2028  | 1500 | 1596 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-A, 5.00% 5/15/2043  | 860 | 851 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2022-C, 4.00% 8/1/2052 (put 11/1/2027) <sup>(a)</sup>  | 4500 | 4495 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-B, 5.00% 7/1/2053 (put 3/1/2030)  | 4890 | 5163 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-E, 5.00% 12/1/2053 (put 6/1/2031)  | 12225 | 12920 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-D, 5.00% 4/1/2054 (put 4/1/2031)  | 13605 | 14435 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-A, 5.00% 5/1/2054 (put 9/1/2031)  | 3980 | 4222 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-B, 5.00% 12/1/2054 (put 3/1/2032)  | 12590 | 13346 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2024-C, 5.00% 12/1/2054 (put 12/1/2031)  | 15510 | 16308 |
| Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2025-A, 5.00% 6/1/2055 (put 6/1/2032)  | 6570 | 6993 |
| City of Marietta, Dev. Auth., Rev. Bonds (Life University, Inc. Project), Series 2017-A, 5.00% 11/1/2037 <sup>(a)</sup>  | 4000 | 3781 |
| Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Green Bonds, Series 2025-A, 5.00% 7/1/2055  | 3665 | 3727 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2015-A, 5.50% 7/1/2060  | 8600 | 8600 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2021-A, 4.00% 1/1/2046  | 330 | 286 |
| Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project P Bonds, Series 2019-B, 5.00% 1/1/2048  | 2000 | 1946 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 1/1/2034  | 1300 | 1363 |
| Municipal Electric Auth., Project One Bonds, Series 2019-A, 4.00% 1/1/2049  | 2700 | 2293 |
| Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2025-A, 5.25% 9/1/2043  | 1075 | 1132 |
| Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series <br> 2021, 4.00% 4/1/2044  | 3000 | 2676 |
| County of Rockdale, Rev. Ref. Bonds (Pratt Paper (GA), LLC Project), Series 2018, AMT, 4.00% 1/1/2038 <sup>(a)</sup>  | 2500 | 2321 |
|  |  | 181852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **232** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Guam 0.42%** | **Guam 0.42%** | **Guam 0.42%** |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.00% 10/1/2033  | USD250 | $262 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2023-A, AMT, 5.25% 10/1/2035  | 265 | 278 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2023-A, AMT, 5.375% 10/1/2040  | 525 | 540 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2023-A, AMT, 5.375% 10/1/2043  | 1250 | 1263 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 5.00% 1/1/2030  | 500 | 529 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 5.00% 1/1/2031  | 625 | 664 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2031  | 490 | 528 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2015-D, 5.00% 11/15/2031  | 3250 | 3256 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2015-D, 5.00% 11/15/2032  | 2000 | 2003 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 4.00% 1/1/2036  | 10580 | 10176 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.25% 1/1/2038  | 365 | 385 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.25% 1/1/2040  | 500 | 520 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 4.00% 1/1/2042  | 18310 | 16170 |
| Dept. of Education, Certs. of Part. (John F. Kennedy High School Ref. and Energy Efficiency Project), Series 2020-A, <br> 4.25% 2/1/2030  | 1000 | 1000 |
| Dept. of Education, Certs. of Part. (John F. Kennedy High School Ref. and Energy Efficiency Project), Series 2020-A, <br> 5.00% 2/1/2040  | 6205 | 5952 |
| Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 11/1/2028  | 455 | 477 |
| Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 11/1/2029  | 750 | 793 |
| Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 11/1/2035  | 3000 | 3099 |
| Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 11/1/2040  | 3500 | 3502 |
| Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2025  | 2255 | 2267 |
| Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2046  | 1855 | 1812 |
| Port Auth., Port Rev. Bonds, Series 2018-B, AMT, 5.00% 7/1/2033  | 465 | 475 |
| Port Auth., Port Rev. Bonds, Series 2018-B, AMT, 5.00% 7/1/2035  | 400 | 406 |
| Power Auth., Rev. Ref. Bonds, Series 2022-A, 5.00% 10/1/2034  | 1000 | 1081 |
|  |  | 57438 |
| **Hawaii 0.49%** | **Hawaii 0.49%** | **Hawaii 0.49%** |
| Airports System Rev. Bonds, Series 2025-C, AMT, 5.00% 7/1/2043  | 1715 | 1710 |
| Airports System Rev. Bonds, Series 2025-C, AMT, 5.00% 7/1/2045  | 1600 | 1585 |
| Airports System Rev. Bonds, Series 2022-A, AMT, 5.00% 7/1/2051  | 2445 | 2404 |
| Airports System Rev. Bonds, Series 2025-A, AMT, 5.25% 7/1/2051  | 4000 | 4057 |
| Airports System Rev. Bonds, Series 2025-A, AMT, 5.50% 7/1/2054  | 2805 | 2891 |
| Dept. of Budget and Fin., Special Purpose Rev. Ref. Bonds (Hawaiian Electric Co., Inc.), Series 2017-A, AMT, 3.10% <br> 5/1/2026  | 2530 | 2501 |
| Dept. of Budget and Fin., Special Purpose Rev. Ref. Bonds (Hawaiian Electric Co., Inc.), Series 2017-B, AMT, 4.00% <br> 3/1/2037  | 29955 | 28086 |
| Dept. of Budget and Fin., Special Purpose Rev. Ref. Bonds (Hawaiian Electric Co., Inc.), Series 2019, 3.20% <br> 7/1/2039  | 15365 | 12830 |
| County of Hawaii, Community Facs. Dist. No. 1-2021 (Kaloko Heights Project), Special Tax Rev. Bonds., Series <br> 2023, 7.25% 5/15/2052 <sup>(a)</sup>  | 6525 | 6376 |
| City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2016-A, 3.00% <br> 7/1/2041  | 4000 | 3187 |
| City and County of Honolulu, Wastewater System Rev. Green Bonds (First Bond Resolution), Series 2024-A, 5.25% <br> 7/1/2054  | 1540 | 1587 |
|  |  | 67214 |
| **Idaho 0.38%** | **Idaho 0.38%** | **Idaho 0.38%** |
| Health Facs. Auth., Rev. Bonds (Kootenai Health Project), Series 2014-A, 4.375% 7/1/2034  | 2420 | 2420 |
| Health Facs. Auth., Rev. Bonds (Kootenai Health Project), Series 2014-A, 4.75% 7/1/2044  | 7215 | 6832 |
| Health Facs. Auth., Rev. Bonds (Kootenai Health Project), Series 2017-A, 5.00% 7/1/2047  | 1500 | 1466 |
| Health Facs. Auth., Rev. Bonds (Terraces of Boise), Series 2021-A, 3.80% 10/1/2031  | 550 | 526 |
| Health Facs. Auth., Rev. Bonds (Terraces of Boise), Series 2021-A, 4.00% 10/1/2033  | 1500 | 1418 |
| Health Facs. Auth., Rev. Bonds (Terraces of Boise), Series 2021-A, 4.25% 10/1/2039  | 1800 | 1609 |
| Health Facs. Auth., Rev. Bonds (Terraces of Boise), Series 2021-A, 4.50% 10/1/2050  | 3500 | 2797 |
| Health Facs. Auth., Rev. Bonds (Terraces of Boise), Series 2021-A, 4.55% 10/1/2056  | 4845 | 3790 |
| Housing and Fin. Assn., Facs. Rev. Bonds (Compass Public Charter School, Inc. Project), Series 2020-A, 4.50% <br> 7/1/2030 <sup>(a)</sup>  | 540 | 538 |
| Housing and Fin. Assn., Facs. Rev. Bonds (Compass Public Charter School, Inc. Project), Series 2020-A, 5.00% <br> 7/1/2040 <sup>(a)</sup>  | 1665 | 1525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **233** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Idaho (continued)** | **Idaho (continued)** | **Idaho (continued)** |
| Housing and Fin. Assn., Facs. Rev. Bonds (Compass Public Charter School, Inc. Project), Series 2018-A, 6.00% <br> 7/1/2049 <sup>(a)</sup>  | USD1,955 | $1933 |
| Housing and Fin. Assn., Facs. Rev. Bonds (Compass Public Charter School, Inc. Project), Series 2020-A, 5.00% <br> 7/1/2054 <sup>(a)</sup>  | 3000 | 2497 |
| Housing and Fin. Assn., Sales Tax Rev. Bonds (Transportation Expansion and Congestion Mitigation Fund), Series <br> 2024-A, 4.00% 8/15/2049  | 4000 | 3423 |
| Housing and Fin. Assn., Sales Tax Rev. Bonds (Transportation Expansion and Congestion Mitigation Fund), Series <br> 2025-A, 4.00% 8/15/2050  | 5490 | 4659 |
| Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2023-C, 5.75% 1/1/2053  | 10800 | 11739 |
| Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2024-A, 6.00% 7/1/2054  | 4950 | 5449 |
|  |  | 52621 |
| **Illinois 5.67%** | **Illinois 5.67%** | **Illinois 5.67%** |
| Village of Bolingbrook, Special Service Area No. 2019-1, Special Tax Bonds, Series 2019, 5.00% 3/1/2033  | 1645 | 1662 |
| Village of Bolingbrook, Special Service Area No. 2019-1, Special Tax Bonds, Series 2019, 5.25% 3/1/2041  | 4230 | 4175 |
| City of Chicago, Board of Education, Capital Improvement Tax Bonds (Dedicated Rev.), Series 2018, 5.00% <br> 4/1/2034  | 1535 | 1571 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2018-A, AGI, 5.00% <br> 12/1/2026  | 2525 | 2584 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2032  | 4575 | 4705 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2033  | 500 | 511 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2035  | 4000 | 4020 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2036  | 970 | 967 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2039  | 2500 | 2382 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2015-C, 5.25% 12/1/2039  | 6570 | 6455 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2040  | 2750 | 2576 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2041  | 1450 | 1341 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2018-D, 5.00% 12/1/2046  | 14230 | 12688 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2016-B, 6.50% 12/1/2046  | 7910 | 7973 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2017-A, 7.00% <br>12/1/2046 <sup>(a)</sup>  | 24970 | 25662 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2023-A, 6.00% 12/1/2049  | 2470 | 2525 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% <br> 12/1/2025  | 5895 | 5920 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, 5.00% <br> 12/1/2025  | 2750 | 2762 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, AGI, <br> 5.00% 12/1/2028  | 500 | 526 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, AGI, <br> 5.00% 12/1/2028  | 2250 | 2366 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, 5.00% <br> 12/1/2029  | 1000 | 1024 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 6.75% <br> 12/1/2030 <sup>(a)</sup>  | 3500 | 3729 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2012-B, 5.00% <br> 12/1/2034  | 1000 | 998 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2012-B, 4.00% <br> 12/1/2035  | 5000 | 4788 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-B, 4.00% <br> 12/1/2035  | 2240 | 2145 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, 5.00% <br> 12/1/2035  | 1105 | 1095 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% <br> 12/1/2036  | 8000 | 7765 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-B, 4.00% <br> 12/1/2041  | 6500 | 5575 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-A, 4.00% <br> 12/1/2042  | 4125 | 3457 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 7.00% <br> 12/1/2042 <sup>(a)</sup>  | 20185 | 20870 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-A, 4.00% <br> 12/1/2043  | 13000 | 10695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **234** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% <br> 12/1/2046  | USD4,780 | $4257 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-A, 4.00% <br> 12/1/2047  | 7000 | 5439 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), CAB, Series 2019-A, 0% <br> 12/1/2025  | 1000 | 988 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), CAB, Series 1998-B-1, <br> NATL, 0% 12/1/2028  | 7510 | 6636 |
| City of Chicago, GO Bonds, Series 2021-A, 5.00% 1/1/2033  | 95 | 99 |
| City of Chicago, GO Bonds, Series 2021-B, 4.00% 1/1/2037 <sup>(a)</sup>  | 258 | 238 |
| City of Chicago, GO Bonds, Series 2021-B, 4.00% 1/1/2038 <sup>(a)</sup>  | 6641 | 6000 |
| City of Chicago, GO Bonds, Series 2021-B, 4.00% 1/1/2038 <sup>(a)</sup>  | 2074 | 1874 |
| City of Chicago, GO Bonds, Series 2025-B, 5.50% 1/1/2041  | 870 | 893 |
| City of Chicago, GO Bonds, Series 2025-C, 6.00% 1/1/2043  | 1020 | 1068 |
| City of Chicago, GO Bonds, Series 2021-B, 4.00% 1/1/2044 <sup>(a)</sup>  | 4445 | 3576 |
| City of Chicago, GO Bonds, Series 2024-A, 5.25% 1/1/2045  | 3000 | 2917 |
| City of Chicago, GO Bonds, Series 2025-E, 6.00% 1/1/2045  | 1000 | 1038 |
| City of Chicago, GO Bonds, Series 2021-B, 4.00% 1/1/2049 <sup>(a)</sup>  | 3000 | 2275 |
| City of Chicago, GO Bonds, Series 2025-A, 6.00% 1/1/2050  | 9115 | 9319 |
| City of Chicago, GO Bonds (Chicago Works), Series 2023-A, 4.00% 1/1/2035  | 1520 | 1469 |
| City of Chicago, GO Bonds (Chicago Works), Series 2023-A, 5.25% 1/1/2038  | 2250 | 2296 |
| City of Chicago, GO Bonds (Chicago Works), Series 2023-A, 5.50% 1/1/2039  | 4315 | 4447 |
| City of Chicago, GO Bonds (Chicago Works), Series 2023-A, 5.50% 1/1/2040  | 2750 | 2807 |
| City of Chicago, GO Bonds (Chicago Works), Series 2023-A, 5.50% 1/1/2041  | 1000 | 1010 |
| City of Chicago, GO Bonds, CAB, Series 2008-C, 0% 1/1/2027 (escrowed to maturity)  | 2250 | 2156 |
| City of Chicago, GO Project and Rev. Ref. Bonds, CAB, Series 2008-C, 0% 1/1/2031  | 2435 | 1985 |
| City of Chicago, GO Rev. Ref. Bonds, Series 2020-A, 5.00% 1/1/2027  | 1405 | 1434 |
| City of Chicago, GO Rev. Ref. Bonds, Series 2024-B, 5.00% 1/1/2041  | 1000 | 983 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2024-C, AMT, 5.00% <br> 1/1/2029  | 3000 | 3177 |
| City of Chicago, O'Hare International Airport, General Airport Rev. Ref. Bonds, Series 2024-C, AMT, 5.00% <br> 1/1/2032  | 5000 | 5394 |
| City of Chicago, O'Hare International Airport, Special Facs. Rev. Bonds (Trips Obligated Group), Series 2018, AMT, <br> 5.00% 7/1/2048  | 7450 | 7007 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), Series 2012-A, 5.00% 12/1/2042  | 11475 | 10672 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), Series 2016-A, 7.00% 12/1/2044  | 23505 | 23591 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 1998-B-1, NATL, 0% 12/1/2025  | 1470 | 1453 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 1998-B-1, NATL, 0% 12/1/2029  | 5315 | 4502 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 1999-A, NATL, 0% 12/1/2029  | 6975 | 5908 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 1998-B-1, NATL, 0% 12/1/2031  | 10355 | 7957 |
| City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax GO Bonds (Dedicated <br> Tax Rev.), CAB, Series 1999-A, NATL, 0% 12/1/2031  | 8005 | 6151 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2020-A, 4.00% 12/1/2050  | 1000 | 837 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, 5.00% 12/1/2051  | 14000 | 13724 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2020-A, 4.00% 12/1/2055  | 3000 | 2440 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2022-A, 5.00% 12/1/2057  | 7620 | 7321 |
| City of Chicago, Transit Auth., Sales Tax Receipts Rev. Ref. Bonds, Series 2024-A, 5.00% 12/1/2049  | 5000 | 4862 |
| City of Chicago, Wastewater Transmission Rev. Bonds, Series 2017-A, 5.00% 1/1/2037  | 2000 | 2018 |
| City of Chicago, Wastewater Transmission Rev. Bonds, Series 2023-B, AGI, 5.25% 1/1/2048  | 365 | 372 |
| City of Chicago, Wastewater Transmission Rev. Project Bonds, Series 2023-A, AGI, 5.25% 1/1/2058  | 2000 | 2007 |
| City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-A, AGI, 4.00% 1/1/2052  | 500 | 415 |
| City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 11/1/2027  | 750 | 768 |
| City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 11/1/2029  | 1000 | 1022 |
| City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 11/1/2030  | 700 | 714 |
| City of Chicago, Water Rev. Bonds, Series 2016-A-1, 5.00% 11/1/2031  | 1000 | 1018 |
| City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, AGI, 5.00% 11/1/2035  | 2290 | 2337 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **235** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., GO Bonds, Series <br> 2004-A, AGI, 5.75% 6/1/2034  | USD2,000 | $2247 |
| County of Cook, Community College Dist. No. 508 (City Colleges of Chicago), Unlimited Tax GO Bonds, Series <br> 2017, BAM, 5.00% 12/1/2047  | 5100 | 4921 |
| County of Cook, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 11/15/2031  | 1250 | 1278 |
| County of DuPage, Special Service Area No. 31 (Monarch Landing Project), Special Tax Bonds, Series 2006, <br> 5.625% 3/1/2036  | 2973 | 2926 |
| Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), <br> Series 2017, 5.00% 12/1/2037  | 2030 | 2031 |
| Fin. Auth., Charter School Rev. Ref. and Improvement Rev. Bonds (Chicago International Charter School Project), <br> Series 2017, 5.00% 12/1/2047  | 3180 | 2913 |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2025-A, 5.00% 7/1/2032  | 110 | 116 |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2021-A, AMT, 2.25% 7/1/2033  | 225 | 186 |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2025-A, 5.00% 7/1/2033  | 125 | 131 |
| Fin. Auth., Graduate and Professional Student Loan Program Rev. Bonds (Midwestern University Foundation), <br> Series 2025-A, 4.25% 7/1/2041  | 210 | 203 |
| Fin. Auth., Rev. Bonds (Ascension Health Alliance), Series 2016-C, 4.00% 2/15/2041 (preref. 2/15/2027)  | 65 | 66 |
| Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2016-C, 5.00% 2/15/2034 (preref. 2/15/2027)  | 215 | 223 |
| Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2016-C, 5.00% 2/15/2036 (preref. 2/15/2027)  | 215 | 223 |
| Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2016-C, 4.00% 2/15/2041 (preref. 2/15/2027)  | 2085 | 2130 |
| Fin. Auth., Rev. Bonds (DePaul University), Series 2016, 5.00% 10/1/2041  | 1000 | 983 |
| Fin. Auth., Rev. Bonds (Edward-Elmhurst Healthcare), Series 2017-A, 5.00% 1/1/2035 (preref. 1/1/2027)  | 3750 | 3881 |
| Fin. Auth., Rev. Bonds (Friendship Village of Schaumburg), Series 2017, 5.125% 2/15/2045 <sup>(b)</sup>  | 6042 | 48 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 12/1/2034  | 3600 | 3617 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 4.00% 12/1/2035  | 1520 | 1470 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 12/1/2040  | 17480 | 17479 |
| Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 12/1/2046  | 19660 | 19183 |
| Fin. Auth., Rev. Bonds (Northshore University Healthsystem), Series 2020-A, 3.25% 8/15/2049  | 3755 | 2751 |
| Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 4.125% 11/15/2037  | 1220 | 1136 |
| Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2020-A, 3.00% 5/15/2050  | 2500 | 1647 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2025  | 1135 | 1138 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 5/1/2026  | 1030 | 1041 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2026  | 1000 | 1017 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2028  | 2240 | 2275 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2030  | 1500 | 1521 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 11/1/2031  | 1645 | 1666 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-A, 4.00% 5/1/2035  | 1435 | 1389 |
| Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-A, 4.00% 5/1/2050  | 3590 | 2812 |
| Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 3.75% 2/15/2034 (preref. 2/15/2027)  | 250 | 254 |
| Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2/15/2041 (preref. 2/15/2027)  | 80 | 82 |
| Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 4.00% 2/15/2041 (preref. 2/15/2027)  | 5 | 5 |
| Fin. Auth., Rev. Bonds (Rosalind Franklin University Research Building Project), Series 2017-C, 5.00% 8/1/2046  | 1700 | 1608 |
| Fin. Auth., Rev. Bonds (Rosalind Franklin University Research Building Project), Series 2017-C, 5.00% 8/1/2049  | 1850 | 1709 |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 11/15/2032  | 1100 | 1100 |
| Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 11/15/2038  | 1500 | 1500 |
| Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 3.00% 8/15/2048  | 1350 | 956 |
| Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2025-A, 5.00% 7/1/2044  | 185 | 191 |
| Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children's Hospital), Series 2017, 5.00% 8/15/2034  | 1000 | 1019 |
| Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2021, 5.00% 10/1/2028  | 1000 | 973 |
| Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 10/1/2030  | 1900 | 1799 |
| Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2021, 4.00% 10/1/2032  | 1050 | 898 |
| Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 10/1/2033  | 3000 | 2686 |
| Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2021, 4.00% 10/1/2038  | 315 | 232 |
| Fin. Auth., Rev. Ref. Bonds (Benedictine University), Series 2017, 5.00% 10/1/2038  | 7805 | 6414 |
| Fin. Auth., Rev. Ref. Bonds (Christian Homes, Inc.), Series 2016, 5.00% 5/15/2031 <sup>(b)</sup>  | 731 | 212 |
| Fin. Auth., Rev. Ref. Bonds (Christian Homes, Inc.), Series 2016, 5.00% 5/15/2036 <sup>(b)</sup>  | 390 | 113 |
| Fin. Auth., Rev. Ref. Bonds (Dominican University), Series 2022, 5.00% 3/1/2047  | 1100 | 962 |
| Fin. Auth., Rev. Ref. Bonds (Dominican University), Series 2022, 5.00% 3/1/2052  | 1080 | 915 |
| Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Healthcare), Series 2021-A, 4.00% 7/15/2039  | 830 | 768 |
| Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Healthcare), Series 2021-A, 3.00% 7/15/2040  | 5000 | 4119 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **236** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2035  | USD2,575 | $2576 |
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 11/15/2045  | 2975 | 2883 |
| Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 8/15/2035  | 3950 | 3954 |
| Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 4.125% 8/15/2037  | 8710 | 8715 |
| Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2025, 5.00% 8/15/2041  | 4165 | 4236 |
| Fin. Auth., Rev. Ref. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 8/15/2044  | 8900 | 8908 |
| Fin. Auth., Rev. Ref. Bonds (Smith Crossing), Series 2022, 4.00% 10/15/2030  | 500 | 482 |
| Fin. Auth., Rev. Ref. Bonds (Smith Crossing), Series 2022, 4.00% 10/15/2037  | 1000 | 853 |
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2023, AMT, 4.60% <br> 10/1/2053 (put 10/1/2026)  | 4755 | 4773 |
| Fin. Auth., Solid Waste Disposal Rev. Green Bonds (LRS Holdings, LLC Project), Series 2023-A, AMT, 7.25% <br> 9/1/2052 (put 9/1/2030) <sup>(a)</sup>  | 15500 | 16415 |
| Fin. Auth., Student Housing and Academic Fac. Rev. Bonds (CHF-Chicago, LLC - University of Illinois at Chicago <br> Project), Series 2017-A, 5.00% 2/15/2047  | 2985 | 2718 |
| Fin. Auth., Student Housing and Academic Fac. Rev. Bonds (CHF-Chicago, LLC - University of Illinois at Chicago <br> Project), Series 2017-A, 5.00% 2/15/2050  | 765 | 682 |
| Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, <br> 5.00% 7/1/2030  | 3965 | 3881 |
| Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, <br> 5.00% 7/1/2035  | 3950 | 3662 |
| Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, <br> 5.00% 7/1/2047  | 19515 | 16012 |
| GO Bonds, Series 2021-B, 4.00% 1/1/2030 <sup>(a)</sup>  | 2111 | 2139 |
| GO Bonds, Series 2021-B, 4.00% 1/1/2035 <sup>(a)</sup>  | 379 | 363 |
| GO Bonds, Series 2016, 4.00% 6/1/2036  | 2545 | 2438 |
| GO Bonds, Series 2019-C, 4.00% 11/1/2040  | 500 | 443 |
| GO Bonds, Series 2021-B, 3.00% 12/1/2040  | 7140 | 5453 |
| GO Bonds, Series 2021-B, 3.00% 12/1/2041  | 5000 | 3702 |
| GO Bonds, Series 2022-A, 5.50% 3/1/2042  | 2650 | 2746 |
| GO Bonds, Series 2019-C, 4.00% 11/1/2042  | 2305 | 1985 |
| GO Bonds, Series 2019-C, 4.00% 11/1/2044  | 1850 | 1559 |
| GO Bonds, Series 2020-C, 4.25% 10/1/2045  | 500 | 436 |
| GO Bonds, Series 2024-B, 5.25% 5/1/2047  | 775 | 777 |
| GO Bonds, Series 2024-B, 5.25% 5/1/2048  | 1160 | 1161 |
| GO Bonds, Series 2024-B, 5.25% 5/1/2049  | 1000 | 997 |
| GO Rev. Ref. Bonds, Series 2016, AGI, 4.00% 2/1/2030  | 60 | 60 |
| Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2016-B, AMT, 3.50% 8/1/2046  | 110 | 110 |
| Housing Dev. Auth., Housing Rev. Green Bonds, Series 2021-B, 3.00% 4/1/2051  | 1775 | 1755 |
| Housing Dev. Auth., Rev. Bonds, Series 2019-A, 4.25% 10/1/2049  | 145 | 146 |
| Housing Dev. Auth., Rev. Bonds, Series 2021-A, 3.00% 4/1/2051  | 715 | 708 |
| Housing Dev. Auth., Rev. Bonds, Series 2021-D, 3.00% 10/1/2051  | 2360 | 2333 |
| Housing Dev. Auth., Rev. Bonds, Series 2022-A, 3.50% 4/1/2052  | 2770 | 2774 |
| Housing Dev. Auth., Rev. Bonds, Series 2023-K, 6.25% 10/1/2053  | 9250 | 10253 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-A, 6.00% 10/1/2054  | 4580 | 4963 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-I, 6.00% 10/1/2055  | 1345 | 1484 |
| Housing Dev. Auth., Rev. Bonds, Series 2024-E, 6.25% 10/1/2055  | 1675 | 1842 |
| Housing Dev. Auth., Rev. Social Bonds, Series 2024-C, 6.25% 10/1/2054  | 4560 | 5073 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-B, AGI, 5.00% <br> 4/1/2026  | 620 | 630 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-B, AGI, 5.00% <br> 4/1/2031  | 780 | 817 |
| Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, AGI, 5.00% <br> 4/1/2035  | 750 | 771 |
| Village of Lincolnshire, Special Service Area No. 1 (Sedgebrook Project), Special Tax Bonds, Series 2004, 6.25% <br> 3/1/2034  | 1078 | 1079 |
| Village of Matteson, Tax Increment Limited Obligation Rev. Bonds, Series 2015, 6.50% 12/1/2035  | 995 | 1017 |
| Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, CAB, Series 1994, BAM, 0% 6/15/2028  | 1000 | 914 |
| Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, CAB, Series 2002-A, NATL, 0% <br> 6/15/2030 (escrowed to maturity)  | 130 | 112 |
| Metropolitan Pier and Exposition Auth., Dedicated State Tax Rev. Bonds, CAB, Series 2002-A, NATL, 0% <br> 6/15/2037  | 3000 | 1759 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2025  | 2470 | 2443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **237** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 1994, NATL, 0% <br> 6/15/2028  | USD2,250 | $2051 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2032  | 6860 | 5162 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 6/15/2033  | 3500 | 2565 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2033  | 10815 | 7727 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 6/15/2034  | 1000 | 696 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2034  | 15785 | 10690 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2035  | 1115 | 714 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 6/15/2038  | 5280 | 2895 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2002-A, NATL, <br> 0% 12/15/2039  | 3800 | 1880 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2012-B, 0% <br> 12/15/2051  | 7515 | 1740 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, CAB, Series 2015-A, AGI, 0% <br> 12/15/2052  | 2055 | 469 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2020-B, 5.00% <br> 6/15/2042  | 4525 | 4566 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, Series 2015-A, 5.00% <br> 6/15/2053  | 2000 | 1899 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Bonds, CAB, Series 2012-B, AGI, <br> 0% 12/15/2051  | 7835 | 1895 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2015-B, <br> 5.00% 12/15/2040  | 865 | 866 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2022-A, <br> 4.00% 12/15/2042  | 10055 | 8807 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2022-A, <br> 4.00% 12/15/2047  | 2600 | 2128 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, <br> 4.00% 6/15/2050  | 12500 | 9999 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-A, <br> 5.00% 6/15/2050  | 11100 | 10787 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2022-A, <br> 4.00% 6/15/2052  | 11570 | 9137 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2024-B, <br> 5.00% 6/15/2053  | 1180 | 1145 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-A, <br> 5.00% 6/15/2057  | 4500 | 4284 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2002-A, <br> NATL, 0% 12/15/2031  | 2830 | 2236 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 6/15/2037  | 1390 | 811 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 12/15/2037  | 2340 | 1323 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 6/15/2039  | 1595 | 815 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 12/15/2039  | 1750 | 866 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 6/15/2040  | 1650 | 784 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 12/15/2040  | 6150 | 2852 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2022-A, <br> 0% 12/15/2041  | 1900 | 817 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series <br> 2010-B-1, AGI, 0% 6/15/2043  | 3800 | 1509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **238** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series <br> 2010-B-1, AGI, 0% 6/15/2044  | USD8,000 | $2993 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series <br> 2010-B-1, AGI, 0% 6/15/2046  | 2030 | 675 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2012-B, <br> BAM, 0% 12/15/2051  | 5500 | 1330 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2017-B, <br> BAM, 0% 12/15/2054  | 40685 | 8285 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2017-B, <br> 0% 12/15/2054  | 13000 | 2522 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2017-A, <br> AGI, 0% 12/15/2056  | 34540 | 6270 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2017-A, <br> 0% 12/15/2056  | 2500 | 432 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Bonds, Series 2021, BAM, 4.00% <br> 10/1/2043  | 500 | 438 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2035  | 1075 | 1070 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2036  | 2175 | 2137 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2037  | 1650 | 1588 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2038  | 2400 | 2265 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2039  | 2520 | 2317 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2021, BAM, 4.00% <br> 10/1/2039  | 405 | 374 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2040  | 2450 | 2209 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2020-B, BAM, <br> 4.00% 4/1/2041  | 2465 | 2193 |
| Board of Trustees of Northern Illinois University, Auxiliary Facs. System Rev. Ref. Bonds, Series 2021, BAM, 4.00% <br> 10/1/2041  | 385 | 345 |
| Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, 4.00% 1/1/2038  | 2000 | 1892 |
| Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2024-A, 5.00% 1/1/2037  | 1975 | 2134 |
| Board of Trustees of Southern Illinois University, Housing and Auxiliary Facs. System Rev. Bonds, CAB, Series <br> 1999-A, NATL, 0% 4/1/2029  | 1325 | 1138 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2019, 5.00% 6/15/2028  | 1000 | 1036 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2019, 5.00% 6/15/2029  | 2000 | 2095 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2014, AGI, 5.25% 6/15/2030  | 6000 | 6013 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2014, AGI, 5.25% 6/15/2031  | 2550 | 2555 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2014, AGI, 5.25% 6/15/2032  | 1405 | 1408 |
| Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), CAB, Series 2001, AMBAC, 0% 6/15/2026  | 1000 | 971 |
| Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-A, 5.00% 1/1/2044  | 1500 | 1501 |
| Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2016-A, 4.00% <br> 4/1/2034  | 2160 | 2152 |
| Village of Volo, Special Service Area No. 17, Special Tax Bonds, Series 2017, 5.50% 3/1/2047  | 1209 | 1173 |
| Village of Volo, Special Service Areas Nos. 3 and 6 (Symphony Meadows / Lancaster Falls Projects), Special Tax <br> Rev. Ref. Bonds, Series 2016, AGI, 3.125% 3/1/2027  | 1128 | 1130 |
| Village of Volo, Special Service Areas Nos. 3 and 6 (Symphony Meadows / Lancaster Falls Projects), Special Tax <br> Rev. Ref. Bonds, Series 2016, AGI, 5.00% 3/1/2034  | 4987 | 5035 |
| Village of Volo, Special Service Areas Nos. 3 and 6 (Symphony Meadows / Lancaster Falls Projects), Special Tax <br> Rev. Ref. Bonds, Series 2016, AGI, 4.00% 3/1/2036  | 1241 | 1194 |
| United City of Yorkville, Special Service Area Nos. 2005-108 and 2005-109, Special Tax Rev. Ref. Bonds, Series <br> 2016, AGI, 5.00% 3/1/2032  | 4275 | 4326 |
| United City of Yorkville, Special Service Area Nos. 2005-108 and 2005-109, Special Tax Rev. Ref. Bonds, Series <br> 2016, AGI, 4.00% 3/1/2036  | 7440 | 7442 |
|  |  | 780291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **239** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Indiana 1.13%** | **Indiana 1.13%** | **Indiana 1.13%** |
| Fin. Auth., Educational Facs. Rev. Bonds (Seven Oaks Classical School Project), Series 2021-A, 5.00% 6/1/2041  | USD1,060 | $940 |
| Fin. Auth., Educational Facs. Rev. Bonds (Seven Oaks Classical School Project), Series 2021-A, 5.00% 6/1/2051  | 625 | 507 |
| Fin. Auth., Educational Facs. Rev. Bonds (Seven Oaks Classical School Project), Series 2021-A, 5.00% 6/1/2056  | 1005 | 796 |
| Fin. Auth., Environmental Facs. Rev. Ref. Bonds (Indianapolis Power & Light Co. Project), Series 2021-A, 1.40% <br> 8/1/2029  | 2000 | 1809 |
| Fin. Auth., Environmental Improvement Rev. Bonds (U.S. Steel Corp. Project), Series 2020-A, AMT, 6.75% 5/1/2039  | 7550 | 8306 |
| Fin. Auth., Environmental Improvement Rev. Ref. Bonds (U.S. Steel Corp. Project), Series 2021-A, 4.125% <br> 12/1/2026  | 7200 | 7217 |
| Fin. Auth., Health Facs. Rev. Bonds (Good Samaritan Hospital Project), Series 2016-A, 5.50% 4/1/2041  | 2000 | 1996 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-C, 5.25% 10/1/2044  | 3165 | 3310 |
| Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2025-D-3, 5.00% 10/1/2059 (put <br> 10/1/2033)  | 1810 | 1995 |
| Fin. Auth., Hospital Rev. Bonds (Goshen Health), Series 2019-A, 4.00% 11/1/2043  | 2000 | 1727 |
| Fin. Auth., Hospital Rev. Bonds (Marion General Hospital), Series 2020-A, 4.00% 7/1/2050  | 15000 | 12515 |
| Fin. Auth., Hospital Rev. Ref. Bonds (Methodist Hospitals, Inc.), Series 2024-A, 5.50% 9/15/2039  | 6725 | 6979 |
| Fin. Auth., Hospital Rev. Ref. Bonds (Methodist Hospitals, Inc.), Series 2024-A, 5.50% 9/15/2044  | 7875 | 7909 |
| Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-B, 3.00% <br> 11/1/2030  | 9005 | 8757 |
| Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 4.25% <br> 11/1/2030  | 6545 | 6647 |
| Fin. Auth., Pollution Control Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2010-B, 2.50% 11/1/2030  | 8050 | 7564 |
| Fin. Auth., Pollution Control Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2010-A, 3.00% 11/1/2030  | 4080 | 3972 |
| Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 11/15/2033  | 2410 | 2465 |
| Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 11/15/2038  | 2395 | 2403 |
| Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 11/15/2043  | 4325 | 4092 |
| Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2016-A, 5.25% 11/15/2046  | 7850 | 7494 |
| Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 11/15/2048  | 4500 | 4067 |
| Fin. Auth., Rev. Bonds (BHI Senior Living Obligated Group), Series 2018-A, 5.00% 11/15/2053  | 1350 | 1195 |
| Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2021-A, 4.00% 11/15/2043  | 5255 | 4280 |
| Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2021-A, 4.00% 11/15/2051  | 3250 | 2406 |
| Fin. Auth., Rev. Ref. Bonds (BHI Senior Living Obligated Group), Series 2021-A, 4.00% 11/15/2041  | 9305 | 8033 |
| Fin. Auth., Rev. Ref. Bonds (Greencroft Obligated Group), Series 2023-A, 4.00% 11/15/2037  | 9605 | 8762 |
| Fin. Auth., Student Housing Rev. Bonds (PRG - UINDY Properties LLC), Series 2025, 5.25% 7/1/2045  | 945 | 865 |
| Fin. Auth., Student Housing Rev. Bonds (PRG - UINDY Properties LLC), Series 2025, 5.75% 7/1/2060  | 3345 | 3138 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 1/1/2049  | 280 | 281 |
| Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-B, 3.00% 7/1/2050  | 515 | 510 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev. Bonds, Series 2022-1A, AMT, <br> 5.00% 6/1/2030  | 375 | 392 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev. Bonds, Series 2022-1A, AMT, <br> 5.00% 6/1/2031  | 375 | 392 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev. Bonds, Series 2022-1A, AMT, <br> 4.50% 6/1/2039  | 50 | 49 |
| City of Valparaiso, Exempt Facs. Rev. Ref. Bonds (Pratt Paper (IN), LLC Project), Series 2024, AMT, 4.50% <br>1/1/2034 <sup>(a)</sup>  | 1170 | 1182 |
| City of Valparaiso, Exempt Facs. Rev. Ref. Bonds (Pratt Paper (IN), LLC Project), Series 2024, AMT, 4.875% <br>1/1/2044 <sup>(a)</sup>  | 2600 | 2434 |
| City of Valparaiso, Exempt Facs. Rev. Ref. Bonds (Pratt Paper (IN), LLC Project), Series 2024, AMT, 5.00% <br>1/1/2054 <sup>(a)</sup>  | 6215 | 5683 |
| City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2008, 4.20% <br> 6/1/2044 (put 6/2/2025)  | 2295 | 2280 |
| City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2021, AMT, <br> 3.00% 11/1/2051  | 13930 | 9180 |
| City of Whiting, Environmental Facs. Rev. Ref. Bonds (BP Products North America, Inc. Project), Series 2019-A, <br> AMT, 5.00% 12/1/2044 (put 6/15/2026)  | 1160 | 1175 |
|  |  | 155704 |
| **Iowa 0.76%** | **Iowa 0.76%** | **Iowa 0.76%** |
| Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2022, 5.00% 12/1/2050 <br> (put 12/1/2042)  | 8625 | 9741 |
| Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2024-A, 5.00% 5/15/2049  | 3300 | 2998 |
| Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2021-A, 4.00% 5/15/2053  | 2000 | 1511 |
| Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2023-B, 7.50% 5/15/2053  | 3700 | 4047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **240** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** |
| Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2019-A-1, 5.00% 5/15/2055  | USD1,435 | $1273 |
| Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2024-A, 5.125% 5/15/2059  | 6150 | 5602 |
| Fin. Auth., Rev. Bonds (Wesley Retirement Services, Inc.), Series 2025-BC, 6.00% 12/1/2055  | 25850 | 23165 |
| Fin. Auth., Senior Housing Rev. Bonds (Northcrest, Inc. Project), Series 2018-A, 5.00% 3/1/2028  | 225 | 228 |
| Fin. Auth., Senior Housing Rev. Bonds (Northcrest, Inc. Project), Series 2018-A, 5.00% 3/1/2033  | 1000 | 1007 |
| Fin. Auth., Senior Housing Rev. Bonds (Northcrest, Inc. Project), Series 2018-A, 5.00% 3/1/2038  | 1125 | 1110 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2021-B, 3.00% 7/1/2051  | 920 | 911 |
| PEFA, Inc., Gas Project Rev. Bonds, Series 2019, 5.00% 9/1/2049 (put 9/1/2026)  | 2230 | 2254 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2023-B, AMT, 5.00% 12/1/2028  | 215 | 225 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2024-B, AMT, 5.00% 12/1/2031  | 665 | 702 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2024-B, AMT, 5.00% 12/1/2032  | 635 | 674 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2024-B, AMT, 5.00% 12/1/2033  | 975 | 1029 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2024-B, AMT, 5.00% 12/1/2034  | 1100 | 1149 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2019-B, AMT, 3.00% 12/1/2039  | 205 | 196 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2019-C, AMT, 3.50% 12/1/2044  | 6950 | 5100 |
| Student Loan Liquidity Corp., Student Loan Rev. Bonds, Series 2024-C, AMT, 5.00% 12/1/2054  | 2220 | 1910 |
| Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, CAB, Series 2021-B-2, 0% 6/1/2065  | 270740 | 37716 |
| Board of Regents of the University of Iowa, Hospital Rev. Bonds (University of Iowa Hospitals and Clinics), Series <br> 2022-B, 3.00% 9/1/2056  | 4000 | 2608 |
|  |  | 105156 |
| **Kansas 0.57%** | **Kansas 0.57%** | **Kansas 0.57%** |
| City of Hitchinson, Health Care Facs. Rev. Ref. Bonds (Wesley Towers, Inc.), Series 2016-A, 4.00% 11/1/2031  | 285 | 229 |
| City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2018-A, 5.00% 5/15/2027  | 750 | 758 |
| City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2018-A, 5.00% 5/15/2029  | 1205 | 1225 |
| City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2018-A, 5.00% 5/15/2031  | 1330 | 1343 |
| City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2018-A, 5.00% 5/15/2032  | 250 | 252 |
| City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2018-A, 5.00% 5/15/2039  | 6860 | 6617 |
| City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2017-A, 5.00% 5/15/2043  | 4050 | 3768 |
| City of Manhattan, Health Care Facs. Rev. Bonds (Meadowlark Hills), Series 2021-A, 4.00% 6/1/2028  | 300 | 298 |
| City of Manhattan, Health Care Facs. Rev. Bonds (Meadowlark Hills), Series 2021-A, 4.00% 6/1/2036  | 4765 | 4287 |
| City of Manhattan, Health Care Facs. Rev. Bonds (Meadowlark Hills), Series 2021-A, 4.00% 6/1/2046  | 5225 | 4056 |
| City of Manhattan, Health Care Facs. Rev. Bonds (Meadowlark Hills), Series 2022-A, 4.00% 6/1/2052  | 6210 | 4475 |
| City of Overland Park, Special Obligation Sales Tax Rev. Bonds (Bluhawk Star Bond Project), Series 2022-A, 6.00% <br> 11/15/2034 <sup>(a)</sup>  | 1820 | 1898 |
| City of Prairie Village, Special Obligation Tax Increment Rev. Ref. Bonds (Meadowbrook TIF Project), Series 2021, <br> 2.875% 4/1/2030  | 135 | 134 |
| Unified Government of Wyandotte County, Special Obligation Improvement Rev. Ref. Bonds (Wyandotte Plaza <br> Redev. Project), Series 2016, 5.00% 12/1/2034  | 1805 | 1713 |
| Unified Government of Wyandotte County, Special Obligation Rev. Bonds (Vacation Village Project Area 1 and <br> 2A), Series 2015-A, 5.75% 9/1/2032  | 4315 | 4055 |
| Unified Government of Wyandotte County, Special Obligation Rev. Bonds (Vacation Village Project Area 4 - Major <br> Multi-Sport Athletic Complex Project), CAB, Series 2015, 0% 9/1/2034 <sup>(a)</sup>  | 500 | 267 |
| Unified Government of Wyandotte County, Special Obligation Rev. Bonds (Village East Project Area Nos. 2B, 3 <br> and 5), Series 2022, 5.25% 9/1/2035 <sup>(a)</sup>  | 24100 | 24284 |
| Unified Government of Wyandotte County, Special Obligation Rev. Bonds (Village East Project Area Nos. 2B, 3 <br> and 5), Series 2022, 5.75% 9/1/2039 <sup>(a)</sup>  | 18550 | 18818 |
|  |  | 78477 |
| **Kentucky 0.87%** | **Kentucky 0.87%** | **Kentucky 0.87%** |
| City of Ashland, Medical Center Rev. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center Project), <br> Series 2016-A, 5.00% 2/1/2028  | 1260 | 1272 |
| City of Ashland, Medical Center Rev. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center Project), <br> Series 2016-A, 5.00% 2/1/2030  | 1815 | 1830 |
| City of Ashland, Medical Center Rev. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center Project), <br> Series 2016-A, 4.00% 2/1/2032  | 500 | 500 |
| City of Ashland, Medical Center Rev. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center Project), <br> Series 2016-A, 4.00% 2/1/2036  | 2775 | 2661 |
| City of Ashland, Medical Center Rev. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center Project), <br> Series 2016-A, 5.00% 2/1/2040  | 2150 | 2114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **241** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| City of Ashland, Medical Center Rev. Ref. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center <br> Project), Series 2019, 5.00% 2/1/2032  | USD910 | $935 |
| City of Ashland, Medical Center Rev. Ref. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center <br> Project), Series 2019, 4.00% 2/1/2034  | 980 | 945 |
| City of Ashland, Medical Center Rev. Ref. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center <br> Project), Series 2019, 4.00% 2/1/2036  | 380 | 357 |
| City of Ashland, Medical Center Rev. Ref. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center <br> Project), Series 2019, 4.00% 2/1/2037  | 750 | 698 |
| City of Ashland, Medical Center Rev. Ref. Bonds (Ashland Hospital Corp. - King's Daughters Medical Center <br> Project), Series 2019, AGI, 3.00% 2/1/2040  | 6185 | 5176 |
| County of Carroll, Environmental Facs. Rev. Bonds, Series 2008-A, 2.00% 2/1/2032  | 4000 | 3430 |
| County of Carroll, Environmental Facs. Rev. Ref. Bonds, Series 2006-B, AMT, 2.125% 10/1/2034  | 2150 | 1707 |
| Econ. Dev. Fin. Auth., Health System Rev. Bonds (Norton Healthcare, Inc.), CAB, Series 2000-B, NATL, 0% <br> 10/1/2026  | 4625 | 4423 |
| Econ. Dev. Fin. Auth., Health System Rev. Bonds (Norton Healthcare, Inc.), CAB, Series 2000-B, NATL, 0% <br> 10/1/2027  | 3585 | 3298 |
| Econ. Dev. Fin. Auth., Healthcare Facs. Rev. and Rev. Ref. Bonds (Rosedale Green Project), Series 2015, 5.50% <br> 11/15/2035  | 600 | 547 |
| Econ. Dev. Fin. Auth., Healthcare Facs. Rev. and Rev. Ref. Bonds (Rosedale Green Project), Series 2015, 5.75% <br> 11/15/2045  | 4600 | 3677 |
| Econ. Dev. Fin. Auth., Healthcare Facs. Rev. and Rev. Ref. Bonds (Rosedale Green Project), Series 2015, 5.75% <br> 11/15/2050  | 1550 | 1188 |
| Econ. Dev. Fin. Auth., Hospital Rev. Bonds (Baptist Healthcare System Obligated Group), Series 2017-B, 5.00% <br> 8/15/2041  | 4250 | 4266 |
| Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Ref. Bonds (Louisville Arena Auth., Inc.), Series 2017-A, AGI, <br> 5.00% 12/1/2045  | 6000 | 5897 |
| City of Henderson, Exempt Facs. Rev. Bonds (Pratt Paper, LLC Project), Series 2022-B, AMT, 3.70% 1/1/2032 <sup>(a)</sup>  | 4745 | 4668 |
| City of Henderson, Exempt Facs. Rev. Bonds (Pratt Paper, LLC Project), Series 2022-A, AMT, 4.45% 1/1/2042 <sup>(a)</sup>  | 4000 | 3648 |
| City of Henderson, Exempt Facs. Rev. Bonds (Pratt Paper, LLC Project), Series 2022-B, AMT, 4.45% 1/1/2042 <sup>(a)</sup>  | 1250 | 1140 |
| City of Henderson, Exempt Facs. Rev. Bonds (Pratt Paper, LLC Project), Series 2022-A, AMT, 4.70% 1/1/2052 <sup>(a)</sup>  | 11545 | 10135 |
| City of Henderson, Exempt Facs. Rev. Bonds (Pratt Paper, LLC Project), Series 2022-B, AMT, 4.70% 1/1/2052 <sup>(a)</sup>  | 4250 | 3731 |
| Higher Education Student Loan Corp., Student Loan Rev. Bonds, Series 2025-A-1, AMT, 5.00% 6/1/2034  | 2040 | 2117 |
| Higher Education Student Loan Corp., Student Loan Rev. Bonds, Series 2025-A-1, AMT, 5.00% 6/1/2035  | 2210 | 2278 |
| Higher Education Student Loan Corp., Student Loan Rev. Bonds, Series 2023-A-1, AMT, 4.00% 6/1/2037  | 8955 | 8287 |
| Higher Education Student Loan Corp., Student Loan Rev. Bonds, Series 2025-A-1, AMT, 4.75% 6/1/2040  | 2795 | 2808 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.25% 7/1/2054  | 1535 | 1704 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-C, 6.25% 1/1/2055  | 985 | 1080 |
| Housing Corp., Single Family Mortgage Rev. Bonds, Series 2024-E, 6.25% 7/1/2055  | 950 | 1049 |
| Kentucky State University, Certs. of Part. (Kentucky State University Project), Series 2021, BAM, 4.00% 11/1/2041  | 750 | 705 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2016-A, 5.00% 10/1/2029  | 2550 | 2602 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2016-A, 5.00% 10/1/2033  | 3025 | 3060 |
| Louisville/Jefferson Metro County Government, Health System Rev. Bonds (Norton Healthcare, Inc.), Series <br> 2020-A, 3.00% 10/1/2043  | 500 | 364 |
| Louisville/Jefferson Metro County Government, Hospital Rev. Bonds (UofL Health Project), Series 2022-A, 5.00% <br> 5/15/2052  | 705 | 664 |
| Louisville/Jefferson Metro County Government, Pollution Control Rev. Bonds (Louisville Gas and Electric Co. <br> Project), Series 2003-A, 2.00% 10/1/2033  | 1250 | 1037 |
| City of Paducah, Electric Plant Board, Rev. Ref. Bonds, Series 2016-A, AGI, 5.00% 10/1/2035  | 1500 | 1529 |
| Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-1, 4.00% 8/1/2052 (put 8/1/2030)  | 1500 | 1497 |
| Public Energy Auth., Gas Supply Rev. Bonds, Series 2024-A-1, 5.00% 5/1/2055 (put 7/1/2030)  | 1120 | 1175 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2023-A-1, 5.25% 4/1/2054 (put 2/1/2032)  | 8310 | 8913 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2024-B, 5.00% 1/1/2055 (put 8/1/2032)  | 4000 | 4233 |
| Public Energy Auth., Gas Supply Rev. Ref. Bonds, Series 2025-A, 5.25% 6/1/2055 (put 12/1/2029)  | 3600 | 3802 |
| Public Transportation Infrastructure Auth., Toll Rev. Ref. Bonds, Series 2021-B, AGI, 4.00% 7/1/2049 <sup>(a)</sup>  | 840 | 720 |
| Public Transportation Infrastructure Auth., Toll Rev. Ref. Bonds, Series 2021-B, AGI, 4.00% 7/1/2053 <sup>(a)</sup>  | 1895 | 1573 |
|  |  | 119440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **242** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Louisiana 1.05%** | **Louisiana 1.05%** | **Louisiana 1.05%** |
| Aviation Board, General Airport Rev. Ref. Bonds, Series 2024-B, AMT, 5.00% 1/1/2034  | USD720 | $772 |
| Parish of Calcasieu, Memorial Hospital Service Dist., Hospital Rev. Ref. Bonds (Lake Charles Memorial Hospital <br> Project), Series 2019, 5.00% 12/1/2029  | 1000 | 1031 |
| Parish of Calcasieu, Memorial Hospital Service Dist., Hospital Rev. Ref. Bonds (Lake Charles Memorial Hospital <br> Project), Series 2019, 5.00% 12/1/2034  | 1250 | 1251 |
| Parish of Calcasieu, Memorial Hospital Service Dist., Hospital Rev. Ref. Bonds (Lake Charles Memorial Hospital <br> Project), Series 2019, 5.00% 12/1/2039  | 4800 | 4494 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Christwood Project), Series <br> 2024, 4.25% 11/15/2030 <sup>(a)</sup>  | 1050 | 1049 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Christwood Project), Series <br> 2024, 5.00% 11/15/2037 <sup>(a)</sup>  | 1770 | 1733 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Christwood Project), Series <br> 2024, 5.00% 11/15/2044 <sup>(a)</sup>  | 350 | 316 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Christwood Project), Series <br> 2024, 5.25% 11/15/2053 <sup>(a)</sup>  | 500 | 444 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Christwood Project), Series <br> 2024, 5.25% 11/15/2059 <sup>(a)</sup>  | 500 | 436 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Entergy Louisiana, LLC <br> Projects), Series 2021-B, 2.50% 4/1/2036  | 39165 | 31658 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Ragin' Cajun Facs., Inc. <br> Project), Series 2017, AGI, 5.00% 10/1/2039  | 1000 | 1003 |
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Westlake Chemical Corp. <br> Projects), Series 2017, 3.50% 11/1/2032  | 10370 | 9920 |
| Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties, LLC - Louisiana State University <br> Greenhouse Dist. Phase II Project), Series 2017, 5.00% 7/1/2052  | 800 | 777 |
| Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties, LLC - Louisiana State University <br> Greenhouse Dist. Phase III Project), Series 2019-A, 5.00% 7/1/2059  | 7500 | 7223 |
| Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties, LLC - Louisiana State University <br> Nicholson Gateway Project), Series 2016-A, 5.00% 7/1/2051  | 5180 | 4916 |
| Public Facs. Auth., Lease Rev. Bonds (Provident Group - Flagship Properties, LLC - Louisiana State University <br> Nicholson Gateway Project), Series 2016-A, 5.00% 7/1/2056  | 1000 | 944 |
| Public Facs. Auth., Rev. Bonds (BBR Schools - Materra Campus Project), Series 2021-A, 4.00% 6/1/2031 <sup>(a)</sup>  | 435 | 414 |
| Public Facs. Auth., Rev. Bonds (BBR Schools - Mid City Campus Project), Series 2021-C, 4.00% 6/1/2031 <sup>(a)</sup>  | 300 | 285 |
| Public Facs. Auth., Rev. Bonds (BBR Schools - Mid City Campus Project), Series 2021-A, 4.00% 6/1/2041 <sup>(a)</sup>  | 2665 | 2098 |
| Public Facs. Auth., Rev. Bonds (BBR Schools - Mid City Campus Project), Series 2021-C, 4.00% 6/1/2041 <sup>(a)</sup>  | 1000 | 787 |
| Public Facs. Auth., Rev. Bonds (BBR Schools - Mid City Campus Project), Series 2021-C, 4.00% 6/1/2051 <sup>(a)</sup>  | 1745 | 1207 |
| Public Facs. Auth., Rev. Bonds (BBR Schools - Mid City Campus Project), Series 2021-A, 4.00% 6/4/2051 <sup>(a)</sup>  | 2635 | 1822 |
| Public Facs. Auth., Rev. Bonds (BBR Schools - Mid City Campus Project), Series 2021-A, 4.00% 6/1/2056 <sup>(a)</sup>  | 2205 | 1474 |
| Public Facs. Auth., Rev. Bonds (BBR Schools - Mid City Campus Project), Series 2021-C, 4.00% 6/1/2056 <sup>(a)</sup>  | 1165 | 778 |
| Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2016, 5.00% 5/15/2032 (preref. <br> 5/15/2026)  | 10 | 10 |
| Public Facs. Auth., Rev. Bonds (Provident Group - HSC Properties, Inc. - LSU Health Foundations, New Orleans <br> Project), Series 2006, 5.10% 1/1/2057 <sup>(a)</sup>  | 12500 | 9497 |
| Public Facs. Auth., Rev. Bonds, (I-10 Calcasieu River Bridge Public-Private Partnership Project), Series 2024, AMT, <br> 5.50% 9/1/2059  | 1000 | 996 |
| Public Facs. Auth., Rev. Bonds, (I-10 Calcasieu River Bridge Public-Private Partnership Project), Series 2024, AMT, <br> 5.75% 9/1/2064  | 7250 | 7366 |
| Public Facs. Auth., Rev. Ref. Bonds (Acadiana Renaissance Charter Academy Project), Series 2025, 6.00% <br> 6/15/2045 <sup>(a)</sup>  | 3750 | 3711 |
| Public Facs. Auth., Rev. Ref. Bonds (Acadiana Renaissance Charter Academy Project), Series 2025, 6.375% <br> 6/15/2053 <sup>(a)</sup>  | 1000 | 976 |
| Public Facs. Auth., Rev. Ref. Bonds (Acadiana Renaissance Charter Academy Project), Series 2025, 6.15% <br> 6/15/2055 <sup>(a)</sup>  | 5835 | 5762 |
| Public Facs. Auth., Rev. Ref. Bonds (Acadiana Renaissance Charter Academy Project), Series 2025, 6.00% <br> 6/15/2059 <sup>(a)</sup>  | 2625 | 2514 |
| Public Facs. Auth., Rev. Ref. Bonds (Lake Charles Academy Foundation Project), Series 2024-A, 5.00% <br>12/15/2034 <sup>(a)</sup>  | 1365 | 1371 |
| Public Facs. Auth., Rev. Ref. Bonds (Lake Charles Academy Foundation Project), Series 2024-A, 5.00% <br>12/15/2043 <sup>(a)</sup>  | 2800 | 2556 |
| Public Facs. Auth., Rev. Ref. Bonds (Ochsner Clinic Foundation Project), Series 2016, 5.00% 5/15/2033 (preref. <br> 5/15/2026)  | 15 | 15 |
| Public Facs. Auth., Rev. Ref. Bonds (Ochsner Clinic Foundation Project), Series 2020-A, 3.00% 5/15/2047  | 2015 | 1412 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **243** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** |
| Public Facs. Auth., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc. Project), Series 2023-R-2, AMT, 6.50% <br> 10/1/2053 (put 10/1/2028) <sup>(a)</sup>  | USD10,005 | $10435 |
| Public Facs. Auth., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc. Project), Series 2023, AMT, 6.75% <br> 10/1/2053 (put 10/1/2028) <sup>(a)</sup>  | 1500 | 1574 |
| Parish of St. James, Rev. Bonds (Nustar Logistics, LP Project), Series 2008, 6.10% 6/1/2038 (put 6/1/2030) <sup>(a)</sup>  | 4160 | 4434 |
| Parish of St. James, Rev. Bonds (Nustar Logistics, LP Project), Series 2010, 6.35% 7/1/2040 <sup>(a)</sup>  | 9140 | 9796 |
| Parish of St. James, Rev. Bonds (Nustar Logistics, LP Project), Series 2010-A, 6.35% 10/1/2040 <sup>(a)</sup>  | 2000 | 2143 |
| Parish of St. John the Baptist, Rev. Ref. Bonds (Marathon Oil Corp. Project), Series 2017-B-2, 2.375% 6/1/2037 (put <br> 7/1/2026)  | 2665 | 2648 |
|  |  | 144048 |
| **Maine 0.12%** | **Maine 0.12%** | **Maine 0.12%** |
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2015-R-2, AMT, 4.375% <br> 8/1/2035 (put 8/1/2025) <sup>(a)</sup>  | 3800 | 3800 |
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2015, AMT, 5.125% <br> 8/1/2035 (put 8/1/2025) <sup>(a)</sup>  | 1500 | 1500 |
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2024, AMT, 4.625% <br> 12/1/2047 (put 6/1/2035) <sup>(a)</sup>  | 3085 | 2952 |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2025  | 90 | 90 |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2026  | 110 | 112 |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2027  | 120 | 124 |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2028  | 150 | 158 |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2029  | 150 | 158 |
| Fin. Auth., Student Loan Rev. Bonds, Series 2021-A-1, AGI, 5.00% 12/1/2030  | 245 | 259 |
| Fin. Auth., Student Loan Rev. Bonds (Supplemental Education Loan Program), Series 2025-A-1, AMT, AGI, 5.125% <br> 12/1/2041  | 1160 | 1121 |
| Fin. Auth., Student Loan Rev. Bonds (Supplemental Education Loan Program), Series 2025-A-1, AMT, AGI, 5.25% <br> 12/1/2043  | 1100 | 1056 |
| Fin. Auth., Student Loan Rev. Bonds (Supplemental Education Loan Program), Series 2025-A-1, AMT, AGI, 5.25% <br> 12/1/2044  | 1200 | 1147 |
| Fin. Auth., Student Loan Rev. Bonds (Supplemental Education Loan Program), Series 2025-A-1, AMT, AGI, 5.25% <br> 12/1/2045  | 950 | 904 |
| Fin. Auth., Student Loan Rev. Bonds (Supplemental Education Loan Program), Series 2025-A-1, AMT, AGI, 5.25% <br> 12/1/2046  | 800 | 759 |
| City of Portland, General Airport Rev. Ref. Bonds, Series 2016, 5.00% 1/1/2034  | 1000 | 1002 |
| City of Portland, General Airport Rev. Ref. Bonds, Series 2016, 5.00% 1/1/2035  | 1000 | 1001 |
|  |  | 16143 |
| **Maryland 0.85%** | **Maryland 0.85%** | **Maryland 0.85%** |
| City of Baltimore, Stadium Auth., Build To Learn Rev. Bonds, Series 2024, 5.00% 6/1/2054  | 2155 | 2162 |
| County of Baltimore, Rev. Bonds (Riderwood Village, Inc. Fac.), Series 2020, 4.00% 1/1/2050  | 4000 | 3198 |
| Mayor and City Council of Baltimore, Special Obligation Rev. Bonds, Series 2022, 4.50% 6/1/2033  | 300 | 301 |
| Mayor and City Council of Baltimore, Special Obligation Rev. Bonds, Series 2022, 4.875% 6/1/2042  | 875 | 850 |
| Mayor and City Council of Baltimore, Special Obligation Rev. Bonds, Series 2022, 5.00% 6/1/2051  | 1600 | 1502 |
| Mayor and City Council of Baltimore, Special Obligation Rev. Ref. Bonds, Series 2017-A, 4.00% 9/1/2027  | 1000 | 1002 |
| Mayor and City Council of Baltimore, Special Obligation Rev. Ref. Bonds, Series 2017-A, 4.50% 9/1/2033  | 3900 | 3884 |
| Mayor and City Council of Baltimore, Special Obligation Rev. Ref. Bonds, Series 2017-A, 5.00% 9/1/2038  | 1725 | 1726 |
| Mayor and City Council of Baltimore, Special Obligation Rev. Ref. Bonds (Harbor Point Project), Series 2019-A, <br> 3.625% 6/1/2046 <sup>(a)</sup>  | 1000 | 804 |
| Mayor and Council of Brunswick, Special Obligation Rev. Ref. Bonds (Brunswick Crossing Special Taxing Dist.), <br> Series 2019, 4.00% 7/1/2029  | 785 | 781 |
| Mayor and Council of Brunswick, Special Obligation Rev. Ref. Bonds (Brunswick Crossing Special Taxing Dist.), <br> Series 2019, 5.00% 7/1/2036  | 2850 | 2862 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2019-C, <br> 3.50% 3/1/2050  | 250 | 250 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-C, <br> 3.00% 9/1/2051  | 2370 | 2345 |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2024-C, <br> 6.25% 9/1/2055  | 6970 | 7774 |
| Econ. Dev. Corp., Econ. Dev. Rev. Bonds (Terminal Project), Series 2019-A, AMT, 5.00% 6/1/2044  | 725 | 691 |
| Econ. Dev. Corp., Econ. Dev. Rev. Bonds (Terminal Project), Series 2019-A, AMT, 5.00% 6/1/2049  | 1250 | 1150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **244** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |
| Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 6/1/2029  | USD1,850 | $1926 |
| Econ. Dev. Corp., Econ. Dev. Rev. Ref. Bonds (Transportation Facs. Project), Series 2017-A, 5.00% 6/1/2032  | 1000 | 1029 |
| Econ. Dev. Corp., Port Facs. Rev. Ref. Bonds (Core Natural Resources, Inc. Project), Series 2025, 5.00% 7/1/2048 <br> (put 3/27/2035) <sup>(a)</sup>  | 7650 | 7691 |
| Econ. Dev. Corp., Special Obligation Bonds (Metro Centre at Owings Mills Project), Series 2017, 4.375% 7/1/2036  | 3560 | 3367 |
| Econ. Dev. Corp., Special Obligation Bonds (Metro Centre at Owings Mills Project), Series 2017, 4.50% 7/1/2044  | 6850 | 6028 |
| Econ. Dev. Corp., Student Housing Rev. Bonds (Bowie State University Project), Series 2020, 4.00% 7/1/2040  | 500 | 427 |
| Econ. Dev. Corp., Student Housing Rev. Bonds (Bowie State University Project), Series 2020, 4.00% 7/1/2050  | 1500 | 1137 |
| Econ. Dev. Corp., Student Housing Rev. Bonds (Morgan State University Harper-Tubman Project), Series 2025-A, <br> AGI, 5.00% 7/1/2060  | 1175 | 1135 |
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project), Series 2013, 5.00% <br> 10/1/2033  | 1000 | 1000 |
| County of Frederick, Special Obligation Bonds (Urbana Community Dev. Auth.), Series 2020-C, 4.00% 7/1/2050 <sup>(a)</sup>  | 1190 | 984 |
| County of Frederick, Tax Increment and Special Tax Obligation Rev. Ref. Bonds (Jefferson Technology Park <br> Project), Series 2020-B, 4.625% 7/1/2043 <sup>(a)</sup>  | 2200 | 2016 |
| City of Gaithersburg, Econ. Dev. Project Rev. Bonds (Asbury Maryland Obligated Group), Series 2022, 4.50% <br> 1/1/2042  | 18500 | 16747 |
| City of Gaithersburg, Econ. Dev. Project Rev. Bonds (Asbury Maryland Obligated Group), Series 2022, 5.125% <br> 1/1/2042  | 3270 | 3199 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Broadmead Issue), Series 2018-A, 5.00% 7/1/2048  | 2250 | 2151 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Frederick Health System), Series 2020, 4.00% 7/1/2045  | 900 | 766 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Frederick Health System), Series 2020, 4.00% 7/1/2050  | 1000 | 811 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Maryland Institute College of Art Issue), Series 2024, <br> 5.25% 6/1/2034  | 1235 | 1309 |
| Health and Higher Educational Facs. Auth., Rev. Bonds (Maryland Institute College of Art Issue), Series 2024, <br> 5.50% 6/1/2047  | 2500 | 2472 |
| County of Howard, Retirement Community Rev. Bonds (Vantage House Fac.), Series 2017, 5.00% 4/1/2044  | 500 | 426 |
| County of Howard, Special Obligation Bonds (Downtown Columbia), Series 2017-A, 4.00% 2/15/2028 <sup>(a)</sup>  | 485 | 486 |
| County of Howard, Special Obligation Bonds (Downtown Columbia), Series 2017-A, 4.125% 2/15/2034 <sup>(a)</sup>  | 750 | 722 |
| County of Howard, Special Obligation Bonds (Downtown Columbia), Series 2017-A, 4.375% 2/15/2039 <sup>(a)</sup>  | 2000 | 1870 |
| County of Howard, Special Obligation Bonds (Downtown Columbia), Series 2017-A, 4.50% 2/15/2047 <sup>(a)</sup>  | 10000 | 8772 |
| County of Prince George, Special Obligation Bonds (Hampton Park Project), Series 2019-A, 4.00% 7/1/2031 <sup>(a)</sup>  | 675 | 669 |
| County of Prince George, Special Obligation Bonds (Hampton Park Project), Series 2019-A, 4.25% 7/1/2039 <sup>(a)</sup>  | 2150 | 2014 |
| County of Prince George, Special Obligation Bonds (Hampton Park Project), Series 2019-A, 4.375% 7/1/2048 <sup>(a)</sup>  | 5430 | 4745 |
| County of Prince George, Special Obligation Bonds (Suitland-Naylor Road Project), Series 2016, 5.00% <br>7/1/2046 <sup>(a)</sup>  | 1750 | 1671 |
| County of Prince George, Special Tax Dist. Bonds (Victoria Falls Project), Series 2005, 5.25% 7/1/2035  | 653 | 655 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2025, 4.00% 6/1/2051  | 2000 | 1728 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2025, 4.00% 6/1/2052  | 2000 | 1720 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2025, 4.00% 6/1/2053  | 5240 | 4485 |
| Washington Suburban Sanitary Dist., Consolidated Public Improvement Green Bonds, Series 2025, 4.00% <br> 6/1/2054  | 1465 | 1250 |
|  |  | 116690 |
| **Massachusetts 0.53%** | **Massachusetts 0.53%** | **Massachusetts 0.53%** |
| Dev. Fin. Agcy., Rev. Bonds (Boston Medical Center Issue), Series 2023-G, 5.25% 7/1/2052  | 2500 | 2416 |
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Issue), Series 2018, 5.00% 11/15/2028 <sup>(a)</sup>  | 1795 | 1857 |
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Issue), Series 2018, 5.00% 11/15/2033 <sup>(a)</sup>  | 4000 | 4131 |
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Issue), Series 2018, 5.00% 11/15/2038 <sup>(a)</sup>  | 4250 | 4325 |
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Issue), Series 2018, 5.125% 11/15/2046 <sup>(a)</sup>  | 6825 | 6837 |
| Dev. Fin. Agcy., Rev. Bonds (Mass General Brigham, Inc.), Series 2019-T-1, (SIFMA Municipal Swap Index + 0.60%) <br> 2.89% 7/1/2049 (put 1/29/2026) <sup>(a)(c)</sup>  | 845 | 844 |
| Dev. Fin. Agcy., Rev. Bonds (PRG Medford Properties, Inc. Issue - Tufts University Student Housing Project.), Series <br> 2025, 5.25% 6/1/2055  | 2000 | 2002 |
| Dev. Fin. Agcy., Rev. Bonds (PRG Medford Properties, Inc. Issue - Tufts University Student Housing Project.), Series <br> 2025, 5.25% 6/1/2060  | 1320 | 1324 |
| Dev. Fin. Agcy., Rev. Bonds (PRG Medford Properties, Inc. Issue - Tufts University Student Housing Project.), Series <br> 2025, 5.25% 6/1/2065  | 2075 | 2077 |
| Dev. Fin. Agcy., Rev. Bonds (Suffolk University Issue), Series 2025, 6.00% 7/1/2050  | 2600 | 2702 |
| Dev. Fin. Agcy., Rev. Bonds (Suffolk University Issue), Series 2025, 5.25% 7/1/2055  | 5460 | 5114 |
| Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 7/1/2029  | 1800 | 1829 |
| Dev. Fin. Agcy., Rev. Bonds (UMass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 7/1/2036  | 2500 | 2518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **245** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |
| Dev. Fin. Agcy., Rev. Green Bonds (Boston Medical Center Issue), Series 2015-D, 5.00% 7/1/2044  | USD4,440 | $4222 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Boston University Issue), Series 2025-B, 4.00% 10/1/2048  | 4750 | 4127 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Newbridge Charles Issue), Series 2017, 5.00% 10/1/2047 <sup>(a)</sup>  | 2500 | 2310 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Newbridge on the Charles, Inc. Issue), Series 20, 5.00% 10/1/2057 <sup>(a)</sup>  | 2500 | 2229 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Orchard Cove, Inc. Issue), Series 2019, 4.00% 10/1/2039  | 250 | 229 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Salem Community Corp. Issue), Series 2022, 5.00% 1/1/2027  | 605 | 611 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Salem Community Corp. Issue), Series 2022, 5.125% 1/1/2040  | 1020 | 962 |
| Dev. Fin. Agcy., Rev. Ref. Bonds (Salem Community Corp. Issue), Series 2022, 5.25% 1/1/2050  | 3425 | 2972 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-B, AMT, 4.25% 7/1/2032  | 1570 | 1568 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-B, AMT, 5.00% 7/1/2032  | 935 | 994 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2019-B, AMT, 3.00% 7/1/2035  | 75 | 74 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2020-B, AMT, 2.625% 7/1/2036  | 35 | 34 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2021-B, AMT, 2.00% 7/1/2037  | 1115 | 910 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2022-B, AMT, 3.625% 7/1/2038  | 2120 | 2053 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2023-B, AMT, 4.25% 7/1/2044  | 1130 | 1112 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-D, AMT, 5.00% 7/1/2054  | 9855 | 8751 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2025-B, AMT, 5.50% 7/1/2055  | 1000 | 963 |
| Housing Fin. Agcy., Housing Bonds, Series 2019-B-1, 2.75% 12/1/2034  | 455 | 391 |
| Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 188, AMT, 4.00% 6/1/2043  | 390 | 390 |
|  |  | 72878 |
| **Michigan 1.10%** | **Michigan 1.10%** | **Michigan 1.10%** |
| Building Auth., Rev. and Rev. Ref. Bonds (Facs. Program), Series 2025-I, 5.25% 10/15/2050  | 2220 | 2277 |
| City of Detroit, Sewage Disposal System Rev. Ref. Bonds, Series 2006-D, AGI, (3-month USD CME Term SOFR x <br> 0.67 + 0.60%) 3.65% 7/1/2032 <sup>(c)</sup>  | 7185 | 7122 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2028  | 235 | 246 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2029  | 485 | 506 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2030  | 500 | 519 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2031  | 265 | 274 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 5.00% 4/1/2031  | 1120 | 1208 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2032  | 1000 | 1032 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2033  | 500 | 514 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2034  | 1250 | 1281 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2036  | 1565 | 1592 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2037  | 1000 | 1014 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2018, 5.00% 4/1/2038  | 1300 | 1313 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 5.00% 4/1/2039  | 395 | 404 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 4.00% 4/1/2040  | 365 | 330 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 4.00% 4/1/2041  | 320 | 283 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 4.00% 4/1/2042  | 450 | 389 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2023-C, 6.00% 5/1/2043  | 500 | 535 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 5.00% 4/1/2046  | 3000 | 2926 |
| City of Detroit, Unlimited Tax GO Bonds, Series 2021-A, 5.00% 4/1/2050  | 8320 | 7928 |
| Fin. Auth., Distributable State Aid Rev. and Rev. Ref. Bonds (Charter County of Wayne), Series 2020, 4.00% <br> 11/1/2045  | 1000 | 887 |
| Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 4.00% 12/1/2040  | 4000 | 3576 |
| Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-A-MI, 3.00% 12/1/2049  | 1405 | 942 |
| Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 11/15/2037  | 2500 | 2529 |
| Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2019-A, 4.00% 2/15/2047  | 4890 | 4097 |
| City of Flint, Hospital Building Auth., Rev. and Rev. Ref. Bonds (Hurley Medical Center), Series 2020, 4.00% <br> 7/1/2038  | 500 | 465 |
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-B, 4.75% 7/1/2028  | 275 | 274 |
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 7/1/2028  | 2905 | 2907 |
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 7/1/2039  | 865 | 858 |
| City of Grand Rapids Econ. Dev. Corp., Limited Obligation Rev. and Rev. Ref. Bonds (Beacon Hill at Eastgate <br> Project), Series 2021, 5.00% 11/1/2055  | 10455 | 8071 |
| City of Grand Rapids Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (United Methodist Retirement <br> Communities Obligated Group - Porter Hills Presbyterian Village Project), Series 2020, 5.00% 5/15/2037  | 5980 | 5924 |
| City of Grand Rapids Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (United Methodist Retirement <br> Communities Obligated Group - Porter Hills Presbyterian Village Project), Series 2020, 5.00% 5/15/2044  | 10335 | 9461 |
| City of Grand Rapids Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 4.00% <br> 11/1/2027  | 1730 | 1697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **246** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| City of Grand Rapids Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 5.00% <br> 11/1/2032  | USD1,055 | $1035 |
| City of Grand Rapids Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 5.00% <br> 11/1/2037  | 1200 | 1107 |
| City of Grand Rapids Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 5.00% <br> 11/1/2047  | 6740 | 5494 |
| City of Grand Rapids Econ. Dev. Corp., Rev. Ref. Bonds (Beacon Hill Estate Project), Series 2017-A, 5.00% <br> 11/1/2052  | 5990 | 4696 |
| Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-B, 5.00% 7/1/2046  | 4000 | 3963 |
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2021-A, 2.70% 10/1/2056  | 9230 | 5537 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.35% 12/1/2034  | 1135 | 1063 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 6/1/2047  | 110 | 110 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 6/1/2052  | 2585 | 2557 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-B, 5.75% 6/1/2054  | 5460 | 5864 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.00% 6/1/2054  | 4955 | 5381 |
| Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2024-D, 6.25% 6/1/2055  | 2055 | 2264 |
| County of Kent, Gerald R. Ford International Airport Auth., Limited Tax GO Rev. Bonds, Series 2021, AMT, 5.00% <br> 1/1/2035  | 850 | 901 |
| County of Kent, Gerald R. Ford International Airport Auth., Limited Tax GO Rev. Bonds, Series 2021, AMT, 5.00% <br> 1/1/2036  | 600 | 631 |
| City of Kentwood Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series <br> 2019, 5.00% 11/15/2032  | 1295 | 1315 |
| City of Kentwood Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series <br> 2016, 5.00% 11/15/2037  | 7125 | 6964 |
| City of Kentwood Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series <br> 2022, 4.00% 11/15/2043  | 5775 | 4597 |
| City of Kentwood Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series <br> 2021, 4.00% 11/15/2045  | 2375 | 1844 |
| Board of Trustees of Michigan State University, Rev. Bonds, Series 2024-A, 5.00% 8/15/2049  | 4000 | 4040 |
| Strategic Fund, Limited Obligation Rev. and Rev. Ref. Bonds (United Methodist Retirement Communities, Inc. <br> Project), Series 2019, 5.00% 11/15/2034  | 1285 | 1294 |
| Strategic Fund, Limited Obligation Rev. Bonds (Consumers Energy Co. Project), Series 2019, AMT, 3.35% <br> 10/1/2049 (put 10/1/2027)  | 2755 | 2717 |
| Strategic Fund, Limited Obligation Rev. Green Bonds (Graphic Packaging International, LLC Coated Recycled <br> Board Machine Project), Series 2021, AMT, 4.00% 10/1/2061 (put 10/1/2026)  | 6000 | 5964 |
| Strategic Fund, Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2019, 5.00% <br> 11/15/2029  | 1000 | 1029 |
| Strategic Fund, Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2019, 5.00% <br> 11/15/2043  | 2750 | 2496 |
| Strategic Fund, Limited Obligation Rev. Ref. Bonds (United Methodist Retirement Communities Obligated Group <br> - Porter Hills Presbyterian Village Project), Series 2020, 5.00% 5/15/2037  | 2290 | 2269 |
| Strategic Fund, Limited Obligation Rev. Ref. Bonds (United Methodist Retirement Communities Obligated Group <br> - Porter Hills Presbyterian Village Project), Series 2020, 5.00% 5/15/2044  | 3170 | 2902 |
|  |  | 151415 |
| **Minnesota 0.26%** | **Minnesota 0.26%** | **Minnesota 0.26%** |
| City of Apple Valley, Senior Housing Rev. Bonds (PHS Apple Valley Senior Housing, Inc. - Orchard Path Phase II <br> Project), Series 2021, 4.00% 9/1/2051  | 500 | 371 |
| City of Apple Valley, Senior Housing Rev. Bonds (PHS Apple Valley Senior Housing, Inc. - Orchard Path Phase II <br> Project), Series 2021, 4.00% 9/1/2061  | 870 | 606 |
| Higher Education Supplemental Loan Auth., Rev. Bonds, Series 2018, AMT, 4.00% 11/1/2037  | 430 | 430 |
| Higher Education Supplemental Loan Auth., Rev. Bonds, Series 2020, AMT, 2.65% 11/1/2038  | 9855 | 9033 |
| Higher Education Supplemental Loan Auth., Rev. Bonds, Series 2023, AMT, 4.00% 11/1/2042  | 16715 | 15347 |
| Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Pass-Through Program), Series <br> 2017-I, 2.80% 12/1/2047  | 705 | 594 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 1/1/2045  | 135 | 135 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2024-G, 6.50% 7/1/2054  | 4475 | 4936 |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2025-C, 6.25% 7/1/2055  | 1665 | 1871 |
| City of St. Paul, Housing and Redev. Auth., Charter School Lease Rev. Bonds (Great River School Project), Series <br> 2017-A, 4.75% 7/1/2029 <sup>(a)</sup>  | 205 | 206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **247** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |
| City of St. Paul, Housing and Redev. Auth., Charter School Lease Rev. Bonds (Great River School Project), Series <br> 2017-A, 5.25% 7/1/2033 <sup>(a)</sup>  | USD140 | $141 |
| City of St. Paul, Housing and Redev. Auth., Charter School Lease Rev. Bonds (Great River School Project), Series <br> 2017-A, 5.50% 7/1/2052 <sup>(a)</sup>  | 1600 | 1447 |
| City of Woodbury, Charter School Lease Rev. Bonds (Woodbury Leadership Academy Project), Series 2021-A, <br> 4.00% 7/1/2051  | 1320 | 951 |
|  |  | 36068 |
| **Mississippi 0.26%** | **Mississippi 0.26%** | **Mississippi 0.26%** |
| Business Fin. Corp., Rev. Ref. Bonds (System Energy Resources, Inc. Project), Series 2021, 2.375% 6/1/2044  | 17590 | 10447 |
| Business Fin. Corp., Solid Waste Disposal, Rev. Bonds (Waste Pro USA, Inc. Project), Series 2017, AMT, 5.00% <br> 2/1/2036 (put 8/2/2027) <sup>(a)</sup>  | 11500 | 11637 |
| Dev. Bank, Special Obligation Bonds (Magnolia Regional Health Center Project), Series 2021, 4.00% 10/1/2036 <sup>(a)</sup>  | 2100 | 1811 |
| Dev. Bank, Special Obligation Bonds (Magnolia Regional Health Center Project), Series 2021, 4.00% 10/1/2041 <sup>(a)</sup>  | 1000 | 771 |
| Home Corp., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 12/1/2044  | 960 | 967 |
| Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2016-A, 5.00% 9/1/2046  | 7885 | 7402 |
| County of Warren, Gulf Opportunity Zone Rev. Ref. Bonds (International Paper Co. Project), Series 2018, 4.00% <br> 9/1/2032  | 1390 | 1396 |
| County of Warren, Gulf Opportunity Zone Rev. Ref. Bonds (International Paper Co. Project), Series 2020-A, 4.20% <br> 5/1/2034  | 1650 | 1647 |
|  |  | 36078 |
| **Missouri 1.18%** | **Missouri 1.18%** | **Missouri 1.18%** |
| County of Cape Girardeau, Industrial Dev. Auth., Health Facs. Bonds (SoutheastHEALTH), Series 2017-A, 5.00% <br> 3/1/2036  | 1725 | 1742 |
| County of Cape Girardeau, Industrial Dev. Auth., Health Facs. Rev. Bonds (Southeast Health), Series 2021, 4.00% <br> 3/1/2041  | 1150 | 1075 |
| County of Cape Girardeau, Industrial Dev. Auth., Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), <br> Series 2016-A, 6.00% 3/1/2033  | 2950 | 2984 |
| County of Cape Girardeau, Industrial Dev. Auth., Health Facs. Rev. Bonds (SoutheastHEALTH), Series 2021, 3.00% <br> 3/1/2046  | 6030 | 4354 |
| County of Cape Girardeau, Industrial Dev. Auth., Tax Increment and Special Dist. Rev. Bonds (Westpark Mall <br> Redev. Project), Series 2024, 5.50% 5/1/2044 <sup>(a)</sup>  | 2500 | 2275 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), Series 2021, 4.00% <br> 8/1/2036  | 2350 | 2140 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), Series 2015, 5.00% <br> 8/1/2040  | 1650 | 1576 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), Series 2021, 4.00% <br> 8/1/2041  | 1770 | 1478 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), Series 2015, 5.00% <br> 8/1/2045  | 2050 | 1867 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Cox Health Project), Series 2013-A, 5.00% <br> 11/15/2048  | 10000 | 9729 |
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Saint Luke's Health System, Inc.), Series 2018-A, <br> 4.00% 11/15/2048  | 4000 | 3398 |
| Health and Educational Facs. Auth., Health Facs. Rev. Ref. Bonds (St. Anthony's Medical Center), Series 2015-B, <br> 5.00% 2/1/2045  | 1320 | 1280 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Christian Horizons Obligated Group), Series <br> 2018, 5.00% 5/15/2036 <sup>(b)</sup>  | 585 | 170 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services Projects), Series <br> 2019-C, 4.00% 2/1/2033  | 860 | 837 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2019-C, <br> 4.00% 2/1/2034  | 1780 | 1704 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2016-B, <br> 5.00% 2/1/2034  | 1400 | 1402 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2019-A, <br> 5.00% 2/1/2034  | 2735 | 2780 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2019-C, <br> 4.00% 2/1/2042  | 1075 | 900 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2021, 4.00% <br> 2/1/2042  | 10710 | 8965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **248** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2019-A, <br> 5.00% 2/1/2042  | USD5,975 | $5775 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2016-B, <br> 5.00% 2/1/2046  | 1480 | 1330 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2019-C, <br> 4.00% 2/1/2048  | 6000 | 4638 |
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, <br> 5.00% 2/1/2046  | 895 | 804 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2021-C, 3.25% 11/1/2052  | 1030 | 1025 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2023-C, 6.00% 5/1/2053  | 3765 | 4133 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2023-E, 6.50% 5/1/2054  | 1020 | 1142 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-G, 5.50% 5/1/2055  | 2670 | 2870 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-A, 5.75% 5/1/2055  | 6525 | 7126 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-C, 6.00% 5/1/2055  | 6620 | 7302 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2024-E, 6.00% 5/1/2055  | 8220 | 9068 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2025-C, 5.75% 5/1/2056  | 3000 | 3270 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), <br> Series 2025-A, 6.00% 5/1/2056  | 2830 | 3105 |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series <br> 2015-B-1, AMT, 4.00% 11/1/2045  | 240 | 240 |
| City of Joplin, Industrial Dev. Auth., Sales Tax Rev. Bonds (32nd Street Place Community Improvement Dist. <br> Project), Series 2021, 3.50% 11/1/2040  | 800 | 733 |
| City of Kansas City, Industrial Dev. Auth., Econ. Activity Tax Rev. Bonds (Historic Northeast Redev. Plan), Series <br> 2024-A-2, 6.50% 6/1/2029 <sup>(a)</sup>  | 400 | 399 |
| City of Kansas City, Industrial Dev. Auth., Econ. Activity Tax Rev. Bonds (Historic Northeast Redev. Plan), Series <br> 2024-A-1, 5.00% 6/1/2046 <sup>(a)</sup>  | 4415 | 4068 |
| City of Lee's Summit, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (John Knox Village), Series 2024-A, <br> 5.00% 8/15/2039  | 4535 | 4548 |
| City of Lee's Summit, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (John Knox Village), Series 2024-B-1, <br> 4.825% 8/15/2047  | 620 | 591 |
| City of Lee's Summit, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (John Knox Village), Series 2024-A, <br> 5.625% 8/15/2054  | 540 | 515 |
| City of Lee's Summit, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (John Knox Village), Series 2024-A, <br> 5.75% 8/15/2059  | 520 | 494 |
| City of Lee's Summit, Special Obligation Tax Increment and Special Dist. Rev. Ref. and Improvement Bonds <br> (Summit Fair Project), Series 2017, 4.00% 11/1/2027 <sup>(a)</sup>  | 230 | 226 |
| City of Maryland Heights, Industrial Dev. Auth., Rev. Bonds (St. Louis Community Ice Center Project), Series <br> 2018-A, 4.375% 3/15/2030  | 575 | 524 |
| City of Maryland Heights, Industrial Dev. Auth., Rev. Bonds (St. Louis Community Ice Center Project), Series <br> 2018-A, 5.00% 3/15/2039  | 4360 | 3633 |
| City of Maryland Heights, Industrial Dev. Auth., Rev. Bonds (St. Louis Community Ice Center Project), Series <br> 2018-A, 5.00% 3/15/2049  | 7250 | 5518 |
| Municipal Fin. Corp., Leasehold Rev. Bonds (Convention Center Expansion and Improvement Projects), Series <br> 2020, AGI, 5.00% 10/1/2045  | 2000 | 2005 |
| Municipal Fin. Corp., Leasehold Rev. Bonds (Convention Center Expansion and Improvement Projects), Series <br> 2020, AGI, 5.00% 10/1/2049  | 1000 | 987 |
| County of Phelps, Hospital Rev. Bonds (Phelps Health), Series 2025, 6.00% 12/1/2055  | 1500 | 1555 |
| County of Polk, Industrial Dev. Auth., Retirement Fac. Rev. Ref. and Improvement Bonds (Carpenters Home <br> Estates, Inc. Project), Series 2019-A, 5.00% 1/1/2049  | 2000 | 1764 |
| City of Rolla, Move Rolla Transportation Dev. Dist., Sales Tax Rev. Bonds, Series 2017, 4.50% 6/1/2036  | 315 | 310 |
| City of Saint Charles, Plaza at Noah's Ark Community Improvement Dist., Tax Increment and Improvement Dist. <br> Rev. Bonds, Series 2021, 3.00% 5/1/2026  | 315 | 312 |
| City of Saint Charles, Plaza at Noah's Ark Community Improvement Dist., Tax Increment and Improvement Dist. <br> Rev. Bonds, Series 2021, 3.00% 5/1/2030  | 950 | 901 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **249** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| City of Saint Charles, Plaza at Noah's Ark Community Improvement Dist., Tax Increment and Improvement Dist. <br> Rev. Bonds, Series 2021, 3.125% 5/1/2035  | USD500 | $431 |
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, NATL, 5.50% <br> 7/1/2026  | 875 | 897 |
| City of St. Louis, Industrial Dev. Auth., Tax Increment and Special Dist. Rev. Bonds (Union Station Phase 2 Redev. <br> Project), Series 2024-A, 4.875% 6/15/2034  | 465 | 463 |
| County of St. Louis, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, <br> 5.00% 8/15/2030  | 1000 | 1000 |
| County of St. Louis, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, <br> 5.00% 8/15/2035  | 1400 | 1347 |
| County of St. Louis, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, <br> 5.125% 8/15/2045  | 2000 | 1681 |
| County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (Friendship Village St. Louis Obligated <br> Group), Series 2018-A, 5.125% 9/1/2048  | 5480 | 5026 |
| County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (Friendship Village St. Louis Obligated <br> Group), Series 2018, 5.125% 9/1/2049  | 1335 | 1218 |
| County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (Friendship Village St. Louis Obligated <br> Group), Series 2018, 5.25% 9/1/2053  | 6940 | 6350 |
| County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (St. Andrew's Resources for Seniors <br> Obligated Group), Series 2015-A, 5.00% 12/1/2025  | 275 | 275 |
| County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (St. Andrew's Resources for Seniors <br> Obligated Group), Series 2015-A, 5.00% 12/1/2035  | 1410 | 1354 |
| County of St. Louis, Industrial Dev. Auth., Senior Living Facs. Rev. Bonds (St. Andrew's Resources for Seniors <br> Obligated Group), Series 2015-A, 5.125% 12/1/2045  | 8320 | 7159 |
| County of Stoddard, Industrial Dev. Auth., Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), Series <br> 2016-B, 6.00% 3/1/2037  | 3290 | 3328 |
| City of Town and Country, Town and Country Crossing Transportation Dev. Dist., Transportation Sales Tax Rev. Ref. <br> Bonds, Series 2020-A, 3.375% 4/1/2037  | 450 | 396 |
|  |  | 162492 |
| **Montana 0.12%** | **Montana 0.12%** | **Montana 0.12%** |
| City of Forsyth, Pollution Control Rev. Ref. Bonds (Avista Corp. Colstrip Project), Series 2010-A, 3.875% 10/1/2032  | 9500 | 9482 |
| City of Forsyth, Pollution Control Rev. Ref. Bonds (Avista Corp. Colstrip Project), Series 2010-A, 3.875% 3/1/2034  | 6000 | 5840 |
| Board of Housing, Single Family Mortgage Bonds, Series 2024-A, 6.00% 12/1/2054  | 445 | 484 |
| Board of Housing, Single Family Mortgage Bonds, Series 2024-B, 5.75% 6/1/2055  | 500 | 542 |
|  |  | 16348 |
| **Nebraska 0.17%** | **Nebraska 0.17%** | **Nebraska 0.17%** |
| County of Douglas, Sanitary and Improvement Dist. No. 605 (Bluestem Meadows), Construction Warrants, Series <br> 2020, 7.00% Cash 7/26/2028 <sup>(g)(h)(i)</sup>  | 27 | 27 |
| Educational, Health, Cultural, and Social Sciences Fin. Auth., Rev. Bonds (Immanuel Retirement Communities <br> Obligated Group), Series 2019-A, 4.00% 1/1/2038  | 1175 | 1092 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2019-B, AMT, 4.00% 9/1/2049  | 1820 | 1826 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2023-C, 5.50% 9/1/2053  | 2280 | 2416 |
| Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2024-G, 6.00% 9/1/2054  | 2720 | 3009 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 9/15/2027 <sup>(g)(h)(i)</sup>  | 33 | 33 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 10/20/2027 <sup>(g)(h)(i)</sup>  | 321 | 321 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 11/17/2027 <sup>(g)(h)(i)</sup>  | 12 | 12 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 12/15/2027 <sup>(g)(h)(i)</sup>  | 158 | 158 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 2/16/2028 <sup>(g)(h)(i)</sup>  | 61 | 61 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 3/16/2028 <sup>(g)(h)(i)</sup>  | 355 | 355 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 4/20/2028 <sup>(g)(h)(i)</sup>  | 135 | 135 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 5/9/2028 <sup>(g)(h)(i)</sup>  | 10 | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **250** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Nebraska (continued)** | **Nebraska (continued)** | **Nebraska (continued)** |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 7/20/2028 <sup>(g)(h)(i)</sup>  | USD822 | $822 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 9/7/2028 <sup>(g)(h)(i)</sup>  | 177 | 177 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 10/19/2028 <sup>(g)(h)(i)</sup>  | 451 | 451 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 11/16/2028 <sup>(g)(h)(i)</sup>  | 302 | 302 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 1/16/2029 <sup>(g)(h)(i)</sup>  | 147 | 147 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 3/7/2029 <sup>(g)(h)(i)</sup>  | 98 | 98 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 (Ashbury Hills), Construction Fund Warrants, Series <br> 2020, 7.00% Cash 4/9/2029 <sup>(g)(h)(i)</sup>  | 11 | 11 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 7/18/2027 <sup>(g)(h)(i)</sup>  | 2033 | 2033 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 8/18/2027 <sup>(g)(h)(i)</sup>  | 727 | 727 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 9/6/2027 <sup>(g)(h)(i)</sup>  | 13 | 13 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 10/24/2027 <sup>(g)(h)(i)</sup>  | 2296 | 2296 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 11/21/2027 <sup>(g)(h)(i)</sup>  | 919 | 919 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 1/30/2028 <sup>(g)(h)(i)</sup>  | 31 | 31 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 4/10/2028 <sup>(g)(h)(i)</sup>  | 46 | 46 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 5/8/2028 <sup>(g)(h)(i)</sup>  | 439 | 439 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2023, 6.00% PIK 7/31/2028 <sup>(g)(h)(i)</sup>  | 492 | 492 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 8/28/2028 <sup>(g)(h)(i)</sup>  | 138 | 138 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 9/11/2028 <sup>(g)(h)(i)</sup>  | 163 | 163 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 11/6/2028 <sup>(g)(h)(i)</sup>  | 862 | 862 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 12/4/2028 <sup>(g)(h)(i)</sup>  | 26 | 26 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 12/1/2029 <sup>(g)(h)(i)</sup>  | 10 | 10 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 6/3/2029 <sup>(g)(h)(i)</sup>  | 22 | 22 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 7/15/2029 <sup>(g)(h)(i)</sup>  | 235 | 235 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 9/23/2029 <sup>(g)(h)(i)</sup>  | 4 | 4 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2022, 6.00% PIK 10/21/2029 <sup>(g)(h)(i)</sup>  | 710 | 710 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2024, 6.00% PIK or 6.00% Cash 11/18/2029 <sup>(g)(h)(i)</sup>  | 536 | 536 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2024, 6.00% PIK or 6.00% Cash 12/2/2029 <sup>(g)(h)(i)</sup>  | 3 | 3 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2024, 6.00% PIK or 6.00% Cash 1/27/2030 <sup>(g)(h)(i)</sup>  | 462 | 462 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **251** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Nebraska (continued)** | **Nebraska (continued)** | **Nebraska (continued)** |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2024, 6.00% PIK or 6.00% Cash 2/10/2030 <sup>(g)(h)(i)</sup>  | USD178 | $178 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2025, 6.00% PIK or 6.00% Cash 4/21/2030 <sup>(g)(h)(i)</sup>  | 454 | 454 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset Meadows), Construction Fund Warrants, Series <br> 2025, 6.00% PIK or 6.00% Cash 6/30/2030 <sup>(g)(h)(i)</sup>  | 671 | 671 |
|  |  | 22933 |
| **Nevada 0.49%** | **Nevada 0.49%** | **Nevada 0.49%** |
| Dept. of Business and Industry, Charter School Rev. Bonds (Doral Academy of Nevada), Series 2017-A, 5.00% <br> 7/15/2037  | 1000 | 988 |
| Dept. of Business and Industry, Charter School Rev. Bonds (Doral Academy of Nevada), Series 2017-A, 5.00% <br> 7/15/2047  | 2700 | 2370 |
| Dept. of Business and Industry, Lease Rev. Bonds (Somerset Academy), Series 2015-A, 4.00% 12/15/2025  | 300 | 299 |
| Dept. of Business and Industry, Lease Rev. Bonds (Somerset Academy), Series 2018-A, 4.50% 12/15/2029 <sup>(a)</sup>  | 1630 | 1632 |
| Dept. of Business and Industry, Lease Rev. Bonds (Somerset Academy), Series 2018-A, 5.00% 12/15/2038 <sup>(a)</sup>  | 1000 | 965 |
| Dept. of Business and Industry, Lease Rev. Bonds (Somerset Academy), Series 2015-A, 5.125% 12/15/2045 <sup>(a)</sup>  | 1000 | 917 |
| Dept. of Business and Industry, Lease Rev. Bonds (Somerset Academy), Series 2018-A, 5.00% 12/15/2048 <sup>(a)</sup>  | 1750 | 1540 |
| Dept. of Business and Industry, Rev. Green Bonds (Brightlight West Passenger Rail Project), Series 2025-A, AMT, <br> 9.50% 1/1/2065 (put 1/1/2033) <sup>(a)</sup>  | 2000 | 1736 |
| County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2010, 2.10% 6/1/2031  | 3545 | 3131 |
| County of Clark, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Rev. Ref. <br> Bonds, Series 2016, 3.00% 12/1/2025  | 345 | 344 |
| City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds, Series 2016, 5.00% 6/15/2045  | 1225 | 1168 |
| City of Las Vegas, Special Improvement Dist. No. 611 (Sunstone Phase I and II), Local Improvement Bonds, Series <br> 2020, 3.50% 6/1/2030  | 190 | 180 |
| City of Las Vegas, Special Improvement Dist. No. 611 (Sunstone Phase I and II), Local Improvement Bonds, Series <br> 2020, 3.50% 6/1/2031  | 150 | 140 |
| City of Las Vegas, Special Improvement Dist. No. 611 (Sunstone Phase I and II), Local Improvement Bonds, Series <br> 2020, 3.75% 6/1/2032  | 455 | 422 |
| City of Las Vegas, Special Improvement Dist. No. 611 (Sunstone Phase I and II), Local Improvement Bonds, Series <br> 2020, 4.00% 6/1/2040  | 430 | 368 |
| City of Las Vegas, Special Improvement Dist. No. 611 (Sunstone Phase I and II), Local Improvement Bonds, Series <br> 2020, 4.125% 6/1/2050  | 600 | 477 |
| City of Las Vegas, Special Improvement Dist. No. 612 (Skye Hills), Local Improvement Bonds, Series 2020, 3.50% <br> 6/1/2035  | 205 | 183 |
| City of Las Vegas, Special Improvement Dist. No. 612 (Skye Hills), Local Improvement Bonds, Series 2020, 4.00% <br> 6/1/2050  | 1415 | 1120 |
| City of Las Vegas, Special Improvement Dist. No. 812 (Summerlin Village 24), Local Improvement Rev. Ref. Bonds, <br> Series 2015, 5.00% 12/1/2026  | 570 | 573 |
| City of Las Vegas, Special Improvement Dist. No. 812 (Summerlin Village 24), Local Improvement Rev. Ref. Bonds, <br> Series 2015, 5.00% 12/1/2029  | 1360 | 1366 |
| City of Las Vegas, Special Improvement Dist. No. 812 (Summerlin Village 24), Local Improvement Rev. Ref. Bonds, <br> Series 2015, 5.00% 12/1/2035  | 2045 | 2050 |
| City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series <br> 2017, 3.25% 6/1/2026  | 205 | 204 |
| City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series <br> 2017, 3.50% 6/1/2027  | 220 | 219 |
| City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series <br> 2017, 3.50% 6/1/2028  | 210 | 208 |
| City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series <br> 2017, 4.00% 6/1/2033  | 1025 | 995 |
| City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series <br> 2017, 4.25% 6/1/2037  | 865 | 822 |
| City of Las Vegas, Special Improvement Dist. No. 813 (Summerlin Village 26), Local Improvement Bonds, Series <br> 2017, 4.375% 6/1/2042  | 1105 | 1013 |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 3.50% 6/1/2026  | 190 | 189 |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 3.50% 6/1/2027  | 180 | 179 |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 3.50% 6/1/2028  | 145 | 144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **252** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Nevada (continued)** | **Nevada (continued)** | **Nevada (continued)** |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 3.50% 6/1/2029  | USD325 | $318 |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 3.25% 6/1/2031  | 290 | 268 |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 3.50% 6/1/2032  | 390 | 358 |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 3.50% 6/1/2033  | 435 | 393 |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 3.50% 6/1/2035  | 945 | 838 |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 4.00% 6/1/2039  | 470 | 427 |
| City of Las Vegas, Special Improvement Dist. No. 814 (Summerlin Village 21 and 24A), Local Improvement Bonds, <br> Series 2019, 4.00% 6/1/2049  | 1515 | 1199 |
| City of Las Vegas, Special Improvement Dist. No. 815 (Summerlin Village 25), Local Improvement Bonds, Series <br> 2020, 4.75% 12/1/2040  | 955 | 911 |
| City of Las Vegas, Special Improvement Dist. No. 816 (Summerlin Village 22), Local Improvement Bonds, Series <br> 2021, 2.75% 6/1/2033  | 520 | 446 |
| City of Las Vegas, Special Improvement Dist. No. 816 (Summerlin Village 22), Local Improvement Bonds, Series <br> 2021, 2.75% 6/1/2036  | 835 | 665 |
| City of Las Vegas, Special Improvement Dist. No. 816 (Summerlin Village 22), Local Improvement Bonds, Series <br> 2021, 3.00% 6/1/2041  | 995 | 735 |
| City of Las Vegas, Special Improvement Dist. No. 816 (Summerlin Village 22), Local Improvement Bonds, Series <br> 2021, 3.125% 6/1/2046  | 475 | 325 |
| City of Las Vegas, Special Improvement Dist. No. 816 (Summerlin Village 22), Local Improvement Bonds, Series <br> 2021, 3.125% 6/1/2051  | 1810 | 1185 |
| City of Las Vegas, Special Improvement Dist. No. 817 (Summerlin Village 29), Local Improvement Bonds, Series <br> 2023, 5.75% 6/1/2043  | 330 | 339 |
| City of Las Vegas, Special Improvement Dist. No. 817 (Summerlin Village 29), Local Improvement Bonds, Series <br> 2023, 6.00% 6/1/2048  | 350 | 360 |
| City of Las Vegas, Special Improvement Dist. No. 817 (Summerlin Village 29), Local Improvement Bonds, Series <br> 2023, 6.00% 6/1/2053  | 745 | 763 |
| City of Las Vegas, Special Improvement Dist. No. 818 (Summerlin Village 27), Local Improvement Bonds, Series <br> 2024, 4.75% 12/1/2033  | 545 | 549 |
| City of Las Vegas, Special Improvement Dist. No. 818 (Summerlin Village 27), Local Improvement Bonds, Series <br> 2024, 5.00% 12/1/2044  | 1870 | 1783 |
| City of Las Vegas, Special Improvement Dist. No. 818 (Summerlin Village 27), Local Improvement Bonds, Series <br> 2024, 5.00% 12/1/2049  | 1230 | 1142 |
| City of Las Vegas, Special Improvement Dist. No. 818 (Summerlin Village 27), Local Improvement Bonds, Series <br> 2024, 5.00% 12/1/2054  | 1540 | 1404 |
| City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement Rev. <br> Ref. Bonds, Series 2014, 5.00% 6/1/2026  | 625 | 625 |
| City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement Rev. <br> Ref. Bonds, Series 2014, 5.00% 6/1/2028  | 250 | 250 |
| City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement Rev. <br> Ref. Bonds, Series 2014, 5.00% 6/1/2029  | 430 | 430 |
| City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement Rev. <br> Ref. Bonds, Series 2014, 5.00% 6/1/2031  | 105 | 105 |
| City of North Las Vegas, Special Improvement Dist. No. 64 (Valley Vista), Local Improvement Bonds, Series 2019, <br> 3.75% 6/1/2026  | 165 | 165 |
| City of North Las Vegas, Special Improvement Dist. No. 64 (Valley Vista), Local Improvement Bonds, Series 2019, <br> 3.75% 6/1/2027  | 245 | 245 |
| City of North Las Vegas, Special Improvement Dist. No. 64 (Valley Vista), Local Improvement Bonds, Series 2019, <br> 3.875% 6/1/2028  | 365 | 365 |
| City of North Las Vegas, Special Improvement Dist. No. 64 (Valley Vista), Local Improvement Bonds, Series 2019, <br> 4.00% 6/1/2029  | 190 | 189 |
| City of North Las Vegas, Special Improvement Dist. No. 64 (Valley Vista), Local Improvement Bonds, Series 2019, <br> 4.00% 6/1/2030  | 315 | 311 |
| City of North Las Vegas, Special Improvement Dist. No. 64 (Valley Vista), Local Improvement Bonds, Series 2019, <br> 4.25% 6/1/2034  | 555 | 535 |
| City of North Las Vegas, Special Improvement Dist. No. 64 (Valley Vista), Local Improvement Bonds, Series 2019, <br> 4.50% 6/1/2039  | 1340 | 1257 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **253** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Nevada (continued)** | **Nevada (continued)** | **Nevada (continued)** |
| City of North Las Vegas, Special Improvement Dist. No. 64 (Valley Vista), Local Improvement Bonds, Series 2019, <br> 4.625% 6/1/2043  | USD910 | $822 |
| City of North Las Vegas, Special Improvement Dist. No. 64 (Valley Vista), Local Improvement Bonds, Series 2019, <br> 4.625% 6/1/2049  | 3430 | 2986 |
| City of North Las Vegas, Special Improvement Dist. No. 66 (Villages at Tule Springs Village 1), Local Improvement <br> Bonds, Series 2022, 5.50% 6/1/2037 <sup>(a)</sup>  | 730 | 744 |
| City of North Las Vegas, Special Improvement Dist. No. 66 (Villages at Tule Springs Village 1), Local Improvement <br> Bonds, Series 2022, 5.75% 6/1/2042 <sup>(a)</sup>  | 1070 | 1075 |
| City of North Las Vegas, Special Improvement Dist. No. 66 (Villages at Tule Springs Village 1), Local Improvement <br> Bonds, Series 2022, 5.75% 6/1/2047 <sup>(a)</sup>  | 1560 | 1535 |
| City of North Las Vegas, Special Improvement Dist. No. 66 (Villages at Tule Springs Village 1), Local Improvement <br> Bonds, Series 2022, 6.00% 6/1/2052 <sup>(a)</sup>  | 1750 | 1754 |
| City of Reno Dist. No. 1, Special Assessment and Local Improvement Bonds (Quilici Ranch), Series 2025, 4.25% <br> 6/1/2032 <sup>(a)</sup>  | 575 | 566 |
| City of Reno Dist. No. 1, Special Assessment and Local Improvement Bonds (Quilici Ranch), Series 2025, 4.375% <br> 6/1/2034 <sup>(a)</sup>  | 625 | 610 |
| City of Reno Dist. No. 1, Special Assessment and Local Improvement Bonds (Quilici Ranch), Series 2025, 4.50% <br> 6/1/2036 <sup>(a)</sup>  | 680 | 654 |
| City of Reno Dist. No. 1, Special Assessment and Local Improvement Bonds (Quilici Ranch), Series 2025, 5.00% <br> 6/1/2041 <sup>(a)</sup>  | 350 | 340 |
| City of Reno Dist. No. 1, Special Assessment and Local Improvement Bonds (Quilici Ranch), Series 2025, 5.25% <br> 6/1/2054 <sup>(a)</sup>  | 1145 | 1051 |
| City of Reno, Sales Tax Rev. Ref. Bonds (ReTRAC - Reno Transportation Rail Access Corridor Project), Series <br> 2018-B, AGI, 4.125% 6/1/2058  | 1250 | 1058 |
| City of Sparks, Special Improvement Dist. No. 1 (5 Ridges), Local Improvement Bonds, Series 2024, 5.00% <br> 6/1/2026  | 100 | 101 |
| City of Sparks, Special Improvement Dist. No. 1 (5 Ridges), Local Improvement Bonds, Series 2024, 4.75% <br> 6/1/2027  | 155 | 158 |
| City of Sparks, Special Improvement Dist. No. 1 (5 Ridges), Local Improvement Bonds, Series 2024, 4.50% <br> 6/1/2028  | 165 | 169 |
| City of Sparks, Special Improvement Dist. No. 1 (5 Ridges), Local Improvement Bonds, Series 2024, 4.50% <br> 6/1/2029  | 200 | 205 |
| City of Sparks, Special Improvement Dist. No. 1 (5 Ridges), Local Improvement Bonds, Series 2024, 4.50% <br> 6/1/2031  | 200 | 205 |
| City of Sparks, Special Improvement Dist. No. 1 (5 Ridges), Local Improvement Bonds, Series 2024, 4.75% <br> 6/1/2032  | 125 | 128 |
| City of Sparks, Special Improvement Dist. No. 1 (5 Ridges), Local Improvement Bonds, Series 2024, 5.125% <br> 6/1/2054  | 1000 | 926 |
| County of Washoe, Water Facs. Rev. Ref. Bonds (Sierra Pacific Power Co. Projects), Series 2016-C, AMT, 4.125% <br> 3/1/2036 (put 10/1/2029)  | 3000 | 2999 |
| County of Washoe, Water Facs. Rev. Ref. Bonds (Sierra Pacific Power Co. Projects), Series 2016-F, AMT, 4.125% <br> 3/1/2036 (put 10/1/2029)  | 4000 | 3999 |
|  |  | 66912 |
| **New Hampshire 2.44%** | **New Hampshire 2.44%** | **New Hampshire 2.44%** |
| Business Fin. Auth., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2013, AMT, <br> 2.95% 4/1/2029 (put 10/1/2019) <sup>(a)</sup>  | 1900 | 1821 |
| Health and Education Facs. Auth., Education Loan Rev. Bonds (Granite Edvance Corp. Issue), Series 2024-B, AMT, <br> 4.00% 11/1/2044  | 345 | 313 |
| Health and Education Facs. Auth., Education Loan Rev. Bonds (New Hampshire Higher Education Loan Corp. <br> Issue), Series 2023-B, AMT, 5.00% 11/1/2043  | 3325 | 3369 |
| Health and Education Facs. Auth., Rev. Bonds (Dartmouth Health Obligated Group Issue), Series 2025, 5.50% <br> 8/1/2050  | 2135 | 2211 |
| Health and Education Facs. Auth., Rev. Bonds (Elliot Hospital Issue), Series 2016, 5.00% 10/1/2031  | 1250 | 1265 |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2023-C, 6.25% 1/1/2055  | 1605 | 1746 |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2024-A, 6.25% 1/1/2055  | 3490 | 3821 |
| Housing Fin. Auth., Single Family Mortgage Rev. Bonds, Series 2023-D, 6.50% 7/1/2055  | 2985 | 3280 |
| National Fin. Auth., Affordable Housing Certs., Series 2024-1, Class A, 4.15% 10/20/2040 (put 10/1/2034)  | 1150 | 1082 |
| National Fin. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series 2021-B, AGI, 3.00% <br> 8/15/2046  | 1605 | 1169 |
| National Fin. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series 2021-B, AGI, 3.00% <br> 8/15/2051  | 15085 | 10108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **254** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New Hampshire (continued)** | **New Hampshire (continued)** | **New Hampshire (continued)** |
| National Fin. Auth., Lease Rent Rev. Bonds (Centurion Foundation Lamar Boulevard, LLC), Series 2025-A, 5.05% <br> 6/15/2035 <sup>(a)</sup>  | USD9,050 | $9028 |
| National Fin. Auth., Lease Rent Rev. Bonds (Centurion Foundation Woodway Drive, LLC), Series 2024-A, 4.53% <br> 10/15/2034 <sup>(a)</sup>  | 3370 | 3348 |
| National Fin. Auth., Lease Rent Rev. Bonds (Centurion Foundation Woodway Drive, LLC), Series 2024-B, 6.343% <br> 10/15/2034 <sup>(a)</sup>  | 2900 | 2922 |
| National Fin. Auth., Municipal Certs., Series 2020-1, Class A, 4.125% 1/20/2034  | 28143 | 27866 |
| National Fin. Auth., Municipal Certs., Series 2022-1, Class X, 0.334% 9/20/2036  | 75450 | 1472 |
| National Fin. Auth., Municipal Certs., Series 2022-1, Class A, 4.375% 9/20/2036  | 24742 | 23915 |
| National Fin. Auth., Municipal Certs., Series 2022-2, Class X, 0.697% 10/20/2036 <sup>(c)(d)</sup>  | 63500 | 2703 |
| National Fin. Auth., Municipal Certs., Series 2022-2, Class A, 4.00% 10/20/2036  | 32733 | 30767 |
| National Fin. Auth., Municipal Certs., Series 2023-2, Class X, 0.813% 1/20/2038  | 53000 | 2745 |
| National Fin. Auth., Municipal Certs., Series 2023-2, Class A, 3.875% 1/20/2038  | 16044 | 14598 |
| National Fin. Auth., Municipal Certs., Series 2024-2, Class X, 0.506% 8/20/2039 <sup>(c)</sup>  | 17580 | 694 |
| National Fin. Auth., Municipal Certs., Series 2024-2, Class X, 3.625% 8/20/2039  | 16702 | 15219 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class A-US, 4.06% 11/20/2039 <sup>(c)</sup>  | 13074 | 12392 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class B-CA, 3.811% 7/20/2040 <sup>(c)</sup>  | 15068 | 12969 |
| National Fin. Auth., Municipal Certs., Series 2025-1, Class A-1, 4.087% 1/20/2041 <sup>(c)</sup>  | 7583 | 7164 |
| National Fin. Auth., Municipal Certs., Series 2025-1, Class A-2, 4.087% 1/20/2041 <sup>(c)</sup>  | 2712 | 2413 |
| National Fin. Auth., Municipal Certs., Series 2024-1, Class A, 4.25% 7/20/2041  | 14510 | 13780 |
| National Fin. Auth., Municipal Certs., Series 2024-3, Class A, 4.034% 10/20/2041 <sup>(c)</sup>  | 12534 | 11458 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class B-US, 4.06% 5/20/2042 <sup>(c)</sup>  | 7503 | 6320 |
| National Fin. Auth., Municipal Certs., Series 2024-1, Class X, 0.495% 7/1/2051 <sup>(c)</sup>  | 18510 | 676 |
| National Fin. Auth., Resource Recovery Rev. Ref. Bonds (Covanta Project), Series 2018-B, 4.625% <br>11/1/2042 <sup>(a)</sup>  | 1000 | 884 |
| National Fin. Auth., Resource Recovery Rev. Ref. Bonds (Covanta Project), Series 2018-C, AMT, 4.875% 11/1/2042 <br> <sup>(a)</sup>  | 1000 | 901 |
| National Fin. Auth., Resource Recovery Rev. Ref. Bonds (Covanta Project), Series 2020-B, AMT, 3.75% 7/1/2045 <br> (put 7/2/2040) <sup>(a)</sup>  | 8860 | 6978 |
| National Fin. Auth., Resource Recovery Rev. Ref. Green Bonds (Covanta Project), Series 2020-A, 3.625% 7/1/2043 <br> (put 7/2/2040) <sup>(a)</sup>  | 7085 | 5593 |
| National Fin. Auth., Rev. Bonds (Adventist Health Energy Projects), Series 2024-C, 5.25% 7/1/2054  | 2500 | 2409 |
| National Fin. Auth., Rev. Bonds (Presbyterian Senior Living Project), Series 2023-A, 5.25% 7/1/2048  | 2500 | 2392 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.50% 6/1/2050  | 1840 | 1863 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.00% 6/1/2055  | 4605 | 4331 |
| National Fin. Auth., Rev. Bonds (Winston-Salem Sustainable Energy Partners), Series 2025-A, 5.50% 6/1/2055  | 5155 | 5204 |
| National Fin. Auth., Senior Living Rev. Ref. Bonds (Springpoint Senior Living Project), Series 2021, 4.00% 1/1/2041  | 3750 | 3177 |
| National Fin. Auth., Senior Living Rev. Ref. Bonds (Springpoint Senior Living Project), Series 2021, 4.00% 1/1/2051  | 2455 | 1776 |
| National Fin. Auth., Special Rev. Bonds (Grand Prairie Project), Series 2024, 5.875% 12/15/2032 <sup>(a)</sup>  | 25000 | 24607 |
| National Fin. Auth., Special Rev. Bonds (Lackland Projects, Special Fncg. Dists. in Fort Bend and Parker Counties), <br> CAB, Series 2025-A, 0% 2/1/2035 <sup>(a)</sup>  | 12000 | 6577 |
| National Fin. Auth., Specialty Pharmacy Rev. Bonds (University Hospitals Home Care Services, Inc.), Series 2024-A, <br> 5.625% 12/15/2033 <sup>(a)</sup>  | 23120 | 23496 |
| National Fin. Auth., Specialty Pharmacy Rev. Bonds (University Hospitals Home Care Services, Inc.), Series 2024-A, <br> 6.25% 12/15/2038 <sup>(a)</sup>  | 12520 | 12605 |
|  |  | 335427 |
| **New Jersey 1.58%** | **New Jersey 1.58%** | **New Jersey 1.58%** |
| County of Camden, Improvement Auth., Charter School Rev. Bonds (Camden Prep High School Project), Series <br> 2022, 5.00% 7/15/2052 <sup>(a)</sup>  | 2000 | 1840 |
| County of Camden, Improvement Auth., Charter School Rev. Bonds (Camden Prep High School Project), Series <br> 2022, 5.00% 7/15/2062 <sup>(a)</sup>  | 4555 | 4095 |
| Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.00% <br> 6/15/2037  | 7085 | 6968 |
| Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.125% <br> 6/15/2043  | 750 | 703 |
| Econ. Dev. Auth., Motor Vehicle Surcharges Rev. Ref. Bonds, Series 2017-A, BAM, 5.00% 7/1/2027  | 750 | 778 |
| Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.375% <br> 1/1/2043  | 7725 | 7729 |
| Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.625% <br> 1/1/2052  | 3940 | 3942 |
| Econ. Dev. Auth., Rev. Bonds (Foundation Academy Charter School Project), Series 2018-A, 5.00% 7/1/2050  | 1100 | 937 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **255** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties, LLC - Kean University Student Housing Project), <br> Series 2017-A, 5.00% 7/1/2047  | USD4,750 | $4252 |
| Econ. Dev. Auth., Rev. Bonds (Provident Group - Kean Properties, LLC - Kean University Student Housing Project), <br> Series 2017-A, 5.00% 1/1/2050  | 1590 | 1398 |
| Econ. Dev. Auth., Rev. Ref. Bonds (Cranes Mill Project), Series 2018, 5.00% 1/1/2049  | 2000 | 1737 |
| Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Montclair Properties, LLC - Montclair State University Student <br> Housing Project), Series 2017, AGI, 5.00% 6/1/2037  | 2750 | 2777 |
| Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties, LLC - Rowan University Student Housing <br> Project), Series 2015-A, 5.00% 1/1/2035  | 5250 | 5128 |
| Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties, LLC - Rowan University Student Housing <br> Project), Series 2015-A, 5.00% 1/1/2048  | 2150 | 1904 |
| Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 6/15/2034 (preref. 6/15/2027)  | 1500 | 1568 |
| Econ. Dev. Auth., School Facs. Construction Bonds, Series 2017-DDD, 5.00% 6/15/2035 (preref. 6/15/2027)  | 1275 | 1333 |
| Econ. Dev. Auth., School Facs. Construction Rev. Bonds, Series 2018-EEE, 5.00% 6/15/2043  | 1850 | 1855 |
| Econ. Dev. Auth., School Facs. Construction Rev. Bonds, Series 2018-EEE, 5.00% 6/15/2043 (preref. 12/1/2028)  | 1085 | 1171 |
| Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2023-RRR, 5.00% 3/1/2026  | 6075 | 6162 |
| Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 4.00% <br>6/15/2029 <sup>(a)</sup>  | 275 | 275 |
| Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 5.00% <br>6/15/2039 <sup>(a)</sup>  | 825 | 803 |
| Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 5.00% <br>6/15/2049 <sup>(a)</sup>  | 930 | 842 |
| Econ. Dev. Auth., School Facs. Rev. Bonds (Beloved Community Charter School), Series 2019-A, 5.00% <br>6/15/2054 <sup>(a)</sup>  | 725 | 651 |
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 9/15/2029  | 28870 | 28900 |
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT, 5.625% <br> 11/15/2030  | 3545 | 3549 |
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 6/1/2033  | 3500 | 3503 |
| Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012, AMT, 5.75% <br> 9/15/2027  | 3130 | 3136 |
| Econ. Dev. Auth., Transit Transportation Project Bonds, Series 2020-A, 4.00% 11/1/2038  | 2500 | 2331 |
| Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2019-A, AMT, 2.20% <br> 10/1/2039 (put 12/3/2029)  | 2500 | 2260 |
| Health Care Facs. Fncg. Auth., Rev. Bonds (Princeton HealthCare System Issue), Series 2016-A, 5.00% 7/1/2034  | 1000 | 1014 |
| Higher Education Student Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2022, AMT, 4.00% <br> 12/1/2041  | 5400 | 5327 |
| Higher Education Student Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2025, AMT, 4.50% <br> 12/1/2045  | 7155 | 7060 |
| Higher Education Student Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2025, AMT, 5.50% <br> 12/1/2055  | 5500 | 5293 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1A, AMT, 3.25% 12/1/2029  | 795 | 796 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1A, AMT, 3.25% 12/1/2030  | 895 | 896 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2018-A, AMT, 3.75% 12/1/2031  | 210 | 209 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2016-1-A, AMT, 3.50% 12/1/2032  | 260 | 261 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2019-B, AMT, 3.25% 12/1/2039  | 4065 | 3841 |
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2020-B, AMT, 3.50% 12/1/2039  | 2250 | 2172 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2019-B, AMT, 3.00% 12/1/2034  | 1000 | 902 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2020-A, AMT, 3.50% 12/1/2039  | 9935 | 9687 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2021-B, AMT, 2.50% 12/1/2040  | 9590 | 8816 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2023-B, AMT, 4.00% 12/1/2044  | 13295 | 12256 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2024-B, AMT, 4.25% 12/1/2045  | 5645 | 5485 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2021-C, AMT, 3.25% 12/1/2051  | 3000 | 1944 |
| Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2024-C, AMT, 5.25% 12/1/2054  | 3725 | 3461 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2019-C, 4.75% 10/1/2050  | 480 | 489 |
| Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2024-K, 6.00% 10/1/2055  | 1165 | 1265 |
| South Jersey Port Corp., Marine Terminal Rev. Bonds, Series 2017-B, AMT, 5.00% 1/1/2036  | 1000 | 1014 |
| South Jersey Port Corp., Marine Terminal Rev. Bonds, Series 2017-B, AMT, 5.00% 1/1/2042  | 1250 | 1243 |
| South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2022-A, 4.625% 11/1/2047  | 850 | 793 |
| South Jersey Transportation Auth., Transportation System Rev. Ref. Bonds, Series 2020-A, 5.00% 11/1/2045  | 1895 | 1891 |
| South Jersey Transportation Auth., Transportation System Rev. Ref. Bonds, Series 2020-A, 4.00% 11/1/2050  | 3000 | 2491 |
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.25% 6/1/2046  | 1210 | 1202 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2020-AA, 4.00% 6/15/2038  | 3000 | 2834 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2024-AA, 5.00% 6/15/2042  | 1030 | 1055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **256** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2020-AA, 4.00% 6/15/2045  | USD1,675 | $1451 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2020-AA, 3.00% 6/15/2050  | 6000 | 4129 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2022-BB, 3.00% 6/15/2050  | 10000 | 6881 |
| Transportation Trust Fund Auth., Transportation Program Bonds, Series 2019-BB, 5.00% 6/15/2050 (preref. <br> 12/15/2028)  | 2500 | 2708 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2022-A, 4.00% 6/15/2041  | 2000 | 1811 |
| Transportation Trust Fund Auth., Transportation System Bonds, Series 2024-AA, 5.25% 6/15/2041  | 1905 | 2006 |
| Transportation Trust Fund Auth., Transportation System Bonds, CAB, Series 2006-C, AMBAC, 0% 12/15/2036  | 5785 | 3578 |
| County of Union, Improvement Auth., Solid Waste Disposal Rev. Green Bonds (Aries Linden, LLC Project), Series <br> 2019, AMT, 6.75% 12/1/2041 <sup>(a)</sup>  | 14510 | 9222 |
|  |  | 218010 |
| **New Mexico 0.24%** | **New Mexico 0.24%** | **New Mexico 0.24%** |
| Educational Assistance Foundation, Education Loan Bonds, Series 2021-1-A, AMT, 2.05% 9/1/2051  | 9690 | 8673 |
| City of Farmington, Pollution Control Rev. Ref. Bonds (Public Service Co. of San Juan and Four Corners Projects), <br> Series 2016-B, 2.15% 4/1/2033  | 7265 | 6119 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2016-A-2, Class I, AMT, 3.50% 3/1/2046  | 215 | 214 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2024-C, Class I, 6.00% 3/1/2055  | 9905 | 10887 |
| Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2025-A, Class I, 5.75% 3/1/2056  | 795 | 870 |
| City of Santa Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Residences), Series 2019-A, 5.00% 5/15/2034  | 1175 | 1190 |
| City of Santa Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Residences), Series 2012, 5.00% 5/15/2042  | 1225 | 1146 |
| City of Santa Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Residences), Series 2019-A, 5.00% 5/15/2044  | 1320 | 1211 |
| City of Santa Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Residences), Series 2019-A, 5.00% 5/15/2049  | 2405 | 2112 |
|  |  | 32422 |
| **New York 6.38%** | **New York 6.38%** | **New York 6.38%** |
| City of Albany Capital Resource Corp., Rev. Bonds (Kipp Capital Region Public Charter Schools Project), Series <br> 2024, 5.00% 6/1/2064  | 550 | 487 |
| City of Albany Capital Resource Corp., Rev. Bonds (Kipp Capital Region Public Charter Schools Project), Series <br> 2024, 4.75% 6/1/2054  | 1200 | 1047 |
| Town of Brookhaven Local Dev. Corp., Rev. Bonds (Active Retirement Community, Inc.), Series 2020-A, 4.00% <br> 11/1/2055  | 6815 | 5272 |
| Town of Brookhaven Local Dev. Corp., Rev. Bonds (Long Island Community Hospital Project), Series 2020-A, <br> 5.00% 10/1/2050  | 2250 | 2214 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, 5.00% 7/15/2026  | 2500 | 2534 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, 5.00% 7/15/2042  | 34595 | 33676 |
| Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Catholic Health System Obligated Group Project), <br> Series 2015, 5.00% 7/1/2040  | 1000 | 949 |
| Buffalo and Erie County, Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. <br> Projct), Series 2015, 4.00% 7/1/2045  | 525 | 425 |
| Build NYC Resource Corp., Rev. Bonds (Friends of Hellenic Classical Charter Schools, Inc. Project), Series 2021-A, <br> 5.00% 12/1/2041 <sup>(a)</sup>  | 1065 | 941 |
| Build NYC Resource Corp., Rev. Bonds (Friends of Hellenic Classical Charter Schools, Inc. Project), Series 2021-A, <br> 5.00% 12/1/2051 <sup>(a)</sup>  | 1620 | 1328 |
| Build NYC Resource Corp., Rev. Bonds (Friends of Hellenic Classical Charter Schools, Inc. Project), Series 2021-A, <br> 5.00% 12/1/2055 <sup>(a)</sup>  | 1430 | 1148 |
| Build NYC Resource Corp., Rev. Bonds (New World Preparatory Charter School Project), Series 2021-A, 4.00% <br> 6/15/2031 <sup>(a)</sup>  | 450 | 436 |
| Build NYC Resource Corp., Rev. Bonds (New World Preparatory Charter School Project), Series 2021-A, 4.00% <br> 6/15/2041 <sup>(a)</sup>  | 610 | 505 |
| Build NYC Resource Corp., Rev. Bonds (New World Preparatory Charter School Project), Series 2021-A, 4.00% <br> 6/15/2051 <sup>(a)</sup>  | 635 | 471 |
| Build NYC Resource Corp., Rev. Bonds (Shefa School Project), Series 2021-A, 2.50% 6/15/2031 <sup>(a)</sup>  | 500 | 451 |
| Build NYC Resource Corp., Rev. Bonds (Shefa School Project), Series 2021-A, 5.00% 6/15/2051 <sup>(a)</sup>  | 2000 | 1731 |
| Build NYC Resource Corp., Rev. Ref. Bonds (Albert Einstein School of Medicine, Inc. Project), Series 2015, 5.50% <br> 9/1/2045 <sup>(a)</sup>  | 12275 | 11937 |
| Build NYC Resource Corp., Rev. Ref. Bonds (Brooklyn Navy Yard Cogeneration Partners, LP Project), Series 2019, <br> AMT, 5.00% 12/31/2028 <sup>(a)</sup>  | 9335 | 9426 |
| Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, <br> 5.00% 1/1/2035 <sup>(a)</sup>  | 3395 | 3396 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2039  | 4000 | 2003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **257** | American Funds Tax-Exempt Income Funds |

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------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2045  | USD8,135 | $2750 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2046  | 3445 | 1098 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, AGI, 0% 11/15/2048  | 5050 | 1428 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-A, 0% 11/15/2049  | 4020 | 1125 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2055  | 4265 | 807 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2056  | 3950 | 707 |
| Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA, 3.00% 2/1/2050  | 10550 | 7302 |
| Dormitory Auth., Rev. Bonds (Catholic Health System Obligated Group), Series 2019-A, 4.00% 7/1/2037  | 1860 | 1621 |
| Dormitory Auth., Rev. Bonds (Catholic Health System Obligated Group), Series 2019-A, 4.00% 7/1/2038  | 1650 | 1426 |
| Dormitory Auth., Rev. Bonds (Catholic Health System Obligated Group), Series 2019-A, 4.00% 7/1/2045  | 4640 | 3708 |
| Dormitory Auth., Rev. Bonds (Culinary Institute of America), Series 2013, 5.50% 7/1/2033  | 500 | 501 |
| Dormitory Auth., Rev. Bonds (Langone Hospitals Obligated Group), Series 2020-A, 4.00% 7/1/2050  | 4910 | 4127 |
| Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2020-A, 4.00% 9/1/2045  | 900 | 749 |
| Dormitory Auth., Rev. Bonds (Montefiore Obligated Group), Series 2024, 5.50% 11/1/2047  | 625 | 636 |
| Dormitory Auth., Rev. Bonds (New School), Series 2022-A, 4.00% 7/1/2047  | 1235 | 1003 |
| Dormitory Auth., Rev. Bonds (Northwell Health Obligated Group), Series 2024-A, 4.00% 5/1/2054  | 1000 | 810 |
| Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% <br>12/1/2033 <sup>(a)</sup>  | 1200 | 1200 |
| Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% <br>12/1/2034 <sup>(a)</sup>  | 1200 | 1171 |
| Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2017, 5.00% <br>12/1/2034 <sup>(a)</sup>  | 1000 | 974 |
| Dormitory Auth., Rev. Bonds (Orange Regional Medical Center Obligated Group), Series 2015, 5.00% <br>12/1/2035 <sup>(a)</sup>  | 1000 | 963 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, 5.25% 10/1/2049  | 2780 | 2757 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, AGI, 5.50% 10/1/2054  | 850 | 871 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 3.00% 3/15/2041  | 9000 | 7245 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.25% 3/15/2049  | 7000 | 7197 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-E, 3.00% 3/15/2051  | 2750 | 1868 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2025-A, 5.00% 3/15/2051  | 7115 | 7176 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2024-A, 5.00% 3/15/2055  | 3000 | 3023 |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.25% <br> 3/15/2052  | 3205 | 3293 |
| Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2017, <br> AMT, 2.875% 12/1/2044 (put 12/3/2029) <sup>(a)</sup>  | 4750 | 4422 |
| Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2014-R-2, <br> AMT, 3.125% 12/1/2044 (put 6/1/2026) <sup>(a)</sup>  | 2500 | 2469 |
| Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2020-R-1, <br> 2.75% 9/1/2050 (put 9/2/2025)  | 2470 | 2464 |
| Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2022-R-2, <br> AMT, 5.125% 9/1/2050 (put 9/3/2030) <sup>(a)</sup>  | 6495 | 6614 |
| Genesee County Funding Corp., Rev. Bonds (Rochester Regional Health Project), Series 2022-A, 5.25% 12/1/2052  | 635 | 614 |
| Town of Huntington Local Dev. Corp., Rev. Bonds (Gurwin Independent Housing, Inc. / Fountaingate Gardens <br> Project), Series 2021-A, 5.25% 7/1/2056  | 3685 | 2816 |
| Jefferson County Civic Fac. Dev. Corp., Rev. Bonds (Samaritan Medical Center Project), Series 2017-A, 4.00% <br> 11/1/2042  | 2080 | 1597 |
| Jefferson County Civic Fac. Dev. Corp., Rev. Bonds (Samaritan Medical Center Project), Series 2017-A, 4.00% <br> 11/1/2047  | 2625 | 1869 |
| Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.375% <br> 11/15/2040 <sup>(a)</sup>  | 1000 | 987 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 2.875% <br> 11/15/2046  | 9880 | 6590 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 3.00% <br> 11/15/2051  | 11525 | 7724 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, BAM, 3.00% <br> 11/15/2051  | 2000 | 1364 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2021-A-2, 4.00% 11/15/2043  | 1670 | 1461 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 5.00% 11/15/2045 (put <br> 5/15/2030)  | 6950 | 7303 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D-1, 5.00% 11/15/2043  | 1000 | 1004 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D, 5.00% 11/15/2045  | 4500 | 4467 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2021-A-1, 4.00% 11/15/2046  | 3220 | 2711 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D-3, 4.00% 11/15/2049  | 9430 | 7794 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **258** |

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------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-C-1, 5.00% 11/15/2050  | USD4,040 | $3914 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-A-2, 5.00% 11/15/2026  | 2365 | 2437 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 11/15/2026  | 1315 | 1355 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2028  | 1890 | 2009 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2020-E, 5.00% 11/15/2032  | 715 | 777 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2020-E, 4.00% 11/15/2045  | 620 | 529 |
| Monroe County Industrial Dev. Corp., Rev. Bonds (Rochester Regional Health Project), Series 2020-A, 3.00% <br> 12/1/2040  | 2205 | 1664 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 239, 3.25% 10/1/2051  | 845 | 841 |
| New York City GO Bonds, Series 2021-F-1, 4.00% 3/1/2047  | 1000 | 867 |
| New York City GO Bonds, Fiscal 2020, Series 2020-D-1, 4.00% 3/1/2050  | 2500 | 2124 |
| New York City GO Bonds, Fiscal 2022, Series 2022-A-1, 3.00% 8/1/2050  | 3010 | 2051 |
| New York City GO Bonds, Fiscal 2024, Series 2024-C, 5.00% 3/1/2042  | 1410 | 1458 |
| New York City GO Bonds, Fiscal 2025, Series 2025-G-1, 5.25% 2/1/2053  | 3500 | 3576 |
| New York City Housing Dev. Corp., Housing Impact Green Bonds, Series 2020-A, 2.80% 2/1/2050  | 2500 | 1634 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-F-1, 2.25% 11/1/2041  | 2000 | 1382 |
| New York City Housing Dev. Corp., Multi Family Mortgage Rev. Bonds (8 Spruce Street), Series 2024-E, 4.375% <br> 12/15/2031  | 545 | 559 |
| New York City Housing Dev. Corp., Multi Family Mortgage Rev. Bonds (8 Spruce Street), Series 2024-F, 5.25% <br> 12/15/2031 <sup>(a)</sup>  | 1740 | 1783 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 3.00% 1/1/2046  | 3875 | 2781 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 3.00% <br> 3/1/2039  | 1500 | 1248 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 3.00% <br> 3/1/2040  | 4000 | 3244 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 4.00% <br> 3/1/2045  | 4350 | 3837 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 3.00% <br> 3/1/2049  | 1810 | 1244 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2023-DD, 5.25% 6/15/2046  | 1285 | 1324 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-AA-1, 5.25% 6/15/2053  | 2710 | 2776 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-BB-1, 5.25% 6/15/2054  | 6220 | 6367 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-CC, 5.25% 6/15/2054  | 15000 | 15415 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal <br> 2025, Series 2025-BB, 5.00% 6/15/2052  | 5000 | 5039 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal <br> 2025, Series 2025-BB, 5.25% 6/15/2055  | 5000 | 5150 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 11/1/2042  | 1000 | 900 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.00% 5/1/2044  | 1315 | 1349 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.00% 5/1/2046  | 2500 | 2542 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-C, 5.25% 5/1/2048  | 2500 | 2567 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.25% 5/1/2048  | 13605 | 14037 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.25% 5/1/2049  | 5000 | 5153 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.25% 5/1/2051  | 11495 | 11833 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-F-1, 5.25% 2/1/2053  | 17070 | 17536 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-F, 5.00% 11/1/2040  | 2500 | 2646 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2044  | 1500 | 1542 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2045  | 3470 | 3553 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2046  | 1635 | 1663 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2046  | 700 | 713 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2048  | 4000 | 4042 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.50% 11/1/2049  | 3810 | 4007 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.50% 11/1/2051  | 550 | 579 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-D, 5.50% 5/1/2052  | 2000 | 2098 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2053  | 3390 | 3405 |
| Niagara Area Dev. Corp., Rev. Bonds (Catholic Health System, Inc. Project), Series 2022, 5.00% 7/1/2052  | 3250 | 2951 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **259** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Niagara Area Dev. Corp., Solid Waste Disposal Fac. Rev. Ref. Bonds (Covanta Project), Series 2018-A, AMT, 4.75% <br>11/1/2042 <sup>(a)</sup>  | USD7,640 | $6781 |
| Niagara Frontier Transportation Auth., Airport Rev. Bonds (Buffalo Niagara International Airport), Series 2019-A, <br> AMT, 5.00% 4/1/2039  | 525 | 526 |
| Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series <br> 2014-A, AMT, 5.00% 4/1/2029  | 1200 | 1201 |
| Oneida Indian Nation, Tax Rev. Bonds, Series 2024-A, 7.25% 9/1/2034 <sup>(a)</sup>  | 10000 | 10115 |
| Oneida Indian Nation, Tax Rev. Bonds, Series 2024-B, 6.00% 9/1/2043 <sup>(a)</sup>  | 4905 | 5131 |
| County of Onondaga, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, AGI, 5.00% 5/1/2030  | 1490 | 1492 |
| Onongada Civic Dev. Corp., Rev. Bonds (Syracuse University Project), Series 2025, 5.50% 12/1/2056  | 800 | 843 |
| Onongada Civic Dev. Corp., Rev. Ref. Bonds (Crouse Health Hospital, Inc. Project), Series 2024-A, 5.125% <br> 8/1/2044  | 2345 | 1896 |
| Onongada Civic Dev. Corp., Rev. Ref. Bonds (Crouse Health Hospital, Inc. Project), Series 2024-A, 5.375% <br> 8/1/2054  | 3120 | 2465 |
| Suffolk County Econ. Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2019-B, 5.00% <br> 12/1/2040  | 1000 | 971 |
| Suffolk Regional Off-Track Betting Corp., Rev. Bonds, Series 2024, 5.75% 12/1/2044  | 3750 | 3820 |
| Suffolk Regional Off-Track Betting Corp., Rev. Bonds, Series 2024, 6.00% 12/1/2053  | 2500 | 2544 |
| Sullivan County Infrastructure Local Dev. Corp., Rev. Bonds (Adelaar Infrastructure Project), Series 2016-A-1, <br> 4.85% 11/1/2031 <sup>(a)</sup>  | 2465 | 2492 |
| Sullivan County Infrastructure Local Dev. Corp., Rev. Bonds (Adelaar Infrastructure Project), Series 2016-E-1, 4.85% <br> 11/1/2031 <sup>(a)</sup>  | 3225 | 3260 |
| Sullivan County Infrastructure Local Dev. Corp., Rev. Bonds (Adelaar Infrastructure Project), Series 2016-A-2, <br> 5.35% 11/1/2049 <sup>(a)</sup>  | 3000 | 2871 |
| Sullivan County Infrastructure Local Dev. Corp., Rev. Bonds (Adelaar Infrastructure Project), Series 2016-C-2, <br> 5.35% 11/1/2049 <sup>(a)</sup>  | 2165 | 2072 |
| Sullivan County Infrastructure Local Dev. Corp., Rev. Bonds (Adelaar Infrastructure Project), Series 2016-D-2, <br> 5.35% 11/1/2049 <sup>(a)</sup>  | 3135 | 3001 |
| Sullivan County Infrastructure Local Dev. Corp., Rev. Bonds (Adelaar Infrastructure Project), Series 2016-E-2, 5.35% <br> 11/1/2049 <sup>(a)</sup>  | 16135 | 15444 |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2022-A-1, 4.00% 3/15/2050  | 2500 | 2167 |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2022-A-1, 4.00% 3/15/2051  | 2500 | 2153 |
| Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 4.00% 3/15/2052  | 2500 | 2140 |
| Tompkins County Dev. Corp., Continuing Care Retirement Community Rev. Bonds (Kendal at Ithaca, Inc. Project), <br> Series 2014-A, 5.00% 7/1/2034  | 700 | 700 |
| Tompkins County Dev. Corp., Rev. Bonds (Tompkins Cortland Community College Foundation, Inc. Project), Series <br> 2013-A, 5.00% 7/1/2027 <sup>(b)</sup>  | 1805 | 361 |
| Tompkins County Dev. Corp., Rev. Bonds (Tompkins Cortland Community College Foundation, Inc. Project), Series <br> 2013-A, 5.00% 7/1/2021 <sup>(b)</sup>  | 1000 | 200 |
| Tompkins County Dev. Corp., Rev. Bonds (Tompkins Cortland Community College Foundation, Inc. Project), Series <br> 2013-A, 5.00% 7/1/2032 <sup>(b)</sup>  | 2345 | 469 |
| Tompkins County Dev. Corp., Rev. Bonds (Tompkins Cortland Community College Foundation, Inc. Project), Series <br> 2013-A, 5.00% 7/1/2038 <sup>(b)</sup>  | 1370 | 274 |
| Transportation Dev. Corp., Fac. Rev. Bonds (New York State Thruway Service Areas Project), Series 2021, AMT, <br> 4.00% 10/31/2046  | 2800 | 2328 |
| Transportation Dev. Corp., Fac. Rev. Bonds (New York State Thruway Service Areas Project), Series 2021, AMT, <br> 4.00% 4/30/2053  | 4880 | 3832 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport <br> Project), Series 2021, AMT, 2.25% 8/1/2026  | 10810 | 10652 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport <br> Project), Series 2021, AMT, 3.00% 8/1/2031  | 10740 | 9872 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport <br> Project), Series 2020, AMT, 5.25% 8/1/2031  | 5585 | 5708 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport <br> Project), Series 2020, AMT, 5.375% 8/1/2036  | 5710 | 5816 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2035  | 1000 | 1036 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2036  | 1000 | 1026 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-A, AMT, 5.00% 12/1/2037  | 705 | 714 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 5.00% 12/1/2038  | 1025 | 1058 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **260** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2038  | USD1,700 | $1714 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-A, AMT, 4.00% 12/1/2039  | 1100 | 970 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2040  | 1290 | 1288 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2041  | 1735 | 1714 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-A, AMT, 4.00% 12/1/2042  | 1780 | 1505 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 4.00% 12/1/2042  | 2800 | 2474 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 4.00% 12/1/2042  | 2450 | 2073 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2042  | 1000 | 979 |
| Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International <br> Airport Project), Series 2016, AMT, 5.00% 8/1/2026  | 7930 | 7930 |
| Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International <br> Airport Project), Series 2016, AMT, 5.00% 8/1/2031  | 34155 | 34153 |
| Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, <br> 4.00% 7/1/2032  | 2000 | 1994 |
| Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, <br> 4.00% 7/1/2033  | 4500 | 4438 |
| Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, <br> 4.00% 7/1/2046  | 4375 | 3582 |
| Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, <br> 5.00% 7/1/2046  | 3500 | 3332 |
| Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, <br> 5.25% 1/1/2050  | 30515 | 29482 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 5.00% 1/1/2027  | 2000 | 2034 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 5.00% 1/1/2029  | 2320 | 2372 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 5.00% 1/1/2030  | 4935 | 5036 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2020, AMT, 4.00% 10/1/2030  | 5215 | 5122 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 5.00% 1/1/2031  | 13595 | 13856 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 5.00% 1/1/2032  | 7700 | 7834 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 5.00% 1/1/2033  | 12500 | 12690 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 5.00% 1/1/2034  | 2000 | 2026 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2023, AMT, 6.00% 4/1/2035  | 31090 | 33684 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 4.00% 1/1/2036  | 6365 | 5920 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 5.00% 1/1/2036  | 3000 | 3022 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2023, AMT, 5.625% 4/1/2040  | 13280 | 13627 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2020, AMT, 5.00% 10/1/2040  | 11645 | 11458 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2020, AMT, 4.375% 10/1/2045  | 25010 | 21719 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2023, AMT, AGI, 5.00% 6/30/2049  | 2495 | 2381 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2024, AGI, AMT, 5.00% 6/30/2054  | 5500 | 5209 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **261** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2024, AMT, 5.50% 6/30/2054  | USD5,145 | $4970 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2023, AMT, 6.00% 6/30/2054  | 4000 | 4065 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2025, AMT, 6.00% 6/30/2055  | 11600 | 11927 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2025, AGI, AMT, 5.50% 6/30/2059  | 2000 | 2002 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2025, AMT, 6.00% 6/30/2059  | 21895 | 22450 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2023, AMT, AGI, 5.125% 6/30/2060  | 2000 | 1901 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2024, AMT, 5.50% 6/30/2060  | 13500 | 13105 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> Six Redev. Project), Series 2024-A, AGI, AMT, 5.25% 12/31/2054  | 6265 | 6143 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> Six Redev. Project), Series 2024-A, AMT, 5.50% 12/31/2054  | 4645 | 4544 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> Six Redev. Project), Series 2024-A, AMT, 5.50% 12/31/2060  | 8165 | 7901 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> Six Redev. Project), CAB, Series 2024-B, AGI, AMT, 0% 12/31/2054 (5.00% on 12/31/2034) <sup>(e)</sup>  | 4235 | 2557 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2020-A, 4.00% <br> 11/15/2054  | 2000 | 1675 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Green Bonds (MTA Bridges and Tunnels), Series 2024-B, <br> 5.25% 5/15/2054  | 3695 | 3786 |
| Triborough Bridge and Tunnel Auth., Real Estate Transfer Tax Rev. Bonds (MTA Bridges and Tunnels), Series <br> 2025-A, 5.25% 12/1/2054  | 2160 | 2213 |
| Triborough Bridge and Tunnel Auth., Real Estate Transfer Tax Rev. Bonds (MTA Bridges and Tunnels), Series <br> 2025-A, 5.50% 12/1/2059  | 22330 | 23181 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2039  | 1500 | 1528 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 3.00% 3/15/2040  | 2000 | 1655 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-E, 3.00% 3/15/2047  | 6445 | 4617 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 4.00% 3/15/2049  | 360 | 307 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 4.00% 3/15/2049  | 230 | 196 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 3.00% 3/15/2050  | 2000 | 1388 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-E, 3.00% 3/15/2050  | 2500 | 1732 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2023-A, 4.00% 3/15/2052  | 2280 | 1923 |
| Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2021-A, 3.00% 3/15/2040  | 2500 | 2046 |
| Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2023-A, 5.00% 3/15/2048  | 2360 | 2381 |
| Westchester County Local Dev. Corp., Rev. Bonds (Purchase Housing Corp. II Project), Series 2017, 5.00% <br> 6/1/2047  | 1020 | 935 |
| Westchester County Local Dev. Corp., Rev. Bonds (Senior Learning Community, Inc.), Series 2021-A, 5.00% <br> 7/1/2056 <sup>(a)</sup>  | 3665 | 3123 |
| Westchester County Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series <br> 2016, 5.00% 11/1/2046  | 5375 | 4737 |
| Westchester County Local Dev. Corp., Rev. Ref. Bonds (The Bethel Methodist Home - The Knolls Project), Series <br> 2020-A, 5.00% 7/1/2040  | 1000 | 855 |
| Westchester County Local Dev. Corp., Rev. Ref. Bonds (The Bethel Methodist Home - The Knolls Project), Series <br> 2020-A, 5.125% 7/1/2055  | 1100 | 824 |
| Yonkers Econ. Dev. Corp., Educational Rev. Bonds (Lamartine/Warburton, LLC - Charter School of Educational <br> Excellence Project), Series 2019-A, 4.00% 10/15/2029  | 600 | 599 |
| Yonkers Econ. Dev. Corp., Educational Rev. Bonds (Lamartine/Warburton, LLC - Charter School of Educational <br> Excellence Project), Series 2019-A, 5.00% 10/15/2039  | 420 | 409 |
| Yonkers Econ. Dev. Corp., Educational Rev. Bonds (Lamartine/Warburton, LLC - Charter School of Educational <br> Excellence Project), Series 2019-A, 5.00% 10/15/2054  | 930 | 816 |
|  |  | 878224 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **262** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **North Carolina 0.45%** | **North Carolina 0.45%** | **North Carolina 0.45%** |
| City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2022-A, AMT, 3.00% <br> 7/1/2046  | USD3,000 | $2072 |
| City of Charlotte, Water and Sewer System Rev. Bonds, Series 2024, 5.00% 7/1/2054  | 5945 | 6073 |
| Columbus County Industrial Facs. and Pollution Control Fin. Auth. Recovery Zone Fac. Rev. Ref. Bonds <br> (International Paper Co. Project), Series 2020-A, 4.20% 5/1/2034  | 2000 | 1996 |
| Educational Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2035  | 2250 | 2298 |
| Educational Assistance Auth., Student Loan Rev. and Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2045  | 7615 | 7663 |
| Educational Assistance Auth., Student Loan Rev. Bonds, Series 2023-A, AMT, 5.00% 6/1/2043  | 3595 | 3644 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 58-A, 6.50% 1/1/2056  | 850 | 965 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 53-A, 6.25% 1/1/2055  | 2770 | 3018 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 54-A, 6.25% 1/1/2055  | 1780 | 1982 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 55-A, 6.25% 7/1/2055  | 1955 | 2159 |
| Housing Fin. Agcy., Home Ownership Rev. Bonds (1998 Trust Agreement), Series 55-C, 3.20% 7/1/2056 (put <br> 1/15/2026)  | 8130 | 8134 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (Lutheran Services for the Aging), Series <br> 2021-A, 4.00% 3/1/2041  | 500 | 435 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (Lutheran Services for the Aging), Series <br> 2021-A, 4.00% 3/1/2051  | 4050 | 3075 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (The Presbyterian Homes Obligated <br> Group), Series 2020-A, 5.00% 10/1/2045  | 1500 | 1434 |
| Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Pennybyrn at Maryfield), Series <br> 2015, 5.00% 10/1/2030  | 1900 | 1900 |
| Medical Care Commission, Retirement Facs. First Mortgage Bonds (Pennybyrn at Maryfield), Series 2020-A, 5.00% <br> 10/1/2045  | 1000 | 894 |
| Medical Care Commission, Retirement Facs. First Mortgage Bonds (Pennybyrn at Maryfield), Series 2020-A, 5.00% <br> 10/1/2050  | 1000 | 861 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (Plantation Village, Inc.), <br> Series 2021-A, 4.00% 1/1/2041  | 1080 | 945 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (Plantation Village, Inc.), <br> Series 2021-A, 4.00% 1/1/2052  | 4095 | 3145 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project), Series 2017-B, <br> 4.25% 4/1/2042  | 230 | 193 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project), Series 2017-B, <br> 5.00% 4/1/2047  | 5480 | 4776 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Lutheran Retirement Ministries Project), <br> Series 2019-A, 5.00% 1/1/2049  | 1300 | 1201 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Penick Village Project), Series 2024-A, <br> 5.50% 9/1/2044  | 1255 | 1226 |
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Penick Village Project), Series 2024-A, <br> 5.50% 9/1/2054  | 1445 | 1346 |
|  |  | 61435 |
| **North Dakota 0.16%** | **North Dakota 0.16%** | **North Dakota 0.16%** |
| City of Grand Forks, Health Care System Rev. Bonds, Series 2021, AGI, 3.00% 12/1/2046  | 6680 | 4748 |
| County of Grand Forks, Solid Waste Disposal Fac. Rev. Green Bonds (Red River Biorefinery, LLC Project), Series <br> 2021-A, AMT, 6.625% 12/15/2031 <sup>(a)(b)</sup>  | 2625 | — <br><sup>(j)</sup><br>|
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-A, 3.00% 1/1/2052  | 635 | 628 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-B, 3.00% 7/1/2052  | 1880 | 1853 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2023-D, 5.75% 1/1/2054  | 1230 | 1315 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-A, 6.00% 7/1/2054  | 845 | 917 |
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2024-C, 6.25% 1/1/2055  | 2800 | 3120 |
| County of Ward, Health Care Facs. Rev. Bonds (Trinity Obligated Group), Series 2017-C, 5.00% 6/1/2038  | 1500 | 1429 |
| County of Ward, Health Care Facs. Rev. Bonds (Trinity Obligated Group), Series 2017-C, 5.00% 6/1/2043  | 6500 | 6026 |
| County of Ward, Health Care Facs. Rev. Bonds (Trinity Obligated Group), Series 2017-C, 5.00% 6/1/2053  | 2015 | 1793 |
|  |  | 21829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **263** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Ohio 2.57%** | **Ohio 2.57%** | **Ohio 2.57%** |
| Air Quality Dev. Auth. Rev. Ref. Bonds, (American Electric Power Co. Project), Series 2014-C, AMT, 3.65% <br> 12/1/2027  | USD13,925 | $13920 |
| Air Quality Dev. Auth. Rev. Ref. Bonds, (American Electric Power Co. Project), Series 2005-C, AMT, 3.70% 4/1/2028  | 1345 | 1343 |
| Air Quality Dev. Auth. Rev. Ref. Bonds, (American Electric Power Co. Project), Series 2005-D, AMT, 3.70% <br> 10/1/2028  | 6655 | 6639 |
| Air Quality Dev. Auth., Air Quality Dev. Rev. Ref. Bonds (Duke Energy Corp. Project), Series 2022-B, AMT, 4.25% <br> 11/1/2039 (put 6/1/2027)  | 8685 | 8812 |
| Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-C, 1.50% 2/1/2026 <br> (put 11/4/2025)  | 4110 | 4070 |
| Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-A, 2.875% 2/1/2026  | 3810 | 3786 |
| Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-D, 2.875% 2/1/2026  | 6900 | 6857 |
| Air Quality Dev. Auth., Air Quality Rev. Ref. Bonds (American Electric Co. Project), Series 2014-B, AMT, 2.60% <br> 6/1/2041 (put 10/1/2029)  | 1000 | 952 |
| Air Quality Dev. Auth., Air Quality Rev. Ref. Bonds (American Electric Co. Project), Series 2007-B, AMT, 2.50% <br> 11/1/2042 (put 10/1/2029)  | 4500 | 4266 |
| Air Quality Dev. Auth., Air Quality Rev. Ref. Bonds (Ohio Valley Electric Corp. Project), Series 2019-A, 3.25% <br> 9/1/2029  | 5595 | 5516 |
| Air Quality Dev. Auth., Exempt Facs. Rev. Bonds (Pratt Paper (OH), LLC Project), Series 2017, AMT, 4.25% <br> 1/15/2038 <sup>(a)</sup>  | 6030 | 5739 |
| Air Quality Dev. Auth., Exempt Facs. Rev. Bonds (Pratt Paper (OH), LLC Project), Series 2017, AMT, 4.50% <br> 1/15/2048 <sup>(a)</sup>  | 6250 | 5463 |
| County of Allen, Hospital Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-A, 4.00% 12/1/2040  | 1200 | 1111 |
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-A-2, <br> Class 1, 5.00% 6/1/2033  | 1240 | 1286 |
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-A-2, <br> 5.00% 6/1/2034  | 2265 | 2334 |
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-A-2, <br> 4.00% 6/1/2048  | 6710 | 5425 |
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-B-2, <br> 5.00% 6/1/2055  | 47810 | 38890 |
| County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2016, 5.00% 11/15/2045  | 1000 | 940 |
| County of Butler, Hospital Facs. Rev. Ref. Bonds (UC Health), Series 2017, 4.00% 11/15/2034  | 2115 | 1998 |
| County of Butler, Hospital Facs. Rev. Ref. Bonds (UC Health), Series 2017, 4.00% 11/15/2035  | 1000 | 931 |
| City of Centerville, Health Care Improvement and Rev. Ref. Bonds, Series 2017, 5.25% 11/1/2037  | 5400 | 5199 |
| City of Centerville, Health Care Improvement and Rev. Ref. Bonds, Series 2017, 5.25% 11/1/2047  | 7195 | 6193 |
| City of Centerville, Health Care Improvement and Rev. Ref. Bonds, Series 2017, 5.25% 11/1/2050  | 2400 | 2034 |
| Cleveland-Cuyahoga Port Auth., Lease Rev. Ref. and Improvement Bonds (Constellation Schools Project), Series <br> 2024-A, 5.375% 1/1/2039 <sup>(a)</sup>  | 885 | 864 |
| Cleveland-Cuyahoga Port Auth., Lease Rev. Ref. and Improvement Bonds (Constellation Schools Project), Series <br> 2024-A, 5.875% 1/1/2049 <sup>(a)</sup>  | 1725 | 1634 |
| Cleveland-Cuyahoga Port Auth., Tax Increment Fncg. Rev. and Rev. Ref. Bonds (Flats East Bank Project), Series <br> 2021-A, 4.00% 12/1/2055 <sup>(a)</sup>  | 12995 | 9728 |
| Cleveland-Cuyahoga Port Auth., Tax Increment Fncg. Rev. and Rev. Ref. Bonds (Flats East Bank Project), Series <br> 2021-B, 4.50% 12/1/2055 <sup>(a)</sup>  | 10065 | 7951 |
| Columbus-Franklin County Fin. Auth., Public Infrastructure Rev. Bonds (Bridge Park D Block Project), Series <br> 2019-A-A, 5.00% 12/1/2051  | 8085 | 7536 |
| County of Cuyahoga, Hospital Rev. Bonds (MetroHealth System), Series 2017, 5.50% 2/15/2052  | 6000 | 5704 |
| County of Franklin, Health Care Facs. Rev. Bonds (Ohio Living Communities), Series 2020-B, 4.00% 7/1/2031  | 925 | 909 |
| County of Franklin, Health Care Facs. Rev. Bonds (Ohio Living Communities), Series 2020-B, 4.00% 7/1/2032  | 310 | 301 |
| County of Franklin, Health Care Facs. Rev. Bonds (Ohio Living Communities), Series 2020-B, 4.00% 7/1/2035  | 365 | 339 |
| County of Franklin, Health Care Facs. Rev. Bonds (Ohio Living Communities), Series 2020-B, 4.00% 7/1/2045  | 1100 | 858 |
| County of Franklin, Health Care Facs. Rev. Bonds (OPRS Communities), Series 2016-C, 5.00% 7/1/2038  | 3000 | 2969 |
| County of Franklin, Health Care Facs. Rev. Ref. and Improvement Bonds (Wesley Communities Obligated Group), <br> Series 2020, 5.25% 11/15/2040  | 1405 | 1339 |
| County of Franklin, Health Care Facs. Rev. Ref. Bonds (Ohio Living Communities), Series 2022, 4.00% 7/1/2040  | 5785 | 4903 |
| County of Franklin, Health Care Facs. Rev. Ref. Bonds (Ohio Living Communities), Series 2022, 4.00% 7/1/2040 <br> (preref. 7/1/2028)  | 5 | 5 |
| Port of Greater Cincinnati Dev. Auth., Dev. Rev. Ref. Bonds (Duke Energy Convention Center Project - Transient <br> Occupancy Tax), Series 2024-B, 5.00% 12/1/2063  | 1250 | 1188 |
| County of Hamilton, Healthcare Improvement and Rev. Ref. Bonds (Life Enriching Communities Project), Series <br> 2016, 5.00% 1/1/2031  | 4360 | 4377 |
| County of Hamilton, Healthcare Improvement and Rev. Ref. Bonds (Life Enriching Communities Project), Series <br> 2016, 5.00% 1/1/2046  | 3870 | 3625 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **264** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| County of Hamilton, Healthcare Improvement and Rev. Ref. Bonds (Life Enriching Communities Project), Series <br> 2016, 5.00% 1/1/2051  | USD6,145 | $5534 |
| County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2017-A, 5.00% 1/1/2037  | 225 | 226 |
| County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2023-A, 5.25% 1/1/2038  | 1000 | 1037 |
| County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2023-A, 5.50% 1/1/2043  | 1000 | 1017 |
| County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2017-A, 5.00% 1/1/2047  | 2560 | 2384 |
| County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2017-A, 5.00% 1/1/2052  | 1125 | 1009 |
| County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2023-A, 5.75% 1/1/2053  | 3850 | 3893 |
| County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2025-A, 5.50% 8/1/2040  | 1250 | 1291 |
| County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2025-A, 5.50% 8/1/2043  | 2500 | 2507 |
| County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2020, 5.00% 9/15/2050  | 6000 | 5522 |
| County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2025-A, 5.50% 8/1/2051  | 2450 | 2372 |
| Healthcare Fac. Rev. Bonds (Otterbein Homes Obligated Group), Series 2021-B, 4.00% 7/1/2041  | 1465 | 1316 |
| Healthcare Fac. Rev. Bonds (Otterbein Homes Obligated Group), Series 2021-B, 4.00% 7/1/2046  | 1000 | 833 |
| Higher Educational Fac. Commission, Higher Educational Facs. Rev. Bonds (Xavier University 2024 Project), Series <br> 2024, 5.25% 5/1/2054  | 3000 | 2901 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Ashtabula County Medical Center Obligated <br> Group), Series 2022, 5.25% 1/1/2047  | 2980 | 2910 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Ashtabula County Medical Center Obligated <br> Group), Series 2022, 5.25% 1/1/2052  | 1405 | 1359 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Judson Obligated Group 2020 Project), Series <br> 2020-A, 5.00% 12/1/2042  | 2250 | 2116 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Judson Obligated Group 2020 Project), Series <br> 2020-A, 5.00% 12/1/2045  | 3350 | 3045 |
| Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Judson Obligated Group 2020 Project), Series <br> 2020-A, 5.00% 12/1/2050  | 8775 | 7703 |
| Higher Educational Facs. Commission, Hospital Parking Rev. Bonds (University Circle, Inc. 2020 Project), Series <br> 2020, 5.00% 1/15/2045  | 3925 | 3874 |
| City of Hilliard, Hickory Chase Community Auth., Infrastructure Improvement Rev. Bonds (Hickory Chase Project), <br> Series 2019-A, 5.00% 12/1/2040 <sup>(a)</sup>  | 3785 | 3656 |
| City of Hilliard, Hickory Chase Community Auth., Infrastructure Improvement Rev. Bonds (Hickory Chase Project), <br> Series 2019-B-1, 6.00% 12/1/2046 <sup>(a)</sup>  | 2320 | 2229 |
| Hospital Rev. Bonds (Aultman Health Foundation), Series 2018, 5.00% 12/1/2028 <sup>(a)</sup>  | 4900 | 4954 |
| Hospital Rev. Bonds (Aultman Health Foundation), Series 2018, 5.00% 12/1/2033 <sup>(a)</sup>  | 13835 | 13814 |
| Hospital Rev. Bonds (Aultman Health Foundation), Series 2018, 5.00% 12/1/2038 <sup>(a)</sup>  | 6750 | 6353 |
| Hospital Rev. Bonds (Aultman Health Foundation), Series 2018, 5.00% 12/1/2048 <sup>(a)</sup>  | 17670 | 15134 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, <br> 2.50% 9/1/2035  | 440 | 362 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2022-A, <br> 3.25% 9/1/2052  | 645 | 642 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2023-B, <br> 6.00% 3/1/2055  | 3060 | 3344 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2024-A, <br> 6.25% 3/1/2055  | 4830 | 5270 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2024-B, <br> 6.25% 3/1/2055  | 1010 | 1110 |
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2025-A, <br> 6.25% 3/1/2056  | 2645 | 2930 |
| County of Lucas, Hospital Rev. Bonds (Promedica Healthcare Obligated Group), Series 2018-A, 5.25% 11/15/2048  | 8750 | 8237 |
| County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children's Hospital), Series 2021, 4.00% 8/1/2051  | 2000 | 1646 |
| County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), <br> Series 2013, 5.00% 2/15/2048  | 8210 | 7354 |
| City of Norwood, Special Obligation Rev. Ref. Bonds (Rookwood Exchange Project), Series 2025, 5.00% <br> 12/1/2041  | 750 | 728 |
| Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, 5.00% 12/31/2039  | 120 | 117 |
| Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, 5.00% 6/30/2053  | 12955 | 12247 |
| Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System <br> Obligated Group Project), Series 2015, 5.00% 12/1/2035  | 850 | 775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **265** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| University of Cincinnati, GO Receipt Bonds, Series 2025-A, 5.25% 6/1/2049  | USD2,665 | $2733 |
| County of Washington, Hospital Facs. Rev. Bonds (Memorial Health System Obligated Group), Series 2022, <br> 6.625% 12/1/2042  | 3500 | 3602 |
| County of Washington, Hospital Facs. Rev. Bonds (Memorial Health System Obligated Group), Series 2022, 6.75% <br> 12/1/2052  | 14500 | 14921 |
|  |  | 352941 |
| **Oklahoma 0.43%** | **Oklahoma 0.43%** | **Oklahoma 0.43%** |
| Dev. Fin. Auth., Health System Rev. Bonds (OU Medicine Project), Series 2018-B, 5.25% 8/15/2043  | 1500 | 1469 |
| Dev. Fin. Auth., Health System Rev. Bonds (OU Medicine Project), Series 2018-B, 5.50% 8/15/2052  | 1000 | 950 |
| Dev. Fin. Auth., Rev. Bonds (Oklahoma Proton Center), Series 2021-A-1, 7.25% 9/1/2051 <sup>(a)</sup>  | 5000 | 4734 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2023-C, 6.00% <br> 3/1/2054  | 755 | 827 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-A, 6.00% <br> 9/1/2054  | 5205 | 5713 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2024-B, 6.25% <br> 9/1/2055  | 3195 | 3555 |
| Norman Regional Hospital Auth., Hospital Rev. Bonds (Norman Regional Hospital Auth. Obligated Group), Series <br> 2019, 3.25% 9/1/2038  | 350 | 251 |
| Norman Regional Hospital Auth., Hospital Rev. Bonds (Norman Regional Hospital Auth. Obligated Group), Series <br> 2019, 3.25% 9/1/2039  | 2535 | 1769 |
| Norman Regional Hospital Auth., Hospital Rev. Bonds (Norman Regional Hospital Auth. Obligated Group), Series <br> 2019, 4.00% 9/1/2045  | 4725 | 3313 |
| Norman Regional Hospital Auth., Hospital Rev. Bonds (Norman Regional Hospital Auth. Obligated Group), Series <br> 2019, 5.00% 9/1/2045  | 6130 | 4978 |
| Norman Regional Hospital Auth., Hospital Rev. Ref. Bonds (Norman Regional Hospital Auth. Obligated Group), <br> Series 2016, 5.00% 9/1/2027  | 1670 | 1646 |
| Norman Regional Hospital Auth., Hospital Rev. Ref. Bonds (Norman Regional Hospital Auth. Obligated Group), <br> Series 2016, 5.00% 9/1/2037  | 210 | 186 |
| Norman Regional Hospital Auth., Hospital Rev. Ref. Bonds (Norman Regional Hospital Auth. Obligated Group), <br> Series 2017, 5.00% 9/1/2037  | 5140 | 4549 |
| County of Oklahoma Fin. Auth., Charter School Lease Rev. Bonds (Astec Project), Series 2024, 5.25% 6/15/2034 <sup>(a)</sup>  | 600 | 592 |
| County of Oklahoma Fin. Auth., Charter School Lease Rev. Bonds (Astec Project), Series 2024, 6.00% 6/15/2044 <sup>(a)</sup>  | 1000 | 937 |
| County of Oklahoma Fin. Auth., Charter School Lease Rev. Bonds (Astec Project), Series 2024, 6.25% 6/15/2054 <sup>(a)</sup>  | 1405 | 1306 |
| County of Oklahoma Fin. Auth., Charter School Lease Rev. Bonds (Astec Project), Series 2024, 6.50% 6/15/2064 <sup>(a)</sup>  | 2845 | 2690 |
| Trustees of the Tulsa Municipal Airport Trust, Rev. Bonds (American Airlines, Inc. Project), Series 2025, AMT, 6.25% <br> 12/1/2035  | 9600 | 10607 |
| Trustees of the Tulsa Municipal Airport Trust, Rev. Bonds (American Airlines, Inc. Project), Series 2025, AMT, 6.25% <br> 12/1/2040  | 4500 | 4874 |
| Trustees of the Tulsa Municipal Airport Trust, Rev. Ref. Bonds (AMR Corp. Guaranteed), Series 2013-B, AMT, 5.50% <br> 12/1/2035  | 520 | 520 |
| Turnpike Auth., Turnpike System Rev. Bonds, Series 2025-A, 5.50% 1/1/2054  | 3165 | 3338 |
|  |  | 58804 |
| **Oregon 0.49%** | **Oregon 0.49%** | **Oregon 0.49%** |
| City of Astoria, Hospital Facs. Auth., Rev. Bonds (Columbia Memorial Hospital Project), Series 2024, 5.25% <br> 8/1/2049  | 1000 | 959 |
| County of Clackamas, Hospital Fac. Auth., Senior Living Rev. Bonds (Williamette View Project), Series 2017-A, <br> 5.00% 11/15/2052  | 4170 | 3597 |
| County of Clackamas, Hospital Facs. Auth., Rev. Senior Living Bonds (Rose Villa, Inc. Obligated Group), Series <br> 2020-A, 5.125% 11/15/2040  | 625 | 601 |
| County of Clackamas, Hospital Facs. Auth., Rev. Senior Living Bonds (Rose Villa, Inc. Obligated Group), Series <br> 2020-A, 5.25% 11/15/2050  | 1000 | 891 |
| County of Clackamas, Hospital Facs. Auth., Rev. Senior Living Bonds (Rose Villa, Inc. Obligated Group), Series <br> 2020-A, 5.375% 11/15/2055  | 1000 | 890 |
| County of Deschutes, Hospital Fac. Auth., Rev. Bonds (St. Charles Health System, Inc.), Series 2020-A, 3.00% <br> 1/1/2051  | 520 | 343 |
| Facs. Auth., Rev. Ref. Bonds (Samaritan Health Services Project), Series 2020-A, 5.00% 10/1/2040  | 2250 | 2251 |
| GO Bonds (Article XI-Q State Projects), Series 2025-A, 5.25% 5/1/2050  | 1000 | 1041 |
| Health and Science University, Rev. Bonds, Series 2019-A, 3.00% 7/1/2049  | 6570 | 4484 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **266** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Oregon (continued)** | **Oregon (continued)** | **Oregon (continued)** |
| Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2024-C, <br> 6.50% 7/1/2054  | USD7,745 | $8630 |
| County of Multnomah, Hospital Facs. Auth., Rev. and Rev. Ref. Green Bonds (Exempt Terwilliger Plaza - Parkview <br> Project), Series 2021-A, 4.00% 12/1/2036  | 500 | 452 |
| County of Multnomah, Hospital Facs. Auth., Rev. and Rev. Ref. Green Bonds (Exempt Terwilliger Plaza - Parkview <br> Project), Series 2021-A, 4.00% 12/1/2041  | 5680 | 4633 |
| County of Multnomah, Hospital Facs. Auth., Rev. and Rev. Ref. Green Bonds (Exempt Terwilliger Plaza - Parkview <br> Project), Series 2021-A, 4.00% 12/1/2051  | 9370 | 6626 |
| County of Multnomah, Hospital Facs. Auth., Rev. and Rev. Ref. Green Bonds (Exempt Terwilliger Plaza - Parkview <br> Project), Series 2021-A, 4.00% 12/1/2056  | 10400 | 7079 |
| County of Polk, Hospital Fac. Auth., Rev. Bonds (Dallas Retirement Village Project), Series 2015-A, 5.375% <br> 7/1/2045  | 1500 | 1388 |
| County of Polk, Hospital Fac. Auth., Rev. Bonds (Dallas Retirement Village Project), Series 2015-A, 5.50% 7/1/2050  | 5080 | 4655 |
| County of Polk, Hospital Fac. Auth., Rev. Bonds (Dallas Retirement Village Project), Series 2020-A, 5.125% <br> 7/1/2055  | 7095 | 6035 |
| Port of Portland, Portland International Airport Rev. Green Bonds, Series 29, AMT, 5.00% 7/1/2029  | 1310 | 1405 |
| Port of Portland, Portland International Airport Rev. Green Bonds, Series 30-A, AMT, 5.25% 7/1/2041  | 1445 | 1498 |
| Port of Portland, Portland International Airport Rev. Ref. Bonds, Series 30-B, AMT, 5.00% 7/1/2040  | 3320 | 3391 |
| Port of Portland, Portland International Airport Rev. Ref. Green Bonds, Series 29, AMT, 5.50% 7/1/2048  | 1000 | 1025 |
| City of Salem, Hospital Fac. Auth., Rev. and Rev. Ref. Bonds (Capital Manor Project), Series 2022, 4.00% 5/15/2040  | 500 | 439 |
| City of Salem, Hospital Fac. Auth., Rev. and Rev. Ref. Bonds (Capital Manor Project), Series 2022, 4.00% 5/15/2047  | 1950 | 1525 |
| City of Salem, Hospital Fac. Auth., Rev. and Rev. Ref. Bonds (Capital Manor Project), Series 2022, 4.00% 5/15/2057  | 2250 | 1631 |
| City of Salem, Hospital Fac. Auth., Rev. Bonds (Capital Manor Project), Series 2018, 5.00% 5/15/2033  | 540 | 550 |
| City of Salem, Hospital Fac. Auth., Rev. Bonds (Capital Manor Project), Series 2018, 5.00% 5/15/2048  | 1250 | 1126 |
|  |  | 67145 |
| **Pennsylvania 3.44%** | **Pennsylvania 3.44%** | **Pennsylvania 3.44%** |
| County of Allegheny, Hospital Dev. Auth., Rev. Bonds (University of Pittsburgh Medical Center Issue), Series <br> 2007-A-1, (3-month USD CME Term SOFR x 0.67 + 0.82%) 3.86% 2/1/2037 <sup>(c)</sup>  | 3460 | 3464 |
| Allentown City School Dist., Unlimited Tax GO Bonds, Series 2018, BAM, 5.00% 2/1/2028  | 2500 | 2618 |
| City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Bonds (City Center Project), Series <br> 2018, 5.00% 5/1/2042 <sup>(a)</sup>  | 1500 | 1455 |
| City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Bonds (City Center Project), Series <br> 2024, 5.375% 5/1/2042 <sup>(a)</sup>  | 3000 | 2972 |
| City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Bonds (Waterfront - 30 E. Allen Street <br> Project), Series 2024-A, 5.25% 5/1/2042 <sup>(a)</sup>  | 1400 | 1343 |
| City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Bonds (Waterfront - 30 E. Allen Street <br> Project), Series 2024-B, 6.00% 5/1/2042 <sup>(a)</sup>  | 3205 | 3119 |
| City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Ref. Bonds, Series 2022, 5.00% <br> 5/1/2042  | 1000 | 1008 |
| Berks County Municipal Auth. Rev. Bonds (Tower Health Project), Series 2024-A-3, 5.00% 6/30/2039  | 12570 | 11395 |
| Berks County Municipal Auth. Rev. Bonds (Tower Health Project), Series 2024-A-4, 7.00% 6/30/2039  | 38933 | 34095 |
| Berks County Municipal Auth. Rev. Bonds (Tower Health Project), CAB, Series 2024-B-2, 0% 6/30/2044 (8.00% on <br> 11/15/2029) <sup>(e)</sup>  | 11189 | 6365 |
| County of Berks, Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (The Highlands at Wyomissing), Series 2017-C, <br> 5.00% 5/15/2042  | 1000 | 962 |
| County of Berks, Municipal Auth., Rev. Bonds (Tower Health Project), Series 2024-A-2, 6.00% 6/30/2034  | 5376 | 5618 |
| County of Berks, Municipal Auth., Rev. Bonds (Tower Health Project), Series 2024-A-1, 8.00% 6/30/2034  | 13814 | 14047 |
| County of Bucks, Industrial Dev. Auth., Hospital Rev. Bonds (Grand View Hospital), Series 2021, 4.00% 7/1/2051  | 3250 | 2479 |
| County of Bucks, Industrial Dev. Auth., Hospital Rev. Bonds (St. Luke's University Health Network Project), Series <br> 2019, 4.00% 8/15/2050  | 2500 | 2072 |
| County of Chester, Industrial Dev. Auth., Rev. Bonds (Avon Grove Charter School Project), Series 2017-A, 5.00% <br> 12/15/2047  | 1160 | 1054 |
| County of Chester, Industrial Dev. Auth., Rev. Bonds (Avon Grove Charter School Project), Series 2017-A, 5.00% <br> 12/15/2051  | 645 | 572 |
| County of Chester, Industrial Dev. Auth., Rev. Bonds (Woodlands Greystone Project), Series 2018, 4.375% <br> 3/1/2028 <sup>(a)</sup>  | 100 | 100 |
| County of Chester, Industrial Dev. Auth., Rev. Bonds (Woodlands Greystone Project), Series 2018, 5.00% <br>3/1/2038 <sup>(a)</sup>  | 1462 | 1411 |
| County of Chester, Industrial Dev. Auth., Rev. Bonds (Woodlands Greystone Project), Series 2018, 5.125% <br> 3/1/2048 <sup>(a)</sup>  | 3062 | 2748 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **267** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| County of Chester, Industrial Dev. Auth., Rev. Notes (Avon Grove Charter School Project), Series 2024, 5.00% <br> 3/1/2027  | USD2,245 | $2275 |
| County of Crawford, Hospital Auth., Rev. Bonds (Meadville Medical Center Project), Series 2016-A, 6.00% <br> 6/1/2036  | 1715 | 1728 |
| County of Crawford, Hospital Auth., Rev. Bonds (Meadville Medical Center Project), Series 2016-A, 6.00% <br> 6/1/2046  | 7750 | 7765 |
| County of Crawford, Hospital Auth., Rev. Bonds (Meadville Medical Center Project), Series 2016-A, 6.00% <br> 6/1/2051  | 7005 | 6846 |
| County of Cumberland, Municipal Auth., Rev. Bonds (Diakon Lutheran Social Ministries Project), Series 2016, <br> 5.00% 1/1/2030  | 1000 | 1002 |
| County of Cumberland, Municipal Auth., Rev. Bonds (Diakon Lutheran Social Ministries Project), Series 2016, <br> 5.00% 1/1/2033  | 1610 | 1610 |
| County of Cumberland, Municipal Auth., Rev. Ref. Bonds (Asbury Pennsylvania Obligated Group), Series 2019, <br> 3.375% 1/1/2029  | 3340 | 3228 |
| County of Cumberland, Municipal Auth., Rev. Ref. Bonds (Asbury Pennsylvania Obligated Group), Series 2019, <br> 5.00% 1/1/2029  | 2345 | 2389 |
| County of Cumberland, Municipal Auth., Rev. Ref. Bonds (Asbury Pennsylvania Obligated Group), Series 2019, <br> 5.00% 1/1/2034  | 4415 | 4415 |
| County of Cumberland, Municipal Auth., Rev. Ref. Bonds (Asbury Pennsylvania Obligated Group), Series 2019, <br> 5.00% 1/1/2039  | 3345 | 3143 |
| County of Cumberland, Municipal Auth., Rev. Ref. Bonds (Asbury Pennsylvania Obligated Group), Series 2019, <br> 5.00% 1/1/2045  | 8420 | 7243 |
| County of Dauphin, General Auth., Health System Rev. Bonds (Pinnacle Health System Project), Series 2016-A, <br> 5.00% 6/1/2034  | 1245 | 1255 |
| County of Dauphin, General Auth., Health System Rev. Bonds (Pinnacle Health System Project), Series 2016-A, <br> 5.00% 6/1/2036  | 500 | 503 |
| Delaware Valley Regional Fin. Auth., Local Government Rev. Bonds, Series 2007-C, (3-month USD-SOFR x 0.67 + <br> 0.75%) 3.826% 6/1/2037 <sup>(c)</sup>  | 8980 | 8337 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2024, 5.00% 7/1/2031 <sup>(a)</sup>  | 1875 | 1979 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2024, 5.375% 7/1/2039 <sup>(a)</sup>  | 2875 | 3033 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2016-A, 5.00% 7/1/2041  | 6145 | 6154 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2016-A, 5.00% 7/1/2041 (preref. <br> 7/1/2026)  | 1405 | 1432 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2019-A, 4.00% 7/1/2045  | 3690 | 3197 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2019-A, 4.00% 7/1/2045 (preref. <br> 7/1/2029)  | 795 | 828 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2016-A, 5.00% 7/1/2046  | 6540 | 6309 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2016-A, 5.00% 7/1/2046 (preref. <br> 7/1/2026)  | 1250 | 1274 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2019-A, 5.00% 7/1/2049  | 2930 | 2874 |
| City of Doylestown, Hospital Auth., Rev. Bonds (Doylestown Hospital), Series 2019-A, 5.00% 7/1/2049 (preref. <br> 7/1/2029)  | 560 | 604 |
| City of Dubois, Hospital Auth., Hospital Rev. Bonds (Penn Highlands Healthcare), Series 2021, 5.00% 7/15/2032  | 570 | 568 |
| City of Dubois, Hospital Auth., Hospital Rev. Bonds (Penn Highlands Healthcare), Series 2018, 4.00% 7/15/2048  | 2310 | 1704 |
| City of Dubois, Hospital Auth., Hospital Rev. Bonds (Penn Highlands Healthcare), Series 2020, 4.00% 7/15/2050  | 1500 | 1086 |
| City of Dubois, Hospital Auth., Hospital Rev. Bonds (Penn Highlands Healthcare), Series 2021, 4.00% 7/15/2051  | 1210 | 869 |
| Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Co.), Series 2014, AMT, 5.50% 11/1/2044  | 4500 | 4499 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Penndot Major Bridges Package One Project), Series 2022, <br> AMT, 5.25% 6/30/2035  | 2500 | 2645 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Penndot Major Bridges Package One Project), Series 2022, <br> AMT, 5.25% 6/30/2053  | 850 | 801 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series <br> 2015, AMT, 5.00% 12/31/2029  | 5000 | 5052 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series <br> 2015, AMT, 5.00% 12/31/2034  | 28020 | 28134 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series <br> 2015, AMT, 5.00% 12/31/2038  | 2500 | 2482 |
| Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series <br> 2015, AMT, 5.00% 6/30/2042  | 1000 | 971 |
| Econ. Dev. Fncg. Auth., Rev. Bonds (Presbyterian Senior Living Project), Series 2023-B-2, 5.25% 7/1/2046  | 1070 | 1042 |
| Econ. Dev. Fncg. Auth., Rev. Bonds (Presbyterian Senior Living Project), Series 2023-B-1, 5.25% 7/1/2049  | 3100 | 2958 |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Facs. Rev. Bonds (Core Natural Resources, Inc. Project), Series 2025, <br> AMT, 5.45% 1/1/2051 (put 3/27/2035) <sup>(a)</sup>  | 9385 | 9534 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **268** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2021-A-2, AMT, <br> 4.60% 10/1/2046 (put 10/1/2026)  | USD7,745 | $7772 |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Green Bonds (Covanta Project), Series 2019, AMT, 3.25% <br> 8/1/2039 <sup>(a)</sup>  | 10825 | 8501 |
| Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2021-A, 3.00% 10/15/2046  | 1000 | 710 |
| County of Franklin, Industrial Dev. Auth., Rev. Bonds (Menno-Haven, Inc. Project), Series 2018, 5.00% 12/1/2043  | 1100 | 960 |
| County of Franklin, Industrial Dev. Auth., Rev. Bonds (Menno-Haven, Inc. Project), Series 2018, 5.00% 12/1/2048  | 1300 | 1084 |
| County of Franklin, Industrial Dev. Auth., Rev. Bonds (Menno-Haven, Inc. Project), Series 2019, 5.00% 12/1/2049  | 1010 | 835 |
| Health and Educational Facs. Auth., Health System Rev. Bonds (Mainline Health System), Series 2020-A, 4.00% <br> 9/1/2050  | 1500 | 1229 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/1/2028  | 550 | 568 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2020, 2.45% 6/1/2041  | 2625 | 2339 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-A, AMT, 2.625% 6/1/2042  | 6280 | 5534 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2022-A, AMT, 4.50% 6/1/2043  | 930 | 932 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2023-B, AMT, 4.00% 6/1/2044  | 5310 | 5169 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2024-1A, AMT, 4.125% 6/1/2045  | 2020 | 1920 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2025-1A, AMT, 4.75% 6/1/2046  | 3340 | 3227 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2021-B, AMT, 3.125% 6/1/2048  | 1000 | 659 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2023-B, AMT, 5.00% 6/1/2050  | 1275 | 1132 |
| Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2025-1C, AMT, 5.50% 6/1/2052  | 12190 | 11745 |
| Higher Education Facs. Auth., Rev. Bonds (University of the Sciences in Philadelphia), Series 2015-A, 3.00% <br> 11/1/2028  | 500 | 483 |
| Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series 2025, <br> 5.50% 8/15/2055  | 6000 | 6276 |
| Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at <br> East Stroudsburg University of Pennsylvania), Series 2016-A, 5.00% 7/1/2026  | 570 | 572 |
| Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at <br> East Stroudsburg University of Pennsylvania), Series 2016-A, 5.00% 7/1/2031  | 1450 | 1449 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2019-128-A, AMT, 4.75% 4/1/2033  | 435 | 436 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-124-A, AMT, 4.00% 10/1/2038  | 95 | 95 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-125-B, 3.65% 10/1/2042  | 1125 | 980 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2022-140-A, 5.00% 10/1/2052  | 1000 | 1032 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2024-144A, 6.00% 10/1/2054  | 6465 | 7013 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2024-145A, 6.00% 10/1/2054  | 3075 | 3343 |
| Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2024-146A, 6.25% 10/1/2054  | 1355 | 1488 |
| City of Lancaster, Industrial Dev. Auth., Health Center Rev. Ref. Bonds (Landis Homes Retirement Community <br> Project), Series 2021, 4.00% 7/1/2037  | 355 | 331 |
| City of Lancaster, Industrial Dev. Auth., Health Center Rev. Ref. Bonds (Landis Homes Retirement Community <br> Project), Series 2021, 4.00% 7/1/2046  | 675 | 537 |
| City of Lancaster, Industrial Dev. Auth., Health Center Rev. Ref. Bonds (Landis Homes Retirement Community <br> Project), Series 2021, 4.00% 7/1/2051  | 555 | 420 |
| City of Lancaster, Industrial Dev. Auth., Health Center Rev. Ref. Bonds (Landis Homes Retirement Community <br> Project), Series 2021, 4.00% 7/1/2056  | 2850 | 2086 |
| County of Lancaster, Hospital Auth., Health Center Rev. Bonds (Brethren Village Project), Series 2017, 5.00% <br> 7/1/2030  | 305 | 307 |
| County of Lancaster, Hospital Auth., Healthcare Facs. Rev. Bonds (Moravian Manors, Inc. Project), Series 2019-A, <br> 5.00% 6/15/2044  | 250 | 215 |
| County of Lancaster, Hospital Auth., Rev. Bonds (Saint Anne's Retirement Community, Inc. Project), Series 2020, <br> 5.00% 3/1/2050  | 500 | 390 |
| County of Monroe, Lease Rental Rev. Bonds (Centurion Foundation Lehigh Valley), Series 2024-A, 5.10% <br> 6/15/2039 <sup>(i)</sup>  | 20890 | 19738 |
| County of Monroe, Lease Rental Rev. Bonds (Centurion Foundation Lehigh Valley), Series 2024-B, 8.00% <br> 6/15/2039 <sup>(a)(i)</sup>  | 13370 | 13259 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2022-B, 5.00% 5/1/2047  | 2000 | 1944 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2018-A, 4.00% 9/1/2049  | 1000 | 822 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2019, 5.00% 9/1/2051  | 1245 | 1219 |
| County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series <br> 2022-B, 4.00% 5/1/2052  | 2500 | 2000 |
| County of Montgomery, Higher Education and Health Auth., Rev. Ref. Bonds (Philadelphia Presbytery Homes, Inc. <br> Project), Series 2017, 5.00% 12/1/2032  | 360 | 366 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **269** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| County of Montgomery, Higher Education and Health Auth., Rev. Ref. Bonds (Philadelphia Presbytery Homes, Inc. <br> Project), Series 2017, 5.00% 12/1/2037  | USD1,835 | $1838 |
| County of Montgomery, Higher Education and Health Auth., Rev. Ref. Bonds (Philadelphia Presbytery Homes, Inc. <br> Project), Series 2017, 5.00% 12/1/2047  | 6500 | 5900 |
| County of Montgomery, Higher Education and Health Auth., Rev. Ref. Bonds (Philadelphia Presbytery Homes, Inc. <br> Project), Series 2017, 4.00% 12/1/2048  | 4245 | 3285 |
| County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2016, 5.00% 11/15/2033  | 3360 | 3392 |
| County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2016, 5.00% 11/15/2036  | 4250 | 4277 |
| County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2025-A, 5.00% 11/15/2042  | 4000 | 3930 |
| County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2025-A, 5.00% 11/15/2049  | 4000 | 3714 |
| County of Montgomery, Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement - Life <br> Communities, Inc. Obligated Group), Series 2025-A, 5.00% 11/15/2055  | 3500 | 3198 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2020-C, 4.00% <br> 11/15/2043  | 1900 | 1625 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2020-C, 5.00% <br> 11/15/2045  | 1240 | 1182 |
| County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights, Ltd.), Series 2019, 5.00% 12/1/2044  | 1250 | 1188 |
| County of Northampton, Industrial Dev. Auth., Rev. Bonds (Morningstar Senior Living, Inc.), Series 2019, 5.00% <br> 11/1/2039  | 1500 | 1402 |
| City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health <br> System Obligated Group), Series 2017, 5.00% 7/1/2033  | 1000 | 1011 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (First Philadelphia Preparatory Charter <br> School Project), Series 2024, 4.50% 6/15/2029 <sup>(a)</sup>  | 1200 | 1206 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (First Philadelphia Preparatory Charter <br> School Project), Series 2024, 4.50% 6/15/2034 <sup>(a)</sup>  | 1890 | 1845 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (First Philadelphia Preparatory Charter <br> School Project), Series 2024, 5.00% 6/15/2039 <sup>(a)</sup>  | 1420 | 1376 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (First Philadelphia Preparatory Charter <br> School Project), Series 2024, 5.00% 6/15/2043 <sup>(a)</sup>  | 1285 | 1198 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School II Project), <br> Series 2020-A, 5.00% 8/1/2030  | 310 | 320 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School II Project), <br> Series 2020-A, 5.00% 8/1/2040  | 620 | 608 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School II Project), <br> Series 2020-A, 5.00% 8/1/2050  | 1050 | 977 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School III Project), <br> Series 2021, 5.00% 8/1/2030  | 1985 | 2038 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School III Project), <br> Series 2021, 5.00% 8/1/2040  | 4020 | 3863 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School III Project), <br> Series 2021, 5.00% 8/1/2050  | 8590 | 7654 |
| City of Philadelphia, Industrial Dev. Auth., Charter School Rev. Bonds (Mast Community Charter School III Project), <br> Series 2021, 5.00% 8/1/2054  | 6320 | 5573 |
| City of Philadelphia, Industrial Dev. Auth., Rev. Bonds (Independence Charter School West), Series 2019, 4.00% <br> 6/15/2029  | 145 | 142 |
| City of Philadelphia, Industrial Dev. Auth., Rev. Bonds (Independence Charter School West), Series 2019, 5.00% <br> 6/15/2039  | 500 | 461 |
| City of Philadelphia, Industrial Dev. Auth., Rev. Bonds (Independence Charter School West), Series 2019, 5.00% <br> 6/15/2050  | 1375 | 1141 |
| City of Philadelphia, Industrial Dev. Auth., Rev. Bonds (University of the Sciences), Series 2017, 5.00% 11/1/2047  | 5925 | 5556 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, 5.00% 9/1/2030 (preref. 9/1/2026)  | 10 | 10 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, 5.00% 9/1/2036  | 1000 | 1013 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, 5.00% 9/1/2037  | 1500 | 1518 |
| Philadelphia School Dist., GO Bonds, Series 2016-F, 5.00% 9/1/2038  | 1000 | 1011 |
| Philadelphia School Dist., GO Bonds, Series 2018-A, AGI, 5.00% 9/1/2038  | 1000 | 1022 |
| Philadelphia School Dist., GO Rev. Ref. Bonds, Series 2007-A, FGIC-NATL, 5.00% 6/1/2034  | 3000 | 3318 |
| Quakertown, General Auth. Special Assessment Obligation Rev. Bonds (Milford Village Project), Series 2025, <br> 6.50% 3/1/2055 <sup>(a)</sup>  | 5390 | 5280 |
| Reading School Dist., GO Bonds, Series 2017, AGI, 5.00% 3/1/2038  | 1000 | 1011 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **270** |

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------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2017, AMT, 5.00% 1/1/2035  | USD5,985 | $5993 |
| Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2017, AMT, 5.00% 1/1/2038  | 8385 | 8288 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Lebanon Valley Brethren Home <br> Project), Series 2021-A, 4.00% 11/15/2026  | 125 | 125 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Lebanon Valley Brethren Home <br> Project), Series 2021-A, 4.00% 11/15/2027  | 130 | 130 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Lebanon Valley Brethren Home <br> Project), Series 2021-A, 4.00% 11/15/2028  | 110 | 110 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Lebanon Valley Brethren Home <br> Project), Series 2021-A, 4.00% 11/15/2041  | 670 | 574 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Lebanon Valley Brethren Home <br> Project), Series 2021-A, 4.00% 11/15/2046  | 1050 | 832 |
| Township of West Cornwall, Municipal Auth., Healthcare Facs. Rev. Bonds (Pleasant View Retirement Community <br> Project), Series 2018, 5.00% 12/15/2038  | 500 | 481 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-A, 4.00% 12/1/2044  | 425 | 371 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2044  | 3550 | 3563 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2049  | 1425 | 1425 |
| Turnpike Commission, Turnpike Rev. Bonds, Series 2021-A, 4.00% 12/1/2050  | 1000 | 823 |
| County of Washington, Redev. Auth., Redev. Rev. Ref. Bonds (Victory Centre Tax Increment Fncg. Project), Series <br> 2018, 5.00% 7/1/2028  | 445 | 448 |
| County of Westmoreland, Industrial Dev. Auth., Health System Rev. Bonds (Excela Health Project), Series 2020-A, <br> 4.00% 7/1/2037  | 3200 | 2941 |
| Wilkes-Barre Area School Dist., GO Bonds, Series 2019, BAM, 5.00% 4/15/2059  | 1000 | 965 |
|  |  | 472934 |
| **Puerto Rico 5.56%** | **Puerto Rico 5.56%** | **Puerto Rico 5.56%** |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-A, 5.00% 7/1/2033 <sup>(a)</sup>  | 485 | 506 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 5.00% 7/1/2033 <sup>(a)</sup>  | 4120 | 4301 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2035 <sup>(a)</sup>  | 37305 | 38457 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-A, 5.00% 7/1/2037 <sup>(a)</sup>  | 1350 | 1386 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 5.00% 7/1/2037 <sup>(a)</sup>  | 4045 | 4152 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2022-A, 5.00% 7/1/2037 <sup>(a)</sup>  | 16160 | 16651 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-A, 4.00% 7/1/2042 <sup>(a)</sup>  | 6740 | 5821 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 4.00% 7/1/2042 <sup>(a)</sup>  | 36115 | 31193 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2022-A, 4.00% 7/1/2042 <sup>(a)</sup>  | 10455 | 9030 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 4.00% 7/1/2047 <sup>(a)</sup>  | 11745 | 9473 |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2022-A, 4.00% 7/1/2047 <sup>(a)</sup>  | 2480 | 2000 |
| Children's Trust, Tobacco Settlement Asset-Backed Bonds, CAB, Series 2008-A, 0% 5/15/2057  | 75000 | 4195 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 4.25% 7/1/2018 <sup>(b)</sup>  | 175 | 96 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2018 <sup>(b)</sup>  | 60 | 33 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.00% 7/1/2018 <sup>(b)(k)</sup>  | 310 | 169 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 4.20% 7/1/2019 <sup>(b)</sup>  | 10 | 5 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.50% 7/1/2019 <sup>(b)</sup>  | 95 | 52 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 4.25% 7/1/2020 <sup>(b)</sup>  | 100 | 55 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2020 <sup>(b)</sup>  | 550 | 300 |
| Electric Power Auth., Power Rev. Bonds, Series 2003-NN, 5.50% 7/1/2020 <sup>(b)</sup>  | 105 | 57 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.50% 7/1/2020 <sup>(b)</sup>  | 10 | 5 |
| Electric Power Auth., Power Rev. Bonds, Series 2023-VV, 5.50% 7/1/2020 <sup>(b)</sup>  | 75 | 41 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2021 <sup>(b)</sup>  | 500 | 273 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.00% 7/1/2021 <sup>(b)</sup>  | 10 | 5 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2021 <sup>(b)</sup>  | 5020 | 2742 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.50% 7/1/2021 <sup>(b)</sup>  | 75 | 41 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.00% 7/1/2022 <sup>(b)</sup>  | 395 | 216 |
| Electric Power Auth., Power Rev. Bonds, Series 2022-WW, 5.375% 7/1/2022 <sup>(b)</sup>  | 595 | 325 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 4.50% 7/1/2023 <sup>(b)</sup>  | 80 | 44 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2023 <sup>(b)</sup>  | 285 | 156 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2023 <sup>(b)</sup>  | 890 | 486 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.375% 7/1/2023 <sup>(b)</sup>  | 815 | 445 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2024 <sup>(b)</sup>  | 190 | 104 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2024 <sup>(b)</sup>  | 2390 | 1306 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.25% 7/1/2024 <sup>(b)</sup>  | 2785 | 1521 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.375% 7/1/2024 <sup>(b)</sup>  | 4345 | 2373 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **271** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 4.625% 7/1/2025 <sup>(b)</sup>  | USD870 | $475 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 4.625% 7/1/2025 <sup>(b)</sup>  | 60 | 33 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.00% 7/1/2025 <sup>(b)</sup>  | 50 | 27 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.25% 7/1/2025 <sup>(b)</sup>  | 3215 | 1756 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2025 <sup>(b)</sup>  | 2505 | 1368 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 4.75% 7/1/2026 <sup>(b)</sup>  | 95 | 52 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-XX, 5.25% 7/1/2026 <sup>(b)</sup>  | 340 | 187 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2026 <sup>(b)</sup>  | 165 | 91 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.25% 7/1/2026 <sup>(b)</sup>  | 180 | 99 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.25% 7/1/2026 <sup>(b)</sup>  | 11505 | 6313 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2027 <sup>(b)</sup>  | 505 | 277 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2017 <sup>(b)</sup>  | 235 | 128 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.00% 7/1/2027 <sup>(b)</sup>  | 355 | 195 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2027 <sup>(b)</sup>  | 80 | 44 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.25% 7/1/2027 <sup>(b)</sup>  | 2670 | 1465 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 5.25% 7/1/2027 <sup>(b)</sup>  | 350 | 192 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.50% 7/1/2027 <sup>(b)</sup>  | 3100 | 1693 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 4.80% 7/1/2028 <sup>(b)</sup>  | 10 | 6 |
| Electric Power Auth., Power Rev. Bonds, Series 2005-RR, AGI, 5.00% 7/1/2028  | 3595 | 3595 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.00% 7/1/2028 <sup>(b)</sup>  | 1040 | 571 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.00% 7/1/2028 <sup>(b)</sup>  | 30 | 16 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.00% 7/1/2028 <sup>(b)</sup>  | 35 | 19 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2028 <sup>(b)</sup>  | 2185 | 1199 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.25% 7/1/2028 <sup>(b)</sup>  | 2015 | 1106 |
| Electric Power Auth., Power Rev. Bonds, Series 2012-A, 4.80% 7/1/2029 <sup>(b)</sup>  | 130 | 71 |
| Electric Power Auth., Power Rev. Bonds, Series 2012-A, 5.00% 7/1/2029 <sup>(b)</sup>  | 185 | 102 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2029 <sup>(b)</sup>  | 10 | 6 |
| Electric Power Auth., Power Rev. Bonds, Series 2005-SS, 4.625% 7/1/2030 <sup>(b)</sup>  | 520 | 285 |
| Electric Power Auth., Power Rev. Bonds, Series 2005-SS, AGI, 5.00% 7/1/2030  | 185 | 184 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2030 <sup>(b)</sup>  | 705 | 387 |
| Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.25% 7/1/2030 <sup>(b)</sup>  | 25 | 14 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2031 <sup>(b)</sup>  | 100 | 55 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2032 <sup>(b)</sup>  | 21150 | 11606 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2032 <sup>(b)</sup>  | 350 | 192 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 4.50% 7/1/2033 <sup>(b)</sup>  | 315 | 172 |
| Electric Power Auth., Power Rev. Bonds, Series 2003-NN, NATL, 4.75% 7/1/2033  | 1870 | 1792 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.25% 7/1/2033 <sup>(b)</sup>  | 19665 | 10791 |
| Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 7/1/2033 <sup>(b)</sup>  | 300 | 165 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 5.25% 7/1/2035 <sup>(b)</sup>  | 845 | 464 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 5.25% 7/1/2035 <sup>(b)</sup>  | 165 | 91 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XXX, 5.75% 7/1/2036 <sup>(b)</sup>  | 3150 | 1729 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2037 <sup>(b)</sup>  | 18870 | 10355 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 5.25% 7/1/2040 <sup>(b)</sup>  | 13500 | 7408 |
| Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 7/1/2040 <sup>(b)</sup>  | 4595 | 2522 |
| Electric Power Auth., Power Rev. Bonds, Series 2012-A, 5.00% 7/1/2042 <sup>(b)</sup>  | 17470 | 9587 |
| Electric Power Auth., Power Rev. Bonds, Series 2012-A, 5.00% 7/1/ 2042 <sup>(b)</sup>  | 150 | 82 |
| Electric Power Auth., Power Rev. Bonds, Series 2012-A, 5.05% 7/1/2042 <sup>(b)</sup>  | 1940 | 1065 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2007-UU, AGI, 3.469% 7/1/2017 <sup>(b)</sup>  | 10 | 5 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 3.30% 7/1/2019 <sup>(b)</sup>  | 25 | 14 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 5.00% 7/1/2020 <sup>(b)</sup>  | 625 | 341 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 3.625% 7/1/2021 <sup>(b)</sup>  | 15 | 8 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 5.00% 7/1/2021 <sup>(b)</sup>  | 3120 | 1704 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 3.75% 7/1/2022 <sup>(b)</sup>  | 10 | 5 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 5.00% 7/1/2022 <sup>(b)</sup>  | 4395 | 2401 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2007-UU, AGI, (3-month USD CME Term SOFR x 0.67 + 0.52%) <br> 3.571% 7/1/2029 <sup>(c)</sup>  | 12280 | 11771 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2007-VV, NATL, 5.25% 7/1/2030  | 475 | 478 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2003-NN, NATL, 4.75% 7/1/2033  | 45 | 43 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2008-WW, 5.50% 7/1/2038 <sup>(b)</sup>  | 5275 | 2895 |
| GO Bonds, Series 2022, 0% 11/1/2051 <sup>(c)</sup>  | 58510 | 19308 |
| GO Restructured Bonds, Series 2022-A-1, 5.625% 7/1/2027  | 3271 | 3372 |
| GO Restructured Bonds, Series 2022-A-1, 5.625% 7/1/2029  | 5819 | 6162 |
| GO Restructured Bonds, Series 2022-A-1, 5.75% 7/1/2031  | 4675 | 5077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **272** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2033  | USD132 | $129 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2035  | 7954 | 7592 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2037  | 6774 | 6384 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2041  | 35185 | 30690 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2046  | 21128 | 17634 |
| GO Restructured Bonds, CAB, Series 2022-A-1, 0% 7/1/2033  | 6206 | 4308 |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(c)</sup>  | 191828 | 119413 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 207848 | 131204 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and <br> Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 10/1/2031  | 1390 | 1391 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and <br> Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.00% 10/1/2026  | 825 | 818 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and <br> Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.125% 10/1/2027  | 1005 | 992 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and <br> Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.375% 10/1/2031  | 1525 | 1474 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and <br> Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 10/1/2042  | 1650 | 1466 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2019, 5.00% 10/1/2025  | 1800 | 1807 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2019, 5.00% 10/1/2026  | 1900 | 1942 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2019, 5.00% 10/1/2027  | 1900 | 1975 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2019, 5.00% 10/1/2028 <sup>(a)</sup>  | 2000 | 2116 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2004, NATL, 4.50% 10/1/2029  | 2230 | 2233 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2019, 5.00% 10/1/2034  | 2200 | 2331 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. <br> Bonds (Inter American University of Puerto Rico Project), Series 2019, 5.00% 10/1/2044  | 2500 | 2555 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. <br> Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2021, 5.00% 7/1/2031  | 570 | 602 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. <br> Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2021, 4.00% 7/1/2038  | 550 | 494 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2018-A-1, 4.55% 7/1/2040  | 2000 | 1892 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2018-A-1, 4.75% 7/1/2053  | 15262 | 13699 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, CAB, Series 2007-A, Class 2, 0% 8/1/2047 <sup>(c)</sup>  | 3512 | 1005 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, CAB, Series 2007-A, Class 2, 0% 8/1/2054 <sup>(c)</sup>  | 22487 | 4139 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, CAB, Series 2019, Class 2, 0% 8/1/2054 <sup>(c)</sup>  | 84 | 15 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040  | 24811 | 23094 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040  | 11667 | 10860 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.784% 7/1/2058  | 15125 | 13353 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1, 5.00% 7/1/2058  | 17619 | 16127 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2029  | 498 | 434 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2031  | 661 | 527 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2046  | 162936 | 50704 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-B-1, 0% 7/1/2046  | 3000 | 934 |
| University of Puerto Rico, University System Rev. Bonds, Series 2006-Q, 5.00% 6/1/2026  | 520 | 518 |
| University of Puerto Rico, University System Rev. Bonds, Series 2006-Q, 5.00% 6/1/2030  | 1269 | 1237 |
| University of Puerto Rico, University System Rev. Bonds, Series 2006-Q, 5.00% 6/1/2036  | 5185 | 4917 |
| University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 6/1/2026  | 1450 | 1444 |
| University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 6/1/2030  | 8370 | 8158 |
|  |  | 764238 |
| **Rhode Island 0.38%** | **Rhode Island 0.38%** | **Rhode Island 0.38%** |
| Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 7/1/2030  | 500 | 506 |
| Commerce Corp., Airport Rev. Bonds, Series 2016-D, 5.00% 7/1/2041  | 500 | 498 |
| Health and Educational Building Corp., Educational Institution Rev. Bonds (St. George's School Issue), Series <br> 2021, 4.00% 10/1/2046  | 270 | 230 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **273** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Rhode Island (continued)** | **Rhode Island (continued)** | **Rhode Island (continued)** |
| Health and Educational Building Corp., Educational Institution Rev. Bonds (St. George's School Issue), Series <br> 2021, 4.00% 10/1/2051  | USD740 | $610 |
| Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), Series 2024, <br> 5.25% 5/15/2049  | 3615 | 3537 |
| Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), Series 2024, <br> 5.25% 5/15/2054  | 6050 | 5839 |
| Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series <br> 2016, 5.00% 5/15/2034  | 3150 | 3151 |
| Housing and Mortgage Fin. Corp., Multi Family Dev. Green Bonds, Series 2024-1-A, FHA, 3.60% 10/1/2054 (put <br> 10/1/2027)  | 1850 | 1856 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 12/1/2029  | 330 | 348 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2021-A, AMT, 2.25% 12/1/2039  | 7500 | 6534 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2022-A, AMT, 4.125% 12/1/2041  | 2470 | 2333 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2023-A, AMT, 4.125% 12/1/2042  | 7940 | 7305 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2024-A, AMT, 4.125% 12/1/2043  | 2970 | 2697 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2024-B, AMT, 4.125% 12/1/2043  | 1730 | 1559 |
| Student Loan Auth., Education Loan Rev. Bonds, Series 2025-1, AMT, 5.00% 12/1/2044  | 2545 | 2451 |
| Student Loan Auth., Student Loan Program Rev. Bonds, Series 2018-A, AMT, 3.50% 12/1/2034  | 4110 | 3839 |
| Student Loan Auth., Student Loan Program Rev. Bonds, Series 2019-A, AMT, 2.875% 12/1/2035  | 2005 | 1979 |
| Student Loan Auth., Student Loan Program Rev. Bonds, Series 2020-A, AMT, 3.625% 12/1/2037  | 2660 | 2531 |
| Tobacco Settlement Fin. Corp., Tobacco Settlement Asset-Backed Bonds, CAB, Series 2007-A, 0% 6/1/2052  | 27765 | 4601 |
|  |  | 52404 |
| **South Carolina 1.26%** | **South Carolina 1.26%** | **South Carolina 1.26%** |
| Connector 2000 Assn., Inc., Toll Road Rev. Bonds, CAB, Series 2011-A-1, 0% 1/1/2032  | 8028 | 5237 |
| Connector 2000 Assn., Inc., Toll Road Rev. Bonds, CAB, Series 2011-A-1, 0% 1/1/2042  | 76881 | 24379 |
| Connector 2000 Assn., Inc., Toll Road Rev. Bonds, CAB, Series 2011-A-1, 0% 7/22/2051  | 1014 | 148 |
| County of Dorchester, Summers Corner Improvement Dist., Assessment Rev. Bonds, Series 2023, 4.50% <br> 10/1/2033  | 210 | 206 |
| County of Dorchester, Summers Corner Improvement Dist., Assessment Rev. Bonds, Series 2023, 5.25% <br> 10/1/2043  | 1595 | 1489 |
| County of Dorchester, Summers Corner Improvement Dist., Assessment Rev. Bonds, Series 2023, 5.50% <br> 10/1/2051  | 2115 | 1956 |
| Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2021-D, 3.00% 7/1/2051  | 665 | 653 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2016-B-2, AMT, 4.00% 7/1/2043  | 70 | 70 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2023-B, 6.00% 1/1/2054  | 3090 | 3386 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2024-A, 6.25% 7/1/2054  | 8955 | 9920 |
| Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2024-B, 6.00% 1/1/2055  | 4100 | 4526 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (Bishop Gadsden Episcopal Retirement Community), Series 2019-A, <br> 5.00% 4/1/2054  | 2500 | 2278 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (Custodial Receipts), Series 2018, 5.00% 8/15/2041 (preref. <br> 8/15/2026) <sup>(a)(e)</sup>  | 10330 | 10577 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (The Woodlands at Furman Project), Series 2020-A, 5.00% <br> 11/15/2028  | 210 | 216 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (The Woodlands at Furman Project), Series 2020-A, 5.00% <br> 11/15/2042  | 1745 | 1631 |
| Jobs-Econ. Dev. Auth., Econ. Dev. Rev. Bonds (The Woodlands at Furman Project), Series 2020-A, 5.00% <br> 11/15/2054  | 1155 | 996 |
| Jobs-Econ. Dev. Auth., Educational Facs. Rev. Bonds (Riverwalk Academy Project), Series 2023-A, 7.00% <br> 6/15/2043 <sup>(a)</sup>  | 1000 | 999 |
| Jobs-Econ. Dev. Auth., Educational Facs. Rev. Bonds (Riverwalk Academy Project), Series 2023-A, 7.125% <br> 6/15/2053 <sup>(a)</sup>  | 3865 | 3830 |
| Jobs-Econ. Dev. Auth., Educational Facs. Rev. Bonds (Riverwalk Academy Project), Series 2023-A, 7.25% <br> 6/15/2058 <sup>(a)</sup>  | 2910 | 2880 |
| Jobs-Econ. Dev. Auth., Educational Facs. Rev. Ref. Bonds (Green Charter School), Series 2021-A, 4.00% <br>6/1/2036 <sup>(a)</sup>  | 1000 | 838 |
| Jobs-Econ. Dev. Auth., Educational Facs. Rev. Ref. Bonds (Green Charter School), Series 2021-A, 4.00% <br>6/1/2046 <sup>(a)</sup>  | 1450 | 1008 |
| Jobs-Econ. Dev. Auth., Educational Facs. Rev. Ref. Bonds (Green Charter School), Series 2021-A, 4.00% <br>6/1/2056 <sup>(a)</sup>  | 2955 | 1903 |
| Jobs-Econ. Dev. Auth., First Mortgage Health Care Facs. Rev. Ref. Bonds (The Lutheran Homes of South Carolina, <br> Inc.), Series 2017, 5.00% 5/1/2042  | 1855 | 1552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **274** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **South Carolina (continued)** | **South Carolina (continued)** | **South Carolina (continued)** |
| Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Bonds (Novant Health Obligated Group), Series 2024-A, 5.50% <br> 11/1/2045  | USD2,000 | $2087 |
| Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Bonds (Novant Health Obligated Group), Series 2024-A, 5.50% <br> 11/1/2046  | 3000 | 3117 |
| Jobs-Econ. Dev. Auth., Health Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-B, 5.00% 12/1/2048 <br> (put 10/1/2025)  | 2995 | 3006 |
| Jobs-Econ. Dev. Auth., Health Facs. Rev. Ref. Bonds (Wesley Commons), Series 2016, 5.00% 10/1/2036 <sup>(a)</sup>  | 2000 | 1868 |
| Jobs-Econ. Dev. Auth., Health Facs. Rev. Ref. Bonds (Wesley Commons), Series 2016, 5.00% 10/1/2041 <sup>(a)</sup>  | 6000 | 5187 |
| Jobs-Econ. Dev. Auth., Residential Facs. Rev. Bonds (Episcopal Home Still Hopes), Series 2017, 5.00% 4/1/2052  | 2530 | 2185 |
| Jobs-Econ. Dev. Auth., Residential Facs. Rev. Ref. Bonds (Episcopal Home Still Hopes), Series 2018-A, 5.00% <br> 4/1/2032  | 2135 | 2151 |
| Jobs-Econ. Dev. Auth., Residential Facs. Rev. Ref. Bonds (Episcopal Home Still Hopes), Series 2018-A, 5.00% <br> 4/1/2038  | 2400 | 2347 |
| Jobs-Econ. Dev. Auth., Retirement Community Rev. Bonds (Seafields at Kiawah Island Project), Series 2023-B-1, <br> 5.75% 11/15/2029  | 18500 | 18502 |
| Jobs-Econ. Dev. Auth., Retirement Community Rev. Bonds (Seafields at Kiawah Island Project), Series 2023-A, <br> 7.50% 11/15/2053  | 7890 | 8147 |
| Jobs-Econ. Dev. Auth., Retirement Community Rev. Bonds (Seafields at Kiawah Island Project), Series 2023-A, <br> 7.75% 11/15/2058  | 6400 | 6687 |
| Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2023-B-1, 5.25% 2/1/2054 (put 3/1/2031)  | 6695 | 7200 |
| Public Service Auth., Improvement Rev. Obligations, Series 2022-B, BAM, 4.00% 12/1/2055  | 8385 | 7067 |
| Public Service Auth., Improvement Rev. Ref. Obligations (Santee Cooper), Series 2024-B, AGI, 5.00% 12/1/2054  | 5175 | 5165 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 12/1/2035  | 250 | 251 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 12/1/2041  | 11850 | 11771 |
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 12/1/2056  | 45 | 44 |
| Public Service Auth., Rev. Ref. Obligations, Series 2016-A, 5.00% 12/1/2037  | 1000 | 1000 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2029  | 15 | 15 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 12/1/2031  | 1000 | 1011 |
| Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 12/1/2034  | 1000 | 1004 |
| County of Richland, The Village at Sandhill Improvement Dist., Rev. Ref. Assessment Bonds, Series 2021, 3.00% <br> 11/1/2026 <sup>(a)</sup>  | 420 | 409 |
| County of Richland, The Village at Sandhill Improvement Dist., Rev. Ref. Assessment Bonds, Series 2021, 3.625% <br> 11/1/2031 <sup>(a)</sup>  | 1000 | 886 |
| County of Richland, The Village at Sandhill Improvement Dist., Rev. Ref. Assessment Bonds, Series 2021, 3.75% <br> 11/1/2036 <sup>(a)</sup>  | 1265 | 1012 |
|  |  | 172797 |
| **South Dakota 0.06%** | **South Dakota 0.06%** | **South Dakota 0.06%** |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2021-A, 3.00% 11/1/2051  | 985 | 976 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2024-A, 6.25% 5/1/2055  | 1275 | 1393 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2024-C, 6.25% 11/1/2055  | 5245 | 5835 |
|  |  | 8204 |
| **Tennessee 0.19%** | **Tennessee 0.19%** | **Tennessee 0.19%** |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, AMT, 4.00% 7/1/2045  | 10 | 10 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC. - University of Tennessee Project), Series 2024-A-1, BAM, 5.50% 7/1/2054  | 460 | 469 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC. - University of Tennessee Project), Series 2024-A-1, BAM, 5.00% 7/1/2064  | 1785 | 1710 |
| County of Knox, Health, Educational and Housing Fac. Board, Student Housing Rev Bonds (Provident Group - UTK <br> Properties, LLC. - University of Tennessee Project), Series 2024-B-1, BAM, 5.25% 7/1/2064  | 1725 | 1715 |
| Metropolitan Dev. and Housing Agcy., Tennessee Tax Increment Rev. Bonds (Fifth & Broadway Dev. Project), Series <br> 2018, 5.125% 6/1/2036 <sup>(a)</sup>  | 750 | 753 |
| Metropolitan Government of Nashville and Davidson County, Industrial Dev. Board, Special Assessment Rev. <br> Bonds (South Nashville Central Business Improvement Dist.), Series 2021-A, 4.00% 6/1/2051 <sup>(a)</sup>  | 8675 | 6989 |
| Metropolitan Government of Nashville and Davidson County, Industrial Dev. Board, Special Assessment Rev. <br> Bonds (South Nashville Central Business Improvement Dist.), CAB, Series 2021-B, 0% 6/1/2043 <sup>(a)</sup>  | 6410 | 2484 |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.50% 7/1/2042  | 1000 | 1037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **275** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Tennessee (continued)** | **Tennessee (continued)** | **Tennessee (continued)** |
| Metropolitan Nashville Airport Auth., Airport Improvement Rev. Bonds, Series 2022-B, AMT, 5.00% 7/1/2052  | USD1,750 | $1695 |
| Tennessee Energy Acquisition Corp., Commodity Project Rev. Bonds, Series 2021-A, 5.00% 5/1/2052 (put <br> 11/1/2031)  | 7770 | 8131 |
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2023-A-1, 5.00% 5/1/2053 (put 5/1/2028)  | 1250 | 1288 |
|  |  | 26281 |
| **Texas 7.60%** | **Texas 7.60%** | **Texas 7.60%** |
| Gladieux Metals Recycling, LLC, Term Loan, 15.00% 5/8/2026 <sup>(g)(h)(l)</sup>  | 6053 | 5811 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(g)</sup>  | 982 | 982 |
| Airport System Facs. Rev. Bonds (United Airlines, Inc. Technical Operations Center Project), Series 2018, AMT, <br> 5.00% 7/15/2028  | 1645 | 1654 |
| Aldine Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 2090 | 1764 |
| Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2021, 3.00% 2/15/2039  | 2205 | 1831 |
| Anna Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.25% 2/15/2055  | 2885 | 2958 |
| Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Legacy Traditional Schools - Texas <br> Project), Series 2021-A, 4.125% 2/15/2041  | 3325 | 2563 |
| Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Legacy Traditional Schools - Texas <br> Project), Series 2021-A, 4.375% 2/15/2051  | 7290 | 5074 |
| Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Legacy Traditional Schools - Texas <br> Project), Series 2021-A, 4.50% 2/15/2056  | 3000 | 2067 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 4.75% 6/15/2049 <sup>(a)</sup>  | 495 | 441 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 4.875% 6/15/2054 <sup>(a)</sup>  | 1380 | 1228 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 4.875% 6/15/2059 <sup>(a)</sup>  | 590 | 519 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Basis Texas Charter Schools, Inc.), Series 2024, <br> 5.00% 6/15/2064 <sup>(a)</sup>  | 1010 | 897 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 4.25% <br> 8/15/2034  | 1110 | 1092 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 4.75% <br> 8/15/2044  | 965 | 871 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 5.00% <br> 8/15/2049  | 440 | 400 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2024-A, 5.00% <br> 8/15/2054  | 600 | 535 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Harmony Public Schools), Series 2024, 4.00% <br> 2/15/2054  | 1890 | 1565 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 4.00% 8/15/2035  | 1500 | 1504 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 4.00% 8/15/2036  | 1690 | 1680 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 3.00% 8/15/2038  | 2935 | 2438 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Leadership Prep School), Series 2024, 4.00% <br> 6/15/2049  | 500 | 424 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Leadership Prep School), Series 2024, 4.125% <br> 6/15/2054  | 380 | 324 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Legacy Traditional Schools - Texas Project), Series <br> 2022-A, 6.50% 2/15/2057 <sup>(a)</sup>  | 1000 | 932 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Legacy Traditional Schools - Texas Project), Series <br> 2022-A, 6.75% 2/15/2062 <sup>(a)</sup>  | 5455 | 5211 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Newman International Academy), Series 2021-A, <br> 5.00% 8/15/2041  | 600 | 463 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (TGP Public Schools - The Gathering Place), Series <br> 2022-A, 5.25% 8/15/2032  | 410 | 307 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (TGP Public Schools - The Gathering Place), Series <br> 2022-A, 5.625% 8/15/2052  | 4000 | 3000 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (TGP Public Schools - The Gathering Place), Series <br> 2022-A, 5.75% 8/15/2057  | 3500 | 2625 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (TGP Public Schools - The Gathering Place), Series <br> 2022-A, 5.75% 8/15/2062  | 4250 | 3187 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (UME Preparatory Academy), Series 2017-A, 5.00% <br> 8/15/2038  | 1000 | 942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **276** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (UME Preparatory Academy), Series 2017-A, 5.00% <br> 8/15/2048  | USD2,685 | $2331 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (UME Preparatory Academy), Series 2017-A, 5.00% <br> 8/15/2053  | 1375 | 1170 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 2.75% 12/1/2026  | 835 | 830 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 5.00% 12/1/2036  | 4630 | 4642 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 5.00% 12/1/2046  | 3745 | 3463 |
| Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2016-A, 5.00% 12/1/2051  | 4100 | 3737 |
| Arlington Higher Education Fin. Corp., Education Rev. Ref. Bonds (BASIS Texas Charter Schools, Inc.), Series <br> 2021-A, 4.50% 6/15/2056 (put 6/15/2026)  | 2500 | 2496 |
| Arlington Higher Education Fin. Corp., Education Rev. Ref. Bonds (Wayside Schools), Series 2021-A, 4.00% <br> 8/15/2036  | 1910 | 1704 |
| Arlington Higher Education Fin. Corp., Education Rev. Ref. Bonds (Wayside Schools), Series 2021-A, 4.00% <br> 8/15/2041  | 2240 | 1822 |
| Arlington Higher Education Fin. Corp., Education Rev. Ref. Bonds (Wayside Schools), Series 2021-A, 4.00% <br> 8/15/2046  | 2230 | 1715 |
| City of Arlington, Special Tax Rev. Bonds, Series 2018-A, AGI, 5.00% 2/15/2043  | 825 | 826 |
| City of Austin, Special Assessment Rev. Bonds (Whisper Valley Public Improvement Dist. Improvement Area #3), <br> Series 2024, 4.25% 11/1/2032 <sup>(a)</sup>  | 470 | 462 |
| City of Austin, Special Assessment Rev. Bonds (Whisper Valley Public Improvement Dist. Improvement Area #3), <br> Series 2024, 5.25% 11/1/2053 <sup>(a)</sup>  | 750 | 690 |
| City of Baytown, Municipal Dev. Dist., Hotel Rev. Bonds (Baytown Convention Center Hotel), Series 2021-A, 2.50% <br> 10/1/2031  | 1795 | 1572 |
| City of Baytown, Municipal Dev. Dist., Hotel Rev. Bonds (Baytown Convention Center Hotel), Series 2021-B, 3.50% <br> 10/1/2031 <sup>(a)</sup>  | 750 | 635 |
| City of Baytown, Municipal Dev. Dist., Hotel Rev. Bonds (Baytown Convention Center Hotel), Series 2021-A, 4.00% <br> 10/1/2050  | 8625 | 6531 |
| City of Baytown, Municipal Dev. Dist., Hotel Rev. Bonds (Baytown Convention Center Hotel), Series 2021-B, 5.00% <br> 10/1/2050 <sup>(a)</sup>  | 4155 | 3236 |
| Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC <br> Project), Series 2022, AMT, 10.00% 6/1/2042 <sup>(a)</sup>  | 22590 | 16943 |
| Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC <br> Project), Series 2023, AMT, 12.00% 6/1/2043 <sup>(a)</sup>  | 20153 | 15115 |
| Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Gladieux Metals Recycling, LLC <br> Project), Series 2019-B, AMT, 7.00% 3/1/2039 <sup>(b)</sup>  | 2020 | 1212 |
| Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Gladieux Metals Recycling, LLC <br> Project), Series 2020, 8.50% 3/1/2039 <sup>(a)(b)</sup>  | 23555 | 14133 |
| Brazos Higher Education Auth., Inc., Student Loan Program Rev. Bonds, Series 2020-1-A, AMT, 2.35% 4/1/2040  | 85 | 85 |
| Brazos Higher Education Auth., Inc., Student Loan Program Rev. Bonds, Series 2020-1-B, AMT, 3.00% 4/1/2040  | 2635 | 1993 |
| Brazos Higher Education Auth., Inc., Student Loan Program Rev. Bonds, Series 2024-1-A, AMT, 4.00% 4/1/2045  | 6035 | 5122 |
| City of Buda, Special Assessment Rev. Bonds (Persimmon Public Improvement Dist. Major Improvement Area No. <br> 1), Series 2025, 5.875% 9/1/2045 <sup>(a)</sup>  | 870 | 826 |
| City of Buda, Special Assessment Rev. Bonds (Persimmon Public Improvement Dist. Major Improvement Area No. <br> 1), Series 2025, 6.00% 9/1/2055 <sup>(a)</sup>  | 1600 | 1490 |
| City of Buda, Special Assessment Rev. Bonds (Persimmon Public Improvement Dist. Major Improvement Area <br> Project), Series 2025, 5.75% 9/1/2033 <sup>(a)</sup>  | 321 | 319 |
| City of Buda, Special Assessment Rev. Bonds (Persimmon Public Improvement Dist. Major Improvement Area <br> Project), Series 2025, 6.625% 9/1/2045 <sup>(a)</sup>  | 3846 | 3649 |
| City of Buda, Special Assessment Rev. Bonds (Persimmon Public Improvement Dist. Major Improvement Area <br> Project), Series 2025, 6.75% 9/1/2055 <sup>(a)</sup>  | 3804 | 3562 |
| Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (Redwood Apartments), Series 2020, 3.50% <br> 1/1/2041 (put 1/1/2026)  | 1500 | 1500 |
| Castleberry Independent School Dist., Unlimited Tax School Board Building Bonds, Series 2024-B, 4.00% <br> 2/15/2049  | 4545 | 3909 |
| Cedar Hill Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2050  | 1000 | 854 |
| Celina Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 10000 | 8320 |
| City of Celina, Special Assessment Rev. Bonds (Mosaic Public Improvement Dist. Improvement Area #2 Project), <br> Series 2024, 4.50% 9/1/2031 <sup>(a)</sup>  | 439 | 442 |
| City of Celina, Special Assessment Rev. Bonds (Mosaic Public Improvement Dist. Improvement Area #2 Project), <br> Series 2024, 5.125% 9/1/2044 <sup>(a)</sup>  | 1127 | 1049 |
| City of Celina, Special Assessment Rev. Bonds (Mosaic Public Improvement Dist. Improvement Area #2 Project), <br> Series 2024, 5.50% 9/1/2054 <sup>(a)</sup>  | 750 | 719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **277** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| City of Celina, Special Assessment Rev. Bonds (Mosaic Public Improvement Dist. Phase #1B Project), Series 2024, <br> 4.375% 9/1/2031 <sup>(a)</sup>  | USD150 | $150 |
| City of Celina, Special Assessment Rev. Bonds (Mosaic Public Improvement Dist. Phase #1B Project), Series 2024, <br> 5.125% 9/1/2044 <sup>(a)</sup>  | 300 | 279 |
| City of Celina, Special Assessment Rev. Bonds (Mosaic Public Improvement Dist. Phase #1B Project), Series 2024, <br> 5.375% 9/1/2053 <sup>(a)</sup>  | 250 | 237 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2016-B, 5.00% 8/15/2028  | 500 | 509 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2022-A, 4.00% 8/15/2047  | 590 | 494 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2014-A, 4.50% 12/1/2044  | 750 | 653 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Valor Education), Series 2024-A, 5.00% 6/15/2034 <sup>(a)</sup>  | 325 | 314 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Valor Education), Series 2023-A, 5.75% 6/15/2038 <sup>(a)</sup>  | 900 | 882 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Valor Education), Series 2024-A, 5.75% 6/15/2044 <sup>(a)</sup>  | 1250 | 1149 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Valor Education), Series 2023-A, 6.00% 6/15/2048 <sup>(a)</sup>  | 3650 | 3359 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Valor Education), Series 2023-A, 6.25% 6/15/2053 <sup>(a)</sup>  | 3250 | 3043 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Valor Education), Series 2024-A, 6.00% 6/15/2054 <sup>(a)</sup>  | 750 | 677 |
| Clifton Higher Education Fin. Corp., Education Rev. Bonds (Vanguard Academy, Inc.), Series 2021, 3.00% <br> 8/15/2046  | 7000 | 4899 |
| Clifton Higher Education Fin. Corp., Education Rev. Ref. Bonds (Idea Public Schools), Series 2024, 4.00% <br> 8/15/2054  | 920 | 761 |
| Conroe Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 4.00% 2/15/2050  | 16000 | 13605 |
| Conroe Local Government Corp., Hotel Rev. Bonds (Conroe Convention Center Hotel), Series 2021-A, 2.50% <br> 10/1/2031  | 1125 | 985 |
| Conroe Local Government Corp., Hotel Rev. Bonds (Conroe Convention Center Hotel), Series 2021-B, 3.50% <br> 10/1/2031 <sup>(a)</sup>  | 790 | 669 |
| Conroe Local Government Corp., Hotel Rev. Bonds (Conroe Convention Center Hotel), Series 2021-A, 4.00% <br> 10/1/2050  | 5425 | 3960 |
| Corpus Christi Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 4.00% 8/15/2047  | 1000 | 867 |
| Corpus Christi Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 8/15/2054  | 2585 | 2163 |
| City of Crandall, Special Assessment Rev. Bonds (Cartwright Ranch Public Improvement Dist. Improvement Area <br> No. 1 Project), Series 2021, 4.50% 9/15/2051 <sup>(a)</sup>  | 1000 | 842 |
| City of Crandall, Special Assessment Rev. Bonds (Cartwright Ranch Public Improvement Dist. Major Improvement <br> Area Project), Series 2021, 5.25% 9/15/2051 <sup>(a)</sup>  | 500 | 458 |
| City of Dallas, Special Tax Rev. Bonds (Kay Bailey Hutchison Convention Center Dallas Venue Project), Series 2023, <br> 6.00% 8/15/2053 (put 8/15/2028) <sup>(a)</sup>  | 6805 | 6817 |
| Dallas Area Rapid Transit Sales Tax Rev. Improvement and Rev. Ref. Bonds, Series 2021-B, 4.00% 12/1/2051  | 5000 | 4154 |
| County of Denton, Special Assessment Rev. Bonds (Duck Point Public Improvement Dist.), Series 2025, 5.375% <br> 12/31/2045 <sup>(a)</sup>  | 500 | 465 |
| County of Denton, Special Assessment Rev. Bonds (Duck Point Public Improvement Dist.), Series 2025, 5.625% <br> 12/31/2055 <sup>(a)</sup>  | 1500 | 1382 |
| County of Denton, Special Assessment Rev. Bonds (Green Meadows Public Improvement Dist. Major <br> Improvement Area Project), Series 2025, 4.25% 12/31/2030 <sup>(a)</sup>  | 359 | 361 |
| County of Denton, Special Assessment Rev. Bonds (Green Meadows Public Improvement Dist. Major <br> Improvement Area Project), Series 2025, 4.75% 12/31/2030 <sup>(a)</sup>  | 650 | 655 |
| County of Denton, Special Assessment Rev. Bonds (Green Meadows Public Improvement Dist. Major <br> Improvement Area Project), Series 2025, 4.50% 12/31/2035 <sup>(a)</sup>  | 250 | 250 |
| County of Denton, Special Assessment Rev. Bonds (Green Meadows Public Improvement Dist. Major <br> Improvement Area Project), Series 2025, 5.00% 12/31/2035 <sup>(a)</sup>  | 190 | 191 |
| County of Denton, Special Assessment Rev. Bonds (Green Meadows Public Improvement Dist. Major <br> Improvement Area Project), Series 2025, 5.375% 12/31/2045 <sup>(a)</sup>  | 1580 | 1583 |
| County of Denton, Special Assessment Rev. Bonds (Green Meadows Public Improvement Dist. Major <br> Improvement Area Project), Series 2025, 5.875% 12/31/2045 <sup>(a)</sup>  | 2165 | 2167 |
| County of Denton, Special Assessment Rev. Bonds (Green Meadows Public Improvement Dist. Major <br> Improvement Area Project), Series 2025, 5.625% 12/31/2055 <sup>(a)</sup>  | 2490 | 2498 |
| County of Denton, Special Assessment Rev. Bonds (Green Meadows Public Improvement Dist. Major <br> Improvement Area Project), Series 2025, 6.125% 12/31/2055 <sup>(a)</sup>  | 4080 | 4086 |
| County of Denton, Special Assessment Rev. Bonds (Tabor Ranch Public Improvement Dist. Improvement Area #1 <br> Project), Series 2024-A, 4.625% 12/31/2031 <sup>(a)</sup>  | 194 | 195 |
| County of Denton, Special Assessment Rev. Bonds (Tabor Ranch Public Improvement Dist. Improvement Area #1 <br> Project), Series 2024-B, 5.125% 12/31/2031 <sup>(a)</sup>  | 418 | 420 |
| County of Denton, Special Assessment Rev. Bonds (Tabor Ranch Public Improvement Dist. Improvement Area #1 <br> Project), Series 2024-A, 5.25% 12/31/2044 <sup>(a)</sup>  | 1421 | 1340 |
| County of Denton, Special Assessment Rev. Bonds (Tabor Ranch Public Improvement Dist. Improvement Area #1 <br> Project), Series 2024-B, 5.75% 12/31/2044 <sup>(a)</sup>  | 1002 | 947 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **278** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| County of Denton, Special Assessment Rev. Bonds (Tabor Ranch Public Improvement Dist. Improvement Area #1 <br> Project), Series 2024-A, 5.625% 12/31/2054 <sup>(a)</sup>  | USD2,000 | $1887 |
| County of Denton, Special Assessment Rev. Bonds (Tabor Ranch Public Improvement Dist. Improvement Area #1 <br> Project), Series 2024-B, 6.125% 12/31/2054 <sup>(a)</sup>  | 1349 | 1277 |
| County of Denton, Special Assessment Rev. Bonds (Tabor Ranch Public Improvement Dist. Major Improvement <br> Area Project), Series 2024, 5.25% 12/31/2031 <sup>(a)</sup>  | 360 | 362 |
| County of Denton, Special Assessment Rev. Bonds (Tabor Ranch Public Improvement Dist. Major Improvement <br> Area Project), Series 2024, 6.00% 12/31/2044 <sup>(a)</sup>  | 1886 | 1804 |
| County of Denton, Special Assessment Rev. Bonds (Tabor Ranch Public Improvement Dist. Major Improvement <br> Area Project), Series 2024, 6.25% 12/31/2054 <sup>(a)</sup>  | 2840 | 2647 |
| East Waller County Management Dist., Special Assessment Rev. Bonds (SOFI Lakes Sections 1 and 2 Project), <br> Series 2025, 6.00% 9/15/2045 <sup>(a)</sup>  | 1100 | 1087 |
| East Waller County Management Dist., Special Assessment Rev. Bonds (SOFI Lakes Sections 1 and 2 Project), <br> Series 2025, 6.25% 9/15/2055 <sup>(a)</sup>  | 2200 | 2172 |
| County of El Paso, Hospital Dist. GO Bonds, Series 2025, AGI, 5.50% 2/15/2055  | 4000 | 4117 |
| Forney Independent School Dist., Unlimited Tax School Building Bonds, Series 2022-A, 3.00% 8/15/2037  | 1195 | 1050 |
| Forney Independent School Dist., Unlimited Tax School Building Bonds, Series 2022-A, 3.00% 8/15/2038  | 1650 | 1414 |
| Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-A, <br> 4.75% 5/1/2038  | 4500 | 4414 |
| Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-B, <br> 4.75% 11/1/2042  | 4000 | 3788 |
| City of Friendswood, Special Assessment Rev. Bonds (Friendswood City Center Public Improvement Dist. Initial <br> Major Improvements Project), Series 2024, 7.00% 9/15/2054  | 3060 | 2934 |
| Galena Park Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 3.00% 8/15/2049  | 1300 | 944 |
| Greenwood Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 15330 | 12917 |
| County of Harris, Permanent Improvement Rev. Ref. Bonds, Series 2024-A, 5.00% 9/15/2054  | 5000 | 5043 |
| County of Harris, Permanent Improvement Tax and Rev. Certs. of Obligation, Series 2024, 5.00% 9/15/2054  | 1475 | 1488 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2024-B, AGI, 5.00% 11/15/2041  | 5150 | 5308 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2024-B, AGI, 5.00% 11/15/2042  | 1305 | 1335 |
| County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2020-A, AGI, 3.125% 11/15/2056  | 7125 | 4636 |
| County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2024-A, 4.00% 8/15/2054  | 3750 | 3113 |
| County of Harris, Unlimited Tax Road Rev. Ref. Bonds, Series 2024-A, 5.00% 9/15/2054  | 1530 | 1543 |
| Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. <br> Project), Series 2016, 5.00% 1/1/2037  | 2960 | 2950 |
| Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. <br> Project), Series 2013-A, 5.00% 1/1/2043  | 1270 | 1188 |
| Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. <br> Project), Series 2016, 5.00% 1/1/2048  | 23205 | 20837 |
| Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children's Hospital), Series 2021-A, <br> 3.00% 10/1/2051  | 2000 | 1368 |
| Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Young Men's Christian Assn. of the Greater <br> Houston Area), Series 2013-A, 5.00% 6/1/2033  | 1400 | 1349 |
| Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Young Men's Christian Assn. of the Greater <br> Houston Area), Series 2013-A, 5.00% 6/1/2038  | 3500 | 3079 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2023-B, 6.00% 1/1/2054  | 4180 | 4584 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2024-A, 5.75% 7/1/2054  | 3775 | 4108 |
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2024-C, 6.00% 7/1/2054  | 9485 | 10465 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 3/1/2052  | 2795 | 2738 |
| Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2023-C, 6.00% 3/1/2054  | 1495 | 1640 |
| City of Houston, Airport System Facs. Rev. and Rev. Ref. Bonds (United Airlines, Inc. Terminal Improvement <br> Projects), Series 2015-B-1, AMT, 5.00% 7/15/2035  | 5495 | 5495 |
| City of Houston, Airport System Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series <br> 2024-B, AMT, 5.25% 7/15/2033  | 21210 | 22089 |
| City of Houston, Airport System Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series <br> 2024-B, AMT, 5.25% 7/15/2034  | 31645 | 32895 |
| City of Houston, Airport System Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series <br> 2024-B, AMT, 5.50% 7/15/2035  | 10100 | 10683 |
| City of Houston, Airport System Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series <br> 2024-B, AMT, 5.50% 7/15/2036  | 26560 | 27835 |
| City of Houston, Airport System Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series <br> 2024-B, AMT, 5.50% 7/15/2037  | 15245 | 15868 |
| City of Houston, Airport System Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series <br> 2024-B, AMT, 5.50% 7/15/2038  | 8700 | 8988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **279** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| City of Houston, Airport System Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series <br> 2024-B, AMT, 5.50% 7/15/2039  | USD12,245 | $12584 |
| City of Houston, Airport System Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series <br> 2021-A, AMT, 4.00% 7/1/2041  | 16290 | 14000 |
| City of Houston, Airport System Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series <br> 2021-B-1, AMT, 4.00% 7/15/2041  | 37570 | 32281 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2023-A, AMT, AGI, 5.25% 7/1/2041  | 1000 | 1030 |
| City of Houston, Airport System Rev. Ref. Bonds, Series 2021-A, AMT, 4.00% 7/1/2046  | 5000 | 4232 |
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement <br> Projects), Series 2011, AMT, 6.50% 7/15/2030  | 10730 | 10758 |
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement <br> Projects), Series 2011, AMT, 6.625% 7/15/2038  | 4400 | 4410 |
| City of Houston, Airport System Special Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), <br> Series 2018-C, AMT, 5.00% 7/15/2028  | 12000 | 12062 |
| City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, <br> AMT, 5.00% 7/1/2029  | 17900 | 17899 |
| City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal Improvement <br> Projects), Series 2020-A, AMT, 5.00% 7/1/2027  | 3975 | 3991 |
| City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal Improvement <br> Projects), Series 2020-B-2, AMT, 5.00% 7/15/2027  | 1000 | 1004 |
| City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal Improvement <br> Projects), Series 2020-C, AMT, 5.00% 7/15/2027  | 11800 | 11849 |
| City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal Improvement <br> Projects), Series 2015-B-1, AMT, 5.00% 7/15/2030  | 9545 | 9544 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 3.00% 9/1/2032  | 500 | 480 |
| City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, <br> Series 2021, 3.00% 9/1/2033  | 310 | 292 |
| City of Houston, GO Rev. Ref. Bonds, Series 2024-A, 5.25% 3/1/2049  | 1715 | 1736 |
| Hurst-Euless-Bedford Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% <br> 8/15/2050  | 3800 | 3235 |
| Hutto Independent School Dist., Unlimited Tax School Building Bonds, Series 2025, 5.00% 8/1/2050  | 1500 | 1513 |
| Hutto Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 5.00% 8/1/2054  | 1725 | 1736 |
| City of Irving, Hospital Auth., Hospital Rev. Bonds (Baylor Scott & White Medical Center - Irving), Series 2017-A, <br> 5.00% 10/15/2044  | 1000 | 950 |
| City of Justin, Special Assessment Rev. Bonds (Timberbrook Public Improvement Dist. No. 1 Improvement Area #2 <br> Project), Series 2021, 4.00% 9/1/2051 <sup>(a)</sup>  | 500 | 385 |
| City of Kerrville Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), Series <br> 2015, 5.00% 8/15/2025  | 1000 | 1001 |
| City of Kerrville Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), Series <br> 2015, 5.00% 8/15/2030  | 3450 | 3457 |
| City of Lavon, Special Assessment Rev. Bonds (Trails of Lavon Public Community Dist. Projects), Series 2025, <br> 5.75% 9/15/2045 <sup>(a)</sup>  | 545 | 546 |
| City of Lavon, Special Assessment Rev. Bonds (Trails of Lavon Public Community Dist. Projects), Series 2025, <br> 6.00% 9/15/2054 <sup>(a)</sup>  | 837 | 840 |
| Little Elm Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 8/15/2054  | 2500 | 2091 |
| Town of Little Elm, Spiritas Ranch Public Improvement Dist., Special Assessment Rev. Bonds, Series 2024, 5.50% <br> 9/1/2044 <sup>(a)</sup>  | 3221 | 3171 |
| Town of Little Elm, Spiritas Ranch Public Improvement Dist., Special Assessment Rev. Bonds, Series 2021, 5.375% <br> 9/1/2051 <sup>(a)</sup>  | 22265 | 21180 |
| Town of Little Elm, Spiritas Ranch Public Improvement Dist., Special Assessment Rev. Bonds, Series 2024, 5.75% <br> 9/1/2053 <sup>(a)</sup>  | 2740 | 2728 |
| Love Field Airport Modernization Corp., Special Facs. Rev. Bonds, Series 2012, AMT, 5.00% 11/1/2028  | 4535 | 4535 |
| Mansfield Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 7500 | 6172 |
| County of Matagorda, Navigation Dist. No. 1, Pollution Control Rev. Ref. Bonds (Central Power and Light Co. <br> Project), Series 1996, AMT, 4.25% 5/1/2030  | 660 | 683 |
| County of Matagorda, Navigation Dist. No. 1, Rev. Ref. Bonds (Houston Lighting & Power Co. Project), Series 1997, <br> AMT, AMBAC, 5.125% 11/1/2028  | 1955 | 2052 |
| County of Medina, Special Assessment Rev. Bonds (Haby Farms Public Improvement Dist. Improvement Area #1 <br> Project), Series 2024, 4.75% 9/1/2034 <sup>(a)</sup>  | 735 | 723 |
| County of Medina, Special Assessment Rev. Bonds (Haby Farms Public Improvement Dist. Improvement Area #1 <br> Project), Series 2024, 5.50% 9/1/2044 <sup>(a)</sup>  | 1000 | 956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **280** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| County of Medina, Special Assessment Rev. Bonds (Haby Farms Public Improvement Dist. Improvement Area #1 <br> Project), Series 2024, 5.875% 9/1/2054 <sup>(a)</sup>  | USD1,000 | $948 |
| Melissa Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/1/2054  | 1000 | 880 |
| Mission Econ. Dev. Corp., Rev. Bonds (Natgasoline Project), Series 2018, AMT, 4.625% 10/1/2031 <sup>(a)</sup>  | 3695 | 3696 |
| Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2024, AMT, <br> 4.00% 6/1/2054 (put 6/1/2034)  | 6875 | 6583 |
| Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Ref. Bonds (Graphic Packaging International, LLC Project), <br> Series 2025, AMT, 5.00% 12/1/2064 (put 6/1/2030)  | 9410 | 9561 |
| County of Montgomery, Toll Road Auth., Toll Road Rev. Bonds, Series 2018, 5.00% 9/15/2043  | 1695 | 1695 |
| Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-B, (SIFMA Municipal Swap <br> Index + 0.55%) 2.84% 9/15/2027 <sup>(c)</sup>  | 1270 | 1263 |
| Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-A, (3-month USD CME Term <br> SOFR x 0.66 + 0.86%) 3.712% 9/15/2027 <sup>(c)</sup>  | 920 | 922 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2026  | 585 | 598 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2029  | 2570 | 2715 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2030  | 1000 | 1060 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2031  | 2210 | 2346 |
| Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2032  | 1390 | 1475 |
| Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Rev. Bonds, Series 2023-A, 5.50% 1/1/2054 (put <br> 1/1/2030)  | 5115 | 5445 |
| Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Rev. Bonds, Series 2023-B, 5.50% 1/1/2054 (put <br> 1/1/2034)  | 24355 | 26464 |
| Municipal Gas Acquisition and Supply Corp. V., Gas Supply Rev. Bonds, Series 2024, 5.00% 1/1/2055 (put <br> 1/1/2034)  | 5500 | 5792 |
| New Braunfels Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/1/2052  | 2500 | 2116 |
| New Caney Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 16000 | 13375 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. and Rev. Ref. Bonds (Junilee Academic Center), <br> Series 2021, 4.00% 8/15/2041 <sup>(a)</sup>  | 2080 | 1736 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. and Rev. Ref. Bonds (Junilee Academic Center), <br> Series 2021, 4.00% 8/15/2046 <sup>(a)</sup>  | 1610 | 1258 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. and Rev. Ref. Bonds (Junilee Academic Center), <br> Series 2021, 4.00% 8/15/2051 <sup>(a)</sup>  | 4245 | 3157 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. and Rev. Ref. Bonds (Junilee Academic Center), <br> Series 2021, 4.00% 8/15/2056 <sup>(a)</sup>  | 3510 | 2533 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. Bonds (Beta Foundation), Series 2019-A, 3.375% <br> 8/15/2029 <sup>(a)</sup>  | 610 | 580 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. Bonds (Beta Foundation), Series 2019-A, 5.00% <br> 8/15/2039 <sup>(a)</sup>  | 1445 | 1350 |
| New Hope Cultural Education Facs. Fin. Corp., Education Rev. Bonds (Beta Foundation), Series 2019-A, 5.00% <br> 8/15/2049 <sup>(a)</sup>  | 2710 | 2345 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Bella Vida Forefront Living Project), <br> Series 2025-B-3, 4.25% 10/1/2030  | 1980 | 1984 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Morningside Ministries Project), Series <br> 2020-A, 5.00% 1/1/2030  | 1000 | 1003 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Morningside Ministries Project), Series <br> 2022, 4.00% 1/1/2037  | 1250 | 1073 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Morningside Ministries Project), Series <br> 2020-A, 5.00% 1/1/2040  | 790 | 717 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Morningside Ministries Project), Series <br> 2022, 4.00% 1/1/2042  | 1825 | 1420 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Morningside Ministries Project), Series <br> 2020-A, 5.00% 1/1/2055  | 3100 | 2447 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes, Inc. Obligated <br> Group), Series 2019, 5.00% 1/1/2050  | 1180 | 911 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes, Inc. Obligated <br> Group), Series 2019, 5.00% 1/1/2055  | 5750 | 4303 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes, Inc. Obligated <br> Group), Series 2019, 5.00% 1/1/2039  | 1455 | 1298 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes, Inc. Project), Series <br> 2014, 5.50% 1/1/2035  | 100 | 98 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes, Inc. Project), Series <br> 2014, 5.50% 1/1/2043  | 3700 | 3301 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **281** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes, Inc. Project), Series <br> 2014, 5.50% 1/1/2049  | USD9,180 | $7765 |
| New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2025, <br> 5.00% 11/1/2040  | 2200 | 2211 |
| New Hope Cultural Education Facs. Fin. Corp., Senior Living Rev. Bonds (Wichita Falls Retirement Foundation <br> Project), Series 2021, 4.00% 1/1/2031  | 2880 | 2797 |
| New Hope Cultural Education Facs. Fin. Corp., Senior Living Rev. Bonds (Wichita Falls Retirement Foundation <br> Project), Series 2021, 4.00% 1/1/2036  | 3510 | 3156 |
| New Hope Cultural Education Facs. Fin. Corp., Senior Living Rev. Bonds (Wichita Falls Retirement Foundation <br> Project), Series 2021, 4.00% 1/1/2041  | 3135 | 2576 |
| New Hope Cultural Education Facs. Fin. Corp., Senior Living. Rev. Bonds (Sanctuary LTC Project), Series 2021-A-1, <br> 5.25% 1/1/2042  | 3500 | 3292 |
| New Hope Cultural Education Facs. Fin. Corp., Senior Living. Rev. Bonds (Superior Living Foundation Project), <br> Series 2025-A, 6.25% 7/1/2045 <sup>(a)</sup>  | 2000 | 1792 |
| New Hope Cultural Education Facs. Fin. Corp., Senior Living. Rev. Bonds (Superior Living Foundation Project), <br> Series 2025-A, 6.50% 7/1/2056 <sup>(a)</sup>  | 16200 | 14254 |
| New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF-Collegiate Housing Island <br> Campus, LLC - Texas A&M University-Corpus Christi Island Campus Project), Series 2017-A, 5.00% 4/1/2042 <br> (preref. 4/1/2027)  | 2250 | 2327 |
| New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (NCCD-Brenham Properties, LLC - <br> Blinn College Project), Series 2020-A, 5.00% 7/1/2040  | 1270 | 961 |
| New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (NCCD-Brenham Properties, LLC - <br> Blinn College Project), Series 2020-A, 5.00% 7/1/2057  | 12095 | 7861 |
| Newark Higher Education Fin. Corp., Education Rev. Bonds (TLC Academy), Series 2021-A, 4.00% 8/15/2041  | 3125 | 2593 |
| Newark Higher Education Fin. Corp., Education Rev. Bonds (TLC Academy), Series 2021-A, 4.00% 8/15/2051  | 2950 | 2194 |
| Newark Higher Education Fin. Corp., Education Rev. Bonds (TLC Academy), Series 2021-A, 4.00% 8/15/2056  | 2250 | 1621 |
| Newark Higher Education Fin. Corp., Rev. Improvement and Rev. Ref. Bonds (Abilene Christian University Project), <br> Series 2022-A, 4.00% 4/1/2057  | 1815 | 1390 |
| North Parkway Municipal Management Dist. No. 1, Special Assessment Rev. Bonds (Major Improvements Project <br> No. 2), Series 2022, 5.50% 9/15/2032 <sup>(a)</sup>  | 4880 | 4967 |
| North Parkway Municipal Management Dist. No. 1, Special Assessment Rev. Bonds (Major Improvements Project <br> No. 2), Series 2022, 5.625% 9/15/2042 <sup>(a)</sup>  | 9985 | 9972 |
| North Parkway Municipal Management Dist. No. 1, Special Assessment Rev. Bonds (Major Improvements Project <br> No. 2), Series 2022, 5.75% 9/15/2052 <sup>(a)</sup>  | 17360 | 17124 |
| North Texas Higher Education Auth., Inc., Education Loan Rev. Bonds, Senior Series 2024-1-A, AMT, 4.125% <br> 6/1/2045  | 6765 | 6539 |
| North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-B, 5.00% 1/1/2048  | 2500 | 2466 |
| North Texas Tollway Auth., System Rev. Ref. First Tier Bonds, Series 2020-A, 3.00% 1/1/2038  | 3000 | 2592 |
| North Texas Tollway Auth., System Rev. Ref. Second Tier Bonds, Series 2021-B, 3.00% 1/1/2051  | 1985 | 1318 |
| City of Pflugerville, Special Assessment Rev. Bonds (Meadowlark Preserve Public Improvement Dist. Project), <br> Series 2025, 5.375% 9/1/2055 <sup>(a)</sup>  | 1175 | 1085 |
| City of Plano, Special Assessment Rev. Bonds (Collin Creek West Public Improvement Dist. Project), Series 2021, <br> 4.00% 9/15/2051 <sup>(a)</sup>  | 5300 | 4020 |
| City of Plano, Special Assessment Rev. Bonds (Collin Creek West Public Improvement Dist. Project), Series 2021, <br> 4.375% 9/15/2051 <sup>(a)</sup>  | 13800 | 10550 |
| Prosper Independent School Dist. (Counties of Collin and Denton), Unlimited Tax School Building Bonds, Series <br> 2024-A, 4.00% 2/15/2054  | 3390 | 2852 |
| Red River Education Fin. Corp., Higher Education Rev. Bonds (St. Edward's University Project), Series 2016, 4.00% <br> 6/1/2036  | 500 | 452 |
| Royce City Independent School Dist., Unlimited Tax School Building Bonds, Series 2023, 5.00% 2/15/2053  | 2045 | 2058 |
| City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2015, 4.00% 2/1/2038  | 8410 | 8013 |
| City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2024-A, 5.25% 2/1/2049  | 1300 | 1339 |
| Sherman Independent School Dist., Unlimited Tax School Building Bonds, Series 2023-B, 5.00% 2/15/2053  | 2000 | 2016 |
| Surface Transportation Corp., Private Activity Rev. Bonds (NTE Mobility Partners Segments 3 LLC Segment 3C <br> Project), Series 2019, AMT, 5.00% 6/30/2058  | 6495 | 5936 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 12/31/2037  | 1500 | 1411 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 12/31/2038  | 1375 | 1271 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 6/30/2039  | 455 | 417 |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 12/31/2039  | 750 | 681 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **282** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Surface Transportation Corp., Rev. Ref. Bonds (LBJ Infrastructure Group, LLC I-635 Managed Lanes Project), Series <br> 2020-A, 4.00% 6/30/2040  | USD335 | $301 |
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated <br> Group), Series 2016, 4.00% 5/15/2027  | 4135 | 4102 |
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated <br> Group), Series 2016, 4.00% 5/15/2031  | 5500 | 5298 |
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated <br> Group), Series 2016, 5.00% 5/15/2037  | 6150 | 5903 |
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Air Force Villages Obligated <br> Group), Series 2016, 5.00% 5/15/2045  | 14005 | 12211 |
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Barton Creek Senior Living Center, <br> Inc. - Querencia Project), Series 2015, 5.00% 11/15/2035  | 200 | 200 |
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Barton Creek Senior Living Center, <br> Inc. - Querencia Project), Series 2015, 5.00% 11/15/2040  | 1350 | 1318 |
| Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2024, <br> 4.00% 3/15/2049  | 11820 | 10091 |
| Transportation Commission, State Highway 249 System First Tier Toll Rev. Bonds, CAB, Series 2019-A, 0% <br> 8/1/2041  | 430 | 192 |
| Transportation Commission, State Highway 249 System First Tier Toll Rev. Bonds, CAB, Series 2019-A, 0% <br> 8/1/2042  | 2370 | 985 |
| County of Travis, Dev. Auth. Contract Assessment Rev. Bonds (Longview 71 Public Improvement Dist. <br> Improvement Area #1 Project), Series 2024, 4.25% 9/1/2032 <sup>(a)</sup>  | 500 | 494 |
| County of Travis, Dev. Auth. Contract Assessment Rev. Bonds (Longview 71 Public Improvement Dist. <br> Improvement Area #1 Project), Series 2024, 5.125% 9/1/2054 <sup>(a)</sup>  | 845 | 776 |
| University Hills Municipal Management Dist., Special Assessment Rev. Bonds (Improvement Area #1 Project), <br> Series 2025, 5.875% 9/1/2055  | 28809 | 27752 |
| University Hills Municipal Management Dist., Special Assessment Rev. Bonds (Major Improvement Area Project), <br> Series 2025, 5.875% 9/1/2055 <sup>(a)</sup>  | 17835 | 17181 |
| Via Metropolitan Transit Advanced Transportation Dist., Sales Tax Rev. Bonds, Series 2024, 4.00% 8/1/2054  | 8000 | 6652 |
| Waxachie Independent School Dist., School Building Bonds, Series 2024, 4.00% 2/15/2053  | 1380 | 1171 |
| Whitesboro Independent School Dist., Unlimited Tax School Building Bonds, Series 2024, 4.00% 2/15/2054  | 6500 | 5451 |
|  |  | 1044799 |
| **United States 0.91%** | **United States 0.91%** | **United States 0.91%** |
| Freddie Mac, Multi Family Certs., Series 2023, 0.897% 6/25/2035 <sup>(a)(c)</sup>  | 135893 | 7223 |
| Freddie Mac, Multi Family Certs., Series 2023, 2.75% 11/25/2035 <sup>(a)</sup>  | 9891 | 8851 |
| Freddie Mac, Multi Family Certs., Series 2023, 4.003% 1/25/2040 <sup>(c)</sup>  | 9044 | 8606 |
| Freddie Mac, Multi Family Certs., Series 2023, 4.414% 8/25/2040 <sup>(c)</sup>  | 1464 | 1465 |
| Freddie Mac, Multi Family Certs. Green Bonds, Series 2025, 4.388% 11/25/2042 <sup>(c)</sup>  | 19590 | 19116 |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 11/25/2033  | 1815 | 1711 |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class AUS, 3.40% 1/25/2036  | 1944 | 1808 |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-06, Class XUS, interest only, 1.133% 6/25/2037 <sup>(c)(d)</sup>  | 57779 | 4034 |
| Freddie Mac, Multi Family Mortgage Certs. Green Bonds, Series 2024, 3.157% 12/25/2038 <sup>(c)</sup>  | 40239 | 34749 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2024, 3.427% 11/25/2038 <sup>(c)</sup>  | 24779 | 22880 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2024, 4.156% 5/25/2041 <sup>(c)</sup>  | 9001 | 8509 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2023, Class A, 2.99% 4/25/2043 <sup>(c)</sup>  | 7810 | 6720 |
|  |  | 125672 |
| **Utah 2.40%** | **Utah 2.40%** | **Utah 2.40%** |
| Arrowhead Springs Public Infrastructure Dist., Special Assessment Bonds (Arrowhead Springs Assessment Area), <br> Series 2025, 5.625% 12/1/2054 <sup>(a)</sup>  | 2875 | 2759 |
| Black Rock Mountain Resort Public Infrastructure Dist., Special Assessment Bonds (Black Rock Mountain Resort <br> Assessment Area), Series 2025, 5.875% 12/1/2054 <sup>(a)</sup>  | 8925 | 8898 |
| Charter School Fin. Auth., Charter School Rev. Bonds (Bridge Elementary Project), Series 2021-A, 4.00% <br> 6/15/2041 <sup>(a)</sup>  | 895 | 701 |
| Charter School Fin. Auth., Charter School Rev. Bonds (Bridge Elementary Project), Series 2021-A, 4.25% <br> 6/15/2051 <sup>(a)</sup>  | 1315 | 949 |
| Charter School Fin. Auth., Charter School Rev. Ref. Bonds (Early Light Academy), Series 2017, 5.00% 7/15/2046 <sup>(a)</sup>  | 7405 | 6511 |
| Downtown Revitalization Public Infrastructure Dist., Sales Tax Rev. Bonds (SEG Redev. Project), Series 2025-C, <br> 5.00% 7/15/2035 <sup>(a)</sup>  | 1270 | 1273 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **283** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| Downtown Revitalization Public Infrastructure Dist., Sales Tax Rev. Bonds (SEG Redev. Project), Series 2025-A, AGI, <br> 5.50% 6/1/2055  | USD1,625 | $1691 |
| Fiddlers Canyon Infrastructure Fncg. Dist., Special Assessment Bonds (Fiddlers Canyon Assessment Area), Series <br> 2024, 5.625% 12/1/2053 <sup>(a)</sup>  | 6483 | 5912 |
| Firefly Public Infrastructure Dist. No. 1, Limited Tax GO Bonds, Series 2024-A-1, 6.625% 3/1/2054 <sup>(a)</sup>  | 1780 | 1790 |
| Firefly Public Infrastructure Dist. No. 1, Special Assessment Bonds (Firefly Assessment Area No. 1), Series <br> 2024-A-2, 5.625% 12/1/2043 <sup>(a)</sup>  | 6087 | 5906 |
| Hideout Local Dist. No. 1, Special Assessment Bonds, Series 2017, 6.75% 8/1/2037 <sup>(a)</sup>  | 22425 | 20247 |
| Housing Corp., Single Family Mortgage Bonds, Series 2023-A, 6.00% 7/1/2053  | 2015 | 2174 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-A, 6.50% 1/1/2054  | 395 | 433 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-C, 6.00% 7/1/2054  | 890 | 979 |
| Housing Corp., Single Family Mortgage Bonds, Series 2024-E, 6.00% 7/1/2054  | 1075 | 1185 |
| Housing Corp., Single Family Mortgage Bonds, Series 2025-E, 6.75% 7/1/2055  | 1500 | 1714 |
| Hurricane City, Gateway at Sand Hollow Public Infrastructure Dist. No. 1, Limited Tax GO Bonds, Series 2021-A, <br> 5.50% 3/1/2051 <sup>(a)(f)</sup>  | 15000 | 11164 |
| Jordanelle Ridge Public Infrastructure Dist. No. 2, Limited Tax GO Bonds, Series 2023-A, 7.75% 3/1/2054 <sup>(a)</sup>  | 27120 | 27791 |
| MIDA Mountain Village Public Infrastructure Dist., Special Assessment Rev. Bonds (Mountain Village Assessment <br> Area #2), Series 2021, 4.00% 8/1/2050 <sup>(a)</sup>  | 38095 | 30372 |
| MIDA Mountain Village Public Infrastructure Dist., Special Assessment Rev. Bonds (Mountain Village Assessment <br> Area), Series 2020-A, 4.25% 8/1/2035 <sup>(a)</sup>  | 2275 | 2211 |
| MIDA Mountain Village Public Infrastructure Dist., Special Assessment Rev. Bonds (Mountain Village Assessment <br> Area), Series 2020-A, 5.00% 8/1/2050 <sup>(a)</sup>  | 13250 | 12238 |
| MIDA Cormont Public Infrastructure Dist., Limited Tax GO Bonds, Series 2025-A-1, 6.25% 6/1/2055 <sup>(a)</sup>  | 2225 | 2271 |
| MIDA Cormont Public Infrastructure Dist., Limited Tax GO Bonds, Convertible CAB, Series 2025-A-2, 0% <br>6/1/2055 <sup>(a)(e)</sup>  | 5265 | 4287 |
| MIDA Mountain Village Public Infrastructure Dist., Special Assessment Rev. Bonds (Mountain Village Assessment <br> Area #2), Series 2021, 4.00% 8/1/2025 <sup>(a)</sup>  | 1000 | 1000 |
| MIDA Mountain Village Public Infrastructure Dist., Special Assessment Rev. Bonds (Mountain Village Assessment <br> Area #2), Series 2021, 4.00% 8/1/2026 <sup>(a)</sup>  | 1290 | 1293 |
| MIDA Mountain Village Public Infrastructure Dist., Tax Allocation Rev. Bonds, Series 2024-2, 5.50% 6/15/2039 <sup>(a)</sup>  | 1125 | 1120 |
| MIDA Mountain Village Public Infrastructure Dist., Tax Allocation Rev. Bonds, Series 2024-2, 5.75% 6/15/2044 <sup>(a)</sup>  | 3540 | 3489 |
| MIDA Mountain Village Public Infrastructure Dist., Tax Allocation Rev. Bonds, Series 2024-1, 5.125% 6/15/2054 <sup>(a)</sup>  | 7475 | 6859 |
| MIDA Mountain Village Public Infrastructure Dist., Tax Allocation Rev. Bonds, Series 2024-2, 6.00% 6/15/2054 <sup>(a)</sup>  | 9645 | 9617 |
| Military Installation Dev. Auth., Tax Allocation Rev. Bonds, Series 2021-A-2, 4.00% 6/1/2036  | 1000 | 922 |
| Military Installation Dev. Auth., Tax Allocation Rev. Bonds, Series 2021-A-2, 4.00% 6/1/2041  | 5670 | 4938 |
| Moonlight Village Public Infrastructure Dist. No. 1, Limited Tax GO Bonds, Series 2025-A, 6.00% 3/1/2056 <sup>(a)</sup>  | 1660 | 1568 |
| Moonlight Village Public Infrastructure Dist. No. 1, Limited Tax GO Bonds, Series 2025-B, 8.00% 3/15/2056 <sup>(a)</sup>  | 896 | 897 |
| NS Public Infrastructure Dist. No. 1, Special Assessment bonds (NS Assessment Area No. 1), Series 2024, 6.00% <br> 12/1/2044 <sup>(a)</sup>  | 5180 | 4641 |
| Payson City, Red Bridge Public Infrastructure Dist. No. 1, Limited Tax GO Bonds, Series 2021-A, 3.625% <br>2/1/2035 <sup>(a)</sup>  | 600 | 503 |
| Payson City, Red Bridge Public Infrastructure Dist. No. 1, Limited Tax GO Bonds, Series 2021-A, 4.125% <br>2/1/2041 <sup>(a)</sup>  | 1500 | 1208 |
| Payson City, Red Bridge Public Infrastructure Dist. No. 1, Limited Tax GO Bonds, Series 2021-A, 4.375% <br>2/1/2051 <sup>(a)</sup>  | 3220 | 2393 |
| Point Phase 1 Public Infrastructure Dist. No. 1, Tax Assessment and General Rev. Bonds, Series 2025-A-1, 5.875% <br> 3/1/2045  | 4250 | 4255 |
| Point Phase 1 Public Infrastructure Dist. No. 1, Tax Assessment and General Rev. Bonds, Series 2025-A-1, 6.125% <br> 3/1/2055  | 4000 | 4018 |
| Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-A, AMT, 5.00% 7/1/2046  | 1775 | 1733 |
| Sawmill Infrastructure Fncg. Dist., Special Assessment Bonds (Sawmill Assessment Area), Series 2025, 6.00% <br> 12/1/2054 <sup>(a)</sup>  | 1500 | 1488 |
| Soleil Hills Public Infrastructure Dist. No. 1, Limited Tax GO and Special Rev. Bonds, Series 2025-A, 5.875% <br> 3/1/2055 <sup>(a)</sup>  | 1925 | 1821 |
| Sun Stone Infrastructure Fncg. Dist., Special Assessment Bonds (Sun Stone Assessment Area No. 1), Series 2024, <br> 6.75% 6/1/2054 <sup>(a)</sup>  | 13000 | 11953 |
| Three Bridges Public Infrastructure Dist. No. 1, Special Assessment Bonds (Three Bridges Assessment Area No. 1), <br> Series 2024-1, 5.00% 12/1/2036 <sup>(a)</sup>  | 12500 | 12082 |
| Three Bridges Public Infrastructure Dist. No. 1, Special Assessment Bonds (Three Bridges Assessment Area No. 1), <br> Series 2024-2, 6.00% 12/1/2053 <sup>(a)</sup>  | 17000 | 16233 |
| UIPA Crossroads Public Infrastructure Dist., Tax Differential Rev. Bonds, Series 2021, 4.125% 6/1/2041 <sup>(a)</sup>  | 9400 | 8452 |
| UIPA Crossroads Public Infrastructure Dist., Tax Differential Rev. Bonds, Series 2021, 4.375% 6/1/2052 <sup>(a)</sup>  | 57810 | 49631 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **284** |

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American High-Income Municipal Bond Fund<sup>®</sup> (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| Wakara Ridge Public Infrastructure Dist., Special Assessment Bonds (Wakara Ridge Assessment Area), Series <br> 2025, 5.625% 12/1/2054 <sup>(a)</sup>  | USD7,745 | $7656 |
| Wolf Creek Infrastructure Fncg. Dist. No. 1, Special Assessment Bonds (Wolf Creek Assessment Area No. 1), Series <br> 2025, 5.75% 12/1/2044  | 15030 | 14690 |
| Wood Ranch Public Infrastructure Dist., Special Assessment Bonds (Wood Ranch Assessment Area No. 1), Series <br> 2024, 5.625% 12/1/2053 <sup>(a)</sup>  | 1960 | 1893 |
|  |  | 329809 |
| **Vermont 0.32%** | **Vermont 0.32%** | **Vermont 0.32%** |
| Econ. Dev. Auth., Mortgage Rev. Bonds (Wake Robin Corp. Project), Series 2021-A, 4.00% 5/1/2037  | 6155 | 5603 |
| Econ. Dev. Auth., Mortgage Rev. Bonds (Wake Robin Corp. Project), Series 2021-A, 4.00% 5/1/2045  | 7995 | 6353 |
| Econ. Dev. Auth., Mortgage Rev. Bonds (Wake Robin Corp. Project), Series 2017-A, 5.00% 5/1/2047  | 470 | 421 |
| Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2013, AMT, 4.625% <br> 4/1/2036 (put 4/3/2028) <sup>(a)</sup>  | 2400 | 2407 |
| Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2022-A-2, AMT, <br> 4.375% 6/1/2052 (put 6/1/2032) <sup>(a)</sup>  | 3980 | 3876 |
| Housing Fin. Agcy., Multi Family Mortgage Bonds, Series 2021-A, 2.50% 8/15/2046  | 1000 | 642 |
| Housing Fin. Agcy., Multi Family Mortgage Bonds, Series 2022-A, 2.85% 2/15/2052  | 1000 | 649 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/15/2026  | 125 | 127 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2018-A, AMT, 5.00% 6/15/2027  | 300 | 304 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2018-A, AMT, 3.625% 6/15/2029  | 255 | 255 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2017-A, AMT, 4.00% 6/15/2029  | 710 | 710 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2018-A, AMT, 3.75% 6/15/2030  | 210 | 210 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/15/2030  | 1095 | 1159 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2018-A, AMT, 4.00% 6/15/2031  | 125 | 125 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2021-A, AMT, 5.00% 6/15/2031  | 1090 | 1156 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2018-A, AMT, 4.00% 6/15/2032  | 100 | 100 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2019-A, AMT, 3.00% 6/15/2035  | 2535 | 2448 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2020-A, AMT, 3.375% 6/15/2036  | 490 | 469 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2025-A, AMT, 4.75% 6/15/2036  | 2815 | 2770 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2025-A, AMT, 5.00% 6/15/2037  | 750 | 748 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2025-A, AMT, 5.00% 6/15/2038  | 880 | 866 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2021-A, AMT, 2.375% 6/15/2039  | 3790 | 3514 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2025-A, AMT, 5.00% 6/15/2039  | 895 | 870 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2024-A, AMT, 4.50% 6/15/2040  | 825 | 750 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2025-A, AMT, 5.125% 6/15/2040  | 830 | 803 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2023-A, AMT, 4.00% 6/15/2041  | 3385 | 3135 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2025-A, AMT, 5.25% 6/15/2041  | 750 | 724 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2018-A, AMT, 4.375% 6/15/2046  | 1850 | 1533 |
| Student Assistance Corp., Education Loan Rev. Bonds, Series 2019-B, AMT, 4.00% 6/15/2047  | 2150 | 1674 |
|  |  | 44401 |
| **Virgin Islands 0.45%** | **Virgin Islands 0.45%** | **Virgin Islands 0.45%** |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2025  | 1825 | 1827 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2027  | 1000 | 1016 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2028  | 9310 | 9518 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2030  | 9555 | 9797 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2032  | 6470 | 6607 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% <br> 10/1/2039  | 20930 | 20896 |
| Public Fin. Auth., Rev. and Rev. Ref. Bonds (Virgin Islands Gross Receipts Taxes Loan Note), Series 2014-C, 5.00% <br> 10/1/2039 <sup>(a)</sup>  | 5250 | 4947 |
| West Indian Co., Limited Port Facs. Rev. Bonds, Series 2022-A, 6.125% 10/1/2042 <sup>(a)</sup>  | 1470 | 1344 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **285** | American Funds Tax-Exempt Income Funds |

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------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Virgin Islands (continued)** | **Virgin Islands (continued)** | **Virgin Islands (continued)** |
| West Indian Co., Limited Port Facs. Rev. Bonds, Series 2022-B, AMT, 6.25% 10/1/2042 <sup>(a)</sup>  | USD2,350 | $2224 |
| West Indian Co., Limited Port Facs. Rev. Bonds, Series 2022-A, 6.375% 4/1/2052 <sup>(a)</sup>  | 2535 | 2353 |
| West Indian Co., Limited Port Facs. Rev. Bonds, Series 2022-B, AMT, 6.50% 4/1/2052 <sup>(a)</sup>  | 1245 | 1147 |
|  |  | 61676 |
| **Virginia 1.83%** | **Virginia 1.83%** | **Virginia 1.83%** |
| County of Albemarle, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Westminster-Canterbury of the Blue <br> Ridge), Series 2022-A, 4.00% 6/1/2034  | 1310 | 1316 |
| County of Albemarle, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Westminster-Canterbury of the Blue <br> Ridge), Series 2022-A, 4.00% 6/1/2042  | 1230 | 1110 |
| County of Amelia, Industrial Dev. Auth., Solid Waste Disposal Rev. and Rev. Ref. Bonds (Waste Management, Inc. <br> Project), Series 2002, AMT, 1.45% 4/1/2027  | 690 | 664 |
| County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 4.00% <br> 7/1/2045  | 1665 | 1473 |
| City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds, Convertible CAB, Series <br> 2012-B, 4.875% 7/15/2040  | 1500 | 1501 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2031  | 1195 | 1228 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2033  | 1410 | 1434 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2038  | 3250 | 3191 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2020-A, 5.00% 1/1/2040  | 3660 | 3456 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2043  | 4500 | 4078 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2048  | 4000 | 3497 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2020-A, 5.00% 1/1/2050  | 13655 | 11805 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2018-A, 5.00% 1/1/2055  | 16000 | 13555 |
| Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing <br> Project), Series 2020-A, 5.00% 1/1/2059  | 23010 | 19237 |
| City of Hampton, Peninsula Town Center Community Dev. Auth., Special Obligation Rev. Ref. Bonds, Series 2018, <br> 5.00% 9/1/2045 <sup>(a)</sup>  | 1090 | 1020 |
| County of Hanover, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), Series 2022, 4.00% <br> 7/1/2028  | 1630 | 1625 |
| County of Hanover, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), Series 2022, 4.00% <br> 7/1/2031  | 625 | 612 |
| County of Hanover, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), Series 2022, 4.00% <br> 7/1/2040  | 6135 | 5161 |
| County of Hanover, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), Series 2022, 4.00% <br> 7/1/2047  | 6510 | 4885 |
| County of Hanover, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), Series 2018, 5.00% <br> 7/1/2048  | 1400 | 1239 |
| County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2019-A, 5.00% <br> 6/1/2034  | 1000 | 1007 |
| County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2019-A, 5.00% <br> 6/1/2039  | 6370 | 6250 |
| County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2019-A, 5.00% <br> 6/1/2044  | 2245 | 2091 |
| County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2019-A, 5.00% <br> 6/1/2049  | 4455 | 3983 |
| County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2019-A, 5.00% <br> 6/1/2052  | 1970 | 1733 |
| County of Henrico, Econ. Dev. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2017-C, <br> 5.00% 12/1/2047  | 19575 | 18497 |
| County of Isle of Wight, Econ. Dev. Auth., Health System Rev. Bonds (Riverside Health System), Series 2023, AGI, <br> 5.25% 7/1/2048  | 600 | 605 |
| County of Isle of Wight, Econ. Dev. Auth., Health System Rev. Bonds (Riverside Health System), Series 2023, AGI, <br> 5.25% 7/1/2053  | 1875 | 1883 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **286** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Williamsburg Landing), Series 2024-C-3, <br> 5.25% 12/1/2027  | USD570 | $570 |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Williamsburg Landing), Series 2024-A, <br> 6.75% 12/1/2053  | 855 | 892 |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Williamsburg Landing), Series 2024-A, <br> 6.875% 12/1/2058  | 2630 | 2747 |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Windsormeade), Series 2021-A, 4.00% <br> 6/1/2041  | 1865 | 1526 |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Bonds (Windsormeade), Series 2021-A, 4.00% <br> 6/1/2047  | 4475 | 3292 |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Williamsburg Landing), Series <br> 2021-A, 4.00% 12/1/2035  | 2030 | 1888 |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Williamsburg Landing), Series <br> 2021-A, 4.00% 12/1/2040  | 3365 | 2853 |
| County of James City, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Williamsburg Landing), Series <br> 2021-A, 4.00% 12/1/2050  | 8390 | 6133 |
| City of Lexington, Industrial Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Kendal at Lexington), Series 2016, <br> 4.00% 1/1/2037  | 1000 | 931 |
| City of Lynchburg, Econ. Dev. Auth., Hospital Rev. and Rev. Ref. Bonds (Centra Health Obligated Group), Series <br> 2021, 3.00% 1/1/2051  | 2100 | 1359 |
| City of Newport News, Econ. Dev. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2016, <br> 5.00% 12/1/2038  | 6575 | 6577 |
| City of Newport News, Industrial Dev. Auth., Health Systems Rev. Bonds, Series 2017-A, 5.00% 7/1/2046 <sup>(a)</sup>  | 9250 | 8609 |
| City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), Series 2015, <br> 5.33% 7/1/2045 <sup>(a)</sup>  | 27900 | 26561 |
| County of Prince William, Gateway Community Dev. Auth., Special Assessment Rev. Ref. Bonds, Series 2012, <br> 5.00% 3/1/2030  | 500 | 501 |
| County of Prince William, Heritage Hunt Commercial Community Dev. Auth., Special Assessment Bonds, Series <br> 1999-B, 7.00% 3/1/2029  | 100 | 100 |
| Small Business Fncg. Auth., Health Care Facs. Rev. Bonds (Mary Washington Healthcare Obligated Group.), Series <br> 2025-A-1, 5.25% 6/15/2050  | 1120 | 1127 |
| Small Business Fncg. Auth., Health Care Facs. Rev. Bonds (Mary Washington Healthcare Obligated Group.), Series <br> 2025-A-1, 5.25% 6/15/2055  | 2945 | 2958 |
| Small Business Fncg. Auth., Private Activity Rev. Bonds (Transform 66 P3 Project), Series 2017, AMT, 5.00% <br> 12/31/2049  | 2000 | 1864 |
| Small Business Fncg. Auth., Private Activity Rev. Bonds (Transform 66 P3 Project), Series 2017, AMT, 5.00% <br> 12/31/2052  | 6000 | 5563 |
| Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 6/1/2037  | 4075 | 4067 |
| Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 6/1/2042  | 3500 | 3323 |
| Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 6/1/2047  | 4510 | 4102 |
| Small Business Fncg. Auth., Residential Care Fac. Rev. Bonds (Pinnacle Living), Series 2017-C, 5.00% 6/1/2052  | 8425 | 7413 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, <br> 4.00% 12/1/2041  | 880 | 784 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, <br> 4.00% 12/1/2051  | 3750 | 2959 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2024-A, 5.00% <br> 12/1/2034  | 3000 | 3166 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2024-A, 5.00% <br> 12/1/2039  | 650 | 662 |
| Small Business Fncg. Auth., Residential Care Facs. Rev. Ref. Bonds (LifeSpire of Virginia), Series 2024-A, 5.50% <br> 12/1/2054  | 1110 | 1093 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2031  | 1385 | 1460 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2032  | 1315 | 1382 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% <br> 1/1/2034  | 2275 | 2373 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 4.00% <br> 1/1/2045  | 5550 | 4671 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 3.375% <br> 1/1/2051  | 1820 | 1291 |
| Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 4.00% <br> 1/1/2051  | 6605 | 5283 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **287** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| Small Business Fncg. Auth., Solid Waste Disposal Rev. Bonds (Covanta Project), Series 2018-C, AMT, 5.00% <br> 1/1/2048 (put 7/1/2038) <sup>(a)</sup>  | USD2,000 | $1875 |
| Virginia Beach Dev. Auth., Residential Care Fac. Rev. Bonds (Westminster-Canterbury on Chesapeake Bay), Series <br> 2023-B-2, 5.75% 9/1/2030  | 3000 | 3029 |
| Virginia Beach Dev. Auth., Residential Care Fac. Rev. Bonds (Westminster-Canterbury on Chesapeake Bay), Series <br> 2023-A, 6.50% 9/1/2043  | 3000 | 3238 |
| Virginia Beach Dev. Auth., Residential Care Fac. Rev. Bonds (Westminster-Canterbury on Chesapeake Bay), Series <br> 2023-A, 7.00% 9/1/2053  | 2500 | 2709 |
| Virginia Beach Dev. Auth., Residential Care Fac. Rev. Bonds (Westminster-Canterbury on Chesapeake Bay), Series <br> 2023-A, 7.00% 9/1/2059  | 2855 | 3078 |
|  |  | 252145 |
| **Washington 1.87%** | **Washington 1.87%** | **Washington 1.87%** |
| Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Improvement and Rev. Ref. <br> Green Bonds, Series 2021-S-1, 3.00% 11/1/2036  | 2500 | 2236 |
| Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2010-B, 5.00% 7/1/2043  | 1000 | 977 |
| Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2010-B, 5.00% 7/1/2048  | 1000 | 964 |
| Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2021-B, AGI, 3.00% 7/1/2058  | 2195 | 1392 |
| Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2018, 5.00% 7/1/2058  | 1000 | 941 |
| Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% 7/1/2058  | 2000 | 1213 |
| Econ. Dev. Fin. Auth., Environmental Facs. Rev. Green Bonds (North Pacific Paper Co. Recycling Project), Series <br> 2020-A, AMT, 5.625% 12/1/2040 <sup>(a)</sup>  | 9000 | 8896 |
| Health Care Facs. Auth., Rev. Bonds (Providence Health & Services), Series 2015-A, 4.00% 10/1/2045  | 2500 | 2075 |
| Health Care Facs. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2014-D, 5.00% 10/1/2041  | 3000 | 2974 |
| Health Care Facs. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2014-C, 5.00% 10/1/2044  | 2000 | 1939 |
| Health Care Facs. Auth., Rev. Bonds (Yakima Valley Memorial Hospital Assn.), Series 2016, 5.00% 12/1/2036 <br> (preref. 12/1/2026)  | 745 | 767 |
| Health Care Facs. Auth., Rev. Bonds (Yakima Valley Memorial Hospital Assn.), Series 2016, 5.00% 12/1/2041 <br> (preref. 12/1/2026)  | 2000 | 2059 |
| Health Care Facs. Auth., Rev. Bonds (Yakima Valley Memorial Hospital Assn.), Series 2016, 5.00% 12/1/2046 <br> (preref. 12/1/2026)  | 2180 | 2244 |
| Housing Fin. Commission, Municipal Certs., Series 2021-1, Class X, interest only, 0.725% 12/20/2035 <sup>(d)</sup>  | 82335 | 3211 |
| Housing Fin. Commission, Municipal Certs., Series 2021-1, 3.50% 12/20/2035  | 31284 | 29402 |
| Housing Fin. Commission, Municipal Certs., Series 2023-1, 1.45% 4/20/2037 <sup>(c)</sup>  | 42176 | 4142 |
| Housing Fin. Commission, Municipal Certs., Series 2023-1, 3.375% 4/20/2037  | 38822 | 35184 |
| Housing Fin. Commission, Municipal Certs., Series 2024-1-A, 4.085% 3/1/2050 <sup>(c)</sup>  | 15944 | 14677 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Eliseo Project), Series 2021-A, 4.00% <br> 1/1/2057 <sup>(a)</sup>  | 1750 | 1052 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Emerald Heights Project), Series 2023-A, <br> 5.00% 7/1/2048  | 2100 | 1978 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Horizon House Project), Series 2017, <br> 5.00% 1/1/2028 <sup>(a)</sup>  | 500 | 505 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Horizon House Project), Series 2017, <br> 5.00% 1/1/2031 <sup>(a)</sup>  | 1000 | 1004 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Horizon House Project), Series 2017, <br> 5.00% 1/1/2033 <sup>(a)</sup>  | 1185 | 1179 |
| Housing Fin. Commission, Nonprofit Housing Rev. and Rev. Ref. Bonds (Presbyterian Retirement Communities <br> Northwest Projects), Series 2016-A, 5.00% 1/1/2046 <sup>(a)</sup>  | 1000 | 894 |
| Housing Fin. Commission, Nonprofit Housing Rev. Bonds (Bayview Manor Project), Series 2024, 6.00% <br>7/1/2059 <sup>(a)</sup>  | 1830 | 1767 |
| Housing Fin. Commission, Nonprofit Housing Rev. Bonds (Parkshore Juanita Bay Project), Series 2024-B-1, 4.50% <br> 7/1/2030 <sup>(a)</sup>  | 1375 | 1375 |
| Housing Fin. Commission, Nonprofit Housing Rev. Bonds (Parkshore Juanita Bay Project), Series 2024-A, 5.50% <br> 1/1/2044 <sup>(a)</sup>  | 2045 | 1887 |
| Housing Fin. Commission, Nonprofit Housing Rev. Bonds (Parkshore Juanita Bay Project), Series 2024-A, 5.75% <br> 1/1/2053 <sup>(a)</sup>  | 1290 | 1177 |
| Housing Fin. Commission, Nonprofit Housing Rev. Bonds (Parkshore Juanita Bay Project), Series 2024-A, 5.875% <br> 1/1/2059 <sup>(a)</sup>  | 1070 | 979 |
| Housing Fin. Commission, Nonprofit Housing Rev. Bonds (Rockwood Retirement Communities), Series 2020-A, <br> 5.00% 1/1/2056 <sup>(a)</sup>  | 16420 | 13519 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% <br> 1/1/2038 <sup>(a)</sup>  | 2350 | 2203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **288** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% <br> 1/1/2043 <sup>(a)</sup>  | USD3,100 | $2717 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% <br> 1/1/2048 <sup>(a)</sup>  | 1770 | 1475 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Judson Park Project), Series 2018, 4.00% <br>7/1/2028 <sup>(a)</sup>  | 460 | 458 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Judson Park Project), Series 2018, 5.00% <br>7/1/2033 <sup>(a)</sup>  | 500 | 502 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Judson Park Project), Series 2018, 5.00% <br>7/1/2038 <sup>(a)</sup>  | 1535 | 1492 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Judson Park Project), Series 2018, 5.00% <br>7/1/2048 <sup>(a)</sup>  | 1350 | 1160 |
| Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project), Series 2019, 5.00% <br> 1/1/2055 <sup>(a)</sup>  | 10020 | 8289 |
| Housing Fin. Commission, Nonprofit Housing, Rev. and Rev. Ref. Bonds (Bayview Manor Senior Project), Series <br> 2016-A, 5.00% 7/1/2046 <sup>(a)</sup>  | 625 | 547 |
| Housing Fin. Commission, Nonprofit Housing, Rev. and Rev. Ref. Bonds (Bayview Manor Senior Project), Series <br> 2016-A, 5.00% 7/1/2051 <sup>(a)</sup>  | 2400 | 2029 |
| Housing Fin. Commission, Nonprofit Rev. Bonds (Spokane International Academy Project), Series 2021-A, 5.00% <br> 7/1/2050 <sup>(a)</sup>  | 1000 | 860 |
| Housing Fin. Commission, Nonprofit Rev. Bonds (Spokane International Academy Project), Series 2021-A, 5.00% <br> 7/1/2056 <sup>(a)</sup>  | 2260 | 1904 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2021-1-N, 3.00% 12/1/2049  | 880 | 871 |
| Housing Fin. Commission, Single Family Program Bonds, Series 2021-2-N, 3.00% 6/1/2051  | 985 | 972 |
| Kalispel Tribe of Indians, Priority Distribution Payment Bonds, Series 2018-A, 5.00% 1/1/2032 <sup>(a)</sup>  | 2020 | 2062 |
| Kalispel Tribe of Indians, Priority Distribution Payment Bonds, Series 2018-B, 5.00% 1/1/2032 <sup>(a)</sup>  | 1395 | 1424 |
| Kalispel Tribe of Indians, Priority Distribution Payment Bonds, Series 2018-A, 5.25% 1/1/2038 <sup>(a)</sup>  | 10860 | 10992 |
| Kalispel Tribe of Indians, Priority Distribution Payment Bonds, Series 2018-B, 5.25% 1/1/2038 <sup>(a)</sup>  | 2155 | 2181 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Green Notes, Series 2021, 4.00% 7/1/2031  | 15965 | 16256 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2033 <sup>(a)</sup>  | 1170 | 1094 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2034 <sup>(a)</sup>  | 2350 | 2159 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 4.00% <br>7/1/2034 <sup>(a)</sup>  | 860 | 851 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2035 <sup>(a)</sup>  | 3295 | 2963 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2043 <sup>(a)</sup>  | 6065 | 4554 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2048 <sup>(a)</sup>  | 9795 | 6690 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2048  | 6990 | 4705 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2058 <sup>(a)</sup>  | 16655 | 10102 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, AGI, 3.00% <br> 7/1/2058  | 7170 | 4548 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 3.00% <br>7/1/2058 <sup>(a)</sup>  | 3990 | 2462 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-B, 4.00% <br>7/1/2058 <sup>(a)</sup>  | 1465 | 1100 |
| County of King, Convention Center Public Facs. Dist., Lodging Tax Rev. Ref. Bonds, Series 2021-A, 5.00% <br>7/1/2058  | 3500 | 3294 |
| Port of Seattle, Industrial Dev. Corp., Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2012, AMT, <br> 5.00% 4/1/2030  | 2500 | 2500 |
| Port of Seattle, Rev. and Rev. Ref. Bonds, Series 2022-B, AMT, 5.00% 8/1/2042  | 500 | 497 |
| Port of Seattle, Special Fac. Rev. Ref. Bonds (SEATAC Fuel Facs., LLC), Series 2013, AMT, 5.00% 6/1/2030  | 1000 | 1001 |
| Port of Seattle, Special Fac. Rev. Ref. Bonds (SEATAC Fuel Facs., LLC), Series 2013, AMT, 5.00% 6/1/2031  | 2000 | 2001 |
| County of Skagit, Public Hospital Dist. No. 1 (Skagit Regional Health), Hospital Rev. Improvement and Rev. Ref. <br> Bonds, Series 2016, 4.00% 12/1/2025  | 500 | 500 |
| County of Skagit, Public Hospital Dist. No. 1 (Skagit Regional Health), Hospital Rev. Improvement and Rev. Ref. <br> Bonds, Series 2016, 5.00% 12/1/2029  | 1000 | 1017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **289** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| County of Skagit, Public Hospital Dist. No. 1 (Skagit Regional Health), Hospital Rev. Improvement and Rev. Ref. <br> Bonds, Series 2016, 5.00% 12/1/2030  | USD1,500 | $1520 |
| County of Skagit, Public Hospital Dist. No. 1 (Skagit Regional Health), Hospital Rev. Improvement and Rev. Ref. <br> Bonds, Series 2016, 5.00% 12/1/2031  | 1500 | 1516 |
| County of Skagit, Public Hospital Dist. No. 1 (Skagit Regional Health), Hospital Rev. Improvement and Rev. Ref. <br> Bonds, Series 2016, 5.00% 12/1/2032  | 1500 | 1513 |
|  |  | 257590 |
| **West Virginia 0.15%** | **West Virginia 0.15%** | **West Virginia 0.15%** |
| Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Commercial Metals Co. Project), Series 2025, AMT, <br> 4.625% 4/15/2055 (put 5/15/2032)  | 14645 | 14282 |
| Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Core Natural Resources, Inc. Project), Series 2025, AMT, <br> 5.45% 1/1/2055 (put 3/27/2035) <sup>(a)</sup>  | 6665 | 6776 |
|  |  | 21058 |
| **Wisconsin 5.43%** | **Wisconsin 5.43%** | **Wisconsin 5.43%** |
| Health & Educational Facs. Auth., Rev. Bonds (Benevolent Corp), Series 2017, 5.00% 6/1/2041  | 500 | 451 |
| Health and Educational Facs. Auth., Rev. Bonds (Aspirus Inc. Obligated Group), Series 2025, 5.25% 8/15/2055  | 3000 | 3032 |
| Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corp. Cedar Community), Series 2017, 5.00% <br> 6/1/2026  | 1285 | 1289 |
| Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corp. Cedar Community), Series 2017, 5.00% <br> 6/1/2027  | 1350 | 1359 |
| Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corp. Cedar Community), Series 2017, 5.00% <br> 6/1/2029  | 1485 | 1500 |
| Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corp. Cedar Community), Series 2017, 5.00% <br> 6/1/2031  | 1640 | 1646 |
| Health and Educational Facs. Auth., Rev. Bonds (Benevolent Corp. Cedar Community), Series 2017, 5.00% <br> 6/1/2037  | 1220 | 1156 |
| Health and Educational Facs. Auth., Rev. Bonds (Chiara Housing and Services, Inc. Project), Series 2024, 5.00% <br> 7/1/2035  | 2760 | 2754 |
| Health and Educational Facs. Auth., Rev. Bonds (Chiara Housing and Services, Inc. Project), Series 2024, 5.625% <br> 7/1/2045  | 13095 | 12525 |
| Health and Educational Facs. Auth., Rev. Bonds (Chiara Housing and Services, Inc. Project), Series 2024, 5.875% <br> 7/1/2055  | 10650 | 10108 |
| Health and Educational Facs. Auth., Rev. Bonds (Chiara Housing and Services, Inc. Project), Series 2024, 6.00% <br> 7/1/2060  | 13680 | 13096 |
| Health and Educational Facs. Auth., Rev. Bonds (Clement Manor, Inc.), Series 2019, 4.25% 8/1/2034  | 500 | 478 |
| Health and Educational Facs. Auth., Rev. Bonds (Clement Manor, Inc.), Series 2019, 5.00% 8/1/2049  | 6000 | 5303 |
| Health and Educational Facs. Auth., Rev. Bonds (Dickson Hollow Phase II Project), Series 2024, 5.45% 10/1/2039  | 220 | 221 |
| Health and Educational Facs. Auth., Rev. Bonds (Dickson Hollow Phase II Project), Series 2024, 6.00% 10/1/2044  | 300 | 304 |
| Health and Educational Facs. Auth., Rev. Bonds (Dickson Hollow Phase II Project), Series 2024, 6.125% 10/1/2059  | 2490 | 2487 |
| Health and Educational Facs. Auth., Rev. Bonds (Froedtert Health, Inc.), Series 2024-A, 5.00% 4/1/2045  | 2500 | 2514 |
| Health and Educational Facs. Auth., Rev. Bonds (Hope Christian Schools Obligated Group), Series 2021, 3.00% <br> 12/1/2031  | 865 | 731 |
| Health and Educational Facs. Auth., Rev. Bonds (Hope Christian Schools Obligated Group), Series 2021, 4.00% <br> 12/1/2041  | 780 | 559 |
| Health and Educational Facs. Auth., Rev. Bonds (Hope Christian Schools Obligated Group), Series 2021, 4.00% <br> 12/1/2051  | 3395 | 2123 |
| Health and Educational Facs. Auth., Rev. Bonds (Hope Christian Schools Obligated Group), Series 2021, 4.00% <br> 12/1/2056  | 1000 | 600 |
| Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% <br> 2/15/2034  | 1800 | 1811 |
| Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2016-B, 5.00% <br> 2/15/2046  | 3205 | 3103 |
| Health and Educational Facs. Auth., Rev. Bonds (Marshfield Clinic Health System, Inc.), Series 2017-C, 4.00% <br> 2/15/2050  | 800 | 669 |
| Health and Educational Facs. Auth., Rev. Bonds (Milwaukee Regional Medical Center Thermal Service, Inc.), Series <br> 2018, 5.00% 4/1/2044  | 1600 | 1548 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-A, 3.00% 3/1/2052  | 690 | 682 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2023-A, 6.00% 3/1/2054  | 1915 | 2098 |
| Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2024-B, 6.00% 3/1/2055  | 1905 | 2070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **290** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Fin. Auth., Air Cargo Rev. Bonds (AFCO Obligated Group), Series 2023, AMT, 5.50% 7/1/2037  | USD1,200 | $1261 |
| Public Fin. Auth., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), <br> Series 2012-B, AMT, 5.00% 7/1/2042  | 450 | 439 |
| Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series <br> 2019-A, 4.00% 7/15/2029 <sup>(a)</sup>  | 395 | 393 |
| Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series <br> 2019-A, 5.00% 7/15/2039 <sup>(a)</sup>  | 1380 | 1315 |
| Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series <br> 2019-A, 5.00% 7/15/2049 <sup>(a)</sup>  | 3360 | 2971 |
| Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas 2 Project), Series <br> 2019-A, 5.00% 7/15/2054 <sup>(a)</sup>  | 1605 | 1389 |
| Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-A, <br> 5.125% 7/15/2037 <sup>(a)</sup>  | 2000 | 1989 |
| Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-A, <br> 5.375% 7/15/2047 <sup>(a)</sup>  | 7775 | 7234 |
| Public Fin. Auth., Charter School Rev. Bonds (American Preparatory Academy - Las Vegas Project), Series 2017-B, <br> 5.375% 7/15/2052 <sup>(a)</sup>  | 2000 | 1832 |
| Public Fin. Auth., Charter School Rev. Bonds (Ascend Leadership Academy Project), Series 2021-A, 5.00% <br> 6/15/2041 <sup>(a)</sup>  | 890 | 739 |
| Public Fin. Auth., Charter School Rev. Bonds (Ascend Leadership Academy Project), Series 2021-A, 5.00% <br> 6/15/2051 <sup>(a)</sup>  | 2000 | 1518 |
| Public Fin. Auth., Charter School Rev. Bonds (Ascend Leadership Academy Project), Series 2021-A, 5.00% <br> 6/15/2056 <sup>(a)</sup>  | 1390 | 1029 |
| Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2021-A, 4.00% 6/1/2036 <sup>(a)</sup>  | 700 | 604 |
| Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2019-A, 5.00% 6/1/2039 <sup>(a)</sup>  | 710 | 630 |
| Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2019-A, 5.00% 6/1/2050 <sup>(a)</sup>  | 2450 | 1944 |
| Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2021-A, 4.00% 6/1/2051 <sup>(a)</sup>  | 2350 | 1592 |
| Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2022-A, 5.875% 6/1/2052 <sup>(a)</sup>  | 1480 | 1339 |
| Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2021-A, 4.00% 6/1/2061 <sup>(a)</sup>  | 2030 | 1294 |
| Public Fin. Auth., Charter School Rev. Bonds (Coral Academy of Science Reno), Series 2022-A, 6.00% 6/1/2062 <sup>(a)</sup>  | 1565 | 1419 |
| Public Fin. Auth., Charter School Rev. Bonds (Foundation Academy Charter School Project), Series 2024, 4.75% <br> 7/1/2045 <sup>(a)</sup>  | 1690 | 1474 |
| Public Fin. Auth., Charter School Rev. Bonds (Foundation Academy Charter School Project), Series 2024, 5.00% <br> 7/1/2055 <sup>(a)</sup>  | 1650 | 1427 |
| Public Fin. Auth., Charter School Rev. Bonds (Foundation Academy Charter School Project), Series 2024, 5.00% <br> 7/1/2060 <sup>(a)</sup>  | 2615 | 2227 |
| Public Fin. Auth., Education Rev. Bonds (Bonnie Cone Classical Academy), Series 2021-A, 4.00% 6/15/2040 <sup>(a)</sup>  | 1525 | 1232 |
| Public Fin. Auth., Education Rev. Bonds (Bonnie Cone Classical Academy), Series 2021-A, 4.00% 6/15/2050 <sup>(a)</sup>  | 2990 | 2105 |
| Public Fin. Auth., Education Rev. Bonds (Bonnie Cone Classical Academy), Series 2021-A, 4.00% 6/15/2056 <sup>(a)</sup>  | 2445 | 1651 |
| Public Fin. Auth., Education Rev. Bonds (Bonnie Cone Classical Academy, Inc.), Series 2024, 5.625% 6/15/2054 <sup>(a)</sup>  | 9565 | 8445 |
| Public Fin. Auth., Education Rev. Bonds (Bonnie Cone Classical Academy, Inc.), Series 2024, 5.625% 6/15/2059 <sup>(a)</sup>  | 12500 | 10792 |
| Public Fin. Auth., Education Rev. Bonds (Coral Academy of Science Las Vegas), Series 2021-A, 4.00% 7/1/2041  | 1600 | 1369 |
| Public Fin. Auth., Education Rev. Bonds (Mater Academy of Nevada - East Las Vegas Campus Project), Series <br> 2024-A, 5.00% 12/15/2044 <sup>(a)</sup>  | 650 | 580 |
| Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 4.00% 6/15/2029 <sup>(a)</sup>  | 500 | 494 |
| Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 5.00% 6/15/2039 <sup>(a)</sup>  | 1000 | 944 |
| Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 5.00% 6/15/2049 <sup>(a)</sup>  | 1040 | 913 |
| Public Fin. Auth., Education Rev. Bonds (North Carolina Leadership Academy), Series 2019-A, 5.00% 6/15/2054 <sup>(a)</sup>  | 1620 | 1391 |
| Public Fin. Auth., Education Rev. Bonds (Signature Preparatory), Series 2021-A, 5.00% 6/15/2041 <sup>(a)</sup>  | 4000 | 3581 |
| Public Fin. Auth., Education Rev. Bonds (Signature Preparatory), Series 2021-A, 5.00% 6/15/2051 <sup>(a)</sup>  | 3800 | 3163 |
| Public Fin. Auth., Education Rev. Bonds (Signature Preparatory), Series 2021-A, 5.00% 6/15/2056 <sup>(a)</sup>  | 4335 | 3530 |
| Public Fin. Auth., Education Rev. Bonds (Triad Math & Science Academy), Series 2025, 5.25% 6/15/2065  | 2825 | 2583 |
| Public Fin. Auth., Education Rev. Ref. Bonds (Pinecrest Academy of Nevada-Sloan Canyon Campus Project), Series <br> 2024-A, 4.25% 7/15/2044 <sup>(a)</sup>  | 610 | 517 |
| Public Fin. Auth., Educational Fac. Rev. Ref. Bonds (New Plan Learning, Inc. Project), Series 2021-A, 3.75% <br> 7/1/2031  | 1300 | 1220 |
| Public Fin. Auth., Educational Fac. Rev. Ref. Bonds (New Plan Learning, Inc. Project), Series 2021-A, 5.00% <br> 7/1/2041  | 10000 | 8770 |
| Public Fin. Auth., Educational Facs. Rev. Bonds (Charter Day School, Inc.), Series 2020-A, 5.00% 12/1/2035 <sup>(a)</sup>  | 3585 | 3528 |
| Public Fin. Auth., Educational Facs. Rev. Bonds (Charter Day School, Inc.), Series 2020-A, 5.00% 12/1/2045 <sup>(a)</sup>  | 7900 | 6948 |
| Public Fin. Auth., Educational Facs. Rev. Bonds (Cincinnati Classical Academy), Series 2024-A, 5.375% <br>6/15/2039 <sup>(a)</sup>  | 60 | 58 |
| Public Fin. Auth., Educational Facs. Rev. Bonds (Cincinnati Classical Academy), Series 2024-A, 5.70% 6/15/2044 <sup>(a)</sup>  | 260 | 248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **291** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Fin. Auth., Educational Facs. Rev. Bonds (Cincinnati Classical Academy), Series 2024-A, 5.875% <br>6/15/2054 <sup>(a)</sup>  | USD645 | $609 |
| Public Fin. Auth., Educational Facs. Rev. Bonds (Cincinnati Classical Academy), Series 2024-A, 6.00% 6/15/2064 <sup>(a)</sup>  | 1160 | 1093 |
| Public Fin. Auth., Educational Facs. Rev. Bonds (Queens University of Charlotte), Series 2022-A, 4.75% 3/1/2052  | 11250 | 9513 |
| Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Celanese Project), Series 2016-A, AMT, 5.00% 12/1/2025 <sup>(a)</sup>  | 5250 | 5261 |
| Public Fin. Auth., Exempt Facs. Rev. Ref. Bonds (National Gypsum Co.), Series 2016, AMT, 4.00% 8/1/2035  | 10410 | 9779 |
| Public Fin. Auth., Health Care Facs. Rev. Bonds (Appalachian Regional Healthcare System Obligated Group), <br> Series 2021-A, 4.00% 7/1/2046  | 5060 | 3826 |
| Public Fin. Auth., Health Care Facs. Rev. Bonds (Appalachian Regional Healthcare System Obligated Group), <br> Series 2021-A, 4.00% 7/1/2051  | 11075 | 7901 |
| Public Fin. Auth., Health Care Facs. Rev. Bonds (Appalachian Regional Healthcare System Obligated Group), <br> Series 2021-A, 4.00% 7/1/2056  | 15690 | 10846 |
| Public Fin. Auth., Hospital Rev. Bonds (Carson Valley Medical Center), Series 2021-A, 4.00% 12/1/2031 <sup>(a)</sup>  | 650 | 638 |
| Public Fin. Auth., Hospital Rev. Bonds (Carson Valley Medical Center), Series 2021-A, 4.00% 12/1/2041 <sup>(a)</sup>  | 3580 | 3061 |
| Public Fin. Auth., Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2020-A, AGI, 3.00% <br> 6/1/2045  | 7900 | 5805 |
| Public Fin. Auth., Hotel Rev. Bonds (Grand Hyatt San Antonio Hotel Acquisition Project), Series 2022-B, 5.625% <br> 2/1/2046 <sup>(a)</sup>  | 7035 | 7080 |
| Public Fin. Auth., Hotel Rev. Bonds (Grand Hyatt San Antonio Hotel Acquisition Project), Series 2022-B, 5.75% <br> 2/1/2052 <sup>(a)</sup>  | 2700 | 2713 |
| Public Fin. Auth., Hotel Rev. Bonds (Grand Hyatt San Antonio Hotel Acquisition Project), Series 2022-B, 6.00% <br> 2/1/2062 <sup>(a)</sup>  | 2500 | 2534 |
| Public Fin. Auth., Infrastructure Program Anticipation Improvement and Rev. Ref. Bonds (Astro Texas Land <br> Projects), Series 2025, 5.00% 12/15/2036 <sup>(a)</sup>  | 31581 | 31082 |
| Public Fin. Auth., Infrastructure Program Rev. Anticipation Bonds (Legacy Hills Project), Series 2024-A-1, 6.125% <br> 11/15/2037 <sup>(a)</sup>  | 28025 | 26819 |
| Public Fin. Auth., Infrastructure Program Rev. Anticipation Bonds (Mayfair Project), Series 2024-A-4, 5.50% <br> 11/15/2032 <sup>(a)</sup>  | 12530 | 12442 |
| Public Fin. Auth., Infrastructure Program Rev. Anticipation Bonds (Sterling Traditions Project), CAB, Series 2025, 0% <br> 12/15/2041 <sup>(a)</sup>  | 71099 | 24133 |
| Public Fin. Auth., Infrastructure Program Rev. Anticipation Bonds (Two Step Project), CAB, Series 2024, 0% <br> 12/15/2034 <sup>(a)</sup>  | 9530 | 5429 |
| Public Fin. Auth., Infrastructure Program Rev. Anticipation Bonds (Wayside Project), Series 2024-A-2, 5.875% <br> 11/15/2027 <sup>(a)</sup>  | 11250 | 11249 |
| Public Fin. Auth., Infrastructure Program Rev. Bonds (Hartland Ranch Project), Series 2023, 6.25% 11/15/2029  | 4415 | 4415 |
| Public Fin. Auth., Limited Obligation PILOT Rev. Bonds (American Dream at Meadowlands Project), Series 2017, <br> 7.00% 12/1/2050 <sup>(a)</sup>  | 100 | 95 |
| Public Fin. Auth., Limited Obligation Rev. Bonds (Town of Scarborough - The Downs Project), Series 2024, 5.00% <br> 8/1/2039  | 1300 | 1258 |
| Public Fin. Auth., Pooled Charter School Certs., Series 2023-1-B, 0.001% 7/1/2062 <sup>(a)(c)</sup>  | 55350 | 39852 |
| Public Fin. Auth., Pooled Charter School Certs., Series 2023-1, 5.75% 7/1/2062  | 10593 | 10539 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.50% 7/1/2052  | 3245 | 3260 |
| Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series <br> 2022-A-1, BAM, 5.625% 7/1/2055  | 2620 | 2631 |
| Public Fin. Auth., Retirement Community Rev. Bonds (Evergreens Obligated Group), Series 2019-A, 5.00% <br> 11/15/2044  | 3775 | 3628 |
| Public Fin. Auth., Retirement Community Rev. Bonds (Evergreens Obligated Group), Series 2019-A, 5.00% <br> 11/15/2049  | 1500 | 1393 |
| Public Fin. Auth., Retirement Community Rev. Bonds (Lifespace Communities, Inc.), Series 2020-A, 4.00% <br> 11/15/2037  | 1340 | 1276 |
| Public Fin. Auth., Retirement Community Rev. Bonds (Lifespace Communities, Inc.), Series 2020-A, 5.00% <br> 11/15/2041  | 2000 | 1993 |
| Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 4.00% 9/1/2029 <sup>(a)</sup>  | 755 | 753 |
| Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 5.00% 9/1/2039 <sup>(a)</sup>  | 775 | 748 |
| Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 5.00% 9/1/2049 <sup>(a)</sup>  | 2780 | 2405 |
| Public Fin. Auth., Retirement Fac. Rev. Bonds (Penick Village), Series 2019, 5.00% 9/1/2054 <sup>(a)</sup>  | 2725 | 2302 |
| Public Fin. Auth., Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (The United Methodist Retirement <br> Homes), Series 2021-A, 4.00% 10/1/2041  | 1005 | 891 |
| Public Fin. Auth., Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (The United Methodist Retirement <br> Homes), Series 2021-A, 4.00% 10/1/2046  | 1060 | 865 |
| Public Fin. Auth., Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (The United Methodist Retirement <br> Homes), Series 2021-A, 4.00% 10/1/2051  | 6780 | 5269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **292** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 4.00% 9/1/2029 <sup>(a)</sup>  | USD1,750 | $1735 |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 9/1/2039 <sup>(a)</sup>  | 2230 | 2152 |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 9/1/2049 <sup>(a)</sup>  | 6200 | 5434 |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Friends Homes), Series 2019, 5.00% 9/1/2054 <sup>(a)</sup>  | 3570 | 3050 |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Givens Estates), Series 2021, 4.00% 12/1/2051  | 2515 | 1931 |
| Public Fin. Auth., Retirement Facs. Rev. Bonds (Givens Estates), Series 2021, 4.00% 12/1/2056  | 10155 | 7583 |
| Public Fin. Auth., Rev. Bonds (Absolute Awakenings), Series 2025, 7.25% 1/1/2061 <sup>(a)</sup>  | 2500 | 2571 |
| Public Fin. Auth., Rev. Bonds (Aurora Integrated Oncology Foundation), Series 2023, 9.00% 11/1/2028 <sup>(a)</sup>  | 1700 | 1796 |
| Public Fin. Auth., Rev. Bonds (Aurora Integrated Oncology Foundation), Series 2023, 10.00% 11/1/2038 <sup>(a)</sup>  | 22050 | 24825 |
| Public Fin. Auth., Rev. Bonds (Bayhealth Medical Center Project), Series 2021-A, 3.00% 7/1/2050  | 5000 | 3477 |
| Public Fin. Auth., Rev. Bonds (Bayhealth Medical Center Project), Series 2021-A, BAM, 3.00% 7/1/2050  | 4000 | 2808 |
| Public Fin. Auth., Rev. Bonds (Inperium Project), Series 2024, 5.50% 12/1/2044 <sup>(a)</sup>  | 4750 | 4603 |
| Public Fin. Auth., Rev. Bonds (Inperium Project), Series 2024, 5.75% 12/1/2054 <sup>(a)</sup>  | 4875 | 4723 |
| Public Fin. Auth., Rev. Bonds (Kahala Nui Project), Series 2025, 5.25% 11/15/2061  | 520 | 502 |
| Public Fin. Auth., Rev. Bonds (Ocean Academy Charter School), Series 2021, 4.00% 10/15/2031 <sup>(a)</sup>  | 280 | 266 |
| Public Fin. Auth., Rev. Bonds (Ocean Academy Charter School), Series 2021, 5.00% 10/15/2041 <sup>(a)</sup>  | 580 | 517 |
| Public Fin. Auth., Rev. Bonds (Ocean Academy Charter School), Series 2021, 5.00% 10/15/2051 <sup>(a)</sup>  | 1130 | 940 |
| Public Fin. Auth., Rev. Bonds (Ocean Academy Charter School), Series 2021, 5.00% 10/15/2056 <sup>(a)</sup>  | 1630 | 1330 |
| Public Fin. Auth., Rev. Bonds (Puerto Rico Toll Roads Monetization Project), Series 2024, AMT, 5.75% 7/1/2049  | 7000 | 7044 |
| Public Fin. Auth., Rev. Bonds (Puerto Rico Toll Roads Monetization Project), Series 2024, AMT, 5.75% 7/1/2054  | 9950 | 10025 |
| Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2020, 5.00% 4/1/2030 <sup>(a)</sup>  | 500 | 512 |
| Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2020, 5.00% 4/1/2040 <sup>(a)</sup>  | 5955 | 5698 |
| Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2020, 5.00% 4/1/2040 <br> (preref. 4/1/2030) <sup>(a)</sup>  | 355 | 388 |
| Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2020, 5.00% 4/1/2050 <sup>(a)</sup>  | 1900 | 1673 |
| Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2020, 5.00% 4/1/2050 <br> (preref. 4/1/2030) <sup>(a)</sup>  | 100 | 109 |
| Public Fin. Auth., Rev. Bonds (The Obligated Group of National Senior Communities, Inc.), Series 2022, 4.00% <br> 1/1/2052  | 1020 | 813 |
| Public Fin. Auth., Rev. Bonds (WFCS Portfolio Projects), Series 2020-A-1, 5.00% 1/1/2055 <sup>(a)</sup>  | 8475 | 6943 |
| Public Fin. Auth., Rev. Bonds (WFCS Portfolio Projects), CAB, Series 2021-B, 0% 1/1/2061 <sup>(a)</sup>  | 22000 | 1472 |
| Public Fin. Auth., Rev. Bonds (Wilson Preparatory Academy), Series 2019-A, 4.125% 6/15/2029 <sup>(a)</sup>  | 420 | 412 |
| Public Fin. Auth., Rev. Bonds (Wilson Preparatory Academy), Series 2019-A, 5.00% 6/15/2039 <sup>(a)</sup>  | 750 | 695 |
| Public Fin. Auth., Rev. Bonds (Wilson Preparatory Academy), Series 2019-A, 5.00% 6/15/2049 <sup>(a)</sup>  | 1190 | 1007 |
| Public Fin. Auth., Rev. Green Bonds (Fargo-Moorhead Metropolitan Area Flood Risk Management Project), Series <br> 2021, AMT, 4.00% 9/30/2051  | 11750 | 9095 |
| Public Fin. Auth., Rev. Green Bonds (Fargo-Moorhead Metropolitan Area Flood Risk Management Project), Series <br> 2021, AMT, 4.00% 3/31/2056  | 13570 | 10223 |
| Public Fin. Auth., Rev. Ref. Bonds (Celanese Corp.), Series 2016-C, AMT, 4.30% 11/1/2030  | 2930 | 2922 |
| Public Fin. Auth., Rev. Ref. Bonds (Roseman University of Health Sciences Project), Series 2022, 4.00% 4/1/2032 <sup>(a)</sup>  | 1000 | 968 |
| Public Fin. Auth., Rev. Ref. Bonds (Roseman University of Health Sciences Project), Series 2022, 4.00% 4/1/2042 <sup>(a)</sup>  | 2900 | 2413 |
| Public Fin. Auth., Rev. Ref. Bonds (Roseman University of Health Sciences Project), Series 2022, 4.00% 4/1/2042 <br> (preref. 4/1/2032) <sup>(a)</sup>  | 100 | 105 |
| Public Fin. Auth., Rev. Ref. Bonds (Roseman University of Health Sciences Project), Series 2022, 4.00% 4/1/2052 <br> (preref. 4/1/2032) <sup>(a)</sup>  | 1440 | 1082 |
| Public Fin. Auth., Senio Rev. Bonds (Proton International Arkansas, LLC), Series 2021-A, 6.85% 1/1/2051 <sup>(a)</sup>  | 5000 | 3397 |
| Public Fin. Auth., Senior Living Rev. and Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 5.00% <br> 1/1/2046  | 11250 | 10343 |
| Public Fin. Auth., Senior Living Rev. Bonds (Mary's Woods at Marylhurst Project), Series 2017-A, 5.25% <br>5/15/2052 <sup>(a)</sup>  | 500 | 439 |
| Public Fin. Auth., Senior Living Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 5.00% 1/1/2035  | 9435 | 9597 |
| Public Fin. Auth., Senior Living Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 4.00% 1/1/2046  | 1750 | 1348 |
| Public Fin. Auth., Senior Living Rev. Ref. Bonds (Fellowship Senior Living Project), Series 2019-A, 4.00% 1/1/2052  | 2000 | 1458 |
| Public Fin. Auth., Social Rev. Bonds (The Carmelite System, Inc. Obligated Group), Series 2020, 5.00% 1/1/2040  | 2275 | 2239 |
| Public Fin. Auth., Social Rev. Bonds (The Carmelite System, Inc. Obligated Group), Series 2020, 5.00% 1/1/2045  | 2565 | 2389 |
| Public Fin. Auth., Special Fac. Rev. Bonds (General Aviation Facs. Project), Series 2024-B, AMT, 7.00% 9/1/2054 <sup>(a)</sup>  | 10795 | 11374 |
| Public Fin. Auth., Special Fac. Rev. Bonds (Million Air Three LLC General Aviation Facs. Project), Series 2024-A, <br> AMT, 5.50% 9/1/2030 <sup>(a)</sup>  | 240 | 250 |
| Public Fin. Auth., Special Fac. Rev. Bonds (Million Air Three LLC General Aviation Facs. Project), Series 2024-A, <br> AMT, 5.75% 9/1/2035 <sup>(a)</sup>  | 1090 | 1125 |
| Public Fin. Auth., Special Fac. Rev. Bonds (Million Air Three LLC General Aviation Facs. Project), Series 2024-A, <br> AMT, 6.25% 9/1/2046 <sup>(a)</sup>  | 2825 | 2837 |
| Public Fin. Auth., Special Rev. Bonds (Candela Project), Series 2023, 6.125% 12/15/2029 <sup>(a)</sup>  | 6654 | 6726 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **293** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Fin. Auth., Special Rev. Bonds (Signorelli Projects, Municipal Utility Dists., Montgomery and Waller <br> Counties), Series 2024, 5.375% 12/15/2032 <sup>(a)</sup>  | USD8,800 | $8800 |
| Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series <br> 2020-A, AGI, 4.00% 7/1/2059  | 2400 | 1952 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series <br> 2015-A, 5.00% 7/1/2030  | 3430 | 3432 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series <br> 2015, 5.00% 7/1/2035  | 1000 | 1000 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Cullowhee, LLC - Western Carolina University Project), Series <br> 2015, 5.25% 7/1/2047  | 2000 | 1851 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Manoa, LLC UH Residences for Graduate Students), Series <br> 2023-A, 5.50% 7/1/2043 <sup>(a)</sup>  | 960 | 932 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Manoa, LLC UH Residences for Graduate Students), Series <br> 2023-A, 5.75% 7/1/2053 <sup>(a)</sup>  | 4480 | 4265 |
| Public Fin. Auth., Student Housing Rev. Bonds (CHF-Manoa, LLC UH Residences for Graduate Students), Series <br> 2023-A, 5.75% 7/1/2063 <sup>(a)</sup>  | 11250 | 10493 |
| Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% <br> 6/1/2034  | 2575 | 2634 |
| Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% <br> 6/1/2039  | 2045 | 2046 |
| Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-B, 5.00% <br> 6/1/2039  | 1595 | 1596 |
| Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% <br> 6/1/2044  | 1350 | 1279 |
| Public Fin. Auth., Student Housing Rev. Bonds (NC A&T Real Estate Foundation, LLC Project), Series 2019-A, 5.00% <br> 6/1/2049  | 3625 | 3349 |
| Public Fin. Auth., Student Housing Rev. Green Bonds (University of Hawaii Foundation Project), Series 2021-A-1, <br> 4.00% 7/1/2041 <sup>(a)</sup>  | 675 | 564 |
| Public Fin. Auth., Student Housing Rev. Green Bonds (University of Hawaii Foundation Project), Series 2021-A-1, <br> 4.00% 7/1/2051 <sup>(a)</sup>  | 5630 | 4209 |
| Public Fin. Auth., Student Housing Rev. Green Bonds (University of Hawaii Foundation Project), Series 2021-A-1, <br> 4.00% 7/1/2061 <sup>(a)</sup>  | 5720 | 4039 |
| Public Fin. Auth., Toll Rev. Bonds (Georgia SR 400 Express Lane Project), Series 2025, AMT, 5.75% 6/30/2060  | 9500 | 9163 |
| Public Fin. Auth., Toll Rev. Bonds (Georgia SR 400 Express Lane Project), Series 2025, AMT, 6.50% 6/30/2060  | 14195 | 14935 |
| Public Fin. Auth., Toll Rev. Bonds (Georgia SR 400 Express Lane Project), Series 2025, AMT, 5.75% 12/31/2065  | 25445 | 24295 |
| Public Fin. Auth., Toll Rev. Bonds (Georgia SR 400 Express Lane Project), Series 2025, AMT, 6.50% 12/31/2065  | 15930 | 16638 |
|  |  | 746560 |
| **Wyoming 0.00%** | **Wyoming 0.00%** | **Wyoming 0.00%** |
| Community Dev. Auth., Housing Rev. Bonds, Series 2024-1, 6.00% 12/1/2054  | 510 | 555 |
| **Total bonds, notes & other debt instruments** (cost: $13,738,436,000) |  | 12935534 |
| Short-term securities 4.74% |  |  |
| **Municipals 4.74%** | **Municipals 4.74%** | **Municipals 4.74%** |
| Freddie Mac, Multi Family Mortgage Certs., Series 2019-M-055, 2.50% 12/15/2028 <sup>(a)(c)</sup> <br>| 7830 | 7830 |
| State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series <br> 1993-A, 2.75% 12/1/2033 <sup>(c)</sup> <br>| 14600 | 14600 |
| State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series <br> 1993-B, 2.75% 12/1/2033 <sup>(c)</sup> <br>| 4000 | 4000 |
| State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project), Series 2001, <br> 2.75% 12/1/2029 <sup>(c)</sup> <br>| 2815 | 2815 |
| State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children's Hospital), Series <br> 2019-A, 2.75% 2/1/2048 <sup>(c)</sup> <br>| 26195 | 26195 |
| State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), <br> Series 2014-A, 2.10% 11/15/2052 <sup>(c)</sup> <br>| 23700 | 23700 |
| State of California, City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2025, 5.00% <br> 6/25/2026 <br>| 15000 | 15362 |
| State of California, Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic <br> Services, Inc. Project), Series 2023, AMT, 4.05% 7/1/2043 (put 8/15/2025) <sup>(a)(m)</sup> <br>| 2195 | 2195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **294** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, <br> 2.30% 5/15/2048 <sup>(c)</sup> <br>| USD3,700 | $3700 |
| State of Florida, County of Alachua, Health Facs. Auth., Rev. IAM Commercial Paper, Series 2025, <br> 2.89% 8/21/2025 <br>| 8750 | 8750 |
| State of Florida, City of Gainesville, Utilities System Rev. Bonds, Series 2019-C, 2.83% 10/1/2047 <sup>(c)</sup> <br>| 16400 | 16400 |
| State of Hawaii, Dept. of Budget and Fin., Special Purpose Rev. Bonds (The Queen's Health <br> Systems), Series 2025-C, 2.35% 7/1/2051 <sup>(c)</sup> <br>| 16300 | 16300 |
| State of Hawaii, Dept. of Budget and Fin., Special Purpose Rev. Bonds (The Queen's Health <br> Systems), Series 2025-B, 2.35% 7/1/2060 <sup>(c)</sup> <br>| 5675 | 5675 |
| State of Idaho, Health Facs. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series <br> 2013-ID, 3.00% 12/1/2048 (put 2/3/2025) <sup>(m)</sup> <br>| 8645 | 8645 |
| State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series <br> 2011-A, 2.55% 8/1/2044 <sup>(c)</sup> <br>| 15550 | 15550 |
| State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series <br> 2010-A, 2.60% 8/1/2044 <sup>(c)</sup> <br>| 20255 | 20255 |
| State of Indiana, Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), <br> Series 2009-A-3, 2.35% 12/1/2039 <sup>(c)</sup> <br>| 17065 | 17065 |
| State of Indiana, Fin. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2008-E-8, <br> 2.25% 11/15/2033 <sup>(c)</sup> <br>| 7600 | 7600 |
| State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil <br> Project), Series 2010-A, 2.77% 8/1/2035 <sup>(c)</sup> <br>| 14230 | 14230 |
| State of Massachusetts, Massachusetts Bay Transportation Auth., General Transportation System <br> Bonds, Series 2000-A, 2.20% 3/1/2030 (preref. 9/1/2025) <sup>(c)</sup> <br>| 8400 | 8400 |
| State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2012-B, <br> 2.55% 4/1/2042 <sup>(c)</sup> <br>| 10465 | 10465 |
| State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2011-B, <br> 2.08% 11/15/2038 <sup>(c)</sup> <br>| 25200 | 25200 |
| State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2016, <br> 2.10% 11/15/2047 <sup>(c)</sup> <br>| 7000 | 7000 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2007-A, 2.75% 12/1/2030 <sup>(c)</sup> <br>| 12300 | 12300 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2007-C, 2.75% 12/1/2030 <sup>(c)</sup> <br>| 4000 | 4000 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2007-D, 2.75% 12/1/2030 <sup>(c)</sup> <br>| 18200 | 18200 |
| State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds <br> (Chevron U.S.A., Inc. Project), Series 2011-D, 2.70% 11/1/2035 <sup>(c)</sup> <br>| 2400 | 2400 |
| State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds <br> (Washington University), Series 2003-B, 2.80% 2/15/2033 <sup>(c)</sup> <br>| 4285 | 4285 |
| State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds <br> (Washington University), Series 2000-B, 2.65% 3/1/2040 <sup>(c)</sup> <br>| 14600 | 14600 |
| State of Missouri, Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Credit Group), <br> Series 2003-C-3, 2.25% 11/15/2039 <sup>(c)</sup> <br>| 14020 | 14020 |
| State of New Hampshire, Health and Education Facs. Auth., Rev. Bonds (Dartmouth College Issue), <br> Series 2007-B, 2.70% 6/1/2041 <sup>(c)</sup> <br>| 7080 | 7080 |
| State of New Jersey, Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, <br> Series 2025-2, AMT, 5.00% 12/1/2056 (put 6/2/2026) <sup>(m)</sup> <br>| 6000 | 6081 |
| State of New Mexico, Mortgage Fin. Auth., Multi Family Housing Rev. Bonds (Sante Fe Apartments <br> and Sangre De Cristo Project), Series 2023, 3.73% 2/1/2042 (put 12/1/2025) <sup>(m)</sup> <br>| 1500 | 1502 |
| State of New York, Dormitory Auth., Rev. Bonds (Fordham University), Series 2008-A-2, 2.27% <br> 7/1/2032 <sup>(c)</sup> <br>| 1000 | 1000 |
| State of New York, New York City GO Bonds, Fiscal 2013, Series 2013-F-3, 2.75% 3/1/2042 <sup>(c)</sup> <br>| 4500 | 4500 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2007-CC-1, 2.25% 6/15/2038 <sup>(c)</sup> <br>| 15895 | 15895 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2011-FF-1, 2.75% 6/15/2044 <sup>(c)</sup> <br>| 18190 | 18190 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2016-AA-1, 2.75% 6/15/2048 <sup>(c)</sup> <br>| 4320 | 4320 |
| State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second <br> General Resolution Rev. Bonds, Series 2015-BB-4, 2.80% 6/15/2050 <sup>(c)</sup> <br>| 6100 | 6100 |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2015, <br> Series 2015-E-4, 2.75% 2/1/2045 <sup>(c)</sup> <br>| 8300 | 8300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **295** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2016, <br> Series 2016-A-4, 2.75% 8/1/2041 <sup>(c)</sup> <br>| USD4,000 | $4000 |
| State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, <br> Series 2025-H-3, 2.75% 11/1/2054 <sup>(c)</sup> <br>| 13550 | 13550 |
| State of New York, Triborough Bridge and Tunnel Auth., General Rev. Bonds, Series 2001-C, 2.80% <br> 1/1/2032 <sup>(c)</sup> <br>| 3000 | 3000 |
| State of New York, Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds, Series 2005-B-3, <br> 2.75% 1/1/2035 <sup>(c)</sup> <br>| 23600 | 23600 |
| State of North Carolina, County of Cumberland, Industrial Facs. and Pollution Control Fncg. Auth., <br> Solid Waste Disposal Rev. Bonds (Project Aero), Series 2024, AMT, 3.75% 12/1/2027 (put <br> 11/1/2025) <sup>(m)</sup> <br>| 4000 | 4001 |
| State of Ohio, Higher Educational Facs. Commission, Rev. IAM Commercial Paper, Series 2025, <br> 2.96% 9/5/2025 <br>| 20000 | 20002 |
| State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series <br> 2013-B-3, 2.85% 1/1/2039 <sup>(c)</sup> <br>| 23000 | 23000 |
| State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated <br> Group), Series 2018-B, 2.75% 5/1/2048 <sup>(c)</sup> <br>| 33405 | 33405 |
| State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds <br> (Tennessee County Loan Pool), Series 2004, Bank of America LOC, 2.80% 7/1/2034 <sup>(c)</sup> <br>| 345 | 345 |
| State of Texas, City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2012-A, 2.40% <br> 5/15/2034 <sup>(c)</sup> <br>| 4500 | 4500 |
| State of Texas, City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2012-B, 2.40% <br> 5/15/2034 <sup>(c)</sup> <br>| 17500 | 17500 |
| State of Texas, Lower Neches Valley Auth. Industrial Dev. Corp., Rev. Bonds (ExxonMobil Project), <br> Series 2010, 2.80% 11/1/2038 <sup>(c)</sup> <br>| 22650 | 22650 |
| State of Texas, University of Texas, Rev. IAM Commercial Paper, Series 2025-A, 2.90% 10/7/2025  | 8850 | 8849 |
| State of Texas, Veterans Bonds, Series 2019, 2.30% 6/1/2050 <sup>(c)</sup> <br>| 6285 | 6285 |
| State of Virginia, College Building Auth., Educational Facs. Rev. Bonds (University of Richmond <br> Project), Series 2006, 2.70% 11/1/2036 <sup>(c)</sup> <br>| 15345 | 15345 |
| State of Wyoming, County of Lincoln, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series <br> 2014, 2.77% 10/1/2044 <sup>(c)</sup> <br>| 8000 | 8000 |
| State of Wyoming, County of Sublette, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), <br> Series 2014, 2.75% 10/1/2044 <sup>(c)</sup> <br>| 18905 | 18905 |
|  |  | 651642 |
| **Total short-term securities** (cost: $651,508,000) |  | 651642 |
| **Total investment securities 98.79%** (cost: $14,389,944,000) |  | 13587176 |
| **Other assets less liabilities 1.21%** |  | 166195 |
| **Net assets 100.00%** |  | $13753371 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 7/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3779 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD782,194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(887)<br>|
| 5 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633 |
| 10 Year U.S. Treasury Note Futures | Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44980)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (530)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75423)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (609)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **296** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

**Restricted securities** <sup>(i)</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| County of Monroe, Lease Rental Rev. Bonds (Centurion <br> Foundation Lehigh Valley), Series 2024-A, 5.10% 6/15/2039 <br>| 6/14/2024 | $20890 | $19738 | 0.14<br> %<br>|
| County of Monroe, Lease Rental Rev. Bonds (Centurion <br> Foundation Lehigh Valley), Series 2024-B, 8.00% 6/15/2039 <sup>(a)</sup> <br>| 6/14/2024 | 13370 | 13259 | 0.10 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 10/24/2027 <sup>(g)(h)</sup> <br>| 11/21/2022 | 2296 | 2296 | 0.02 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 7/18/2027 <sup>(g)(h)</sup> <br>| 9/7/2022 | 2033 | 2033 | 0.02 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 11/21/2027 <sup>(g)(h)</sup> <br>| 12/1/2022-12/27/2022 | 919 | 919 | 0.01 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 11/6/2028 <sup>(g)(h)</sup> <br>| 12/1/2023-1/25/2024 | 862 | 862 | 0.01 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 8/18/2027 <sup>(g)(h)</sup> <br>| 11/7/2022 | 727 | 727 | 0.01 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 10/21/2029 <sup>(g)(h)</sup> <br>| 12/2/2024 | 710 | 710 | 0.01 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2025, 6.00% <br> PIK or 6.00% Cash 6/30/2030 <sup>(g)(h)</sup> <br>| 7/25/2025 | 671 | 671 | 0.01 |
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2024, 6.00% <br> PIK or 6.00% Cash 11/18/2029 <sup>(g)(h)</sup> <br>| 12/2/2024-3/12/2025 | 536 | 536 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2023, 6.00% <br> PIK 7/31/2028 <sup>(g)(h)</sup> <br>| 8/28/2023 | 492 | 492 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2024, 6.00% <br> PIK or 6.00% Cash 1/27/2030 <sup>(g)(h)</sup> <br>| 3/12/2025 | 462 | 462 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2025, 6.00% <br> PIK or 6.00% Cash 4/21/2030 <sup>(g)(h)</sup> <br>| 5/12/2025 | 454 | 454 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 5/8/2028 <sup>(g)(h)</sup> <br>| 5/25/2023 | 439 | 439 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 7/15/2029 <sup>(g)(h)</sup> <br>| 8/29/2024 | 235 | 235 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2024, 6.00% <br> PIK or 6.00% Cash 2/10/2030 <sup>(g)(h)</sup> <br>| 3/12/2025 | 178 | 178 | 0.00 <br><sup>(n)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **297** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 9/11/2028 <sup>(g)(h)</sup> <br>| 10/30/2023 | $163 | $163 | 0.00 %<sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 8/28/2028 <sup>(g)(h)</sup> <br>| 10/30/2023 | 138 | 138 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 4/10/2028 <sup>(g)(h)</sup> <br>| 5/25/2023 | 46 | 46 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 1/30/2028 <sup>(g)(h)</sup> <br>| 5/25/2023 | 31 | 31 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 12/4/2028 <sup>(g)(h)</sup> <br>| 1/25/2024 | 26 | 26 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 6/3/2029 <sup>(g)(h)</sup> <br>| 8/29/2024 | 22 | 22 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 9/6/2027 <sup>(g)(h)</sup> <br>| 11/7/2022 | 13 | 13 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 12/1/2029 <sup>(g)(h)</sup> <br>| 8/29/2024 | 10 | 10 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2022, 6.00% <br> PIK 9/23/2029 <sup>(g)(h)</sup> <br>| 12/2/2024 | 4 | 4 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 354 (Sunset <br> Meadows), Construction Fund Warrants, Series 2024, 6.00% <br> PIK or 6.00% Cash 12/2/2029 <sup>(g)(h)</sup> <br>| 3/12/2025 | 3 | 3 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 7/20/2028 <sup>(g)(h)</sup> <br>| 8/28/2023 | 822 | 822 | 0.01 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 10/19/2028 <sup>(g)(h)</sup> <br>| 11/14/2023 | 451 | 451 | 0.01 |
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 3/16/2028 <sup>(g)(h)</sup> <br>| 5/2/2023 | 355 | 355 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 10/20/2027 <sup>(g)(h)</sup> <br>| 12/9/2022 | 321 | 321 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 11/16/2028 <sup>(g)(h)</sup> <br>| 1/25/2024 | 302 | 302 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 9/7/2028 <sup>(g)(h)</sup> <br>| 11/14/2023 | 177 | 177 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 12/15/2027 <sup>(g)(h)</sup> <br>| 5/2/2023 | 159 | 158 | 0.00 <br><sup>(n)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **298** |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 1/16/2029 <sup>(g)(h)</sup> <br>| 5/2/2024 | $147 | $147 | 0.00 %<sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 4/20/2028 <sup>(g)(h)</sup> <br>| 8/28/2023 | 135 | 135 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 3/7/2029 <sup>(g)(h)</sup> <br>| 5/2/2024 | 98 | 98 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 2/16/2028 <sup>(g)(h)</sup> <br>| 5/2/2023 | 61 | 61 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 9/15/2027 <sup>(g)(h)</sup> <br>| 12/9/2022 | 33 | 33 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 11/17/2027 <sup>(g)(h)</sup> <br>| 5/2/2023 | 12 | 12 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 4/9/2029 <sup>(g)(h)</sup> <br>| 5/2/2024 | 11 | 11 | 0.00 <br><sup>(n)</sup><br>|
| County of Sarpy, Sanitary and Improvement Dist. No. 340 <br> (Ashbury Hills), Construction Fund Warrants, Series 2020, <br> 7.00% Cash 5/9/2028 <sup>(g)(h)</sup> <br>| 8/28/2023 | 10 | 10 | 0.00 <br><sup>(n)</sup><br>|
| County of Douglas, Sanitary and Improvement Dist. No. 605 <br> (Bluestem Meadows), Construction Warrants, Series 2020, <br> 7.00% Cash 7/26/2028 <sup>(g)(h)</sup> <br>| 5/29/2023 | 27 | 27 | 0.00 <br><sup>(n)</sup><br>|
| **Total** |  | $48851 | $47587 | 0.35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) 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 $3,520,382,000, which represented 25.60% of the net assets of the fund. 

<sup>(b)</sup> Scheduled interest and/or principal payment was not received.

<sup>(c)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Step bond; coupon rate may change at a later date.

<sup>(f)</sup> Scheduled interest payment was not received. Coupon payments are paid at the election of the issuer and any unpaid amounts are accumulated.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(i)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(j)</sup> Amount less than one thousand.

<sup>(k)</sup> Security did not produce income during the last 12 months.

<sup>(l)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $5,811,000, which represented 0.04% of the net assets of the fund. 

<sup>(m)</sup> For short-term securities, the mandatory put date is considered to be the maturity date.

<sup>(n)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **299** | American Funds Tax-Exempt Income Funds |

---

------

American High-Income Municipal Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Agcy. = Agency |
| AGI = Assured Guaranty insured |
| AMBAC = American Municipal Bond Assurance Company insured |
| AMT = Alternative Minimum Tax |
| Assn. = Association |
| Auth. = Authority |
| BAM = Build America Mutual insured |
| CAB = Capital Appreciation Bonds |
| Certs. = Certificates |
| CME = CME Group |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Dists. = Districts |
| Econ. = Economic |
| Fac. = Facility |
| Facs. = Facilities |

---

---

| |
|:---|
| FHA = Federal Housing Administration insured |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| IAM = Interest at Maturity |
| LOC = Letter of credit |
| NATL = National Public Finance Guarantee Corp. insured |
| Part. = Participation |
| PIK = Payment In Kind |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| SIFMA = Securities Industry and Financial Markets Association |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **300** |

---

------

The Tax-Exempt Fund of California<sup>®</sup>

**Investment portfolio** July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 93.24% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California 90.80%** | **California 90.80%** | **California 90.80%** |
| Adelanto Elementary School Dist., Community Facs. Dist. No. 4, Special Tax Bonds, Series 2023-A, <br> 5.75% 9/1/2047 <br>| USD870 | $902 |
| Adelanto Elementary School Dist., Community Facs. Dist. No. 4, Special Tax Bonds, Series 2023-B, <br> 5.75% 9/1/2047 <br>| 965 | 1001 |
| Adelanto Elementary School Dist., Community Facs. Dist. No. 4, Special Tax Bonds, Series 2023-B, <br> 5.75% 9/1/2053 <br>| 2245 | 2315 |
| City of Adelanto, Public Utility Auth., Rev. Ref. Bonds (Utility System Project), Series 2017-A, AGI, <br> 5.00% 7/1/2039 <br>| 2000 | 2039 |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2022-A, 0% 10/1/2049 <br> (5.375% on 10/1/2037) <sup>(a)</sup> <br>| 2635 | 1456 |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2022-C-2, 0% 10/1/2050 <br> (5.40% on 10/1/2037) <sup>(a)</sup> <br>| 9190 | 5072 |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2024-A, AGI, 0% 10/1/2053  | 6500 | 1523 |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Convertible CAB, Series 2022-C-2, AGI, <br> 0% 10/1/2052 (5.45% on 10/1/2037) <sup>(a)</sup> <br>| 7470 | 4112 |
| City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), <br> Special Tax Bonds, Series 2016, 5.00% 9/1/2042 <br>| 1000 | 998 |
| City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), <br> Special Tax Bonds, Series 2016, 5.00% 9/1/2046 <br>| 500 | 493 |
| City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% <br> 1/1/2026 <br>| 105 | 106 |
| City of Alhambra, Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 3.25% 1/1/2033  | 100 | 96 |
| City of American Canyon, Community Facs. Dist. No 2018-1 (Green Island Road Project), Special <br> Tax Bonds, Series 2024, 5.00% 9/1/2049 <br>| 715 | 706 |
| City of American Canyon, Community Facs. Dist. No 2018-1 (Green Island Road Project), Special <br> Tax Bonds, Series 2024, 5.00% 9/1/2054 <br>| 750 | 740 |
| City of American Canyon, Community Facs. Dist. No 2018-1 (Green Island Road Project), Special <br> Tax Bonds, Series 2024, 5.00% 9/1/2057 <br>| 1250 | 1214 |
| Antelope Valley Community College Dist., GO Bonds, 2016 Election, Series 2020, AGI, 3.00% <br> 8/1/2050 <br>| 10000 | 7030 |
| Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% <br> 8/1/2036 <br>| 1000 | 618 |
| Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% <br> 8/1/2037 <br>| 1150 | 667 |
| Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% <br> 8/1/2042 <br>| 4515 | 1913 |
| City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 2, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2032 <br>| 455 | 471 |
| City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 2, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2035 <br>| 600 | 614 |
| City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 2, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2036 <br>| 655 | 668 |
| Banning Unified School Dist., GO Rev. Bonds, Series 2017-A, AGI, 5.00% 8/1/2035  | 955 | 984 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2025-F, 5.00% 4/1/2053  | 1300 | 1326 |
| Beaumont Unified School Dist., Community Facs. Dist. No. 2018-1, Improvement Area No. 1, <br> Special Tax Bonds, Series 2020, 4.00% 9/1/2045 <br>| 1000 | 831 |
| Beaumont Unified School Dist., Community Facs. Dist. No. 2018-1, Improvement Area No. 1, <br> Special Tax Bonds, Series 2020, 4.00% 9/1/2050 <br>| 1250 | 1000 |
| City of Beaumont, Community Facs. Dist. No. 2016-1 (Fairway Canyon), Special Tax Bonds, Series <br> 2019, 5.00% 9/1/2044 <br>| 900 | 901 |
| City of Beaumont, Community Facs. Dist. No. 2016-1 (Fairway Canyon), Special Tax Bonds, Series <br> 2019, 5.00% 9/1/2049 <br>| 400 | 391 |
| City of Beaumont, Community Facs. Dist. No. 2016-2 (Sundance), Special Tax Rev. Bonds, Series <br> 2019, 5.00% 9/1/2044 <br>| 1000 | 1001 |
| City of Beaumont, Community Facs. Dist. No. 2016-2 (Sundance), Special Tax Rev. Bonds, Series <br> 2019, 5.00% 9/1/2049 <br>| 1000 | 978 |
| City of Beaumont, Community Facs. Dist. No. 93-1, Improvement Area No. 8C, Special Tax Bonds, <br> Series 2018-A, 5.00% 9/1/2043 <br>| 1605 | 1611 |
| City of Beaumont, Community Facs. Dist. No. 93-1, Improvement Area No. 8D, Special Tax Bonds, <br> Series 2018-A, 5.00% 9/1/2043 <br>| 565 | 567 |
| City of Beaumont, Community Facs. Dist. No. 93-1, Improvement Area No. 8D, Special Tax Bonds, <br> Series 2018-A, 5.00% 9/1/2048 <br>| 1000 | 982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **301** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, AGI, <br> 4.00% 7/1/2039 <br>| USD1,000 | $935 |
| Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, AGI, <br> 4.125% 7/1/2041 <br>| 400 | 366 |
| Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, 5.25% <br> 7/1/2044 <br>| 3585 | 3657 |
| Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, 5.25% <br> 7/1/2049 <br>| 8310 | 8403 |
| Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AGI, 4.00% <br> 7/1/2054 <br>| 1335 | 1148 |
| Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, 5.25% <br> 7/1/2054 <br>| 1700 | 1712 |
| California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds (Los Angeles <br> County Securitization Corp.), Series 2020-A, 5.00% 6/1/2027 <br>| 600 | 615 |
| California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds (Los Angeles <br> County Securitization Corp.), Series 2020-A, 5.00% 6/1/2028 <br>| 500 | 518 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2025-A, 5.00% <br> 11/1/2040 <br>| 2500 | 2705 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 0.55% <br> 11/1/2049 (put 11/1/2026) <br>| 3440 | 3318 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2025-A, 5.25% <br> 11/1/2056 <br>| 7125 | 7415 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-C, BAM, 4.00% 8/1/2025 <br>| 300 | 300 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-C, 4.00% 8/1/2026 <br>| 275 | 278 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-C, BAM, 4.00% 8/1/2027 <br>| 300 | 309 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-C, BAM, 4.00% 8/1/2028 <br>| 250 | 260 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-C, BAM, 4.00% 8/1/2029 <br>| 250 | 263 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-C, BAM, 4.00% 8/1/2030 <br>| 275 | 291 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-A, BAM, 4.00% 8/1/2031 <br>| 375 | 396 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-C, BAM, 4.00% 8/1/2031 <br>| 300 | 317 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-A, BAM, 4.00% 8/1/2032 <br>| 525 | 551 |
| Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds <br> (Merged Redev. Project Area), Series 2021-A, BAM, 4.00% 8/1/2034 <br>| 1000 | 1034 |
| Centinela Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-C, AGI, 4.00% 8/1/2033  | 2500 | 2504 |
| Central Valley Energy Auth., Commodity Supply Rev. Bonds, Series 2025, 5.00% 12/1/2055 (put <br> 8/1/2035) <br>| 12540 | 13399 |
| Ceres Unified School Dist., GO Bonds, 2024 Election, Series 2025-A, BAM, 4.00% 8/1/2054  | 3570 | 3074 |
| Chabot-Las Positas Community College Dist., GO Rev. Ref. Bonds, Series 2017-A, 4.00% 8/1/2042  | 1500 | 1372 |
| Chaffey Community College Dist., GO Bonds, 2018 Election, Series 2019-A, 4.00% 6/1/2043 <br> (preref. 6/1/2028) <br>| 2000 | 2093 |
| Chaffey Joint Union High School Dist., GO Bonds, CAB, 2012 Election, Series 2019-D, 0% 8/1/2027  | 895 | 843 |
| Chino Valley Unified School Dist., GO Bonds, 2016 Election, Series 2022-C, 4.00% 8/1/2055  | 3605 | 3051 |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2032  | 385 | 300 |
| Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2033  | 430 | 319 |
| City of Chino, Community Facs. Dist. No. 2003-3, Improvement Area No. 8, Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2041 <br>| 2000 | 1801 |
| City of Chino, Community Facs. Dist. No. 2003-3, Improvement Area No. 8, Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2046 <br>| 1515 | 1292 |
| City of Chino, Community Facs. Dist. No. 2003-3, Improvement Area No. 8, Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2051 <br>| 1740 | 1412 |
| City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2033 <br>| 260 | 260 |
| City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2035 <br>| 280 | 276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **302** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2036 <br>| USD290 | $283 |
| City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2037 <br>| 300 | 289 |
| City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2038 <br>| 315 | 298 |
| City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2039 <br>| 325 | 300 |
| City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2025 <br>| 205 | 205 |
| City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2026 <br>| 210 | 212 |
| City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2027 <br>| 220 | 224 |
| City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2028 <br>| 230 | 235 |
| City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2035 <br>| 900 | 895 |
| City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2040 <br>| 955 | 884 |
| City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2051 <br>| 1145 | 945 |
| City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% 9/1/2030  | 1010 | 1012 |
| City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% 9/1/2031  | 500 | 501 |
| City of Chula Vista, Community Facs. Dist. No. 16-I (Millenia), Improvement Area No. 2, Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2041 <br>| 380 | 342 |
| City of Chula Vista, Community Facs. Dist. No. 16-I (Millenia), Improvement Area No. 2, Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2046 <br>| 500 | 426 |
| City of Chula Vista, Community Facs. Dist. No. 16-I (Millenia), Improvement Area No. 2, Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2051 <br>| 1020 | 837 |
| City of Chula Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series <br> 2016, AGI, 5.00% 10/1/2029 <br>| 890 | 915 |
| City of Chula Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series <br> 2016, AGI, 5.00% 10/1/2030 <br>| 920 | 945 |
| City of Chula Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series <br> 2016, AGI, 5.00% 10/1/2034 <br>| 1180 | 1203 |
| City of Clovis, Wastewater Rev. Bonds, Series 2017, BAM, 5.00% 8/1/2036  | 1155 | 1179 |
| City of Clovis, Wastewater Rev. Bonds, Series 2017, BAM, 5.00% 8/1/2037  | 1150 | 1170 |
| City of Clovis, Wastewater Rev. Bonds, Series 2017, BAM, 5.00% 8/1/2038  | 515 | 522 |
| Clovis Unified School Dist., GO Bonds, CAB, 2004 Election, Series 2006-B, NATL, 0% 8/1/2030  | 2300 | 1981 |
| Coachella Valley Unified School Dist., GO Bonds, 2005 Election, Series 2016-E, AGI, 4.00% <br> 8/1/2045 <br>| 6555 | 5899 |
| Coast Community College Dist., GO Bonds, 2012 Election, Series 2019-F, 3.00% 8/1/2038  | 2500 | 2167 |
| Coast Community College Dist., GO Bonds, CAB, 2012 Election, Series 2019-F, 0% 8/1/2042  | 3070 | 1366 |
| College of the Sequoias Community College Dist., GO Bonds (Visalia Area Improvement Dist. No. <br> 2), 2022 Election, Series 2024-A, 5.00% 8/1/2054 <br>| 2635 | 2661 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% <br> 2/1/2052 (put 8/1/2031) <br>| 28565 | 28402 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-E-1, 5.00% <br> 2/1/2054 (put 3/1/2031) <br>| 8305 | 8730 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-A, 5.00% <br> 5/1/2054 (put 4/1/2032) <br>| 27500 | 29084 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-D, 5.50% <br> 5/1/2054 (put 8/1/2028) <br>| 3500 | 3697 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-G, 5.25% <br> 11/1/2054 (put 4/1/2030) <br>| 12965 | 13725 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-B, 5.00% <br> 1/1/2055 (put 12/1/2032) <br>| 17060 | 17767 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-D, 5.00% <br> 2/1/2055 (put 9/1/2032) <br>| 4500 | 4791 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-E, 5.00% <br> 2/1/2055 (put 9/1/2032) <br>| 9060 | 9618 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **303** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-F, 5.00% <br> 2/1/2055 (put 11/1/2032) <br>| USD18,750 | $19878 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, 5.00% <br> 8/1/2055 (put 10/1/2032) <br>| 16030 | 16965 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-D, 5.00% <br> 10/1/2055 (put 7/1/2034) <br>| 3000 | 3127 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, 5.00% <br> 11/1/2055 (put 8/1/2032) <br>| 9000 | 9342 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, 5.00% <br> 1/1/2056 (put 8/1/2033) <br>| 3850 | 4176 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-A, 5.00% <br> 1/1/2056 (put 5/1/2035) <br>| 8085 | 8328 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-B, 5.00% <br> 3/1/2056 (put 11/1/2035) <br>| 8615 | 9149 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Fountains at Emerald Park), Series <br> 2021-A-2, 4.00% 8/1/2046 <sup>(b)</sup> <br>| 700 | 568 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Fountains at Emerald Park), Series <br> 2021-A-1, 3.00% 8/1/2056 <sup>(b)</sup> <br>| 1005 | 640 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Glendale Properties), Series 2021-A-2, <br> 4.00% 8/1/2047 <sup>(b)</sup> <br>| 5600 | 4143 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Glendale Properties), Series 2021-A-1, <br> 4.00% 2/1/2056 <sup>(b)</sup> <br>| 9700 | 7544 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Summit at Sausalito Apartments), Series <br> 2021-A-2, 4.00% 2/1/2050 <sup>(b)</sup> <br>| 2300 | 1655 |
| Community Housing Agcy., Essential Housing Rev. Bonds (The Exchange at Bayfront Apartments), <br> Series 2021-A-2, 4.00% 8/1/2051 <sup>(b)</sup> <br>| 2000 | 909 |
| Community Housing Agcy., Essential Housing Rev. Bonds (Verdant at Green Valley), Series 2019-A, <br> 5.00% 8/1/2049 <sup>(b)</sup> <br>| 1000 | 876 |
| Compton Community College Dist., GO Rev. Ref. Bonds, Series 2018-A, BAM, 5.00% 8/1/2038 <br> (preref. 8/1/2026) <br>| 2075 | 2129 |
| Compton Community College Dist., GO Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM, <br> 4.00% 8/1/2041 <br>| 1870 | 1812 |
| Compton Community College Dist., GO Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM, <br> 4.00% 8/1/2042 <br>| 1000 | 945 |
| Compton Community College Dist., GO Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM, <br> 4.00% 8/1/2043 <br>| 1275 | 1189 |
| Compton Unified School Dist., GO Bonds, 2015 Election, Series 2019-B, BAM, 3.00% 6/1/2049  | 4900 | 3514 |
| Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2035  | 1000 | 659 |
| Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2038  | 1250 | 682 |
| Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2039  | 3900 | 1994 |
| Contra Costa Community College Dist., GO Bonds, 2014 Election, Series 2020-C, 3.00% 8/1/2036  | 1775 | 1628 |
| City of Corona, Community Facs. Dist. No. 2018-1 (Bedford), Special Tax Bonds, Series 2018-A, <br> 5.00% 9/1/2034 <br>| 800 | 817 |
| City of Corona, Community Facs. Dist. No. 2018-1 (Bedford), Special Tax Bonds, Series 2018-A, <br> 4.00% 9/1/2040 <br>| 350 | 323 |
| City of Corona, Community Facs. Dist. No. 2018-1 (Bedford), Special Tax Bonds, Series 2018-A, <br> 4.00% 9/1/2045 <br>| 700 | 605 |
| City of Corona, Community Facs. Dist. No. 2018-1 (Bedford), Special Tax Bonds, Series 2018-A, <br> 4.00% 9/1/2050 <br>| 1450 | 1196 |
| Corona-Norco Unified School Dist., GO Bonds, 2014 Election, Series 2019-C, 4.00% 8/1/2049  | 2500 | 2173 |
| Cotati-Rohnert Park Unified School Dist., GO Bonds, 2014 Election, Series 2018-E, BAM, 4.00% <br> 8/1/2043 <br>| 2000 | 1819 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (1818 Platinum <br> Triangle - Anaheim), Series 2021-A-2, 3.25% 4/1/2057 <sup>(b)</sup> <br>| 1215 | 836 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (1818 Platinum <br> Triangle - Anaheim), Series 2021-B, 4.00% 4/1/2057 <sup>(b)</sup> <br>| 4500 | 3185 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (777 Place - <br> Pomona), Series 2021-B, 4.00% 5/1/2057 <sup>(b)</sup> <br>| 500 | 334 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Acacia On Santa <br> Rosa Creek), Series 2021-B, 4.00% 10/1/2046 <sup>(b)</sup> <br>| 2500 | 1910 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange <br> Portfolio), Series 2021-A-1, 2.80% 3/1/2047 <sup>(b)</sup> <br>| 1100 | 818 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **304** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange <br> Portfolio), Series 2021-B, 4.00% 3/1/2057 <sup>(b)</sup> <br>| USD2,070 | $1431 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (CTR City Anaheim), <br> Series 2020-A, 5.00% 1/1/2054 <sup>(b)</sup> <br>| 5000 | 4331 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Escondido <br> Portfolio), Series 2021-A-2, 4.00% 6/1/2058 <sup>(b)</sup> <br>| 875 | 653 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Escondido <br> Portfolio), Series 2021-B, 4.00% 12/1/2059 <sup>(b)</sup> <br>| 2000 | 1025 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Millennium South <br> Bay - Hawthorne), Series 2021-A-1, 3.375% 7/1/2043 <sup>(b)</sup> <br>| 1000 | 779 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Parallel-Anaheim), <br> Series 2021-A, 4.00% 8/1/2056 <sup>(b)</sup> <br>| 4965 | 4212 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Park Crossing <br> Apartments), Series 2021-A, 3.25% 12/1/2058 <sup>(b)</sup> <br>| 2315 | 1497 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), <br> Series 2021-A-1, 2.65% 12/1/2046 <sup>(b)</sup> <br>| 1370 | 1093 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), <br> Series 2021-A-2, 3.00% 12/1/2056 <sup>(b)</sup> <br>| 2500 | 1667 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), <br> Series 2021-B, 4.00% 12/1/2056 <sup>(b)</sup> <br>| 4400 | 3186 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Theo - Pasadena), <br> Series 2021-A-2, 3.25% 5/1/2057 <sup>(b)</sup> <br>| 2830 | 1897 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Union South Bay), <br> Series 2021-A-1, 3.10% 7/1/2045 <sup>(b)</sup> <br>| 1650 | 1314 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Union South Bay), <br> Series 2021-A-2, 4.00% 7/1/2056 <sup>(b)</sup> <br>| 11735 | 8737 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Westgate Phase 1 - <br> Pasadena), Series 2021-A-1, 3.00% 6/1/2047 <sup>(b)</sup> <br>| 1200 | 794 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Westgate Phase 1 - <br> Pasadena), Series 2021-A-2, 3.125% 6/1/2057 <sup>(b)</sup> <br>| 5965 | 3395 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Wood Creek <br> Apartments), Series 2021-A-2, 4.00% 12/1/2058 <sup>(b)</sup> <br>| 1000 | 670 |
| CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Wood Creek <br> Apartments), Series 2021-B, 4.00% 12/1/2059 <sup>(b)</sup> <br>| 1970 | 1038 |
| Davis Joint Unified School Dist., G.O Bonds, 2018 Election, Series 2020, BAM, 3.00% 8/1/2034  | 1925 | 1814 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% <br> 9/1/2030 <br>| 225 | 230 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% <br> 9/1/2031 <br>| 265 | 269 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% <br> 9/1/2032 <br>| 275 | 278 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% <br> 9/1/2033 <br>| 265 | 266 |
| City of Dixon, Community Facs. Dist. No. 2019-1 (Homestead), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2051 <br>| 2715 | 2204 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2027 <br>| 335 | 341 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2029 <br>| 200 | 205 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2031 <br>| 130 | 132 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2045 <br>| 920 | 779 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2051 <br>| 2240 | 1802 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 5, <br> Special Tax Bonds, Series 2023, 5.125% 9/1/2043 <br>| 1265 | 1279 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 5, <br> Special Tax Bonds, Series 2023, 5.375% 9/1/2051 <br>| 1250 | 1261 |
| East Bay Municipal Utility Dist., Wastewater System Rev. Green Bonds, Series 2024-A, 5.00% <br> 6/1/2054 <br>| 1500 | 1538 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2013-64 (Atherton and Terracina), Special <br> Tax Bonds, Series 2019, 5.00% 9/1/2045 <br>| 850 | 844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **305** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2013-64 (Atherton and Terracina), Special <br> Tax Bonds, Series 2020, 4.00% 9/1/2050 <br>| USD1,550 | $1257 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2027 <br>| 85 | 86 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2028 <br>| 85 | 87 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2029 <br>| 90 | 92 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax <br> Bonds, Series 2021, 2.125% 9/1/2037 <br>| 110 | 79 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax <br> Bonds, Series 2021, 2.125% 9/1/2038 <br>| 120 | 82 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax <br> Bonds, Series 2021, 2.25% 9/1/2039 <br>| 125 | 83 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax <br> Bonds, Series 2021, 2.25% 9/1/2040 <br>| 100 | 65 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2051 <br>| 525 | 423 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), <br> Improvement Area A, Special Tax Bonds, Series 2021, 4.00% 9/1/2040 <br>| 1075 | 973 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), <br> Improvement Area A, Special Tax Bonds, Series 2021, 4.00% 9/1/2046 <br>| 770 | 650 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), <br> Improvement Area A, Special Tax Bonds, Series 2021, 4.00% 9/1/2051 <br>| 1030 | 830 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax <br> Bonds, Series 2025, 5.00% 9/1/2045 <br>| 1135 | 1116 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax <br> Bonds, Series 2025, 5.00% 9/1/2050 <br>| 505 | 489 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax <br> Bonds, Series 2025, 5.00% 9/1/2054 <br>| 1300 | 1249 |
| Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, <br> 4.00% 7/1/2038 <br>| 1000 | 991 |
| Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% <br> 12/1/2033 <br>| 1515 | 1562 |
| Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% <br> 12/1/2034 <br>| 760 | 780 |
| Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% <br> 12/1/2035 <br>| 1550 | 1584 |
| Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% <br> 12/1/2036 <br>| 1000 | 1017 |
| Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% <br> 12/1/2038 <br>| 1140 | 1151 |
| Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2017-B, 4.00% 4/1/2047  | 6425 | 5649 |
| Educational Facs. Auth., Rev. Bonds (Saint Mary's College of California), Series 2023-A, 5.25% <br> 10/1/2044 <br>| 520 | 495 |
| Educational Facs. Auth., Rev. Bonds (Saint Mary's College of California), Series 2023-A, 5.50% <br> 10/1/2053 <br>| 3465 | 3256 |
| Educational Facs. Auth., Rev. Bonds (Stanford University), Series 2014-U-6, 5.00% 5/1/2045  | 1710 | 1831 |
| Educational Facs. Auth., Rev. Bonds (University of Redlands), Series 2022-A, 5.00% 10/1/2044  | 1500 | 1450 |
| Educational Facs. Auth., Rev. Bonds (University of Redlands), Series 2022-A, 5.00% 10/1/2052  | 4210 | 3949 |
| Educational Facs. Auth., Rev. Bonds (University of Southern California), Series 2025-A, 5.00% <br> 10/1/2055 <br>| 15160 | 15445 |
| Educational Facs. Auth., Rev. Ref. Bonds (Loyola Marymount University), CAB, Series 2001-A, NATL, <br> 0% 10/1/2033 <br>| 2000 | 1488 |
| Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2015, 5.00% 11/1/2032  | 1975 | 1980 |
| El Camino Hospital Dist., GO Bonds, CAB, Series 2006, NATL, 0% 8/1/2031  | 2000 | 1649 |
| El Rancho Unified School Dist., GO Bonds Anticipation Notes, Series 2023-D, 0% 8/1/2028  | 3000 | 2755 |
| El Rancho Unified School Dist., GO Bonds, 2016 Election, Series 2023-D, BAM, 5.75% 8/1/2048  | 850 | 929 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 4.00% 9/1/2032  | 2500 | 2481 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM, 5.00% 9/1/2032  | 1000 | 1002 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM, 5.00% 9/1/2033  | 1000 | 1002 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 9/1/2033  | 945 | 954 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM, 5.00% 9/1/2034  | 1000 | 1002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **306** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM, 5.00% 9/1/2035  | USD1,000 | $1002 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 9/1/2035  | 1150 | 1158 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2036  | 440 | 425 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2039  | 1055 | 1067 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2041  | 1000 | 889 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2044  | 1195 | 1188 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2046  | 1280 | 1074 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2020, 4.00% 9/1/2050  | 1000 | 807 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2051  | 1785 | 1432 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2051  | 2000 | 1936 |
| Enterprise Dev. Auth., Charter School Rev. Bonds (Academy for Academic Excellence Project), <br> Series 2020-A, 5.00% 7/1/2040 <sup>(b)</sup> <br>| 500 | 478 |
| Enterprise Dev. Auth., Charter School Rev. Bonds (Academy for Academic Excellence Project), <br> Series 2020-A, 5.00% 7/1/2050 <sup>(b)</sup> <br>| 700 | 621 |
| Enterprise Dev. Auth., Charter School Rev. Bonds (Academy for Academic Excellence Project), <br> Series 2020-A, 5.00% 7/1/2055 <sup>(b)</sup> <br>| 920 | 804 |
| Enterprise Dev. Auth., Charter School Rev. Bonds (The Rocklin Academy Project), Series 2024, <br> 5.00% 6/1/2044 <sup>(b)</sup> <br>| 750 | 703 |
| Enterprise Dev. Auth., Charter School Rev. Bonds (The Rocklin Academy Project), Series 2024, <br> 5.00% 6/1/2054 <sup>(b)</sup> <br>| 700 | 628 |
| Enterprise Dev. Auth., Charter School Rev. Bonds (The Rocklin Academy Project), Series 2024, <br> 5.00% 6/1/2064 <sup>(b)</sup> <br>| 1350 | 1178 |
| Enterprise Dev. Auth., Charter School Rev. Ref. Bonds (Rocketship Public Schools - Obligated <br> Group No. 2), Series 2022-A, 4.00% 6/1/2027 <sup>(b)</sup> <br>| 1125 | 1115 |
| Enterprise Dev. Auth., Charter School Rev. Ref. Bonds (Rocketship Public Schools - Obligated <br> Group No. 2), Series 2022-A, 4.00% 6/1/2042 <sup>(b)</sup> <br>| 5165 | 4140 |
| City of Escondido, Community Facs. Dist. No. 2020-2 (The Villages), Special Tax Bonds, Series <br> 2022, 5.00% 9/1/2042 <br>| 1000 | 1000 |
| Escondido Union High School Dist., GO Bonds, CAB, 2008 Election, Series 2009-A, AGI, 0% <br> 8/1/2027 <br>| 5385 | 5114 |
| Etiwanda School Dist., GO Bonds, 2016 Election, Series 2020-A, 4.00% 8/1/2045  | 1450 | 1309 |
| Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2032  | 1315 | 1034 |
| Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2036  | 2430 | 1552 |
| Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2037  | 1575 | 948 |
| City of Fairfield, Community Facs. Dist. No. 2023-1 (One Lake Planning Area 5), Improvement Area <br> No. 1, Special Tax Bonds, Series 2024-A, 5.00% 9/1/2046 <br>| 2000 | 1961 |
| Fairfield-Suisun Unified School Dist., GO Bonds, 2016 Election, Series 2018, 4.00% 8/1/2041  | 5760 | 5293 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 21 (White Rock Springs <br> Ranch), Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2046 <br>| 465 | 402 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 21 (White Rock Springs <br> Ranch), Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2050 <br>| 500 | 416 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), <br> Improvement Area No. 1, Special Tax Rev. Bonds, Series 2020, 4.00% 9/1/2040 <br>| 1245 | 1142 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), <br> Improvement Area No. 3, Special Tax Rev. Bonds, Series 2022, 4.25% 9/1/2037 <br>| 670 | 669 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), <br> Improvement Area No. 3, Special Tax Rev. Bonds, Series 2022, 4.50% 9/1/2042 <br>| 1305 | 1250 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), <br> Improvement Area No. 3, Special Tax Rev. Bonds, Series 2022, 5.00% 9/1/2052 <br>| 2500 | 2425 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), <br> Improvement Area No. 4, Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2039 <br>| 880 | 888 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), <br> Improvement Area No. 4, Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2044 <br>| 1055 | 1036 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), <br> Improvement Area No. 4, Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2049 <br>| 1800 | 1736 |
| City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), <br> Improvement Area No. 4, Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2054 <br>| 2175 | 2069 |
| Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 1, GO Bonds, CAB, 2002 <br> Election, Series 2004-B, NATL, 0% 10/1/2026 <br>| 1000 | 969 |
| Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 3, GO Bonds, 2007 <br> Election, Series 2019-D, AGI, 4.00% 10/1/2040 <br>| 8715 | 8200 |
| Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 4, GO Bonds, CAB, 2006 <br> Election, Series 2006-A, NATL, 0% 10/1/2031 <br>| 1865 | 1533 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **307** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2032 <br>| USD260 | $278 |
| City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2039 <br>| 1355 | 1398 |
| City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2044 <br>| 1295 | 1289 |
| City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2049 <br>| 1350 | 1316 |
| City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2054 <br>| 1690 | 1629 |
| City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, <br> 5.00% 9/1/2030 <br>| 2080 | 2083 |
| City of Fontana, Community Facs. Dist. No. 31 (Citrus Heights North), Special Tax Rev. Ref. Bonds, <br> Series 2018, 5.00% 9/1/2034 <br>| 1255 | 1294 |
| City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2029 <br>| 130 | 134 |
| City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2035 <br>| 100 | 100 |
| City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2045 <br>| 700 | 603 |
| City of Fontana, Community Facs. Dist. No. 87 (El Paseo), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2041 <br>| 500 | 453 |
| City of Fontana, Community Facs. Dist. No. 90 (Summit at Rosena Phase 1), Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2041 <br>| 1050 | 960 |
| City of Fontana, Community Facs. Dist. No. 90 (Summit at Rosena Phase 1), Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2046 <br>| 450 | 391 |
| City of Fontana, Community Facs. Dist. No. 90 (Summit at Rosena Phase 1), Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2051 <br>| 525 | 437 |
| City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, <br> Series 2022, 5.00% 9/1/2026 <br>| 175 | 179 |
| City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, <br> Series 2022, 5.00% 9/1/2027 <br>| 185 | 191 |
| City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, <br> Series 2022, 5.00% 9/1/2028 <br>| 195 | 205 |
| City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, <br> Series 2022, 5.00% 9/1/2029 <br>| 200 | 211 |
| City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, <br> Series 2022, 4.25% 9/1/2037 <br>| 1000 | 983 |
| City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, <br> Series 2022, 4.50% 9/1/2042 <br>| 1000 | 946 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.125% <br> 1/15/2028 <br>| 3000 | 3258 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-A, 4.00% <br> 1/15/2046 <br>| 6045 | 5579 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-B-2, 3.50% <br> 1/15/2053 <br>| 3120 | 2406 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-B-1, 3.95% <br> 1/15/2053 <br>| 3500 | 2931 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, CAB, Series 2015-A, AGI, <br> 0% 1/15/2035 <br>| 2000 | 1412 |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2021-ML-10, Class ACA, 2.046% 6/25/2038 <sup>(b)</sup> <br>| 947 | 770 |
| Freddie Mac, Multi Family Mortgage Certs., Series 2019-M-049, 3.05% 4/15/2034  | 1760 | 1583 |
| Freddie Mac, Multi Family Mortgage Green Bonds, Series 2023, Class ACA, 2.25% 9/25/2037  | 976 | 808 |
| City of Fremont, Community Facs. Dist. No. 1 (Pacific Commons), Special Tax Rev. Ref. Bonds, Series <br> 2015, 5.00% 9/1/2030 <br>| 2220 | 2222 |
| City of Fremont, Community Facs. Dist. No. 2 (Warm Springs Public Facs.), Special Tax Bonds, <br> Series 2019, 5.00% 9/1/2044 <br>| 1000 | 993 |
| City of Fremont, Community Facs. Dist. No. 2 (Warm Springs Public Facs.), Special Tax Bonds, <br> Series 2019, 5.00% 9/1/2049 <br>| 1550 | 1509 |
| Fresno Unified School Dist., GO Bonds, 2020 Election, Series 2021-A, 3.00% 8/1/2055  | 2000 | 1335 |
| Fresno Unified School Dist., GO Bonds, 2020 Election, Series 2022-B, 4.00% 8/1/2055  | 6535 | 5543 |
| Fresno Unified School Dist., GO Rev. Ref. Bonds, Series 2016-A, 4.00% 8/1/2034  | 3000 | 3003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **308** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Garden Grove, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Bonds, Series <br> 2016, BAM, 5.00% 10/1/2029 <br>| USD1,500 | $1524 |
| Gilroy Public Facs. Fncg. Auth., Wastewater Rev. Bonds, Series 2021-A, 3.00% 8/1/2051  | 2000 | 1375 |
| Glendale Community College Dist., GO Rev. Ref. Bonds, CAB, 2016 Election, Series 2020-B, 0% <br> 8/1/2036 <br>| 3000 | 1896 |
| GO Bonds, Series 2018, 5.00% 10/1/2029  | 1110 | 1197 |
| GO Bonds, Series 2020, 5.00% 3/1/2030  | 1000 | 1109 |
| GO Bonds, Series 2021, 5.00% 12/1/2031  | 85 | 87 |
| GO Bonds, Series 2021, 5.00% 12/1/2032  | 70 | 71 |
| GO Bonds, Series 2021, 5.00% 12/1/2034  | 70 | 71 |
| GO Bonds, Series 2023, 5.00% 10/1/2035  | 2255 | 2508 |
| GO Bonds, Series 2021, 3.00% 12/1/2046  | 4085 | 3025 |
| GO Bonds, Series 2020, 3.00% 11/1/2050  | 1000 | 707 |
| GO Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2028  | 1000 | 1082 |
| GO Rev. Ref. Bonds, Series 2023, 5.00% 9/1/2031  | 1000 | 1130 |
| GO Rev. Ref. Bonds, Series 2024, 5.00% 9/1/2035  | 3000 | 3374 |
| GO Rev. Ref. Bonds, Series 2023, 5.00% 10/1/2036  | 2005 | 2196 |
| GO Rev. Ref. Bonds, Series 2020, 3.00% 11/1/2040  | 1000 | 828 |
| GO Rev. Ref. Bonds, Series 2023, 4.00% 9/1/2043  | 10820 | 10202 |
| GO Rev. Ref. Bonds, Series 2024, 5.00% 9/1/2043  | 2950 | 3096 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, <br> CAB, Series 2005-A, AMBAC, 0% 6/1/2027 (escrowed to maturity) <br>| 2730 | 2608 |
| Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 1, <br> Special Tax Bonds, Series 2019, 5.00% 9/1/2031 <br>| 150 | 156 |
| Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 1, <br> Special Tax Bonds, Series 2019, 5.00% 9/1/2032 <br>| 160 | 166 |
| Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 1, <br> Special Tax Bonds, Series 2019, 5.00% 9/1/2044 <br>| 1125 | 1113 |
| Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 1, <br> Special Tax Bonds, Series 2019, 5.00% 9/1/2049 <br>| 1430 | 1387 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 3.00% <br> 9/1/2025 <br>| 130 | 130 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% <br> 9/1/2026 <br>| 135 | 136 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% <br> 9/1/2027 <br>| 140 | 142 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% <br> 9/1/2028 <br>| 145 | 148 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% <br> 9/1/2029 <br>| 150 | 154 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% <br> 9/1/2030 <br>| 155 | 157 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% <br> 9/1/2032 <br>| 170 | 170 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% <br> 9/1/2046 <br>| 470 | 400 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% <br> 9/1/2051 <br>| 650 | 528 |
| Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% <br> 9/1/2056 <br>| 1000 | 795 |
| Grossmont Union High School Dist., GO Bonds, CAB, 2004 Election, Series 2008, 0% 8/1/2032  | 7000 | 5509 |
| Hartnell Community College Dist., GO Bonds, 2016 Election, Series 2017-A, 4.00% 8/1/2047  | 4555 | 3989 |
| Hastings Campus Housing Fin. Auth., Campus Housing Rev. Green Bonds, Series 2020-A, 5.00% <br> 7/1/2061 <sup>(b)</sup> <br>| 1745 | 1457 |
| Hayward Unified School Dist., GO Bonds, 2019 Election, Series 2019-A, BAM, 5.00% 8/1/2044  | 3970 | 4008 |
| Hayward Unified School Dist., GO Bonds, 2019 Election, Series 2019-A, BAM, 4.00% 8/1/2048  | 2000 | 1750 |
| Hayward Unified School Dist., GO Bonds, 2024 Election, Series 2025-A, AGI, 5.25% 8/1/2050  | 1500 | 1544 |
| Hayward Unified School Dist., GO Rev. Ref. Bonds, Series 2025-B, AGI, 5.00% 8/1/2034  | 2500 | 2850 |
| Hayward Unified School Dist., GO Rev. Ref. Bonds, 2019 Election, Series 2019-A, BAM, 5.00% <br> 8/1/2040 <br>| 790 | 807 |
| Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2024-A, 5.00% <br> 12/1/2028 <br>| 1000 | 1058 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **309** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2016-A, 3.00% <br> 3/1/2039 <br>| USD275 | $223 |
| Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2024-A, 5.25% <br> 12/1/2040 <br>| 1230 | 1258 |
| Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2024-A, 5.25% <br> 12/1/2041 <br>| 925 | 939 |
| Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2021-A, 3.00% <br> 8/15/2051 <br>| 7150 | 4821 |
| Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2020-A, 4.00% 4/1/2040  | 1555 | 1461 |
| Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2020-A, 4.00% 4/1/2049  | 970 | 803 |
| Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2020-A, 4.00% 4/1/2049 <br> (preref. 4/1/2030) <br>| 30 | 32 |
| Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2024-A, 5.25% 12/1/2049  | 300 | 307 |
| Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2/1/2042  | 2500 | 2509 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-A, 3.85% <br> 11/15/2027 <br>| 785 | 785 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% <br> 11/15/2028 <br>| 125 | 132 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% <br> 11/15/2030 <br>| 115 | 124 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% <br> 11/15/2032 <br>| 270 | 291 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% <br> 11/15/2043 <br>| 490 | 479 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.25% <br> 11/15/2048 <br>| 550 | 544 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.25% <br> 11/15/2053 <br>| 710 | 694 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.25% <br> 11/15/2058 <br>| 1100 | 1064 |
| Health Facs. Fncg. Auth., Rev. Bonds (Marshall Medical Center), Series 2020-A, 4.00% 11/1/2040  | 4500 | 4275 |
| Health Facs. Fncg. Auth., Rev. Bonds (Marshall Medical Center), Series 2020-A, 5.00% 11/1/2050  | 1000 | 1002 |
| Health Facs. Fncg. Auth., Rev. Bonds (PIH Health), Series 2020-A, BAM, 3.00% 6/1/2047  | 3325 | 2547 |
| Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% <br> 7/1/2031 <br>| 400 | 401 |
| Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% <br> 7/1/2039 <br>| 400 | 401 |
| Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 4.00% <br> 10/1/2034 <br>| 500 | 499 |
| Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-3, 2.00% <br> 10/1/2036 (put 10/1/2025) <br>| 1000 | 999 |
| Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2024-A, 5.00% 11/15/2044  | 2000 | 2052 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 11/15/2035  | 1000 | 1015 |
| Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 3.00% <br> 8/1/2026 <br>| 145 | 145 |
| Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 5.00% <br> 8/1/2040 <br>| 1740 | 1757 |
| Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 5.00% <br> 8/1/2050 <br>| 1500 | 1398 |
| Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 5.00% <br> 8/1/2055 <br>| 1500 | 1381 |
| Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series <br> 2021, 4.00% 9/1/2027 <br>| 240 | 244 |
| Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series <br> 2021, 4.00% 9/1/2029 <br>| 275 | 282 |
| Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series <br> 2021, 4.00% 9/1/2031 <br>| 310 | 315 |
| Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series <br> 2021, 4.00% 9/1/2034 <br>| 375 | 372 |
| Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series <br> 2021, 4.00% 9/1/2036 <br>| 225 | 218 |
| Hemet Unified School Dist., Community Facs. Dist. 2021-6, Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2039 <br>| 500 | 515 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **310** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Hemet Unified School Dist., Community Facs. Dist. 2021-6, Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2044 <br>| USD650 | $649 |
| Hemet Unified School Dist., Community Facs. Dist. 2021-6, Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2049 <br>| 1360 | 1335 |
| Hemet Unified School Dist., Community Facs. Dist. 2021-6, Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2054 <br>| 1700 | 1651 |
| Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2024-A-2, 3.25% 8/1/2064 (put <br> 2/1/2028) <br>| 1680 | 1688 |
| Housing Fin. Agcy., Municipal Certs., Series 2019-A-2, 4.00% 3/20/2033  | 18153 | 18297 |
| Housing Fin. Agcy., Municipal Certs., Series 2019-1, Class X, interest only, 0.29% 1/15/2035 <sup>(c)(d)</sup> <br>| 12951 | 146 |
| Housing Fin. Agcy., Municipal Certs., Series 2019-1, Class A, 4.25% 1/15/2035  | 1358 | 1378 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-1, Class X, interest only, 0.825% 3/25/2035 <sup>(c)(d)</sup> <br>| 17333 | 701 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-1, Class X, interest only, 0.798% 11/20/2035 <sup>(c)(d)</sup> <br>| 8940 | 381 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-1, 3.50% 11/20/2035  | 23033 | 21504 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036  | 19535 | 18214 |
| Housing Fin. Agcy., Municipal Certs., Series 2023-1, Class A, 4.375% 9/20/2036  | 15840 | 15776 |
| Imperial Community College Dist., GO Bonds, 2022 Election, Series 2023-A, AGI, 5.25% 8/1/2053  | 1500 | 1552 |
| Imperial Community College Dist., GO Bonds, 2022 Election, Series 2024-B, AGI, 5.00% 8/1/2054  | 1715 | 1747 |
| Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 11/1/2036  | 3040 | 3039 |
| Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 11/1/2041  | 5650 | 5290 |
| Independent Cities Fin. Auth., Mobile Home Park Rev. Ref. Bonds (San Juan Mobile Estates), Series <br> 2015, 5.00% 8/15/2030 <br>| 925 | 926 |
| Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% <br> 6/1/2036 <sup>(b)</sup> <br>| 360 | 352 |
| Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% <br> 6/1/2041 <sup>(b)</sup> <br>| 390 | 366 |
| Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% <br> 6/1/2046 <sup>(b)</sup> <br>| 2690 | 2390 |
| Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% <br> 6/1/2051 <sup>(b)</sup> <br>| 1075 | 931 |
| City of Indian Wells, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds <br> (Consolidated Whitewater Redev. Project Area), Series 2016-A, NATL, 4.00% 9/1/2030 <br>| 1250 | 1263 |
| City of Indian Wells, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds <br> (Consolidated Whitewater Redev. Project Area), Series 2016-A, NATL, 4.00% 9/1/2031 <br>| 1250 | 1257 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), <br> Series 2019-B, 5.00% 11/1/2039 <br>| 300 | 303 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), <br> Series 2019-B, 5.00% 11/1/2044 <br>| 350 | 342 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), <br> Series 2020-B, 4.00% 11/1/2045 <br>| 850 | 710 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), <br> Series 2019-B, 5.00% 11/1/2049 <br>| 1625 | 1559 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), <br> Series 2020-B, 4.00% 11/1/2050 <br>| 860 | 691 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), <br> Series 2020-B, 4.00% 11/1/2055 <br>| 915 | 716 |
| Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, <br> 5.00% 5/15/2030 <br>| 1080 | 1099 |
| Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, <br> 5.00% 5/15/2032 <br>| 1140 | 1159 |
| Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, <br> 5.00% 5/15/2033 <br>| 1105 | 1122 |
| Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2019, 1.75% 8/1/2055 <br> (put 8/1/2026) <br>| 4500 | 4420 |
| Infrastructure and Econ. Dev. Bank, Rev. Bonds (WFCS Portfolio Projects), Series 2021-A-1, 5.00% <br> 1/1/2056 <sup>(b)</sup> <br>| 555 | 460 |
| Infrastructure and Econ. Dev. Bank, Rev. Green Bonds (California Clean Water and Drinking Water <br> State Revolving Fund), Series 2024, 4.00% 10/1/2048 <br>| 11970 | 10581 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, <br> 5.00% 7/1/2026 <br>| 2000 | 2040 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, <br> 5.00% 7/1/2030 <br>| 5105 | 5585 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **311** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. <br> Project), Series 2017-A, BAM, 5.00% 5/1/2033 <br>| USD1,250 | $1290 |
| City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. <br> Project), Series 2017-A, BAM, 5.00% 5/1/2034 <br>| 500 | 514 |
| City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. <br> Project), Series 2017-A, BAM, 5.00% 5/1/2035 <br>| 415 | 426 |
| City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. <br> Project), Series 2017-A, BAM, 5.00% 5/1/2038 <br>| 1000 | 1017 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2030  | 345 | 381 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2038  | 920 | 1035 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2040  | 720 | 797 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2041  | 1090 | 1197 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2042  | 695 | 757 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2043  | 925 | 1002 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2044  | 535 | 576 |
| Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% <br> 8/1/2029 <br>| 230 | 237 |
| Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% <br> 8/1/2030 <br>| 500 | 513 |
| Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% <br> 8/1/2033 <br>| 500 | 510 |
| Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% <br> 8/1/2034 <br>| 685 | 697 |
| Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% <br> 8/1/2036 <br>| 800 | 811 |
| Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% <br> 8/1/2038 <br>| 650 | 656 |
| City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax <br> Bonds, Series 2016, 4.00% 9/1/2031 <br>| 400 | 402 |
| City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax <br> Bonds, Series 2016, 4.00% 9/1/2033 <br>| 1615 | 1617 |
| City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax <br> Bonds, Series 2016, 4.00% 9/1/2049 <br>| 1800 | 1481 |
| City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax <br> Bonds, Series 2018, 5.00% 9/1/2035 <br>| 550 | 566 |
| City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax <br> Bonds, Series 2018, 5.00% 9/1/2037 <br>| 650 | 664 |
| City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax <br> Bonds, Series 2018, 5.00% 9/1/2038 <br>| 1000 | 1018 |
| City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, <br> 5.00% 9/2/2030 <br>| 1700 | 1704 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, <br> 5.00% 9/2/2032 <br>| 800 | 802 |
| City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, <br> 5.00% 9/2/2042 <br>| 1000 | 1002 |
| City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, <br> 5.00% 9/2/2028 <br>| 525 | 562 |
| City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, <br> 5.00% 9/2/2032 <br>| 680 | 725 |
| City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, <br> 5.00% 9/2/2034 <br>| 1155 | 1214 |
| City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, <br> 4.00% 9/2/2036 <br>| 1840 | 1842 |
| City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, <br> 4.00% 9/2/2037 <br>| 1285 | 1272 |
| City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, <br> 5.00% 9/2/2044 <br>| 1000 | 1004 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, <br> 5.00% 9/1/2030 <br>| 370 | 384 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, <br> 5.00% 9/1/2034 <br>| 250 | 256 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, <br> 5.00% 9/1/2034 <br>| 430 | 450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **312** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, <br> 5.00% 9/1/2035 <br>| USD245 | $251 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, <br> 5.00% 9/1/2035 <br>| 250 | 260 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, <br> 5.00% 9/1/2036 <br>| 350 | 357 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, <br> 5.00% 9/1/2036 <br>| 270 | 279 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, <br> 4.00% 9/1/2037 <br>| 565 | 551 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, <br> 5.00% 9/1/2037 <br>| 270 | 275 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, <br> 4.00% 9/1/2038 <br>| 545 | 521 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, <br> 4.00% 9/1/2039 <br>| 630 | 590 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, <br> 5.00% 9/1/2039 <br>| 815 | 824 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, <br> 5.00% 9/1/2040 <br>| 805 | 812 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, <br> 5.00% 9/1/2042 <br>| 995 | 999 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, <br> 5.00% 9/1/2042 <br>| 995 | 999 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, <br> BAM, 4.00% 9/1/2044 <br>| 2385 | 2150 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2020-A, <br> 4.00% 9/1/2044 <br>| 995 | 867 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, <br> 5.00% 9/1/2045 <br>| 1495 | 1496 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, <br> 4.00% 9/1/2053 <br>| 1240 | 1006 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-D, <br> 5.00% 3/1/2057 <br>| 1660 | 1600 |
| City of Jurupa, Community Facs. Dist. No. 52 (Eastvale Area), Special Tax Bonds, Series 2021-A, <br> 4.00% 9/1/2050 <br>| 500 | 407 |
| City of Jurupa, Community Facs. Dist. No. 54 (Eastvale Area), Special Tax Bonds, Series 2021-A, <br> 4.00% 9/1/2041 <br>| 420 | 372 |
| City of Jurupa, Community Facs. Dist. No. 54 (Eastvale Area), Special Tax Bonds, Series 2021-A, <br> 4.00% 9/1/2046 <br>| 450 | 380 |
| City of Jurupa, Community Facs. Dist. No. 54 (Eastvale Area), Special Tax Bonds, Series 2021-A, <br> 4.00% 9/1/2051 <br>| 875 | 705 |
| City of Jurupa, Community Facs. Dist. No. 55 (Eastvale Area), Special Tax Bonds, Series 2020-A, <br> 4.00% 9/1/2045 <br>| 500 | 421 |
| City of Jurupa, Community Facs. Dist. No. 55 (Eastvale Area), Special Tax Bonds, Series 2020-A, <br> 4.00% 9/1/2050 <br>| 500 | 405 |
| Jurupa Unified School Dist., Community Facs. Dist. No. 11, Special Tax Bonds, Series 2018-B, <br> 5.00% 9/1/2043 <br>| 1165 | 1167 |
| Jurupa Unified School Dist., Community Facs. Dist. No. 11, Special Tax Bonds, Series 2018-B, <br> 5.00% 9/1/2048 <br>| 2265 | 2232 |
| Jurupa Unified School Dist., Community Facs. Dist. No. 17, Special Tax Bonds, Series 2018-A, <br> 5.00% 9/1/2048 <br>| 1815 | 1786 |
| County of Kern, RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series <br> 2017-A, BAM, 5.00% 9/1/2037 <br>| 1500 | 1517 |
| City of Lake Elsinore, Community Facs. Dist. No. 2006-1 (Summerly), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2042 <br>| 150 | 132 |
| City of Lake Elsinore, Community Facs. Dist. No. 2006-1 (Summerly), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2046 <br>| 200 | 169 |
| City of Lake Elsinore, Community Facs. Dist. No. 2006-1 (Summerly), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2051 <br>| 500 | 403 |
| City of Lake Elsinore, Community Facs. Dist. No. 2019-1 (Westlake), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2041 <br>| 350 | 313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **313** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Lake Elsinore, Community Facs. Dist. No. 2019-1 (Westlake), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2046 <br>| USD450 | $380 |
| City of Lake Elsinore, Community Facs. Dist. No. 2019-1 (Westlake), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2051 <br>| 700 | 567 |
| City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 9/1/2029  | 1470 | 1473 |
| Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, <br> Special Tax Bonds, Series 2019, BAM, 5.00% 9/1/2035 <br>| 100 | 106 |
| Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, <br> Special Tax Bonds, Series 2019, BAM, 5.00% 9/1/2036 <br>| 170 | 179 |
| Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, <br> Special Tax Bonds, Series 2019, BAM, 5.00% 9/1/2037 <br>| 180 | 188 |
| Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, <br> Special Tax Bonds, Series 2019, BAM, 5.00% 9/1/2038 <br>| 150 | 155 |
| Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, <br> Special Tax Bonds, Series 2019, BAM, 5.00% 9/1/2039 <br>| 120 | 123 |
| Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, <br> Special Tax Bonds, Series 2019, BAM, 5.00% 9/1/2047 <br>| 2250 | 2272 |
| Lake Tahoe Unified School Dist., School Dist. Bonds, CAB, Series 2009, AGI, 0%, 8/1/2032  | 2180 | 1733 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2014-1 (Mountain House <br> School Facs.), Special Tax Bonds, Series 2020, 4.00% 9/1/2040 <br>| 80 | 73 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2014-1 (Mountain House <br> School Facs.), Special Tax Bonds, Series 2020, 4.00% 9/1/2045 <br>| 175 | 151 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2014-1 (Mountain House <br> School Facs.), Special Tax Bonds, Series 2020, 4.00% 9/1/2049 <br>| 425 | 353 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2019-1 (Mountain House <br> School Facs.), Special Tax Bonds, Series 2022, 4.00% 9/1/2042 <br>| 1500 | 1336 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House <br> School Facs.), Special Tax Bonds, Series 2025, 5.00% 9/1/2040 <br>| 615 | 614 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House <br> School Facs.), Special Tax Bonds, Series 2025, 5.00% 9/1/2045 <br>| 625 | 609 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House <br> School Facs.), Special Tax Bonds, Series 2025, 5.125% 9/1/2050 <br>| 1405 | 1370 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House <br> School Facs.), Special Tax Bonds, Series 2025, 5.25% 9/1/2055 <br>| 3865 | 3805 |
| City of Lathrop, Crossroads Assessment Dist., Limited Obligation Improvement Bonds, Series <br> 2015, 5.00% 9/2/2040 <br>| 2070 | 2048 |
| Lodi Unified School Dist., GO Bonds, 2016 Election, Series 2021, 2.00% 8/1/2043  | 1500 | 928 |
| Lodi Unified School Dist., GO Bonds, 2016 Election, Series 2021, 3.00% 8/1/2046  | 2000 | 1461 |
| City of Long Beach, Harbor Rev. Bonds, Series 2017-A, AMT, 5.00% 5/15/2032  | 1750 | 1794 |
| City of Long Beach, Harbor Rev. Bonds, Series 2017-B, AMT, 5.00% 5/15/2043  | 500 | 497 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% <br> 5/15/2033 <br>| 900 | 1004 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% <br> 5/15/2039 <br>| 750 | 801 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% <br> 5/15/2040 <br>| 1000 | 1056 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% <br> 5/15/2041 <br>| 525 | 549 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% <br> 5/15/2042 <br>| 1130 | 1169 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% <br> 5/15/2043 <br>| 1250 | 1281 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% <br> 5/15/2044 <br>| 1000 | 1019 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% <br> 5/15/2045 <br>| 375 | 380 |
| Long Beach Community College Dist., GO Bonds, 2016 Election, Series 2019-C, 4.00% 8/1/2045  | 1000 | 903 |
| Long Beach Unified School Dist., GO Bonds, 2008 Election, Series 2017-E, 5.00% 8/1/2040  | 1155 | 1177 |
| City of Los Angeles, Community Facs. Dist. No. 11 (Ponte Vista), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2038 <br>| 1000 | 926 |
| City of Los Angeles, Community Facs. Dist. No. 11 (Ponte Vista), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2046 <br>| 1650 | 1375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **314** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, <br> Series 2021-A, AMT, 5.00% 5/15/2028 <br>| USD1,250 | $1319 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, <br> Series 2022-C, AMT, 5.00% 5/15/2029 <br>| 1020 | 1093 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, <br> Series 2022-C, AMT, 5.00% 5/15/2033 <br>| 2500 | 2694 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, <br> Series 2021-A, AMT, 5.00% 5/15/2037 <br>| 2605 | 2696 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, <br> Series 2021-A, AMT, 5.00% 5/15/2051 <br>| 1525 | 1493 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, <br> AMT, 5.00% 5/15/2028 <br>| 2500 | 2638 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2022-A, <br> AMT, 5.00% 5/15/2028 <br>| 1500 | 1583 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, <br> AMT, 5.00% 5/15/2029 <br>| 1450 | 1469 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, <br> AMT, 5.00% 5/15/2029 <br>| 2550 | 2732 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, <br> AMT, 5.00% 5/15/2031 <br>| 4675 | 4919 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, <br> AMT, 5.00% 5/15/2032 <br>| 1000 | 1022 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-B, <br> AMT, 5.00% 5/15/2032 <br>| 3825 | 3956 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series <br> 2018-C, AMT, 5.00% 5/15/2032 <br>| 3450 | 3547 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, <br> AMT, 5.00% 5/15/2033 <br>| 500 | 504 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, <br> AMT, 5.00% 5/15/2033 <br>| 1000 | 1020 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, <br> AMT, 5.00% 5/15/2033 <br>| 1255 | 1293 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, <br> AMT, 5.00% 5/15/2034 <br>| 3270 | 3327 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series <br> 2022-H, AMT, 5.00% 5/15/2034 <br>| 1000 | 1065 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, <br> AMT, 5.00% 5/15/2035 <br>| 1000 | 1015 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, <br> AMT, 5.00% 5/15/2036 <br>| 1345 | 1371 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, <br> AMT, 5.00% 5/15/2037 <br>| 3450 | 3505 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, <br> AMT, 3.00% 5/15/2040 <br>| 3825 | 2981 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, <br> AMT, 3.00% 5/15/2040 (preref. 11/15/2031) <br>| 175 | 169 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, <br> AMT, 5.00% 5/15/2043 <br>| 3000 | 2964 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series <br> 2020-C, AMT, 5.00% 5/15/2045 <br>| 1500 | 1478 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series <br> 2022-H, AMT, 5.50% 5/15/2047 <br>| 500 | 511 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, <br> AMT, 4.00% 5/15/2048 <br>| 2000 | 1692 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-F, <br> AMT, 3.00% 5/15/2049 <br>| 5000 | 3297 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Green Bonds, Series <br> 2022-G, AMT, 5.00% 5/15/2047 <br>| 3000 | 2950 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series <br> 2022-E, 4.00% 5/15/2037 <br>| 685 | 694 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series <br> 2022-C, AMT, 3.25% 5/15/2049 <br>| 3505 | 2443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **315** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, <br> Series 2025-A, AMT, 5.00% 5/15/2030 <br>| USD3,625 | $3930 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, <br> Series 2025-A, AMT, 5.00% 5/15/2034 <br>| 3150 | 3415 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, <br> Series 2025-A, AMT, 5.00% 5/15/2039 <br>| 5000 | 5164 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-A, 5.00% <br> 7/1/2029 <br>| 1320 | 1387 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% <br> 7/1/2029 <br>| 100 | 108 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% <br> 7/1/2030 <br>| 920 | 1009 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-E, 5.00% <br> 7/1/2030 <br>| 1795 | 1968 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% <br> 7/1/2030 <br>| 1070 | 1173 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-A, 5.00% <br> 7/1/2031 <br>| 1300 | 1437 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2033 <br>| 750 | 826 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-E, 5.00% <br> 7/1/2033 <br>| 990 | 1103 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% <br> 7/1/2033 <br>| 4000 | 4457 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-B, 5.00% <br> 7/1/2034 <br>| 3590 | 3994 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2035 <br>| 1245 | 1342 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-B, 5.00% <br> 7/1/2035 <br>| 725 | 785 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% <br> 7/1/2035 <br>| 5270 | 5783 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, <br> 5.00% 7/1/2035 <br>| 1000 | 1108 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-C, 5.00% <br> 7/1/2036 <br>| 1045 | 1075 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-B, 5.00% <br> 7/1/2036 <br>| 1000 | 1053 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% <br> 7/1/2036 <br>| 2350 | 2486 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2036 <br>| 1370 | 1461 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% <br> 7/1/2036 <br>| 2500 | 2686 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% <br> 7/1/2036 <br>| 5000 | 5392 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% <br> 7/1/2037 <br>| 1170 | 1248 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% <br> 7/1/2037 <br>| 80 | 86 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% <br> 7/1/2038 <br>| 3370 | 3524 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% <br> 7/1/2038 <br>| 1480 | 1561 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% <br> 7/1/2038 <br>| 1650 | 1745 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% <br> 7/1/2039 <br>| 1195 | 1248 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% <br> 7/1/2039 <br>| 2070 | 2162 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% <br> 7/1/2040 <br>| 350 | 359 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **316** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% <br> 7/1/2040 <br>| USD2,435 | $2503 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% <br> 7/1/2040 <br>| 4000 | 4141 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% <br> 7/1/2041 <br>| 1600 | 1631 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% <br> 7/1/2041 <br>| 3505 | 3578 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-D, 5.00% <br> 7/1/2041 <br>| 500 | 514 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% <br> 7/1/2041 <br>| 1200 | 1237 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-C, 5.00% <br> 7/1/2042 <br>| 490 | 493 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% <br> 7/1/2042 <br>| 1000 | 1025 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% <br> 7/1/2044 <br>| 265 | 266 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% <br> 7/1/2044 <br>| 1460 | 1477 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, <br> 5.25% 7/1/2044 <br>| 790 | 819 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-B, 5.00% <br> 7/1/2045 <br>| 2045 | 2055 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% <br> 7/1/2045 <br>| 2270 | 2288 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% <br> 7/1/2048 <br>| 605 | 606 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% <br> 7/1/2048 <br>| 6115 | 6129 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-B, 5.00% <br> 7/1/2050 <br>| 2250 | 2236 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% <br> 7/1/2050 <br>| 3635 | 3633 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, 5.00% <br> 7/1/2050 <br>| 4020 | 4018 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2052 <br>| 1430 | 1420 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% <br> 7/1/2053 <br>| 5945 | 5927 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, <br> 5.00% 7/1/2053 <br>| 2050 | 2044 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-1-A, 5.25% <br> 7/1/2053 <br>| 2550 | 2594 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, <br> 5.00% 7/1/2055 <br>| 2180 | 2172 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% <br> 7/1/2029 <br>| 500 | 542 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% <br> 7/1/2035 <br>| 500 | 551 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2036 <br>| 345 | 367 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% <br> 7/1/2036 <br>| 1560 | 1690 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% <br> 7/1/2037 <br>| 1380 | 1477 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2038 <br>| 500 | 523 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% <br> 7/1/2038 <br>| 1600 | 1690 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2039 <br>| 1000 | 1040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **317** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% <br> 7/1/2039 <br>| USD1,605 | $1681 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% <br> 7/1/2039 <br>| 4070 | 4284 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2042 <br>| 555 | 563 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% <br> 7/1/2044 <br>| 985 | 999 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2047 <br>| 780 | 780 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% <br> 7/1/2047 <br>| 3000 | 3000 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-D, 5.00% <br> 7/1/2047 <br>| 3330 | 3330 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% <br> 7/1/2052 <br>| 1035 | 1031 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% <br> 7/1/2052 <br>| 1000 | 996 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.25% <br> 7/1/2053 <br>| 500 | 509 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-A, 5.00% <br> 7/1/2054 <br>| 1000 | 1000 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2028  | 520 | 550 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2029  | 675 | 725 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2030  | 500 | 543 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2031  | 500 | 546 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Green Bonds, Series 2024-A-2, AMT, 5.00% 8/1/2036  | 500 | 538 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Green Bonds, Series 2024-A-2, AMT, 5.00% 8/1/2037  | 640 | 682 |
| City of Los Angeles, Harbor Dept., Rev. Ref. Green Bonds, Series 2024-A-2, AMT, 5.00% 8/1/2038  | 465 | 491 |
| City of Los Angeles, Wastewater System Rev. Bonds, Series 2022-A, 4.00% 6/1/2052  | 1000 | 857 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2033  | 5880 | 6796 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2034  | 4000 | 4634 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2043  | 1490 | 1570 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2044  | 1365 | 1430 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2055  | 3665 | 3718 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. <br> 1, Special Tax Bonds, Series 2022, 5.00% 9/1/2047 <br>| 905 | 897 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. <br> 1, Special Tax Bonds, Series 2022, 5.00% 9/1/2052 <br>| 1610 | 1575 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. <br> 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2039 <br>| 850 | 872 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. <br> 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2044 <br>| 1435 | 1428 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. <br> 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2049 <br>| 2800 | 2712 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. <br> 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2054 <br>| 1750 | 1677 |
| County of Los Angeles, Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (Bunker Hill Project), Series <br> 2014-C, AGI, 5.00% 12/1/2027 <br>| 1000 | 1001 |
| Los Angeles Community College Dist., GO Bonds, 2008 Election, Series 2019-K, 3.00% 8/1/2039  | 2000 | 1709 |
| Los Angeles County Facs., Inc., Lease Rev. Bonds (Vermont Corridor County Administration <br> Building), Series 2018-A, 5.00% 12/1/2051 <br>| 910 | 913 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series <br> 2025-A-1, 5.00% 7/1/2042 <br>| 1500 | 1590 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series <br> 2020-RYQ, 4.00% 7/1/2044 <br>| 4320 | 3898 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series <br> 2025-A-1, 5.00% 7/1/2049 <br>| 2500 | 2551 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. <br> Bonds, Series 2025-A, 5.00% 7/1/2034 <br>| 6065 | 7024 |
| Lynwood Unified School Dist., GO Bonds, 2012 Election, Series 2021-E, BAM, 3.00% 8/1/2048  | 3260 | 2373 |
| M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 11/1/2039  | 2110 | 2498 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **318** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. <br> 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2039 <br>| USD1,065 | $1089 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. <br> 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2044 <br>| 870 | 865 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. <br> 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2049 <br>| 1320 | 1287 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. <br> 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2054 <br>| 2065 | 1994 |
| City of Manteca, Community Facs. Dist. No. 2023-1, Improvement Area No. 3, Special Tax Bonds, <br> Series 2025, 5.00% 9/1/2045 <br>| 500 | 488 |
| City of Manteca, Community Facs. Dist. No. 2023-1, Improvement Area No. 3, Special Tax Bonds, <br> Series 2025, 5.00% 9/1/2050 <br>| 695 | 667 |
| City of Manteca, Community Facs. Dist. No. 2023-1, Improvement Area No. 3, Special Tax Bonds, <br> Series 2025, 5.00% 9/1/2055 <br>| 1000 | 950 |
| City of Menifee, Community Facs. Dist. No. 2020-1 (McCall Mesa), Special Tax Bonds, Series <br> 2022-A, 4.00% 9/1/2029 <br>| 175 | 179 |
| City of Menifee, Community Facs. Dist. No. 2020-1 (McCall Mesa), Special Tax Bonds, Series <br> 2022-A, 4.00% 9/1/2037 <br>| 500 | 479 |
| City of Menifee, Community Facs. Dist. No. 2020-1 (McCall Mesa), Special Tax Bonds, Series <br> 2022-A, 4.00% 9/1/2051 <br>| 1435 | 1163 |
| City of Menifee, Community Facs. Dist. No. 2022-1 (Quartz Ranch), Special Tax Bonds, Series <br> 2024-A, 5.00% 9/1/2044 <br>| 850 | 850 |
| City of Menifee, Community Facs. Dist. No. 2022-1 (Quartz Ranch), Special Tax Bonds, Series <br> 2024-A, 5.00% 9/1/2049 <br>| 825 | 807 |
| City of Menifee, Community Facs. Dist. No. 2022-1 (Quartz Ranch), Special Tax Bonds, Series <br> 2024-A, 5.00% 9/1/2054 <br>| 1000 | 958 |
| Menifee Union School Dist., Community Facs. Dist. No. 2006-2, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2025 <br>| 190 | 190 |
| Menifee Union School Dist., Community Facs. Dist. No. 2006-2, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2026 <br>| 170 | 172 |
| Menifee Union School Dist., Community Facs. Dist. No. 2006-2, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2027 <br>| 205 | 209 |
| Menifee Union School Dist., Community Facs. Dist. No. 2006-2, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2039 <br>| 600 | 556 |
| Menifee Union School Dist., Community Facs. Dist. No. 2006-2, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2045 <br>| 1000 | 865 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 3, Special <br> Tax Bonds, Series 2018, 4.00% 9/1/2032 <br>| 430 | 431 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 3, Special <br> Tax Bonds, Series 2018, 4.00% 9/1/2033 <br>| 470 | 468 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 3, Special <br> Tax Bonds, Series 2018, 4.00% 9/1/2034 <br>| 515 | 508 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2036 <br>| 1000 | 959 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2041 <br>| 800 | 723 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2045 <br>| 875 | 752 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2051 <br>| 1850 | 1508 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 6, Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2036 <br>| 445 | 436 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 6, Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2041 <br>| 660 | 601 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 6, Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2046 <br>| 875 | 752 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 6, Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2050 <br>| 2050 | 1702 |
| Menifee Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2036 <br>| 250 | 242 |
| Menifee Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2041 <br>| 1000 | 906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **319** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Menifee Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2046 <br>| USD1,590 | $1372 |
| Menifee Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2050 <br>| 1050 | 873 |
| Menifee Union School Dist., Community Facs. Dist. No. 2019-2, Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2044 <br>| 565 | 495 |
| Menifee Union School Dist., Community Facs. Dist. No. 2019-2, Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2051 <br>| 675 | 557 |
| City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% <br> 10/1/2030 <br>| 2065 | 2073 |
| City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% <br> 10/1/2031 <br>| 560 | 562 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2024-B-3, 5.00% <br> 7/1/2037 (put 7/1/2031) <br>| 4370 | 4838 |
| Monrovia Unified School Dist., GO Bonds, CAB, 1997 Election, Series 2001-B, NATL, 0% 8/1/2032  | 2150 | 1704 |
| Montebello Unified School Dist., GO Bonds, 2016 Election, Series 2022-B, AGI, 5.00% 8/1/2050  | 1000 | 1002 |
| Montebello Unified School Dist., GO Rev. Bonds, Series 2016-A, 5.00% 8/1/2034  | 1095 | 1114 |
| Montebello Unified School Dist., GO Rev. Bonds, Series 2016-A, 5.00% 8/1/2035  | 1465 | 1487 |
| Montebello Unified School Dist., GO Rev. Bonds, Series 2016-A, 5.00% 8/1/2036  | 1290 | 1307 |
| Montebello Unified School Dist., GO Rev. Ref. Bonds, Series 2015, 5.00% 8/1/2033  | 2505 | 2509 |
| Monterey Peninsula Community College Dist., GO Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2033  | 3165 | 3167 |
| Monterey Peninsula Community College Dist., GO Rev. Ref. Bonds, CAB, Series 2016, 0% 8/1/2028  | 1500 | 1368 |
| Moorpark Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2011-B, AGI, 0% 8/1/2036  | 2000 | 1256 |
| Moreno Valley Unified School Dist., Community Facs. Dist. No. 2016-1, Special Tax Bonds, Series <br> 2020, 4.00% 9/1/2045 <br>| 1355 | 1151 |
| Moreno Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Special Tax Bonds, Series <br> 2019, 5.00% 9/1/2044 <br>| 820 | 820 |
| Moreno Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Special Tax Bonds, Series <br> 2019, 5.00% 9/1/2050 <br>| 1500 | 1460 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% <br> 9/1/2028 <br>| 1090 | 1124 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% <br> 9/1/2032 <br>| 1480 | 1526 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% <br> 9/1/2034 <br>| 1720 | 1773 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% <br> 9/1/2035 <br>| 925 | 950 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2024-A, AGI, 5.00% <br> 9/1/2039 <br>| 625 | 670 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2024-A, AGI, 5.00% <br> 9/1/2040 <br>| 600 | 636 |
| Moreno Valley Unified School Dist., GO Bonds, 2024 Election, Series 2025, BAM, 5.00% 8/1/2050  | 2000 | 2020 |
| City of Moreno Valley, Community Facs. Dist. No. 5, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% <br> 9/1/2026 <br>| 215 | 216 |
| City of Moreno Valley, Community Facs. Dist. No. 5, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% <br> 9/1/2037 <br>| 750 | 708 |
| Mountain View School Dist., GO Bonds, 2016 Election, Series 2020-C, AGI, 4.00% 8/1/2049  | 2800 | 2450 |
| City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), <br> Improvement Area No. 1, Special Tax Bonds, Series 2025, 5.00% 9/1/2040 <br>| 550 | 550 |
| City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), <br> Improvement Area No. 1, Special Tax Bonds, Series 2025, 5.00% 9/1/2045 <br>| 275 | 263 |
| City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), <br> Improvement Area No. 1, Special Tax Bonds, Series 2025, 5.00% 9/1/2050 <br>| 600 | 568 |
| City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), <br> Improvement Area No. 1, Special Tax Bonds, Series 2025, 5.00% 9/1/2055 <br>| 625 | 586 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 6, Special Tax <br> Bonds, Series 2025, 4.75% 9/1/2035 <br>| 250 | 248 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 6, Special Tax <br> Bonds, Series 2025, 5.00% 9/1/2040 <br>| 910 | 897 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 6, Special Tax <br> Bonds, Series 2025, 5.25% 9/1/2050 <br>| 750 | 734 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 6, Special Tax <br> Bonds, Series 2025, 5.25% 9/1/2055 <br>| 1000 | 969 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **320** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 7, Special Tax <br> Bonds, Series 2025, 5.00% 9/1/2040 <br>| USD630 | $621 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 7, Special Tax <br> Bonds, Series 2025, 5.125% 9/1/2045 <br>| 380 | 370 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 7, Special Tax <br> Bonds, Series 2025, 5.25% 9/1/2050 <br>| 500 | 490 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 7, Special Tax <br> Bonds, Series 2025, 5.25% 9/1/2055 <br>| 600 | 581 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 8, Special Tax <br> Bonds, Series 2025, 5.00% 9/1/2045 <br>| 1000 | 966 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 8, Special Tax <br> Bonds, Series 2025, 5.125% 9/1/2050 <br>| 775 | 750 |
| City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 8, Special Tax <br> Bonds, Series 2025, 5.25% 9/1/2055 <br>| 1240 | 1208 |
| Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2022-B, 4.00% 8/1/2035  | 2310 | 2373 |
| Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2022-B, 4.00% 8/1/2036  | 2880 | 2937 |
| Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2022-B, 4.00% 6/1/2037  | 810 | 821 |
| Mt. San Jacinto Community College Dist., GO Bonds, 2014 Election, Series 2021-C, 3.00% <br> 8/1/2034 <br>| 865 | 824 |
| Municipal Fin. Auth., Charter School Lease Rev. and Rev. Ref. Bonds (Santa Rosa Academy Project), <br> Series 2022, 5.00% 7/1/2052 <br>| 2020 | 1812 |
| Municipal Fin. Auth., Charter School Lease Rev. and Rev. Ref. Bonds (Santa Rosa Academy Project), <br> Series 2022, 5.00% 7/1/2062 <br>| 5000 | 4344 |
| Municipal Fin. Auth., Charter School Lease Rev. Bonds (Santa Rosa Academy Project), Series 2015, <br> 5.375% 7/1/2045 <sup>(b)</sup> <br>| 1075 | 981 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2040 <br>| 1045 | 945 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax <br> Bonds, Series 2025, 4.25% 9/1/2040 <br>| 875 | 809 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax <br> Bonds, Series 2025, 5.00% 9/1/2045 <br>| 1555 | 1506 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2046 <br>| 1305 | 1104 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax <br> Bonds, Series 2025, 5.00% 9/1/2050 <br>| 1355 | 1298 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2051 <br>| 1535 | 1239 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax <br> Bonds, Series 2025, 5.00% 9/1/2055 <br>| 1915 | 1790 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2021-13 (City of Lincoln - Esplanade at Turkey <br> Creek), Special Tax Bonds, Series 2025, 5.00% 9/1/2040 <br>| 600 | 606 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2021-13 (City of Lincoln - Esplanade at Turkey <br> Creek), Special Tax Bonds, Series 2025, 5.00% 9/1/2045 <br>| 1000 | 977 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2021-13 (City of Lincoln - Esplanade at Turkey <br> Creek), Special Tax Bonds, Series 2025, 5.00% 9/1/2050 <br>| 1250 | 1198 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2021-13 (City of Lincoln - Esplanade at Turkey <br> Creek), Special Tax Bonds, Series 2025, 5.00% 9/1/2055 <br>| 1350 | 1264 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2021-9 (County of Placer - Bickford Ranch), <br> Improvement Area No. 1, Special Tax Bonds, Series 2025, 5.00% 9/1/2040 <br>| 465 | 460 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2021-9 (County of Placer - Bickford Ranch), <br> Improvement Area No. 1, Special Tax Bonds, Series 2025, 5.25% 9/1/2055 <br>| 2430 | 2368 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-27 (City of Chula Vista - Sunbow), Special Tax <br> Bonds, Series 2024-A, 5.00% 9/1/2054 <br>| 1830 | 1738 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside <br> Encore), Special Tax Bonds, Series 2024, 5.00% 9/1/2044 <br>| 610 | 599 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside <br> Encore), Special Tax Bonds, Series 2024, 5.00% 9/1/2049 <br>| 685 | 662 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside <br> Encore), Special Tax Bonds, Series 2024, 5.00% 9/1/2054 <br>| 870 | 825 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special <br> Tax Bonds, Series 2024, 5.00% 9/1/2044 <br>| 455 | 443 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special <br> Tax Bonds, Series 2025, 5.00% 9/1/2045 <br>| 640 | 611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **321** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special <br> Tax Bonds, Series 2025, 5.125% 9/1/2050 <br>| USD800 | $763 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special <br> Tax Bonds, Series 2024, 5.00% 9/1/2054 <br>| 360 | 336 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special <br> Tax Bonds, Series 2025, 5.125% 9/1/2055 <br>| 1000 | 943 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special <br> Tax Bonds, Series 2024, 5.125% 9/1/2059 <br>| 695 | 664 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special <br> Tax Bonds, Series 2025, 5.25% 9/1/2060 <br>| 2850 | 2709 |
| Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), <br> Series 2016-A, 5.00% 6/1/2036 <br>| 680 | 682 |
| Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), <br> Series 2016-A, 5.00% 6/1/2046 <br>| 2745 | 2597 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Bell Ranch), Series 2024-B, 3.05% <br> 12/1/2064 (put 6/1/2028) <br>| 900 | 903 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Gibson Drive Apartments Project), Series <br> 2024-B, 3.75% 6/1/2028 (put 6/1/2027) <br>| 415 | 422 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Terracina at Westpark Apartments), Series <br> 2024-A, 3.20% 9/1/2045 (put 8/1/2027) <br>| 2485 | 2483 |
| Municipal Fin. Auth., Municipal Certs., Series 2025-1, 3.438% 2/20/2041 <sup>(d)</sup> <br>| 15389 | 13573 |
| Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (Aldersly Project), Series 2023-B-2, 3.75% <br> 11/15/2028 <br>| 2445 | 2446 |
| Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (Aldersly Project), Series 2023-B-1, 4.00% <br> 11/15/2028 <br>| 250 | 252 |
| Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (California Baptist University), Series 2025-A, 5.375% <br> 11/1/2045 <sup>(b)</sup> <br>| 310 | 307 |
| Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 11/1/2036 <sup>(b)</sup> <br>| 3500 | 3501 |
| Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.375% 11/1/2040 <sup>(b)</sup> <br>| 2335 | 2322 |
| Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.50% 11/1/2045 <sup>(b)</sup> <br>| 2800 | 2671 |
| Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 11/1/2046 <sup>(b)</sup> <br>| 4315 | 3923 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2027  | 600 | 623 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2028  | 150 | 158 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2029  | 450 | 473 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2030  | 450 | 471 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2031  | 650 | 676 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2032  | 225 | 233 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2033  | 450 | 463 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2034  | 150 | 154 |
| Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2033  | 1170 | 1143 |
| Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2035  | 500 | 476 |
| Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2040  | 2750 | 2372 |
| Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2050  | 11635 | 9045 |
| Municipal Fin. Auth., Rev. Bonds (Community Health Centers of the Central Coast, Inc.), Series <br> 2021-A, 5.00% 12/1/2046 <sup>(b)</sup> <br>| 170 | 156 |
| Municipal Fin. Auth., Rev. Bonds (Community Health Centers of the Central Coast, Inc.), Series <br> 2021-A, 5.00% 12/1/2054 <sup>(b)</sup> <br>| 170 | 151 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, AGI, 4.00% 2/1/2051  | 2135 | 1802 |
| Municipal Fin. Auth., Rev. Bonds (HumanGood - California Obligated Group), Series 2021, 3.00% <br> 10/1/2049 <br>| 4905 | 3285 |
| Municipal Fin. Auth., Rev. Bonds (Inland Christian Home), Series 2020, 4.00% 12/1/2030  | 790 | 814 |
| Municipal Fin. Auth., Rev. Bonds (Inland Christian Home), Series 2020, 4.00% 12/1/2039  | 1225 | 1208 |
| Municipal Fin. Auth., Rev. Bonds (Inland Christian Home), Series 2020, 4.00% 12/1/2049  | 1500 | 1314 |
| Municipal Fin. Auth., Rev. Bonds (John Adams Academies, Inc.), Series 2019-A, 5.00% 10/1/2039 <sup>(b)</sup> <br>| 915 | 866 |
| Municipal Fin. Auth., Rev. Bonds (John Adams Academies, Inc.), Series 2019-A, 5.00% 10/1/2057 <sup>(b)</sup> <br>| 1890 | 1588 |
| Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 12/31/2031  | 2695 | 2757 |
| Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 12/31/2034  | 1320 | 1333 |
| Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 12/31/2035  | 2000 | 2014 |
| Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 4.00% 12/31/2047  | 3900 | 3178 |
| Municipal Fin. Auth., Rev. Bonds (Pomona College), Series 2017, 4.00% 1/1/2048  | 1550 | 1612 |
| Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2029  | 1000 | 1028 |
| Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2031  | 650 | 665 |
| Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2032  | 1000 | 1021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **322** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2033  | USD1,000 | $1018 |
| Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2035  | 1000 | 1013 |
| Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2036  | 1150 | 1163 |
| Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2043  | 4380 | 4282 |
| Municipal Fin. Auth., Rev. Bonds (University of San Diego), Series 2019-A, 5.00% 10/1/2049  | 1600 | 1615 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2030  | 1250 | 1289 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2033  | 500 | 511 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2034  | 440 | 449 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2039  | 615 | 619 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2034  | 2675 | 2701 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2036  | 1000 | 1003 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 7/1/2036  | 600 | 602 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2037  | 1250 | 1251 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 7/1/2037  | 600 | 600 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2042  | 1250 | 1222 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 7/1/2042  | 1000 | 977 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2047  | 1000 | 953 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 7/1/2047  | 4010 | 3821 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2024, <br> 5.00% 11/15/2044 <br>| 1750 | 1706 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% <br> 11/1/2032 <br>| 1500 | 1505 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% <br> 11/1/2039 <br>| 1000 | 1000 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% <br> 10/1/2028 <br>| 290 | 293 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% <br> 10/1/2029 <br>| 500 | 504 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% <br> 10/1/2033 <br>| 1250 | 1253 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% <br> 10/1/2034 <br>| 1350 | 1351 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% <br> 10/1/2035 <br>| 2185 | 2159 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% <br> 10/1/2036 <br>| 2120 | 2058 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% <br> 10/1/2037 <br>| 5590 | 5330 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% <br> 10/1/2039 <br>| 2990 | 2756 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% <br> 10/1/2044 <br>| 300 | 254 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 5.00% <br> 10/1/2044 <br>| 7860 | 7607 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% <br> 6/15/2032 <br>| 3000 | 3002 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% <br> 6/15/2037 <br>| 4000 | 4001 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% <br> 6/15/2045 <br>| 4000 | 4000 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, <br> 5.00% 4/1/2036 <br>| 570 | 604 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, <br> 5.00% 4/1/2037 <br>| 795 | 832 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, <br> 5.00% 4/1/2038 <br>| 500 | 518 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, <br> 5.00% 4/1/2039 <br>| 655 | 672 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, <br> 5.00% 4/1/2040 <br>| 630 | 641 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, <br> 5.00% 4/1/2049 <br>| 1300 | 1224 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **323** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, <br> 5.00% 4/1/2054 <br>| USD1,740 | $1613 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-B, 4.65% <br> 5/1/2030 <br>| 360 | 368 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-A, 5.00% <br> 5/1/2034 <sup>(b)</sup> <br>| 400 | 409 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-A, 5.50% <br> 5/1/2044 <sup>(b)</sup> <br>| 465 | 454 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-A, 5.75% <br> 5/1/2054 <sup>(b)</sup> <br>| 345 | 335 |
| Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary's School - Aliso Viejo), Series 2024-A, 5.875% <br> 5/1/2059 <sup>(b)</sup> <br>| 360 | 353 |
| Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2019, <br> 4.00% 11/15/2026 <br>| 125 | 125 |
| Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2019, <br> 5.00% 11/15/2039 <br>| 425 | 423 |
| Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2022-A, <br> 4.00% 11/15/2052 <br>| 2125 | 1627 |
| Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2022-A, <br> 4.00% 11/15/2056 <br>| 1890 | 1412 |
| Municipal Fin. Auth., Social Rev. Bonds (HealthRIGHT 360), Series 2019-A, 5.00% 11/1/2039 <sup>(b)</sup> <br>| 1250 | 1159 |
| Municipal Fin. Auth., Social Rev. Bonds (HealthRIGHT 360), Series 2019-A, 5.00% 11/1/2049 <sup>(b)</sup> <br>| 575 | 489 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series <br> 2023-A, AMT, 4.375% 9/1/2053 (put 9/1/2033) <br>| 15020 | 14932 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series <br> 2024-A, AMT, 3.875% 3/1/2054 (put 3/1/2034) <br>| 11735 | 11139 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series <br> 2019-A, AMT, 2.40% 10/1/2044 (put 10/1/2029) <br>| 14430 | 13622 |
| Municipal Fin. Auth., Special Fac. Rev. Bonds (United Airlines, Inc. Los Angeles International Airport <br> Project), Series 2019, AMT, 4.00% 7/15/2029 <br>| 320 | 315 |
| Municipal Fin. Auth., Special Fin. Agcy. VII, Essential Housing Rev. Bonds (The Breakwater <br> Apartments), Series 2021-A-2, 4.00% 8/1/2047 <sup>(b)</sup> <br>| 2035 | 1796 |
| Municipal Fin. Auth., Special Fin. Agcy. XII, Essential Housing Rev. Bonds (Allure Apartments), <br> Series 2022-A-2, 4.375% 8/1/2049 <sup>(b)</sup> <br>| 1245 | 1007 |
| Municipal Fin. Auth., Special Fin. Agcy. XII, Essential Housing Rev. Bonds (Allure Apartments), <br> Series 2022-A-1, 3.25% 2/1/2057 <sup>(b)</sup> <br>| 2255 | 1532 |
| Municipal Fin. Auth., Special Fin. Agcy., Essential Housing Rev. Bonds (Latitude 33), Series <br> 2021-A-2, 4.00% 12/1/2045 <sup>(b)</sup> <br>| 2125 | 1598 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2025  | 145 | 145 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2026  | 165 | 166 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2027  | 190 | 193 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2028  | 210 | 214 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2029  | 240 | 245 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2030  | 265 | 270 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 4.25% 9/1/2034  | 250 | 253 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 4.25% 9/1/2034  | 300 | 299 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-A, 4.00% 9/1/2036  | 535 | 518 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2036  | 1920 | 1853 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 4.50% 9/1/2039  | 1055 | 1027 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 5.00% 9/1/2039  | 275 | 281 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 5.00% 9/1/2039  | 1010 | 1027 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-E, 5.00% 9/1/2039  | 1300 | 1326 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-A, 4.25% 9/1/2040  | 550 | 512 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-A, 4.00% 9/1/2041  | 655 | 582 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2041  | 2875 | 2572 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2023-C, 5.00% 9/1/2043  | 1760 | 1735 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 5.00% 9/1/2044  | 625 | 616 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 5.00% 9/1/2044  | 885 | 881 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-D, 5.00% 9/1/2044  | 2605 | 2558 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-A, 5.00% 9/1/2045  | 885 | 863 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-A, 4.00% 9/1/2046  | 1095 | 895 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2046  | 1475 | 1259 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 5.00% 9/1/2048  | 775 | 754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **324** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 5.00% 9/1/2049  | USD1,070 | $1043 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 5.00% 9/1/2049  | 1000 | 978 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-D, 5.00% 9/1/2049  | 1000 | 970 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-A, 4.00% 9/1/2051  | 1505 | 1183 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2051  | 1995 | 1629 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2022-A, 5.25% 9/1/2052  | 3725 | 3704 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2023-C, 5.25% 9/1/2053  | 2375 | 2351 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 4.70% 9/1/2054  | 680 | 603 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 5.00% 9/1/2054  | 1380 | 1311 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 5.00% 9/1/2054  | 1005 | 965 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-D, 5.00% 9/1/2054  | 1375 | 1300 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 5.125% 9/1/2054  | 2250 | 2156 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-E, 5.00% 9/1/2055  | 3000 | 2855 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-A, 5.00% 9/1/2055  | 1945 | 1829 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing <br> Project), Series 2018, 5.00% 5/15/2027 <br>| 1685 | 1738 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing <br> Project), Series 2018, 5.00% 5/15/2030 <br>| 600 | 630 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing <br> Project), Series 2018, 5.00% 5/15/2038 <br>| 1000 | 1013 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing <br> Project), Series 2018, 5.00% 5/15/2040 <br>| 4610 | 4636 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing <br> Project), Series 2018, 5.00% 5/15/2043 <br>| 5525 | 5420 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student <br> Housing Project), Series 2021, BAM, 4.00% 5/15/2041 <br>| 280 | 263 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student <br> Housing Project), Series 2021, BAM, 4.00% 5/15/2046 <br>| 1095 | 992 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student <br> Housing Project), Series 2021, BAM, 3.00% 5/15/2051 <br>| 2565 | 1827 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student <br> Housing Project), Series 2021, BAM, 3.00% 5/15/2054 <br>| 2570 | 1780 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing <br> Project), Series 2018, 5.00% 5/15/2043 <br>| 2000 | 1960 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing <br> Project), Series 2018, 5.00% 5/15/2052 <br>| 11500 | 10700 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing <br> Project), Series 2019, 5.00% 5/15/2049 <br>| 2510 | 2363 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing <br> Project), Series 2019, 5.00% 5/15/2052 <br>| 3500 | 3261 |
| Murrieta Valley Unified School Dist., Community Facs. Dist. No. 2014-4, Special Tax Bonds, Series <br> 2020, BAM, 4.00% 9/1/2040 <br>| 325 | 303 |
| Murrieta Valley Unified School Dist., GO Rev. Ref. Bonds, Series 2016, BAM, 5.00% 9/1/2030  | 1250 | 1282 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, <br> 5.00% 9/1/2026 <br>| 400 | 409 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, <br> 5.00% 9/1/2027 <br>| 300 | 306 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, <br> 5.00% 9/1/2029 <br>| 1420 | 1446 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, <br> 5.00% 9/1/2030 <br>| 1225 | 1246 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, AGI, <br> 5.00% 9/1/2033 <br>| 1965 | 2003 |
| Napa Valley Community College Dist., GO Bonds, CAB, 2002 Election, Series 2005-B, NATL, 0% <br> 8/1/2028 <br>| 2000 | 1840 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class A-CA, 3.811% 7/20/2039 <sup>(d)</sup> <br>| 22354 | 20582 |
| Natomas Unified School Dist., GO Bonds, Series 2017, BAM, 5.00% 8/1/2032  | 1000 | 1023 |
| New Haven Unified School Dist., GO Bonds, 2014 Election, Series 2020-C, 4.00% 8/1/2044  | 1250 | 1129 |
| New Haven Unified School Dist., GO Bonds, 2014 Election, Series 2017-B, 4.00% 8/1/2047  | 2750 | 2416 |
| North Orange County Community College Dist., GO Bonds, 2014 Election, Series 2019-B, 4.00% <br> 8/1/2044 <br>| 5000 | 4559 |
| Northern California Energy Auth. Commodity Supply Rev. Ref. Bonds, Series 2024, 5.00% <br> 12/1/2054 (put 8/1/2030) <br>| 15000 | 15869 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **325** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, (3-month USD CME <br> Term SOFR x 0.67 + 0.72%) 3.769% 7/1/2027 <sup>(d)</sup> <br>| USD1,900 | $1901 |
| Norwalk La Mirada Unified School Dist., GO Bonds, 2014 Election, Series 2021-E, 3.00% 8/1/2046  | 1000 | 733 |
| Oakland Unified School Dist., GO Bonds, 2006 Election, Series 2016-A, 5.00% 8/1/2026  | 1000 | 1023 |
| Oakland Unified School Dist., GO Bonds, 2012 Election, Series 2019-A, AGI, 4.00% 8/1/2033  | 2655 | 2669 |
| Oakland Unified School Dist., GO Bonds, 2020 Election, Series 2023-A, AGI, 5.25% 8/1/2048  | 825 | 852 |
| Oakland Unified School Dist., GO Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2027  | 2000 | 2047 |
| Oakland Unified School Dist., GO Rev. Ref. Bonds, Series 2019-A, AGI, 4.00% 8/1/2035  | 1000 | 1001 |
| Oakland Unified School Dist., GO Rev. Ref. Bonds (Measure J), Series 2017-C, 5.00% 8/1/2036  | 2000 | 2042 |
| Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 11/1/2028  | 490 | 509 |
| Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 11/1/2028 (preref. 11/1/2027)  | 10 | 11 |
| Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 11/1/2029  | 250 | 259 |
| Port of Oakland, Rev. Ref. Bonds, Series 2021-H, AMT, 5.00% 11/1/2029  | 3050 | 3264 |
| Ohlone Community College Dist., GO Bonds, 2010 Election, Series 2016-C, 4.00% 8/1/2033  | 1000 | 1001 |
| Ohlone Community College Dist., GO Bonds, 2010 Election, Series 2016-C, 4.00% 8/1/2034  | 1000 | 1001 |
| Ohlone Community College Dist., GO Bonds, 2010 Election, Series 2016-C, 4.00% 8/1/2035  | 1000 | 1001 |
| City of Ontario, Community Facs. Dist. No. 38 (Park and Turner NE Facs.), Special Tax Rev. Ref. <br> Bonds, Series 2019, 5.00% 9/1/2044 <br>| 1000 | 994 |
| City of Ontario, Community Facs. Dist. No. 38 (Park and Turner NE Facs.), Special Tax Rev. Ref. <br> Bonds, Series 2019, 5.00% 9/1/2049 <br>| 2000 | 1950 |
| City of Ontario, Community Facs. Dist. No. 40 (Emerald Park Facs.), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2039 <br>| 275 | 246 |
| City of Ontario, Community Facs. Dist. No. 40 (Emerald Park Facs.), Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2050 <br>| 785 | 625 |
| City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, <br> 4.00% 9/1/2029 <br>| 310 | 317 |
| City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, <br> 4.00% 9/1/2031 <br>| 335 | 338 |
| City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, <br> 4.00% 9/1/2037 <br>| 1650 | 1575 |
| City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, <br> 4.00% 9/1/2047 <br>| 2795 | 2326 |
| City of Ontario, Community Facs. Dist. No. 46 (Avenue 176 Facs.), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2045 <br>| 300 | 254 |
| City of Ontario, Community Facs. Dist. No. 46 (Avenue 176 Facs.), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2051 <br>| 500 | 409 |
| City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2025 <br>| 225 | 225 |
| City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2027 <br>| 250 | 254 |
| City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2028 <br>| 250 | 255 |
| City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2036 <br>| 500 | 486 |
| City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2042 <br>| 650 | 578 |
| City of Ontario, Community Facs. Dist. No. 54 (Esperanza Facs.), Special Tax Bonds, Series 2022, <br> 4.375% 9/1/2043 <br>| 900 | 827 |
| City of Ontario, Community Facs. Dist. No. 54 (Esperanza Facs.), Special Tax Bonds, Series 2022, <br> 4.50% 9/1/2052 <br>| 825 | 726 |
| City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% <br> 9/1/2029 <br>| 170 | 182 |
| City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% <br> 9/1/2037 <br>| 500 | 518 |
| City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% <br> 9/1/2042 <br>| 600 | 604 |
| City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% <br> 9/1/2047 <br>| 800 | 787 |
| City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% <br> 9/1/2053 <br>| 845 | 818 |
| City of Ontario, Community Facs. Dist. No. 57 (Neuhouse), Special Tax Bonds, Series 2022, 4.25% <br> 9/1/2037 <br>| 415 | 404 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **326** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Ontario, Community Facs. Dist. No. 57 (Neuhouse), Special Tax Bonds, Series 2022, 4.625% <br> 9/1/2042 <br>| USD650 | $619 |
| City of Ontario, Community Facs. Dist. No. 57 (Neuhouse), Special Tax Bonds, Series 2022, 4.75% <br> 9/1/2047 <br>| 840 | 785 |
| City of Ontario, Community Facs. Dist. No. 57 (Neuhouse), Special Tax Bonds, Series 2022, 4.75% <br> 9/1/2052 <br>| 825 | 756 |
| City of Ontario, Community Facs. Dist. No. 64 (Sunset Ranch), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2044 <br>| 1000 | 977 |
| City of Ontario, Community Facs. Dist. No. 64 (Sunset Ranch), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2049 <br>| 1000 | 962 |
| City of Ontario, Community Facs. Dist. No. 64 (Sunset Ranch), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2055 <br>| 1000 | 947 |
| City of Ontario, Community Facs. Dist. No. 66 (Olive and Oleander Facs.), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2049 <br>| 1295 | 1268 |
| City of Ontario, Community Facs. Dist. No. 66 (Olive and Oleander Facs.), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2054 <br>| 1930 | 1869 |
| County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Rev. Ref. Bonds, <br> Series 2015-A, 5.00% 8/15/2029 <br>| 980 | 982 |
| County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Rev. Ref. Bonds, <br> Series 2015-A, 5.00% 8/15/2033 <br>| 1365 | 1366 |
| County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Rev. Ref. Bonds, <br> Series 2015-A, 5.25% 8/15/2045 <br>| 2950 | 2915 |
| County of Orange, Community Facs. Dist. No. 2016-1 (Esencia Village), Special Tax Bonds, Series <br> 2016-A, 5.00% 8/15/2036 <br>| 2000 | 2019 |
| County of Orange, Community Facs. Dist. No. 2017-1 (Esencia Village), Improvement Area No. 2, <br> Special Tax Bonds, Series 2020-A, 4.00% 8/15/2045 <br>| 2200 | 1892 |
| County of Orange, Community Facs. Dist. No. 2017-1 (Esencia Village), Improvement Area No. 2, <br> Special Tax Bonds, Series 2020-A, 4.00% 8/15/2050 <br>| 1000 | 822 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, <br> 5.00% 8/15/2037 <br>| 250 | 260 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, <br> 5.00% 8/15/2042 <br>| 1720 | 1744 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, <br> 5.00% 8/15/2047 <br>| 1700 | 1689 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, <br> 5.00% 8/15/2052 <br>| 320 | 315 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series <br> 2023-A, 5.00% 8/15/2038 <br>| 525 | 546 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series <br> 2023-A, 5.50% 8/15/2048 <br>| 1550 | 1580 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series <br> 2023-A, 5.50% 8/15/2053 <br>| 1355 | 1374 |
| Orinda Union School Dist., GO Bonds, 2018 Election, Measure E, Series 2022-B, 4.00% 8/1/2051  | 1730 | 1506 |
| Oxnard Unified School Dist., GO Rev. Ref. Bonds, Series 2017-A, BAM, 5.00% 8/1/2036  | 600 | 615 |
| Oxnard Unified School Dist., GO Rev. Ref. Bonds, Series 2017-A, BAM, 5.00% 8/1/2045  | 4160 | 4164 |
| City of Palm Desert, Community Facs. Dist. No. 2005-1 (University Park), Special Tax Rev. Ref. <br> Bonds, Series 2021-A, 4.00% 9/1/2030 <br>| 195 | 200 |
| City of Palm Desert, Community Facs. Dist. No. 2005-1 (University Park), Special Tax Rev. Ref. <br> Bonds, Series 2021-A, 4.00% 9/1/2033 <br>| 220 | 221 |
| City of Palm Desert, Community Facs. Dist. No. 2005-1 (University Park), Special Tax Rev. Ref. <br> Bonds, Series 2021-A, 4.00% 9/1/2036 <br>| 235 | 229 |
| City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series <br> 2021, 3.00% 9/1/2031 <br>| 590 | 561 |
| City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series <br> 2024, 4.25% 9/1/2034 <br>| 325 | 325 |
| City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2039 <br>| 655 | 673 |
| City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2041 <br>| 230 | 207 |
| City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2044 <br>| 1000 | 998 |
| City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2049 <br>| 600 | 589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **327** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2051 <br>| USD1,525 | $1234 |
| City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series <br> 2024, 5.00% 9/1/2053 <br>| 575 | 560 |
| City of Palm Desert, Section 29 Assessment Dist. No. 2004-02, Limited Obligation Rev. Ref. <br> Improvement Bonds, Series 2021, 4.00% 9/2/2026 <br>| 275 | 278 |
| City of Palm Desert, Section 29 Assessment Dist. No. 2004-02, Limited Obligation Rev. Ref. <br> Improvement Bonds, Series 2021, 4.00% 9/2/2031 <br>| 1000 | 1022 |
| City of Palm Desert, Section 29 Assessment Dist. No. 2004-02, Limited Obligation Rev. Ref. <br> Improvement Bonds, Series 2021, 4.00% 9/2/2037 <br>| 2130 | 2045 |
| City of Palmdale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series <br> 2016-B, NATL, 5.00% 9/1/2032 <br>| 1000 | 1018 |
| Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Series <br> 2017-A, AGI, 5.00% 8/1/2041 <br>| 2975 | 3005 |
| Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series <br> 2012-A, AGI, 0% 8/1/2032 <br>| 255 | 200 |
| Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series <br> 2012-A, AGI, 0% 8/1/2037 <br>| 1600 | 965 |
| Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series <br> 1999, AGI, 0% 8/1/2038 <br>| 1190 | 673 |
| Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series <br> 2012-A, AGI, 0% 8/1/2038 <br>| 1505 | 851 |
| Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series <br> 1999, AGI, 0% 8/1/2039 <br>| 240 | 128 |
| Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series <br> 2012-A, AGI, 0% 8/1/2039 <br>| 840 | 446 |
| Palo Alto Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2008, 0% 8/1/2032  | 2500 | 2051 |
| Palomar Health, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2026  | 1605 | 1614 |
| Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, 5.00% 8/1/2029  | 1280 | 1285 |
| Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, 4.00% 8/1/2030  | 1000 | 939 |
| Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, 4.00% 8/1/2031  | 1000 | 918 |
| Palomar Health, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2033  | 530 | 524 |
| Palomar Health, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2034  | 970 | 956 |
| Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2028  | 3000 | 2645 |
| Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2029  | 6550 | 5521 |
| Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2031  | 3000 | 2284 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series <br> 2024, 0% 6/1/2041 <br>| 625 | 285 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series <br> 2024, 0% 6/1/2042 <br>| 985 | 428 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series <br> 2024, 0% 6/1/2046 <br>| 1250 | 431 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series <br> 2024, 0% 6/1/2047 <br>| 1250 | 406 |
| Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series <br> 2024, 0% 6/1/2048 <br>| 1125 | 346 |
| Pasadena Unified School Dist., GO Bonds, 2008 Election, Series 2016, 4.00% 8/1/2036  | 675 | 675 |
| City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2005-1 (West Patterson <br> Business Park), Special Tax Bonds, Series 2021, 4.00% 9/1/2043 <br>| 600 | 505 |
| City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2005-1 (West Patterson <br> Business Park), Special Tax Bonds, Series 2021, 4.00% 9/1/2046 <br>| 745 | 613 |
| City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2005-1 (West Patterson <br> Business Park), Special Tax Bonds, Series 2021, 4.00% 9/1/2049 <br>| 1780 | 1419 |
| City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2018-1 (Villages of <br> Patterson), Special Tax Bonds, Series 2021, 4.00% 9/1/2036 <br>| 250 | 240 |
| City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2018-1 (Villages of <br> Patterson), Special Tax Bonds, Series 2021, 4.00% 9/1/2041 <br>| 375 | 334 |
| City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2018-1 (Villages of <br> Patterson), Special Tax Bonds, Series 2021, 4.00% 9/1/2046 <br>| 555 | 469 |
| City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2018-1 (Villages of <br> Patterson), Special Tax Bonds, Series 2021, 4.00% 9/1/2051 <br>| 760 | 612 |
| Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2049  | 8035 | 8039 |
| Peralta Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2031  | 1115 | 1268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **328** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Peralta Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2032  | USD1,565 | $1796 |
| City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; <br> CFD No. 2005-1 IA4), Series 2017-B, 5.00% 9/1/2035 <br>| 1000 | 1018 |
| City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; <br> CFD No. 2005-1 IA4), Series 2017-B, 5.00% 9/1/2037 <br>| 1325 | 1342 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2031  | 1325 | 1327 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2034  | 1490 | 1492 |
| Pleasanton Unified School Dist., GO Bonds, 2022 Election, Series 2023, 4.00% 8/1/2040  | 425 | 417 |
| Pleasanton Unified School Dist., GO Bonds, 2022 Election, Series 2023, 4.00% 8/1/2041  | 500 | 483 |
| Pollution Control Fncg. Auth., Rev. Bonds (San Jose Water Co. Project), Series 2016, AMT, 4.75% <br> 11/1/2046 <br>| 11475 | 10348 |
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. <br> Project), Series 2015-B-2, AMT, 3.125% 11/1/2040 (put 11/3/2025) <br>| 12000 | 11973 |
| Pollution Control Fncg. Auth., Water Facs. Rev. Bonds (American Water Capital Corp. Project), <br> Series 2020, 3.70% 8/1/2040 (put 9/1/2028) <br>| 4490 | 4563 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% <br> 9/1/2029 <br>| 1660 | 1696 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% <br> 9/1/2030 <br>| 1345 | 1347 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-B, BAM, <br> 5.00% 9/1/2030 <br>| 980 | 981 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% <br> 9/1/2030 <br>| 1820 | 1859 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% <br> 9/1/2032 <br>| 1600 | 1602 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% <br> 9/1/2034 <br>| 995 | 996 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% <br> 9/1/2035 <br>| 995 | 996 |
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% <br> 9/1/2036 <br>| 1485 | 1486 |
| Poway Unified School Dist., School Facs. Improvement Dist. No. 2007-1, GO Bonds, CAB, 2008 <br> Election, Series 2011-B, 0% 8/1/2035 <br>| 3500 | 2417 |
| Public Fin. Auth., Charter School Rev. Bonds (LaVerne Elementary Preparatory Academy Project), <br> Series 2019-A, 5.00% 6/15/2039 <sup>(b)</sup> <br>| 2155 | 2086 |
| Public Fin. Auth., Charter School Rev. Bonds (LaVerne Elementary Preparatory Academy Project), <br> Series 2019-A, 5.00% 6/15/2049 <sup>(b)</sup> <br>| 1900 | 1683 |
| Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 9/2/2027  | 1375 | 1437 |
| Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% <br> 10/15/2037 <br>| 2000 | 2009 |
| Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% <br> 10/15/2047 <br>| 4025 | 3731 |
| Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-B, 4.00% <br> 10/15/2051 (put 10/15/2031) <br>| 690 | 648 |
| Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% <br> 7/15/2046 <br>| 1550 | 1571 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2030  | 490 | 513 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2043  | 10155 | 9411 |
| Public Fin. Auth., Senior Living Rev. Bonds (The James), Series 2024-A, 6.375% 6/1/2059 <sup>(b)</sup> <br>| 1740 | 1536 |
| Public Works Board, Lease Rev. Bonds, Series 2021-C, 4.00% 11/1/2046  | 5125 | 4521 |
| Public Works Board, Lease Rev. Bonds (Dept. of General Services, May Lee State Office Complex), <br> Series 2024-A, 5.00% 4/1/2049 <br>| 950 | 968 |
| Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2025-A, 5.00% 4/1/2043  | 1000 | 1043 |
| Public Works Board, Lease Rev. Green Bonds (Dept. of General Services, Sacramento Region New <br> Natural Resources Headquarters), Series 2021-C, 4.00% 11/1/2037 <br>| 1750 | 1752 |
| Public Works Board, Lease Rev. Green Bonds (Dept. of General Services, Sacramento Region New <br> Natural Resources Headquarters), Series 2021-C, 4.00% 11/1/2038 <br>| 1500 | 1484 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2021-A, 5.00% <br> 2/1/2029 <br>| 1000 | 1088 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2021-A, 5.00% <br> 2/1/2030 <br>| 1000 | 1107 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2023-C, 5.00% <br> 9/1/2035 <br>| 1595 | 1774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **329** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% <br> 9/1/2037 <br>| USD3,000 | $3284 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% <br> 9/1/2038 <br>| 4500 | 4889 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-D, 5.00% <br> 11/1/2038 <br>| 1395 | 1515 |
| City of Rancho Cordova, Community Facs. Dist. No. 2003-1 (Sunridge Anatolia), Special Tax Bonds, <br> Series 2016, 4.00% 9/1/2037 <br>| 500 | 482 |
| City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax <br> Bonds, Series 2021-B, 4.00% 9/1/2036 <br>| 440 | 422 |
| City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax <br> Bonds, Series 2021-B, 4.00% 9/1/2046 <br>| 1150 | 966 |
| City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax <br> Bonds, Series 2021-B, 4.00% 9/1/2051 <br>| 1220 | 977 |
| City of Rancho Cordova, Community Facs. Dist. No. 2021-1 (The Ranch Project), Improvement Area <br> No. 2, Special Tax Bonds, Series 2025, 5.00% 9/1/2045 <br>| 570 | 548 |
| City of Rancho Cordova, Community Facs. Dist. No. 2021-1 (The Ranch Project), Improvement Area <br> No. 2, Special Tax Bonds, Series 2025, 5.00% 9/1/2050 <br>| 750 | 712 |
| City of Rancho Cordova, Community Facs. Dist. No. 2021-1 (The Ranch Project), Improvement Area <br> No. 2, Special Tax Bonds, Series 2025, 5.00% 9/1/2054 <br>| 740 | 695 |
| City of Rancho Cordova, Community Facs. Dist. No. 2022-1 (Artista Del Sol), Special Tax Bonds, <br> Series 2023, 5.125% 9/1/2043 <br>| 775 | 783 |
| City of Rancho Cordova, Community Facs. Dist. No. 2022-1 (Artista Del Sol), Special Tax Bonds, <br> Series 2023, 5.375% 9/1/2053 <br>| 1300 | 1311 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), <br> Improvement Area No. 1, Special Tax Bonds, Series 2024, 4.00% 9/1/2029 <br>| 170 | 172 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), <br> Improvement Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2034 <br>| 300 | 319 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), <br> Improvement Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2039 <br>| 405 | 414 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), <br> Improvement Area No.1, Special Tax Bonds, Series 2024, 5.00% 9/1/2044 <br>| 500 | 496 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), <br> Improvement Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2053 <br>| 550 | 534 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), <br> Improvement Area No. 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2039 <br>| 1915 | 1948 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), <br> Improvement Area No. 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2044 <br>| 1600 | 1585 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), <br> Improvement Area No. 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2049 <br>| 1000 | 975 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), <br> Improvement Area No. 2, Special Tax Bonds, Series 2024, 5.00% 9/1/2054 <br>| 2000 | 1931 |
| City of Rancho Mirage, Community Facs. Dist. No. 4B (Del Webb Project), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2051 <br>| 550 | 443 |
| City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, <br> Series 2024-A, 5.00% 9/1/2044 <br>| 1205 | 1173 |
| City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, <br> Series 2024-A, 5.00% 9/1/2049 <br>| 2400 | 2296 |
| City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, <br> Series 2024-A, 5.00% 9/1/2054 <br>| 4170 | 3949 |
| City of Rancho Santa Fe, Community Services Dist., Rev. Bonds, Series 2016-A, 5.00% 9/1/2029  | 1125 | 1150 |
| City of Redding, Wastewater System Rev. Ref. Bonds, Series 2020, 5.00% 6/1/2032  | 620 | 687 |
| City of Redding, Wastewater System Rev. Ref. Bonds, Series 2020, 5.00% 6/1/2033  | 465 | 512 |
| City of Rialto, Community Facs. Dist. No. 2019-2 (Foothill/Spruce), Special Tax Bonds, Series 2022, <br> 4.25% 9/1/2042 <br>| 770 | 696 |
| Rialto Unified School Dist., GO Bonds, 2022 Election, Series 2023, BAM, 0% 8/1/2034  | 500 | 355 |
| Rialto Unified School Dist., GO Bonds, 2022 Election, Series 2023, BAM, 0% 8/1/2044  | 1000 | 391 |
| Rialto Unified School Dist., GO Bonds, 2022 Election, Series 2023, BAM, 0% 8/1/2045  | 1625 | 598 |
| Rialto Unified School Dist., GO Bonds, 2022 Election, Series 2023, BAM, 0% 8/1/2046  | 1000 | 346 |
| Rialto Unified School Dist., GO Bonds, 2022 Election, Series 2023, BAM, 0% 8/1/2047  | 1175 | 383 |
| Rialto Unified School Dist., GO Bonds, 2022 Election, Series 2023, BAM, 5.00% 8/1/2052  | 1720 | 1744 |
| Rio Hondo Community College Dist., GO Bonds (Dedicated Unlimited Ad Valorem Property Tax <br> Bonds), 2024 Election, Series 2025-A, 5.00% 8/1/2050 <br>| 2500 | 2555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **330** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Rio Hondo Community College Dist., GO Bonds, CAB, 2004 Election, Series 2010-C, 0% 8/1/2028  | USD1,000 | $917 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1 (Public Improvements), Special <br> Tax Bonds, Series 2019-A, 5.00% 9/1/2043 <br>| 3035 | 2977 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1 (Public Improvements), Special <br> Tax Bonds, Series 2019-A, 5.00% 9/1/2048 <br>| 6000 | 5725 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1 (Public Improvements), Special <br> Tax Rev. Ref. Bonds, Series 2022-A-1, AGI, 5.25% 9/1/2052 <br>| 3000 | 3023 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2019-1 (Public Improvements), Special <br> Tax Bonds, Series 2019, 5.00% 9/1/2040 <br>| 4685 | 4625 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special <br> Tax Bonds, Series 2021-1, 4.00% 9/1/2026 <br>| 380 | 382 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special <br> Tax Bonds, Series 2021-1, 4.00% 9/1/2027 <br>| 430 | 433 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special <br> Tax Bonds, Series 2021-1, 4.00% 9/1/2029 <br>| 250 | 251 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special <br> Tax Bonds, Series 2021-1, 4.00% 9/1/2033 <br>| 590 | 586 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special <br> Tax Bonds, Series 2021-1, 4.00% 9/1/2041 <br>| 1000 | 891 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special <br> Tax Bonds, Series 2021-1, 4.00% 9/1/2046 <br>| 450 | 380 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special <br> Tax Bonds, Series 2021-1, 4.00% 9/1/2051 <br>| 1390 | 1117 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax <br> Bonds, Series 2024, 4.50% 9/1/2044 <br>| 300 | 273 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2048 <br>| 920 | 871 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2054 <br>| 815 | 764 |
| City of Riverside, Sewer Rev. Bonds, Series 2015-A, 5.00% 8/1/2031  | 1750 | 1753 |
| County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds, Series 2021-B-2, 3.00% <br> 6/1/2044 <br>| 1894 | 1443 |
| County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds, Series 2021-C, 4.00% <br> 6/1/2047 <br>| 2012 | 1721 |
| County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds, Series 2021-B-2, 3.00% <br> 6/1/2048 <br>| 1288 | 918 |
| County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds, Series 2021-B-1, BAM, 3.00% <br> 6/1/2049 <br>| 10970 | 7645 |
| County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds (RCTC 91 Express Lanes), <br> Series 2021-B-1, 4.00% 6/1/2046 <br>| 1020 | 866 |
| Riverside Community College Dist., GO Bonds, 2024 Election, Series 2025-A, 4.00% 8/1/2054  | 5000 | 4294 |
| Riverside Unified School Dist., Special Tax Bonds, Series 2021, 4.00% 9/1/2045  | 375 | 319 |
| Riverside Unified School Dist., Special Tax Bonds, Series 2021, 4.00% 9/1/2050  | 600 | 489 |
| Romoland School Dist., Community Facs. Dist. No. 2004-1 (Heritage Lake), Improvement Area No. <br> 4, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2038 <br>| 550 | 514 |
| Romoland School Dist., Community Facs. Dist. No. 2004-1 (Heritage Lake), Improvement Area No. <br> 4, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2045 <br>| 750 | 640 |
| Romoland School Dist., Community Facs. Dist. No. 2006-1 (Brendle Mills), Special Tax Bonds, <br> Series 2017, 5.00% 9/1/2039 <br>| 990 | 1000 |
| Romoland School Dist., Community Facs. Dist. No. 2022-2 (Mountains Edge), Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2044 <br>| 500 | 489 |
| Romoland School Dist., Community Facs. Dist. No. 2022-2 (Mountains Edge), Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2049 <br>| 775 | 744 |
| Romoland School Dist., Community Facs. Dist. No. 2022-2 (Mountains Edge), Special Tax Bonds, <br> Series 2024, 5.00% 9/1/2054 <br>| 860 | 819 |
| Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% <br> 9/1/2027 <br>| 250 | 262 |
| Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% <br> 9/1/2028 <br>| 360 | 375 |
| Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% <br> 9/1/2031 <br>| 830 | 857 |
| Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% <br> 9/1/2034 <br>| 855 | 874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **331** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% <br> 9/1/2035 <br>| USD1,140 | $1163 |
| Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% <br> 9/1/2037 <br>| 1000 | 1016 |
| Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% <br> 9/1/2041 <br>| 1255 | 1261 |
| City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 3.00% <br> 9/1/2025 <br>| 110 | 110 |
| City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2026 <br>| 125 | 126 |
| City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2027 <br>| 145 | 147 |
| City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2028 <br>| 165 | 168 |
| City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2029 <br>| 185 | 189 |
| City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2030 <br>| 205 | 209 |
| City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2041 <br>| 1215 | 1088 |
| City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2046 <br>| 1145 | 967 |
| City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% <br> 9/1/2051 <br>| 2815 | 2289 |
| City of Roseville, Community Facs. Dist. No. 1 (Public Facs.), Special Tax Rev. Ref. Bonds, Series <br> 2017, 5.00% 9/1/2034 <br>| 1000 | 1021 |
| City of Roseville, Community Facs. Dist. No. 1 (The Fountains), Special Tax Rev. Ref. Bonds, Series <br> 2016, 5.00% 9/1/2038 <br>| 1650 | 1660 |
| City of Roseville, Community Facs. Dist. No. 1 (Villages at Sierra Vista), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2037 <br>| 220 | 210 |
| City of Roseville, Community Facs. Dist. No. 1 (Villages at Sierra Vista), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2041 <br>| 305 | 273 |
| City of Roseville, Community Facs. Dist. No. 1 (Villages at Sierra Vista), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2046 <br>| 1040 | 878 |
| City of Roseville, Community Facs. Dist. No. 1 (Villages at Sierra Vista), Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2051 <br>| 710 | 577 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, <br> 5.00% 9/1/2026 <br>| 500 | 501 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, <br> 5.00% 9/1/2027 <br>| 230 | 230 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, <br> 5.00% 9/1/2028 <br>| 1000 | 1001 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, <br> 5.00% 9/1/2030 <br>| 500 | 500 |
| City of Roseville, Community Facs. Dist. No. 5 (Fiddyment Ranch), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2041 <br>| 750 | 664 |
| City of Roseville, Creekview Community Facs. Dist. No. 1 (Public Facs.) Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2049 <br>| 3670 | 3525 |
| City of Roseville, Creekview Community Facs. Dist. No. 1 (Public Facs.) Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2054 <br>| 3000 | 2845 |
| Rowland Unified School Dist., GO Bonds, CAB, 2006 Election, Series 2009-B, 0% 8/1/2034  | 4000 | 2796 |
| City of Sacramento, Community Facs. Dist. No. 2006-02 (Natomas Central), Special Tax Bonds, <br> Series 2016, 5.00% 9/1/2041 <br>| 235 | 236 |
| City of Sacramento, Community Facs. Dist. No. 2006-02 (Natomas Central), Special Tax Bonds, <br> Series 2016, 5.00% 9/1/2046 <br>| 1750 | 1744 |
| City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2039 <br>| 1500 | 1514 |
| City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2054 <br>| 6100 | 5633 |
| City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 1, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2045 <br>| 2680 | 2644 |
| City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 1, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2049 <br>| 3085 | 2988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **332** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 1, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2054 <br>| USD3,230 | $3109 |
| City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 2, <br> Special Tax Bonds, Series 2022, 5.50% 9/1/2052 <br>| 260 | 256 |
| City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 2, <br> Special Tax Bonds, Series 2022, 5.75% 9/1/2052 <br>| 1130 | 1140 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2028  | 1455 | 1538 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2033  | 3000 | 3089 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2034  | 3000 | 3078 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2035  | 4000 | 4088 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2016-B, 5.00% 7/1/2036  | 1000 | 1007 |
| County of Sacramento, Community Facs. Dist. No. 2005-2 (North Vineyard Station No. 1), Special <br> Tax Bonds, Series 2016, 5.00% 9/1/2040 <br>| 1090 | 1091 |
| County of Sacramento, Community Facs. Dist. No. 2005-2 (North Vineyard Station No. 1), Special <br> Tax Bonds, Series 2016, 5.00% 9/1/2045 <br>| 1000 | 980 |
| County of Sacramento, Community Facs. Dist. No. 2014-2 (North Vineyard Station No. 2), Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2036 <br>| 530 | 507 |
| County of Sacramento, Community Facs. Dist. No. 2014-2 (North Vineyard Station No. 2), Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2041 <br>| 650 | 576 |
| Sacramento Unified School Dist., GO Bonds, 2021 Election, Series 2021-G, AGI, 4.00% 8/1/2044  | 815 | 746 |
| Sacramento Unified School Dist., GO Bonds, 2021 Election, Series 2021-G, AGI, 4.00% 8/1/2049  | 3690 | 3213 |
| Sacramento Unified School Dist., GO Bonds, CAB, 2002 Election, Series 2007, AGI, 0% 7/1/2028  | 4575 | 4220 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2024-B, BAM, 5.00% 8/1/2038  | 440 | 476 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2024-B, BAM, 5.00% 8/1/2043  | 1330 | 1385 |
| County of San Bernardino and Cities of Colton, Loma Linda and San Bernardino, Successor Agcy. <br> to the Inland Valley Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, 5.00% 9/1/2044 <br>| 3750 | 3779 |
| County of San Bernardino, Community Facs. Dist. No. 2006-1 (Lytle Creek North), Improvement <br> Area No. 1, Special Tax Bonds, Series 2015, 5.00% 9/1/2040 <br>| 1000 | 1000 |
| County of San Bernardino, Community Facs. Dist. No. 2006-1 (Lytle Creek North), Improvement <br> Area No. 6, Special Tax Bonds, Series 2018, 5.00% 9/1/2043 <br>| 1860 | 1862 |
| County of San Bernardino, Community Facs. Dist. No. 2006-1 (Lytle Creek North), Improvement <br> Area No. 6, Special Tax Bonds, Series 2018, 5.00% 9/1/2048 <br>| 1775 | 1728 |
| San Bernardino Unified School Dist., GO Rev. Ref. Bonds, Series 2017-D, AGI, 4.00% 8/1/2042  | 1175 | 1078 |
| City of San Clemente, Community Facs. Dist. No. 2006-1 (Marblehead Coastal), Special Tax Bonds, <br> Series 2015, 5.00% 9/1/2030 <br>| 245 | 245 |
| City of San Clemente, Community Facs. Dist. No. 2006-1 (Marblehead Coastal), Special Tax Bonds, <br> Series 2015, 5.00% 9/1/2031 <br>| 480 | 481 |
| City of San Clemente, Community Facs. Dist. No. 2006-1 (Marblehead Coastal), Special Tax Bonds, <br> Series 2015, 5.00% 9/1/2032 <br>| 480 | 481 |
| City of San Diego, Community Facs. Dist. No. 4 (Black Mountain Ranch Villages), Special Tax Bonds, <br> Series 2016, 5.00% 9/1/2037 <br>| 970 | 977 |
| City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds, Series 2023-B, 5.00% 5/1/2057 <br>(put 11/1/2026) <br>| 1500 | 1531 |
| City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2020-A, 4.00% 8/1/2045  | 1000 | 901 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2032 <br>| 125 | 126 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2032 <br>| 100 | 101 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2033 <br>| 100 | 100 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2034 <br>| 265 | 263 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2034 <br>| 100 | 99 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2035 <br>| 125 | 122 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2036 <br>| 170 | 165 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2037 <br>| 175 | 167 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2038 <br>| 855 | 798 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **333** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2039 <br>| USD410 | $375 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2040 <br>| 100 | 91 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2045 <br>| 550 | 467 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2050 <br>| 1000 | 812 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 2, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2036 <br>| 635 | 611 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 2, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2040 <br>| 475 | 433 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 2, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2045 <br>| 1000 | 852 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement <br> Area No. 2, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2050 <br>| 1100 | 893 |
| County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, <br> 4.00% 7/1/2037 <br>| 1000 | 1002 |
| County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, <br> 5.00% 7/1/2044 <br>| 2000 | 2027 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% <br> 7/1/2027 <br>| 750 | 775 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% <br> 7/1/2029 <br>| 1595 | 1705 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% <br> 7/1/2030 <br>| 1785 | 1899 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% <br> 7/1/2033 <br>| 2280 | 2369 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2021-B, AMT, 4.00% <br> 7/1/2035 <br>| 5000 | 4905 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% <br> 7/1/2035 <br>| 2495 | 2532 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2021-B, AMT, 4.00% <br> 7/1/2036 <br>| 1075 | 1036 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% <br> 7/1/2036 <br>| 750 | 759 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% <br> 7/1/2037 <br>| 750 | 757 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% <br> 7/1/2042 <br>| 1500 | 1496 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% <br> 7/1/2047 <br>| 1000 | 978 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2023-B, AMT, 5.00% <br> 7/1/2048 <br>| 3365 | 3299 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% <br> 7/1/2049 <br>| 3375 | 3278 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2023-B, AMT, 5.00% <br> 7/1/2053 <br>| 3000 | 2929 |
| County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2021-B, AMT, 4.00% <br> 7/1/2056 <br>| 14830 | 12061 |
| County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, <br> Series 2020-A, 4.00% 4/1/2048 <br>| 2000 | 1750 |
| County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 4.00% 5/1/2038  | 5000 | 4954 |
| San Diego Community College Dist., GO Rev. Ref. Bonds, Series 2024, 4.00% 8/1/2041  | 1000 | 984 |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 <br> Election, Series 2012-E, 0% 7/1/2034 <br>| 3000 | 2177 |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2012 <br> Election, Series 2017-I, 4.00% 7/1/2047 <br>| 2000 | 1755 |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2012 <br> Election, Series 2020-M-2, 3.00% 7/1/2050 <br>| 5000 | 3493 |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Green Bonds, <br> 2018 Election, Series 2024-H-2, 5.00% 7/1/2049 <br>| 745 | 767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **334** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Green Bonds, <br> 2018 Election, Series 2023-G-3, 4.00% 7/1/2053 <br>| USD3,000 | $2604 |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Green Bonds, <br> 2022 Election, Series 2024-B-3, 4.00% 7/1/2054 <br>| 2000 | 1708 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Bonds, Series 2016-B-2, AMT, 5.00% 5/1/2046 <br>| 4000 | 3942 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Bonds, Series 2019-A-2, AMT, 5.00% 5/1/2049 <br>| 4000 | 3923 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Bonds, Series 2019-E, AMT, 4.00% 5/1/2050 <br>| 5385 | 4443 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Bonds, Series 2019-E, AMT, 4.00% 5/1/2050 (preref. 5/1/2029) <br>| 510 | 519 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Bonds, Series 2019-E-2, AMT, 5.00% 5/1/2050 <br>| 7315 | 7159 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Ref. Bonds, Series 2023-C, AMT, 5.00% 5/1/2033 <br>| 2000 | 2175 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Ref. Bonds, Series 2021-A-2, AMT, 5.00% 5/1/2036 <br>| 6750 | 6994 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Ref. Bonds, Series 2020-A-2, AMT, 5.00% 5/1/2037 <br>| 4000 | 4091 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Ref. Bonds, Series 2024-A-2, AMT, 5.25% 5/1/2040 <br>| 6500 | 6843 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Ref. Bonds, Series 2022-A-2, AMT, 5.25% 5/1/2041 <br>| 5000 | 5217 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Ref. Bonds, Series 2019-A-2, AMT, 5.00% 5/1/2044 <br>| 3000 | 2979 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Ref. Bonds, Series 2019-E-2, AMT, 5.00% 5/1/2045 <br>| 500 | 496 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Ref. Bonds, Series 2024-A-2, AMT, 5.25% 5/1/2049 <br>| 2995 | 3017 |
| City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. <br> Ref. Bonds, Series 2022-A-2, AMT, 5.00% 5/1/2052 <br>| 2500 | 2446 |
| City and County of San Francisco, Certs. of Part. (Moscone Convention Center Expansion Project), <br> Series 2017-B, 4.00% 4/1/2038 <br>| 1000 | 978 |
| City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), <br> Special Tax Bonds, Series 2022-A, 5.00% 9/1/2047 <br>| 530 | 540 |
| City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), <br> Special Tax Bonds, Series 2022-A, 5.00% 9/1/2052 <br>| 640 | 648 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), <br> Improvement Area No. 1, Special Tax Bonds, Series 2021, 4.00% 9/1/2041 <br>| 1950 | 1693 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), <br> Improvement Area No. 1, Special Tax Bonds, Series 2021, 4.00% 9/1/2046 <br>| 1745 | 1422 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), <br> Improvement Area No. 1, Special Tax Bonds, Series 2021, 4.00% 9/1/2051 <br>| 1035 | 806 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), <br> Improvement Area No. 2, Special Tax Bonds, Series 2023-A, 5.00% 9/1/2043 <sup>(b)</sup> <br>| 1230 | 1218 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), <br> Improvement Area No. 2, Special Tax Bonds, Series 2022-A, 4.00% 9/1/2052 <sup>(b)</sup> <br>| 2500 | 1964 |
| City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), <br> Improvement Area No. 2, Special Tax Bonds, Series 2023-A, 5.50% 9/1/2053 <sup>(b)</sup> <br>| 2050 | 2072 |
| City and County of San Francisco, GO Bonds (Earthquake Safety and Emergency Response), Series <br> 2021-E-1, 4.00% 6/15/2043 <br>| 3445 | 3194 |
| City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure <br> Island), Tax Increment Rev. Bonds, Series 2022-A, 5.00% 9/1/2032 <sup>(b)</sup> <br>| 500 | 535 |
| City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure <br> Island), Tax Increment Rev. Bonds, Series 2022-A, 5.00% 9/1/2037 <sup>(b)</sup> <br>| 500 | 514 |
| City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure <br> Island), Tax Increment Rev. Bonds, Series 2022-A, 5.00% 9/1/2052 <sup>(b)</sup> <br>| 2000 | 1806 |
| City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure <br> Island), Tax Increment Rev. Bonds, Series 2023-A, 5.50% 9/1/2053 <sup>(b)</sup> <br>| 1530 | 1440 |
| City and County of San Francisco, Multi Family Housing Rev. Bonds (Sunnydale Hope SF Block 9), <br> Series 2025-B-2, 3.35% 8/1/2029 (put 8/1/2028) <br>| 1800 | 1820 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **335** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, <br> Series 2025-F, 5.00% 11/1/2034 <br>| USD5,000 | $5805 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, <br> Series 2020-D, 3.00% 11/1/2050 <br>| 1615 | 1110 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, <br> Series 2020-A, 4.00% 11/1/2050 <br>| 2000 | 1702 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, <br> Series 2020-C, 4.00% 11/1/2050 <br>| 1000 | 851 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, <br> Series 2025-D, 5.00% 11/1/2051 <br>| 2000 | 2049 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, <br> Series 2025-D, 5.00% 11/1/2055 <br>| 3000 | 3062 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Green <br> Bonds, Series 2020-A, 5.00% 11/1/2050 <br>| 2500 | 2528 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, <br> Series 2016-A, 4.00% 10/1/2037 <br>| 3575 | 3548 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, <br> Series 2024-D, 5.00% 10/1/2046 <br>| 825 | 851 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, <br> Series 2023-C, 4.00% 10/1/2048 (put 10/1/2029) <br>| 1000 | 1046 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, <br> Series 2021-A, 4.00% 10/1/2050 <br>| 5000 | 4255 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, <br> Series 2024-C, 5.00% 10/1/2054 <br>| 4275 | 4359 |
| City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South <br> Redev. Project), Series 2016-B, 5.00% 8/1/2031 <br>| 425 | 432 |
| City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South <br> Redev. Project), Series 2016-C, 5.00% 8/1/2033 <br>| 1000 | 1014 |
| City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South <br> Redev. Project), Series 2016-C, NATL, 5.00% 8/1/2041 <br>| 2100 | 2107 |
| City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South <br> Redev. Project), Series 2014-A, 5.00% 8/1/2043 <br>| 2100 | 2089 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), <br> Dev. Special Tax Bonds, Series 2021-A, 4.00% 9/1/2026 <sup>(b)</sup> <br>| 90 | 90 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), <br> Dev. Special Tax Bonds, Series 2021-A, 4.00% 9/1/2041 <sup>(b)</sup> <br>| 1435 | 1265 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), <br> Dev. Special Tax Bonds, Series 2021-A, 4.00% 9/1/2046 <sup>(b)</sup> <br>| 4475 | 3641 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), <br> Dev. Special Tax Bonds, Series 2023-A, 5.75% 9/1/2050 <sup>(b)</sup> <br>| 480 | 491 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), <br> Dev. Special Tax Bonds, Series 2021-A, 4.00% 9/1/2051 <sup>(b)</sup> <br>| 5675 | 4459 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), <br> Dev. Special Tax Bonds, Series 2021-A, 4.00% 9/1/2051 <sup>(b)</sup> <br>| 2040 | 1603 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), <br> Shoreline Special Tax Bonds, Series 2023-C, 5.00% 9/1/2033 <sup>(b)</sup> <br>| 530 | 552 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), <br> Shoreline Special Tax Bonds, Series 2023-C, 5.50% 9/1/2043 <sup>(b)</sup> <br>| 1000 | 1024 |
| City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), <br> Shoreline Special Tax Bonds, Series 2023-C, 5.75% 9/1/2053 <sup>(b)</sup> <br>| 1000 | 1023 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. <br> 7 (Hunters Point Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, <br> 5.00% 8/1/2025 <br>| 205 | 205 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. <br> 7 (Hunters Point Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, <br> 5.00% 8/1/2028 <br>| 330 | 333 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. <br> 7 (Hunters Point Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, <br> 5.00% 8/1/2029 <br>| 550 | 555 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. <br> 7 (Hunters Point Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, <br> 5.00% 8/1/2030 <br>| 425 | 428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **336** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of San Francisco, Bay Area Rapid Transit Dist., GO Bonds, 2016 Election, Series 2020-C-1, <br> 3.00% 8/1/2037 <br>| USD6,455 | $5721 |
| City of San Francisco, Bay Area Rapid Transit Dist., GO Green Bonds, 2016 Election, Series <br> 2020-C-1, 3.00% 8/1/2050 <br>| 7670 | 5374 |
| San Francisco Community College Dist., GO Bonds, 2020 Election, Series 2020-A, 4.00% <br> 6/15/2045 <br>| 5000 | 4498 |
| San Francisco Community College Dist., GO Bonds, 2020 Election, Series 2020-B, BAM, 5.25% <br> 6/15/2049 <br>| 9570 | 9921 |
| San Jacinto Unified School Dist., Community Facs. Dist. No. 2003-1, Special Tax Rev. Bonds <br> (Infrastructure Projects), Series 2022, 4.00% 9/1/2050 <br>| 875 | 699 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2028  | 380 | 399 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2030  | 200 | 209 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2031  | 550 | 573 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2033  | 750 | 774 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2017, 5.00% <br> 9/1/2034 <br>| 735 | 750 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2017, 5.00% <br> 9/1/2035 <br>| 190 | 193 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 3/1/2029  | 1030 | 1097 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 3/1/2033  | 1500 | 1585 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 3/1/2035  | 1000 | 1013 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 3/1/2037  | 1000 | 1009 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 3/1/2041  | 1500 | 1500 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 3/1/2047  | 2000 | 1941 |
| San Juan Unified School Dist., GO Bonds, 2016 Election, Series 2020, 4.00% 8/1/2034  | 1000 | 1005 |
| San Leandro Unified School Dist., GO Bonds, Series 2019-B, BAM, 5.00% 8/1/2032  | 375 | 396 |
| San Leandro Unified School Dist., GO Bonds, Series 2019-B, BAM, 5.00% 8/1/2033  | 355 | 373 |
| San Leandro Unified School Dist., GO Bonds, 2020 Election, Series 2020-A, BAM, 4.00% 8/1/2043  | 1300 | 1175 |
| City of San Luis Obispo, Community Facs. Dist. No. 2019-1 (San Luis Ranch), Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2046 <br>| 730 | 624 |
| City of San Luis Obispo, Community Facs. Dist. No. 2019-1 (San Luis Ranch), Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2051 <br>| 925 | 757 |
| City of San Marcos, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series <br> 2015-A, 5.00% 10/1/2029 <br>| 2000 | 2008 |
| San Marcos Unified School Dist., GO Rev. Ref. Bonds, 2024 Election, Series 2025-A, 5.25% <br> 8/1/2055 <br>| 4460 | 4624 |
| San Mateo Community College Dist., GO Bonds, CAB, 2005 Election, Series 2006-B, NATL, 0% <br> 9/1/2035 <br>| 2000 | 1393 |
| San Rafael High School Dist., GO Bonds, Series 2019-C, 4.00% 8/1/2043  | 2500 | 2270 |
| City of San Ramon, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series <br> 2015-A, BAM, 5.00% 2/1/2038 <br>| 2000 | 2001 |
| San Ysidro School Dist., GO Rev. Ref. Bonds, Series 2025-A, BAM, 5.00% 8/1/2044  | 4690 | 4874 |
| Sanger Unified School Dist., GO Bonds, 2018 Election, Series 2021-C, BAM, 3.00% 8/1/2048  | 2465 | 1776 |
| Sanger Unified School Dist., GO Bonds, 2020 Election, Series 2021-A, BAM, 3.00% 8/1/2051  | 3325 | 2322 |
| Sanger Unified School Dist., GO Bonds, 2020 Election, Series 2021-A, BAM, 4.00% 8/1/2055  | 1650 | 1401 |
| Santa Ana Unified School Dist., GO Bonds, CAB, 1999 Election, Series 2002-B, NATL, 0% 8/1/2030  | 1000 | 851 |
| City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series <br> 2020, 4.00% 9/1/2025 <sup>(b)</sup> <br>| 175 | 175 |
| City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series <br> 2020, 4.00% 9/1/2026 <sup>(b)</sup> <br>| 200 | 201 |
| City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series <br> 2020, 4.00% 9/1/2028 <sup>(b)</sup> <br>| 250 | 251 |
| City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series <br> 2020, 4.00% 9/1/2030 <sup>(b)</sup> <br>| 110 | 110 |
| City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series <br> 2020, 4.00% 9/1/2035 <sup>(b)</sup> <br>| 1010 | 956 |
| City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series <br> 2020, 4.00% 9/1/2050 <sup>(b)</sup> <br>| 5820 | 4631 |
| Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, <br> Series 2014-B, 5.00% 9/1/2026 <br>| 835 | 836 |
| City of Santa Monica, Redev. Agcy., Tax Allocation Bonds (Earthquake Recovery Redev. Project), <br> Series 2011, 5.00% 7/1/2032 <br>| 2000 | 2004 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **337** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Santa Monica, Redev. Agcy., Tax Allocation Bonds (Earthquake Recovery Redev. Project), <br> Series 2011, 5.875% 7/1/2036 <br>| USD1,250 | $1253 |
| City of Santa Monica, Redev. Agcy., Tax Allocation Bonds (Earthquake Recovery Redev. Project), <br> Series 2011, 5.875% 7/1/2042 <br>| 2500 | 2506 |
| Santa Monica-Malibu Unified School Dist., GO Bonds, 2012 Election, Series 2019-E, 3.00% <br> 8/1/2033 <br>| 2000 | 1923 |
| Santa Rita Union School Dist., GO Rev. Ref. Bonds, Series 2019, 2.50% 8/1/2031  | 1160 | 1096 |
| City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series <br> 2019, 5.00% 9/1/2027 <br>| 195 | 204 |
| City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series <br> 2019, 5.00% 9/1/2028 <br>| 205 | 215 |
| City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series <br> 2019, 5.00% 9/1/2034 <br>| 350 | 363 |
| City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series <br> 2019, 3.00% 9/1/2036 <br>| 250 | 217 |
| City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series <br> 2019, 3.00% 9/1/2037 <br>| 185 | 157 |
| City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series <br> 2019, 3.00% 9/1/2038 <br>| 270 | 222 |
| City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series <br> 2019, 3.125% 9/1/2039 <br>| 165 | 134 |
| City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series <br> 2019, 5.00% 9/1/2049 <br>| 1940 | 1892 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2029 <br>| 135 | 137 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2033 <br>| 215 | 211 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2034 <br>| 230 | 224 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2035 <br>| 240 | 231 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2036 <br>| 275 | 262 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2037 <br>| 295 | 272 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2038 <br>| 320 | 287 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2039 <br>| 345 | 309 |
| Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, <br> 4.00% 9/1/2040 <br>| 295 | 262 |
| Saugus Union School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2021-A, BAM, 4.00% <br> 9/1/2035 <br>| 600 | 602 |
| Saugus Union School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2021-A, BAM, 4.00% <br> 9/1/2039 <br>| 700 | 669 |
| Saugus Union School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2021-A, BAM, 4.00% <br> 9/1/2041 <br>| 275 | 255 |
| Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, <br> Special Tax Rev. Bonds, Series 2016, 5.00% 9/1/2033 <br>| 1240 | 1248 |
| School Fin. Auth., Charter School Rev. Bonds (Aspire Public Schools Obligated Group - Issue No. <br> 5), Series 2021-A, 4.00% 8/1/2051 <sup>(b)</sup> <br>| 800 | 619 |
| School Fin. Auth., Charter School Rev. Bonds (Aspire Public Schools Obligated Group - Issue No. <br> 5), Series 2021-A, 4.00% 8/1/2061 <sup>(b)</sup> <br>| 2275 | 1680 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Oceanside Project), Series <br> 2022-A, 5.00% 10/1/2042 <sup>(b)</sup> <br>| 1000 | 964 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Oceanside Project), Series <br> 2022-A, 5.00% 10/1/2061 <sup>(b)</sup> <br>| 2025 | 1828 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 4.00% <br> 10/1/2027 <sup>(b)</sup> <br>| 440 | 442 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% <br> 10/1/2032 <sup>(b)</sup> <br>| 2500 | 2548 |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% <br> 10/1/2037 <sup>(b)</sup> <br>| 1485 | 1494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **338** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% <br> 10/1/2044 <sup>(b)</sup> <br>| USD3,805 | $3608 |
| School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, <br> 5.00% 6/1/2029 <sup>(b)</sup> <br>| 2165 | 2179 |
| School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, <br> 5.00% 6/1/2035 <sup>(b)</sup> <br>| 500 | 489 |
| School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, <br> 5.00% 6/1/2041 <sup>(b)</sup> <br>| 3000 | 2740 |
| School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, <br> 5.00% 6/1/2048 <sup>(b)</sup> <br>| 2795 | 2446 |
| School Fin. Auth., Charter School Rev. Bonds (Fenton Charter Public Schools Obligated Group), <br> Series 2020-A, 5.00% 7/1/2040 <sup>(b)</sup> <br>| 1350 | 1270 |
| School Fin. Auth., Charter School Rev. Bonds (Fenton Charter Public Schools Obligated Group), <br> Series 2020-A, 5.00% 7/1/2050 <sup>(b)</sup> <br>| 750 | 643 |
| School Fin. Auth., Charter School Rev. Bonds (Fenton Charter Public Schools Obligated Group), <br> Series 2020-A, 5.00% 7/1/2058 <sup>(b)</sup> <br>| 1625 | 1356 |
| School Fin. Auth., Charter School Rev. Bonds (Larchmont Charter School Project), Series 2018-A, <br> 5.00% 6/1/2055 <sup>(b)</sup> <br>| 1000 | 857 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series <br> 2017-A, 5.00% 6/1/2034 <sup>(b)</sup> <br>| 750 | 752 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series <br> 2016-A, 5.00% 6/1/2036 <sup>(b)</sup> <br>| 1000 | 991 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series <br> 2016-A, 5.00% 6/1/2046 <sup>(b)</sup> <br>| 750 | 669 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series <br> 2017-A, 5.25% 6/1/2052 <sup>(b)</sup> <br>| 460 | 412 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series <br> 2017-G, 5.00% 6/1/2030 <sup>(b)</sup> <br>| 280 | 284 |
| School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series <br> 2017-G, 5.00% 6/1/2047 <sup>(b)</sup> <br>| 250 | 222 |
| School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series <br> 2017-A, 5.00% 7/1/2030 <sup>(b)</sup> <br>| 1180 | 1207 |
| School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series <br> 2017-A, 5.00% 7/1/2037 <sup>(b)</sup> <br>| 2105 | 2109 |
| School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series <br> 2023-A, 5.75% 7/1/2042 <sup>(b)</sup> <br>| 790 | 803 |
| School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series <br> 2017-A, 5.00% 7/1/2047 <sup>(b)</sup> <br>| 1000 | 904 |
| School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, <br> 5.00% 7/1/2043 <sup>(b)</sup> <br>| 1750 | 1675 |
| School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, <br> 5.00% 7/1/2049 <sup>(b)</sup> <br>| 1900 | 1779 |
| School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, <br> 5.00% 7/1/2054 <sup>(b)</sup> <br>| 5000 | 4605 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/2037 <sup>(b)</sup> <br>| 860 | 869 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/2054 <sup>(b)</sup> <br>| 2150 | 2018 |
| School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, <br> 5.00% 7/1/2037 <sup>(b)</sup> <br>| 1455 | 1456 |
| School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, <br> 5.00% 7/1/2049 <sup>(b)</sup> <br>| 5400 | 4936 |
| South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2035  | 500 | 570 |
| South San Francisco Unified School Dist., GO Bonds, 2022 Election, Series 2023, 4.00% 9/1/2040  | 1000 | 987 |
| South San Francisco Unified School Dist., GO Bonds, 2022 Election, Series 2023, 4.00% 9/1/2041  | 1690 | 1645 |
| City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds <br> (Public Facs. and Services), Series 2025, 5.00% 9/1/2040 <br>| 375 | 376 |
| City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds <br> (Public Facs. and Services), Series 2025, 5.00% 9/1/2045 <br>| 600 | 590 |
| City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds <br> (Public Facs. and Services), Series 2025, 5.125% 9/1/2050 <br>| 1000 | 986 |
| City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds <br> (Public Facs. and Services), Series 2022, 5.00% 9/1/2052 <br>| 1500 | 1444 |
| City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds <br> (Public Facs. and Services), Series 2025, 5.25% 9/1/2055 <br>| 1500 | 1495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **339** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| South San Francisco Unified School Dist., Rev. Ref. GO Bonds, Series 2025, 5.00% 9/1/2035  | USD630 | $739 |
| South San Francisco Unified School Dist., Rev. Ref. GO Bonds, Series 2025, 5.00% 9/1/2036  | 1015 | 1175 |
| South San Francisco Unified School Dist., Rev. Ref. GO Bonds, Series 2025, 5.00% 9/1/2037  | 1110 | 1269 |
| Southern California Public Power Auth., Clean Energy Project Rev. Bonds, Series 2024-A, 5.00% <br> 4/1/2055 <br>(put 9/1/2030) <br>| 6275 | 6568 |
| Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, <br> 5.25% 11/1/2025 <br>| 1400 | 1406 |
| Southern California Public Power Auth., Ref. Rev. Bonds (Apex Power Project), Series 2024-A, 5.00% <br> 7/1/2033 <br>| 1500 | 1671 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal <br> Project), Series 2023-1, 5.00% 7/1/2036 <br>| 930 | 1001 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal <br> Project), Series 2023-1, 5.00% 7/1/2041 <br>| 1165 | 1203 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal <br> Project), Series 2025-1, BAM, 5.25% 7/1/2044 <br>| 650 | 678 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal <br> Project), Series 2024-1, 5.00% 7/1/2053 <br>| 2720 | 2720 |
| Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal <br> Project), Series 2025-1, 5.00% 7/1/2053 <br>| 5015 | 5014 |
| Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), <br> Series 2019-1, 5.00% 7/1/2029 <br>| 1000 | 1083 |
| Southwestern Community College Dist., GO Rev. Ref. Bonds (2019 Crossover), Series 2016-B, <br> 4.00% 8/1/2035 <br>| 500 | 500 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2016-02 (Delta Coves), Special Tax <br> Bonds, Series 2020, 4.00% 9/1/2050 <br>| 1000 | 806 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2017-01 (Horse Creek Ridge), <br> Special Tax Bonds, Series 2018, 5.00% 9/1/2048 <br>| 5250 | 5139 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2018-01 (Wagon Wheel), Special <br> Tax Bonds, Series 2020, 4.00% 9/1/2040 <br>| 2100 | 1940 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2020-02 Improvement Area No. 4 <br> (Atwell), Special Tax Bonds, Series 2024, 5.00% 9/1/2045 <br>| 1800 | 1769 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2020-02 Improvement Area No. 4 <br> (Atwell), Special Tax Bonds, Series 2024, 5.00% 9/1/2055 <br>| 2400 | 2308 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-01 (Meadowlands), Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2041 <br>| 2780 | 2470 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-01 (Meadowlands), Special <br> Tax Bonds, Series 2021, 4.00% 9/1/2051 <br>| 1290 | 1035 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-02 (Citro), Special Tax Bonds, <br> Series 2022, 4.25% 9/1/2037 <br>| 1250 | 1193 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-02 (Citro), Special Tax Bonds, <br> Series 2022, 5.00% 9/1/2042 <br>| 1965 | 1970 |
| Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-02 (Citro), Special Tax Bonds, <br> Series 2022, 5.00% 9/1/2052 <br>| 500 | 483 |
| Statewide Communities Dev. Auth., Health Fac. Rev. Bonds (Montage Health), Series 2021-A, <br> 4.00% 6/1/2040 <br>| 1090 | 1055 |
| Statewide Communities Dev. Auth., Health Fac. Rev. Bonds (Montage Health), Series 2021-A, <br> 4.00% 6/1/2041 <br>| 1160 | 1099 |
| Statewide Communities Dev. Auth., Insured Rev. Ref. Bonds (Moldaw Residences), Series 2024, <br> 5.00% 11/1/2049 <br>| 1610 | 1624 |
| Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Vintage at Folsom), Series <br> 2024-E-2, 5.00% 10/1/2028 (put 10/1/2027) <br>| 185 | 193 |
| Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison <br> Co.), Series 2006-B, 1.45% 4/1/2028 <br>| 1250 | 1168 |
| Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison <br> Co.), Series 2010-A, 1.75% 9/1/2029 <br>| 8500 | 7758 |
| Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison <br> Co.), Series 2006-D, 4.50% 11/1/2033 <br>| 5650 | 5777 |
| Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, <br> 5.00% 3/1/2035 <br>| 1465 | 1493 |
| Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, <br> 4.00% 3/1/2042 <br>| 1240 | 1096 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **340** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series <br> 2015, 5.00% 10/1/2026 <br>| USD225 | $226 |
| Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series <br> 2015, 5.00% 10/1/2027 <br>| 800 | 803 |
| Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series <br> 2015, 5.00% 10/1/2045 <br>| 1700 | 1707 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2017-A, 5.00% 4/1/2027 <br>| 200 | 206 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2017-A, 5.00% 4/1/2029 <br>| 405 | 416 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2021-A, 5.00% 4/1/2032 <br>| 470 | 503 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2021-A, 5.00% 4/1/2034 <br>| 1565 | 1652 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2017-A, 3.50% 4/1/2035 <br>| 250 | 237 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2017-A, 4.00% 4/1/2042 <br>| 1845 | 1622 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2021-A, 3.00% 4/1/2046 <br>| 6845 | 4825 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2017-A, 4.00% 4/1/2047 <br>| 250 | 205 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2017-A, 5.00% 4/1/2047 <br>| 3615 | 3423 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2021-A, 2.50% 4/1/2051 <br>| 4440 | 2617 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2021-A, 3.00% 4/1/2051 <br>| 5000 | 3289 |
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series <br> 2021-A, 4.00% 4/1/2051 <br>| 6450 | 5123 |
| Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, <br> 4.00% 7/1/2048 <br>| 500 | 437 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-B, <br> 5.00% 10/1/2032 <sup>(b)</sup> <br>| 4000 | 4388 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-B, <br> 5.00% 10/1/2035 <sup>(b)</sup> <br>| 25900 | 28276 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-L, 5.00% <br> 4/1/2038 (put 11/1/2029) <br>| 500 | 547 |
| Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), <br> Series 2019-A, 5.00% 6/1/2034 <sup>(b)</sup> <br>| 100 | 102 |
| Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), <br> Series 2019-A, 5.00% 6/1/2039 <sup>(b)</sup> <br>| 105 | 103 |
| Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), <br> Series 2019-A, 5.00% 6/1/2051 <sup>(b)</sup> <br>| 2315 | 2062 |
| Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series <br> 2014-A, 5.25% 12/1/2044 <br>| 2925 | 2819 |
| Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, <br> 5.00% 10/1/2031 <br>| 1135 | 1143 |
| Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, <br> 5.00% 10/1/2032 <br>| 1500 | 1508 |
| Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-A, <br> 3.50% 7/1/2034 <br>| 150 | 148 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, <br> 5.00% 11/1/2032 <sup>(b)</sup> <br>| 2025 | 2052 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, <br> 5.00% 11/1/2041 <sup>(b)</sup> <br>| 13295 | 12554 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% <br> 8/15/2034 (preref. 2/15/2026) <br>| 500 | 507 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% <br> 8/15/2035 (preref. 2/15/2026) <br>| 3550 | 3597 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), <br> Series 2016-A, 4.00% 6/1/2026 <sup>(b)</sup> <br>| 740 | 739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **341** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), <br> Series 2016-A, 5.00% 6/1/2036 <sup>(b)</sup> <br>| USD4,500 | $4505 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), <br> Series 2016-A, 5.00% 6/1/2046 <sup>(b)</sup> <br>| 2250 | 2053 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), <br> Series 2023-A, 5.00% 4/1/2036 <br>| 500 | 529 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), <br> Series 2023-A, 5.00% 4/1/2037 <br>| 350 | 368 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), <br> Series 2023-A, 5.00% 4/1/2038 <br>| 250 | 261 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), <br> Series 2023-A, 4.125% 4/1/2053 <br>| 700 | 614 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, <br> Series 2024-C-1, 5.00% 9/2/2039 <br>| 1235 | 1270 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, <br> Series 2024-C-1, 5.00% 9/2/2049 <br>| 4000 | 3879 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds (City <br> of Hesperia Ranchero Road Widening Improvements), Series 2022, 5.75% 9/2/2052 <br>| 8225 | 7774 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of <br> California, Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM, <br> 4.00% 5/15/2038 <br>| 2000 | 1941 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of <br> California, Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM, <br> 4.00% 5/15/2046 <br>| 7465 | 6600 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (Custodial Receipts), Series 2017, <br> 4.305% 7/1/2032 <br>| 5905 | 5436 |
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University <br> of California, Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2029 <br>| 1000 | 1012 |
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University <br> of California, Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2030 <br>| 1500 | 1517 |
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University <br> of California, Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2032 <br>| 1000 | 1009 |
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University <br> of California, Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2035 <br>| 1250 | 1257 |
| Statewide Communities Dev. Auth., Taxable Statewide Community Infrastructure Program Rev. <br> Bonds, Series 2024-B-1, 5.00% 9/2/2044 <br>| 3000 | 2961 |
| Statewide Communities Dev. Auth., Taxable Statewide Community Infrastructure Program Rev. <br> Bonds, Series 2024-B-1, 5.00% 9/2/2049 <br>| 2500 | 2401 |
| Statewide Communities Dev. Auth., Taxable Statewide Community Infrastructure Program Rev. <br> Bonds, Series 2024-B-1, 5.00% 9/2/2054 <br>| 3500 | 3344 |
| City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (Wastewater Ref. Project), Series <br> 2024, AGI, 5.00% 9/1/2028 <br>| 445 | 479 |
| City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (Wastewater Ref. Project), Series <br> 2024, AGI, 5.00% 9/1/2029 <br>| 460 | 505 |
| Stockton Unified School Dist., GO Bonds, 2018 Election, Series 2021-B, AGI, 4.00% 8/1/2040  | 790 | 777 |
| Stockton Unified School Dist., GO Bonds, 2018 Election, Series 2021-B, AGI, 4.00% 8/1/2045  | 9245 | 8410 |
| Stockton Unified School Dist., GO Bonds, 2022 Election, Series 2025-A, BAM, 5.00% 8/1/2049  | 2000 | 2031 |
| Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2036  | 780 | 870 |
| Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2037  | 700 | 773 |
| Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2039  | 415 | 449 |
| Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2040  | 500 | 535 |
| Sulphur Springs Union School Dist., Community Facs. Dist. No. 2006-1, Special Tax Bonds, Series <br> 2021, 4.00% 9/1/2048 <br>| 1000 | 826 |
| Sulphur Springs Union School Dist., Community Facs. Dist. No. 2006-1, Special Tax Bonds, CAB, <br> Series 2021, 0% 9/1/2041 <br>| 205 | 87 |
| Sulphur Springs Union School Dist., Community Facs. Dist. No. 2006-1, Special Tax Bonds, CAB, <br> Series 2021, 0% 9/1/2052 <br>| 8800 | 1832 |
| Sweetwater Union High School Dist., GO Bonds, 2006 Election, Series 2018-C, 4.00% 8/1/2043  | 4290 | 3930 |
| Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, <br> 2018 Election, Series 2022-A-1, 4.50% 8/1/2040 <br>| 6020 | 6153 |
| Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, <br> 2018 Election, Series 2022-A-1, 4.50% 8/1/2041 <br>| 6690 | 6778 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **342** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, <br> CAB, 2006 Election, Series 2022-D-2, AGI, 0% 8/1/2034 <br>| USD1,170 | $818 |
| Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, <br> CAB, 2006 Election, Series 2022-D-2, AGI, 0% 8/1/2037 <br>| 1250 | 724 |
| Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, <br> CAB, 2006 Election, Series 2022-D-2, AGI, 0% 8/1/2044 <br>| 2000 | 743 |
| Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, <br> CAB, 2006 Election, Series 2022-D-2, AGI, 0% 8/1/2045 <br>| 2000 | 699 |
| Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, <br> CAB, 2006 Election, Series 2022-D-2, AGI, 0% 8/1/2046 <br>| 2000 | 658 |
| Sweetwater Union High School Dist., GO Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2032  | 3525 | 3564 |
| Sweetwater Union High School Dist., GO Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2034  | 2075 | 2095 |
| Sweetwater Union High School Dist., GO Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2047  | 4750 | 4076 |
| Tejon Ranch Public Facs. Fncg. Auth., Community Facs. Dist. No. 2008-1, Special Tax Rev. Ref. <br> Bonds (Tejon Ranch Industrial Complex Public Improvements - East), Series 2024-A, 5.00% <br> 9/1/2038 <br>| 1250 | 1300 |
| Tejon Ranch Public Facs. Fncg. Auth., Community Facs. Dist. No. 2008-1, Special Tax Rev. Ref. <br> Bonds (Tejon Ranch Industrial Complex Public Improvements - East), Series 2024-A, 5.00% <br> 9/1/2054 <br>| 1240 | 1169 |
| City of Temecula Public Fncg. Auth. Community Facs. Dist. No. 20-01, Special Tax Bonds (Heirloom <br> Farms), Series 2024, 5.00% 9/1/2044 <br>| 920 | 922 |
| Temecula Valley Unified School Dist., Community Facs. Dist. No. 2014-1, Special Tax Rev. Bonds, <br> Series 2018, 5.00% 9/1/2050 <br>| 2100 | 2026 |
| Temecula Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Special Tax Bonds, Series <br> 2022, 4.25% 9/1/2043 <br>| 700 | 632 |
| Temecula Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Special Tax Bonds, Series <br> 2022, 4.375% 9/1/2052 <br>| 1600 | 1393 |
| Temecula Valley Unified School Dist., GO Bonds, 2012 Election, Series 2016-B, AGI, 4.00% <br> 8/1/2045 <br>| 1400 | 1260 |
| Temescal Valley Water Dist., Community Facs. Dist. No. 4 (Terramor), Improvement Area No. 2, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2036 <br>| 930 | 899 |
| Temescal Valley Water Dist., Community Facs. Dist. No. 4 (Terramor), Improvement Area No. 2, <br> Special Tax Bonds, Series 2021, 4.00% 9/1/2046 <br>| 1045 | 889 |
| City of Thousand Oaks, Community Facs. Dist. No. 1994-1 (Marketplace Public Pedestrian, Traffic <br> Circulation and Parking Facs.), Special Tax Rev. Ref. Bonds, Series 2012, 5.375% 9/1/2031 <br>| 2190 | 2191 |
| Tobacco Securitization Auth. of Northern California, Tobacco Settlement Asset-Backed Rev. Ref. <br> Senior Bonds (Sacramento County Tobacco Securitization Corp), Series 2021-A-1, 4.00% <br> 6/1/2034 <br>| 670 | 660 |
| Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. <br> Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2028 <br>| 1500 | 1555 |
| Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. <br> Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2032 <br>| 2400 | 2500 |
| Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. <br> Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2033 <br>| 2000 | 2076 |
| Township of Washington, Health Care Dist., GO Bonds, 2020 Election, Series 2023-B, 5.25% <br> 8/1/2048 <br>| 1125 | 1181 |
| Township of Washington, Health Care Dist., GO Bonds, 2020 Election, Series 2023-B, 5.50% <br> 8/1/2053 <br>| 500 | 525 |
| City of Tracy, Community Facs. Dist. No. 2006-01 (NEI Phase II), Special Tax Rev. Ref. Bonds, Series <br> 2019, 5.00% 9/1/2030 <br>| 535 | 571 |
| City of Tracy, Community Facs. Dist. No. 2006-01 (NEI Phase II), Special Tax Rev. Ref. Bonds, Series <br> 2019, 5.00% 9/1/2034 <br>| 1380 | 1435 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2030 <br>| 260 | 272 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2031 <br>| 290 | 303 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2032 <br>| 300 | 312 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2033 <br>| 335 | 348 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2034 <br>| 400 | 414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **343** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2035 <br>| USD440 | $453 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2036 <br>| 485 | 497 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2037 <br>| 530 | 541 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2038 <br>| 575 | 582 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2044 <br>| 870 | 849 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax <br> Bonds, Series 2019, 5.00% 9/1/2049 <br>| 1750 | 1665 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 2, Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2036 <br>| 750 | 726 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 2, Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2041 <br>| 1100 | 983 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 2, Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2046 <br>| 1600 | 1351 |
| City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 2, Special Tax <br> Bonds, Series 2021, 4.00% 9/1/2051 <br>| 2100 | 1692 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2045  | 1000 | 959 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2049  | 2135 | 1995 |
| Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2029  | 1280 | 1348 |
| Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2032  | 500 | 519 |
| Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2033  | 300 | 310 |
| Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2034  | 300 | 308 |
| Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2035  | 300 | 307 |
| Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2038  | 820 | 824 |
| Transmission Agcy. of Northern California, Rev. Ref. Bonds (California-Oregon Transmission <br> Project), Series 2016-A, 5.00% 5/1/2037 <br>| 600 | 606 |
| Transmission Agcy. of Northern California, Rev. Ref. Bonds (California-Oregon Transmission <br> Project), Series 2016-A, 5.00% 5/1/2039 <br>| 1000 | 1007 |
| City of Tulare, Sewer Rev. Ref. Bonds, Series 2016, AGI, 4.00% 11/15/2034  | 2235 | 2236 |
| City of Tulare, Sewer Rev. Ref. Bonds, Series 2016, AGI, 4.00% 11/15/2035  | 1320 | 1313 |
| County of Tulare, Local Health Care Dist., GO Rev. Ref. Bonds, Series 2020, BAM, 4.00% 8/1/2039  | 1850 | 1799 |
| City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2016, 5.00% 1/1/2036  | 600 | 613 |
| City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. <br> Ref. Bonds, Series 2015-A, 5.00% 9/1/2031 <br>| 1000 | 1002 |
| City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. <br> Ref. Bonds, Series 2015-A, 5.00% 9/1/2033 <br>| 1135 | 1137 |
| City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. <br> Ref. Bonds, Series 2015-A, 4.00% 9/1/2035 <br>| 250 | 250 |
| City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. <br> Ref. Bonds, Series 2015-A, 5.00% 9/1/2040 <br>| 1850 | 1854 |
| City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. <br> Ref. Bonds, Series 2015-A, 5.00% 9/1/2045 <br>| 2200 | 2204 |
| Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series <br> 1997-A-1, 5.00% 9/1/2028 <br>| 3000 | 3003 |
| Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series <br> 1997-A-1, 5.00% 9/1/2029 <br>| 1000 | 1001 |
| Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series <br> 1997-A-1, BAM, 5.00% 9/1/2038 <br>| 2500 | 2502 |
| Twin Rivers Unified School Dist., GO Bonds, CAB, 2006 Election, Series 2016, AGI, 0% 8/1/2041  | 7000 | 3048 |
| Regents of the University of California, General Rev. Bonds, Series 2024-BV, 5.00% 5/15/2035  | 1250 | 1409 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.00% 5/15/2036  | 2000 | 2247 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CA, 5.00% 5/15/2039  | 7570 | 8179 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BE, 4.00% 5/15/2040  | 2570 | 2505 |
| Regents of the University of California, General Rev. Bonds, Series 2024-BV, 5.00% 5/15/2040  | 1240 | 1322 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BE, 4.00% 5/15/2047  | 1855 | 1633 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 4.00% 5/15/2055  | 10420 | 8788 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.25% 5/15/2055  | 7800 | 8069 |
| Regents of the University of California, Limited Project Rev. Bonds, Series 2021-Q, 4.00% <br> 5/15/2038 <br>| 1215 | 1198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **344** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Regents of the University of California, Limited Project Rev. Bonds, Series 2021-Q, 4.00% <br> 5/15/2040 <br>| USD1,205 | $1172 |
| City of Upland, Community Facs. Dist. No 2016-1 (Harvest at Upland), Improvement Area No. 2, <br> Special Tax Bonds, Series 2021-A, 4.00% 9/1/2040 <br>| 260 | 235 |
| City of Upland, Community Facs. Dist. No 2016-1 (Harvest at Upland), Improvement Area No. 2, <br> Special Tax Bonds, Series 2021-A, 4.00% 9/1/2045 <br>| 165 | 137 |
| City of Upland, Community Facs. Dist. No 2016-1 (Harvest at Upland), Improvement Area No. 2, <br> Special Tax Bonds, Series 2021-A, 4.00% 9/1/2051 <br>| 265 | 209 |
| Upper Santa Clara Valley Joint Powers Auth., Rev. Bonds, Series 2016-A, 5.00% 8/1/2046  | 2120 | 2178 |
| City of Vacaville, Community Facs. Dist. No. 1, Improvement Area No. 1, Special Tax Bonds (Lower <br> Lagoon Valley), Series 2025-A, 5.00% 9/1/2045 <br>| 810 | 781 |
| City of Vacaville, Community Facs. Dist. No. 1, Improvement Area No. 1, Special Tax Bonds (Lower <br> Lagoon Valley), Series 2025-A, 5.125% 9/1/2050 <br>| 1250 | 1207 |
| City of Vacaville, Community Facs. Dist. No. 1, Improvement Area No. 1, Special Tax Bonds (Lower <br> Lagoon Valley), Series 2025-A, 5.25% 9/1/2055 <br>| 1475 | 1437 |
| Val Verde Unified School Dist., GO Bonds, 2012 Election, Series 2016-C, AGI, 4.00% 8/1/2045  | 1550 | 1374 |
| Val Verde Unified School Dist., GO Bonds, 2020 Election, Series 2021-B, AGI, 4.00% 8/1/2046  | 1885 | 1672 |
| Val Verde Unified School Dist., GO Bonds, 2020 Election, Series 2021-B, AGI, 4.00% 8/1/2051  | 2850 | 2431 |
| City of Vallejo, Water Rev. Bonds, Series 2021-A, BAM, 4.00% 5/1/2046  | 3350 | 3035 |
| City of Vallejo, Water Rev. Bonds, Series 2021-A, BAM, 4.00% 5/1/2051  | 4500 | 3880 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2044  | 885 | 928 |
| Various Purpose GO Bonds, Series 2024, 5.25% 8/1/2044  | 900 | 959 |
| Various Purpose GO Bonds, Series 2021, 5.00% 12/1/2046 (preref. 12/1/2030)  | 25 | 28 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2055  | 2490 | 2552 |
| Various Purpose GO Rev. Ref. Bonds, Series 2024, 5.00% 8/1/2031  | 950 | 1073 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 3/1/2032  | 950 | 1077 |
| Various Purpose GO Rev. Ref. Bonds, Series 2024, 5.00% 8/1/2032  | 550 | 626 |
| Various Purpose GO Rev. Ref. Bonds, Series 2020, 4.00% 3/1/2036  | 1750 | 1772 |
| Various Purpose GO Rev. Ref. Bonds, Series 2020, 4.00% 3/1/2036 (preref. 3/1/2030)  | 40 | 43 |
| Various Purpose GO Rev. Ref. Bonds, Series 2022, 4.00% 4/1/2042  | 5000 | 4715 |
| Ventura Unified School Dist., GO Bonds, 2022 Election, Series 2025-B, 5.25% 8/1/2055  | 5000 | 5174 |
| City of Vernon, Electric System Rev. Bonds, Series 2021-A, 5.00% 10/1/2025  | 500 | 502 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 10/1/2027  | 1180 | 1230 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028  | 1470 | 1544 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 8/1/2037  | 1565 | 1630 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 8/1/2040  | 775 | 789 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045  | 215 | 215 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049  | 1990 | 2005 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050  | 3450 | 3422 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052  | 2750 | 2914 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2018-CR, 4.00% 12/1/2048  | 4190 | 4225 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2019-CS, 4.00% 12/1/2049  | 4625 | 4662 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2020-CT, 3.00% 12/1/2050  | 3220 | 3210 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2022-CU, 5.50% 12/1/2052  | 4565 | 4836 |
| Victor Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-A, BAM, 4.00% 8/1/2031  | 1000 | 1006 |
| Victor Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-B, AGI, 4.00% 8/1/2035  | 3630 | 3632 |
| Victor Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-B, AGI, 4.00% 8/1/2036  | 1665 | 1665 |
| Victor Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-B, AGI, 4.00% 8/1/2037  | 3800 | 3762 |
| West Contra Costa Unified School Dist., GO Bonds, 2012 Election, Series 2020-E, AGI, 4.00% <br> 8/1/2049 <br>| 2000 | 1742 |
| West Contra Costa Unified School Dist., GO Bonds, 2020 Election, Series 2024-B, BAM, 4.00% <br> 8/1/2054 <br>| 3105 | 2620 |
| West Contra Costa Unified School Dist., GO Bonds, CAB, 2002 Election, Series 2005-D, NATL, 0% <br> 8/1/2031 <br>| 7500 | 6094 |
| West Contra Costa Unified School Dist., GO Rev. Ref. Bonds, CAB, Series 2010-D-2, AGI, 0% <br> 8/1/2036 <br>| 9000 | 5774 |
| City of West Sacramento, Fin. Auth., Special Tax Rev. Bonds, Series 2006-A, AGI, 5.00% 9/1/2026  | 150 | 153 |
| Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Bonds, Series 2017-A, <br> 5.00% 9/1/2042 <br>| 1150 | 1133 |
| Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, <br> 5.00% 9/1/2030 <br>| 600 | 614 |
| Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, <br> 5.00% 9/1/2032 <br>| 1240 | 1262 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **345** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax <br> Allocation Rev. Ref. Bonds, Series 2016-B, BAM, 4.00% 11/1/2031 <br>| USD3,105 | $3129 |
| City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax <br> Allocation Rev. Ref. Bonds, Series 2016-B, BAM, 4.00% 11/1/2035 <br>| 2220 | 2222 |
| Whittier Union High School Dist., GO Bonds, 2020 Election, Series 2021-A, 3.00% 8/1/2046  | 6900 | 5131 |
| Whittier Union High School Dist., GO Rev. Ref. Bonds, CAB, Series 2016, 0% 8/1/2032  | 2000 | 1564 |
| William S. Hart Union High School Dist., GO Bonds, CAB, 2008 Election, Series 2009-A, 0% <br> 8/1/2032 <br>| 2000 | 1594 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and <br> Capital Projects Bonds, Series 2019, 5.00% 9/1/2033 <br>| 1295 | 1335 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and <br> Capital Projects Bonds, Series 2019, 5.00% 9/1/2038 <br>| 1475 | 1495 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and <br> Capital Projects Bonds, Series 2019, 5.00% 9/1/2044 <br>| 1485 | 1473 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and <br> Capital Projects Bonds, Series 2019, 5.00% 9/1/2048 <br>| 1645 | 1602 |
| Yosemite Community College Dist., GO Bonds, CAB, 2004 Election, Series 2010-D, 0% 8/1/2031  | 1500 | 1242 |
|  |  | 2826388 |
| **Guam 0.69%** | **Guam 0.69%** | **Guam 0.69%** |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.00% <br> 10/1/2030 <br>| 250 | 263 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2023-A, AMT, 5.25% <br> 10/1/2031 <br>| 350 | 373 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.00% <br> 10/1/2032 <br>| 350 | 367 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2023-A, AMT, 5.25% <br> 10/1/2036 <br>| 685 | 712 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% <br> 10/1/2037 <br>| 250 | 260 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% <br> 10/1/2038 <br>| 350 | 363 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% <br> 10/1/2039 <br>| 450 | 463 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% <br> 10/1/2040 <br>| 660 | 676 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% <br> 10/1/2041 <br>| 400 | 407 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% <br> 10/1/2042 <br>| 515 | 519 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% <br> 10/1/2043 <br>| 250 | 251 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2015-D, 5.00% 11/15/2028  | 4500 | 4513 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 5.00% 1/1/2029  | 2000 | 2099 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2035  | 500 | 536 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2036  | 370 | 392 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 4.00% 1/1/2042  | 3685 | 3254 |
| GO Bonds, Series 2019, AMT, 5.00% 11/15/2031  | 1930 | 2001 |
| Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 11/1/2040  | 635 | 635 |
| Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2046  | 3000 | 2931 |
| Port Auth., Port Rev. Bonds, Series 2018-B, AMT, 5.00% 7/1/2037  | 400 | 403 |
|  |  | 21418 |
| **New Hampshire 0.11%** | **New Hampshire 0.11%** | **New Hampshire 0.11%** |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class B-CA, 3.811% 7/20/2040 <sup>(d)</sup> <br>| 3967 | 3415 |
| **Puerto Rico 0.94%** | **Puerto Rico 0.94%** | **Puerto Rico 0.94%** |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 5.00% 7/1/2021 <sup>(e)</sup> <br>| 2000 | 1092 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2041  | 200 | 174 |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(d)</sup> <br>| 12207 | 7599 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **346** |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | USD20,397 | $12876 |
| Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 8/1/2026 (escrowed <br> to maturity) <br>| 1830 | 1888 |
| Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 8/1/2026 (escrowed <br> to maturity) <br>| 170 | 175 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2046  | 13092 | 4074 |
| University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 6/1/2026  | 1500 | 1494 |
|  |  | 29372 |
| **United States 0.45%** | **United States 0.45%** | **United States 0.45%** |
| Freddie Mac, Multi Family Certs., Series 2023, 2.75% 11/25/2035 <sup>(b)</sup> <br>| 7534 | 6742 |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 11/25/2033  | 7716 | 7270 |
|  |  | 14012 |
| **Virgin Islands 0.25%** | **Virgin Islands 0.25%** | **Virgin Islands 0.25%** |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series <br> 2022-A, 5.00% 10/1/2027 <br>| 2500 | 2540 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series <br> 2022-A, 5.00% 10/1/2028 <br>| 1565 | 1600 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series <br> 2022-A, 5.00% 10/1/2030 <br>| 1955 | 2004 |
| Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series <br> 2022-A, 5.00% 10/1/2032 <br>| 1740 | 1777 |
|  |  | 7921 |
| **Total bonds, notes & other debt instruments** (cost: $3,082,956,000) |  | 2902526 |
| Short-term securities 6.97% |  |  |
| **Municipals 6.97%** | **Municipals 6.97%** | **Municipals 6.97%** |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2024-H, 2.20% 4/1/2059 <br> <sup>(d)</sup> <br>| 46260 | 46260 |
| Eastern Municipal Water Dist., Water and Wastewater Ref. Rev. Bonds, Series 2024-A, 1.90% <br> 7/1/2046 <sup>(d)</sup> <br>| 23670 | 23670 |
| Eastern Municipal Water Dist., Water and Wastewater Rev. Ref. Bonds, Series 2018-A, 2.20% <br> 7/1/2046 <sup>(d)</sup> <br>| 18940 | 18940 |
| Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-B, 1.15% 11/1/2035 <br> <sup>(d)</sup> <br>| 12070 | 12070 |
| Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-A, 1.95% 11/1/2035 <br> <sup>(d)</sup> <br>| 1900 | 1900 |
| City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2025, 5.00% 6/25/2026  | 20000 | 20482 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series <br> 2021-A, AMT, 4.10% 7/1/2041 (put 10/1/2025) <sup>(f)</sup> <br>| 3000 | 2998 |
| City of Pasadena, Demand Rev. Ref. Certs. of Part., Series 2008-A, 1.60% 2/1/2035 <sup>(d)</sup> <br>| 16280 | 16280 |
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), <br> Series 2001-A, AMT, 4.20% 7/1/2031 (put 7/2/2029) <sup>(f)</sup> <br>| 6000 | 6070 |
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), <br> Series 2003-A, AMT, 4.20% 11/1/2038 (put 7/2/2029) <sup>(f)</sup> <br>| 7000 | 7097 |
| Statewide Communities Dev. Auth., Rev. IAM Commercial Paper, Series 2009-B6, 2.95% 8/7/2025  | 27250 | 27251 |
| Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 2.25% 5/15/2048 <sup>(d)</sup> <br>| 14300 | 14300 |
| Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 2.30% 5/15/2048 <sup>(d)</sup> <br>| 19700 | 19700 |
| **Total short-term securities** (cost: $216,723,000) |  | 217018 |
| **Total investment securities 100.21%** (cost: $3,299,679,000) |  | 3119544 |
| **Other assets less liabilities (0.21)%** |  | (6652)<br>|
| **Net assets 100.00%** |  | $3112892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **347** | American Funds Tax-Exempt Income Funds |

---

------

The Tax-Exempt Fund of California<sup>®</sup> (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 7/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD42,639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(60)<br>|
| 5 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22276)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12904)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (239)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) 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 $252,884,000, which represented 8.12% of the net assets of the fund. 

<sup>(c)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. 

<sup>(e)</sup> Scheduled interest and/or principal payment was not received.

<sup>(f)</sup> For short-term securities, the mandatory put date is considered to be the maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Agcy. = Agency |
| AGI = Assured Guaranty insured |
| AMBAC = American Municipal Bond Assurance <br> Company insured<br>|
| AMT = Alternative Minimum Tax |
| Auth. = Authority |
| BAM = Build America Mutual insured |
| CAB = Capital Appreciation Bonds |
| Certs. = Certificates |
| CME = CME Group |

---

---

| |
|:---|
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Econ. = Economic |
| Fac. = Facility |
| Facs. = Facilities |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| IAM = Interest at Maturity |

---

---

| |
|:---|
| NATL = National Public Finance Guarantee Corp. <br> insured<br>|
| Part. = Participation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **348** |

---

------

American Funds Tax-Exempt Fund of New York<sup>®</sup>

**Investment portfolio** July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.96% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York 91.78%** | **New York 91.78%** | **New York 91.78%** |
| City of Albany Capital Resource Corp., Rev. Bonds (Kipp Capital Region Public Charter Schools Project), Series <br> 2024, 5.00% 6/1/2064  | USD1,280 | $1132 |
| City of Albany Capital Resource Corp., Rev. Bonds (Empire Commons Student Housing, Inc. Ref. Project), Series <br> 2016-A, 5.00% 5/1/2032  | 400 | 403 |
| Town of Amherst Dev. Corp., Student Housing Fac. Rev. Ref. Bonds (UBF Faculty-Student Housing Corp. - Greiner <br> and Hadley Rev. Ref. Projects at SUNY Buffalo), Series 2017-A, AGI, 5.00% 10/1/2030  | 500 | 520 |
| City of Battery Park Auth., Senior Rev. Bonds, Series 2023-B, 5.00% 11/1/2035  | 1000 | 1124 |
| Town of Brookhaven Local Dev. Corp., Rev. Bonds (Active Retirement Community, Inc.), Series 2020-A, 4.00% <br> 11/1/2055  | 1185 | 917 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, AGI, 4.00% 7/15/2034  | 240 | 240 |
| Brooklyn Arena Local Dev. Corp., PILOT Rev. Ref. Bonds (Barclays Center), Series 2016-A, 5.00% 7/15/2042  | 1925 | 1874 |
| Build NYC Resource Corp., Airport Facs. Rev. Bonds (TRIPS Obligated Group), Series 2025, AMT, 5.50% 7/1/2050  | 1500 | 1487 |
| Build NYC Resource Corp., Rev. Bonds (Academic Leadership Charter School Project), Series 2021, 4.00% <br> 6/15/2030  | 200 | 201 |
| Build NYC Resource Corp., Rev. Bonds (Academic Leadership Charter School Project), Series 2021, 4.00% <br> 6/15/2036  | 400 | 384 |
| Build NYC Resource Corp., Rev. Bonds (KIPP NYC Public School Facs. - Canal West Project), Series 2022, 5.00% <br> 7/1/2042  | 1000 | 985 |
| Build NYC Resource Corp., Rev. Bonds (KIPP NYC Public School Facs. - Canal West Project), Series 2022, 5.25% <br> 7/1/2057  | 1100 | 1041 |
| Build NYC Resource Corp., Rev. Bonds (Success Academy Charter Schools Project), Series 2024, 5.00% 9/1/2037  | 1000 | 1044 |
| Build NYC Resource Corp., Rev. Bonds (The Young Men's And Young Women's Hebrew Assn. Project), Series <br> 2024, 5.00% 12/1/2028  | 1000 | 1072 |
| Build NYC Resource Corp., Rev. Ref. Bonds (Albert Einstein School of Medicine, Inc. Project), Series 2015, 5.50% <br> 9/1/2045 <sup>(a)</sup>  | 280 | 272 |
| Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, <br> 5.00% 1/1/2035 <sup>(a)</sup>  | 915 | 915 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, 0% 11/15/2026  | 205 | 197 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2039  | 2300 | 1152 |
| Convention Center Dev. Corp., Rev. Bonds (Hotel Unit Fee Secured), CAB, Series 2016-B, BAM, 0% 11/15/2048  | 3540 | 1001 |
| Convention Center Dev. Corp., Rev. Ref. Bonds (Hotel Unit Fee Secured), Series 2015, 5.00% 11/15/2030  | 300 | 301 |
| Convention Center Dev. Corp., Rev. Ref. Bonds (Hotel Unit Fee Secured), Series 2015, 5.00% 11/15/2035  | 840 | 842 |
| Dobbs Ferry Local Dev. Corp., Rev. Bonds (Mercy College Project), Series 2014, 5.00% 7/1/2039  | 1625 | 1615 |
| Dobbs Ferry Local Dev. Corp., Rev. Bonds (Mercy College Project), Series 2014, 5.00% 7/1/2044  | 500 | 483 |
| Dormitory Auth., Mortgage Hospital Rev. Bonds (Maimonides Medical Center), Series 2020, FHA, 3.00% 2/1/2050  | 1000 | 692 |
| Dormitory Auth., Pace University Rev. Bonds, Series 2024-A, 5.50% 5/1/2056  | 1500 | 1469 |
| Dormitory Auth., Rev. Bonds (Catholic Health System Obligated Group), Series 2019-A, 4.00% 7/1/2045  | 500 | 400 |
| Dormitory Auth., Rev. Bonds (Cornell University), Series 2020-A-2, 5.00% 7/1/2030  | 1000 | 1113 |
| Dormitory Auth., Rev. Bonds (Cornell University), Series 2024-A, 5.50% 7/1/2054  | 1500 | 1580 |
| Dormitory Auth., Rev. Bonds (Iona College), Series 2021-A, 5.00% 7/1/2046  | 250 | 242 |
| Dormitory Auth., Rev. Bonds (Langone Hospitals Obligated Group), Series 2020-A, 4.00% 7/1/2050  | 1500 | 1261 |
| Dormitory Auth., Rev. Bonds (Memorial Sloan Kettering Cancer Center), Series 2025, 5.25% 7/1/2054  | 1000 | 1028 |
| Dormitory Auth., Rev. Bonds (New School), Series 2022-A, 4.00% 7/1/2047  | 1250 | 1015 |
| Dormitory Auth., Rev. Bonds (New York University), Series 2021-A, 4.00% 7/1/2046  | 3050 | 2670 |
| Dormitory Auth., Rev. Bonds (New York University), Series 2025-A, 5.00% 7/1/2046  | 1000 | 1011 |
| Dormitory Auth., Rev. Bonds (Northwell Health Obligated Group), Series 2019-B-3, 5.00% 5/1/2048 (put <br> 5/1/2026)  | 1000 | 1004 |
| Dormitory Auth., Rev. Bonds (Northwell Health Obligated Group), Series 2024-A, 4.00% 5/1/2054  | 1000 | 810 |
| Dormitory Auth., Rev. Bonds (NYU Hospitals Center), Series 2016-A, 5.00% 7/1/2033  | 400 | 406 |
| Dormitory Auth., Rev. Bonds (Presbyterian Hospital Obligated Group), Series 2023-A, 5.00% 8/1/2038  | 1000 | 1078 |
| Dormitory Auth., Rev. Bonds (State University of New York Dormitory Facs.), Series 2019-A, 4.00% 7/1/2049  | 1000 | 833 |
| Dormitory Auth., Rev. Bonds (Touro College and University System Obligated Group), Series 2017, 5.00% <br> 1/1/2038 (preref. 1/3/2028)  | 500 | 529 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, 5.25% 10/1/2049  | 960 | 952 |
| Dormitory Auth., Rev. Bonds (White Plains Hospital Obligated Group), Series 2024, AGI, 5.50% 10/1/2054  | 950 | 974 |
| Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2023-A, AGI, 5.00% 10/1/2035  | 1000 | 1074 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 4.00% 2/15/2040  | 1000 | 935 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2/15/2041 <br> (preref. 8/15/2027)  | 5 | 5 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2022-A, 5.00% 3/15/2041  | 1000 | 1031 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-E, 3.00% 3/15/2051  | 1500 | 1019 |
| Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2025-A, 5.00% 3/15/2051  | 950 | 958 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-A, 5.00% 3/15/2039  | 2275 | 2332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **349** | American Funds Tax-Exempt Income Funds |

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------

American Funds Tax-Exempt Fund of New York<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 3/15/2048  | USD1,500 | $1502 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2024-B, 5.00% 3/15/2054  | 1500 | 1513 |
| Dormitory Auth., State Sales Tax Rev. Bonds, Series 2024-A, 5.00% 3/15/2056  | 1250 | 1259 |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2025-A, 5.00% <br> 3/15/2052  | 1000 | 1008 |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2024-A, 5.25% <br> 3/15/2052  | 1285 | 1320 |
| Energy Fin. Dev. Corp., Energy Supply Rev. Bonds, Series 2025, 5.00% 7/1/2056 (put 12/1/2033)  | 1200 | 1252 |
| Energy Research and Dev. Auth., Pollution Control Rev. Bonds (New York State Electric & Gas Corp. Project), Series <br> 2004-C, 4.00% 4/1/2034  | 1110 | 1110 |
| Energy Research and Dev. Auth., Pollution Control Rev. Bonds (Rochester Gas and Electric Corp. Project), Series <br> 2004-B, AMT, 4.00% 5/15/2032  | 1500 | 1506 |
| Environmental Facs. Corp., Clean Water and Drinking Water Revolving Funds Rev. Bonds (New York City <br> Municipal Water Fin. Auth. Projects - Second Resolution Bonds), Series 2022-A, 5.00% 6/15/2051  | 1000 | 1007 |
| Environmental Facs. Corp., Rev. Green Bonds (Revolving Funds), Series 2016-B, 4.00% 8/15/2036  | 1950 | 1930 |
| Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2017, <br> AMT, 2.875% 12/1/2044 (put 12/3/2029) <sup>(a)</sup>  | 1500 | 1397 |
| Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2014-R-2, <br> AMT, 3.125% 12/1/2044 (put 6/1/2026) <sup>(a)</sup>  | 1000 | 988 |
| Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2020-R-1, <br> 2.75% 9/1/2050 (put 9/2/2025)  | 1000 | 998 |
| Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2022-R-2, <br> AMT, 5.125% 9/1/2050 (put 9/3/2030) <sup>(a)</sup>  | 1000 | 1018 |
| Genesee County Funding Corp., Rev. Bonds (Rochester Regional Health Project), Series 2022-A, 5.25% 12/1/2052  | 800 | 773 |
| Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2017-M, 3.65% 11/1/2042  | 750 | 666 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2019-D, 3.55% 11/1/2039  | 1000 | 888 |
| Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-J-2, 1.10% 11/1/2061 (put 5/1/2027)  | 685 | 657 |
| Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2017-A, 5.00% 2/15/2033  | 1700 | 1746 |
| Hudson Yards Infrastructure Corp., Rev. Bonds, Series 2017-A, 5.00% 2/15/2035  | 1000 | 1024 |
| Jefferson County Civic Fac. Dev. Corp., Rev. Bonds (Samaritan Medical Center Project), Series 2017-A, 5.00% <br> 11/1/2037  | 1000 | 947 |
| Jefferson County Civic Fac. Dev. Corp., Rev. Bonds (Samaritan Medical Center Project), Series 2017-A, 4.00% <br> 11/1/2042  | 715 | 549 |
| Jefferson County Civic Fac. Dev. Corp., Rev. Bonds (Samaritan Medical Center Project), Series 2017-A, 4.00% <br> 11/1/2047  | 500 | 356 |
| Liberty Dev. Corp., Liberty Rev. Ref. Bonds, Series 2021-WTC-1, 4.00% 2/15/2043  | 2305 | 2063 |
| Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.375% <br> 11/15/2040 <sup>(a)</sup>  | 350 | 345 |
| Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 3, 7.25% <br>11/15/2044 <sup>(a)</sup>  | 375 | 375 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 2.875% <br> 11/15/2046  | 1500 | 1001 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 3.00% <br> 11/15/2051  | 2000 | 1340 |
| Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, BAM, 3.00% <br> 11/15/2051  | 1000 | 682 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 9/1/2035  | 1315 | 1316 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 9/1/2038  | 750 | 750 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 9/1/2047  | 2225 | 2214 |
| Long Island Power Auth., Electric System General Rev. Bonds, Series 2024-A, 5.00% 9/1/2054  | 2000 | 2008 |
| Long Island Power Auth., Electric System General Rev. Green Bonds, Series 2023-E, 5.00% 9/1/2053  | 1315 | 1317 |
| Metropolitan Transportation Auth., Hudson Rail Yards Trust Obligations, Series 2016-A, 5.00% 11/15/2051  | 500 | 497 |
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 5.00% 11/15/2045 (put <br> 5/15/2030)  | 1000 | 1051 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-C-1, 5.00% 11/15/2039  | 1990 | 2033 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D, 5.00% 11/15/2045  | 1000 | 993 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, AGI, 4.00% 11/15/2049  | 1000 | 818 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-D-3, 4.00% 11/15/2049  | 1000 | 827 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2020-C-1, 5.00% 11/15/2050  | 1500 | 1453 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2019-B, 5.00% 11/15/2052  | 1305 | 1258 |
| Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.25% 11/15/2057  | 750 | 751 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 11/15/2034  | 1000 | 998 |
| Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2024-A, 5.25% 11/15/2049  | 1000 | 1008 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **350** |

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------

American Funds Tax-Exempt Fund of New York<sup>®</sup> (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Monroe County Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% <br> 7/1/2033  | USD430 | $430 |
| Monroe County Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% <br> 7/1/2034  | 380 | 380 |
| Monroe County Industrial Dev. Corp., Rev. Bonds (Rochester General Hospital Project), Series 2020-A, 4.00% <br> 12/1/2046  | 1500 | 1259 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 206, AMT, 4.00% 10/1/2037  | 80 | 80 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 10/1/2044  | 60 | 60 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 10/1/2045  | 5 | 5 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 54, 4.00% 4/1/2047  | 165 | 165 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 10/1/2047  | 135 | 135 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 10/1/2047  | 435 | 438 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 208, 4.00% 10/1/2048  | 95 | 95 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 217, 4.00% 10/1/2049  | 305 | 307 |
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 242, 3.50% 10/1/2052  | 830 | 831 |
| County of Nassau, GO General Improvement Bonds, Series 2017-A, 5.00% 1/15/2030  | 1000 | 1032 |
| County of Nassau, GO General Improvement Rev. Ref. Bonds, Series 2023-B, 5.00% 4/1/2036  | 1000 | 1105 |
| Nassau County Tobacco Settlement Corp., Tobacco Settlement Asset-Backed Bonds, Series 2006-A-3, 5.00% <br> 6/1/2035  | 600 | 530 |
| Nassau County Tobacco Settlement Corp., Tobacco Settlement Asset-Backed Bonds, Series 2006-A-3, 5.125% <br> 6/1/2046  | 705 | 564 |
| New York City GO Bonds, Fiscal 2016, Series 2016-C, 5.00% 8/1/2031  | 1000 | 1010 |
| New York City GO Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 8/1/2034  | 1000 | 1015 |
| New York City GO Bonds, Fiscal 2018, Series 2018-C, 5.00% 8/1/2032  | 1000 | 1042 |
| New York City GO Bonds, Fiscal 2023, Series 2023-C, 5.00% 8/1/2027  | 1000 | 1051 |
| New York City GO Bonds, Fiscal 2023, Series 2023-B-1, 5.25% 10/1/2047  | 1170 | 1197 |
| New York City GO Bonds, Fiscal 2024, Series 2024-C, 5.25% 3/1/2048  | 1600 | 1636 |
| New York City GO Bonds, Fiscal 2024, Series 2024-A, 5.00% 8/1/2051  | 1285 | 1285 |
| New York City GO Bonds, Fiscal 2024, Series 2024-D, 5.25% 4/1/2054  | 2035 | 2073 |
| New York City GO Bonds, Fiscal 2025, Series 2025-A, 5.00% 8/1/2036  | 1500 | 1640 |
| New York City GO Bonds, Fiscal 2025, Series 2025-E, 5.00% 8/1/2047  | 1000 | 1007 |
| New York City GO Bonds, Fiscal 2025, Series 2025-C-1, 5.00% 9/1/2047  | 1080 | 1087 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series <br> 2017-A-1-A, 3.80% 11/1/2037  | 885 | 846 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series <br> 2015-H, 2.95% 11/1/2045 (put 2/1/2026)  | 750 | 750 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2021-F-1, 2.40% 11/1/2046  | 2405 | 1513 |
| New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series <br> 2025-C-2, 3.75% 5/1/2065 (put 7/2/2029)  | 710 | 720 |
| New York City Housing Dev. Corp., Multi Family Mortgage Rev. Bonds (8 Spruce Street), Series 2024-E, 4.375% <br> 12/15/2031  | 1060 | 1086 |
| New York City Industrial Dev. Agcy., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC <br> Obligated Group), Series 2012-A, AMT, 5.00% 7/1/2028  | 140 | 140 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Queens Baseball Stadium Project), Series 2021-A, AGI, <br> 3.00% 1/1/2034  | 750 | 695 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 3.00% <br> 3/1/2040  | 1000 | 811 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, 4.00% <br> 3/1/2045  | 1000 | 863 |
| New York City Industrial Dev. Agcy., PILOT Rev. Ref. Bonds (Yankee Stadium Project), Series 2020-A, AGI, 3.00% <br> 3/1/2049  | 750 | 516 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2022-BB-1, 4.00% 6/15/2045  | 1000 | 893 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2018-BB-1, 5.00% 6/15/2046  | 1250 | 1253 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2023-DD, 4.125% 6/15/2047  | 2320 | 2087 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2017-DD, 5.00% 6/15/2047  | 1055 | 1060 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2020-GG-1, 4.00% 6/15/2050  | 1000 | 870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **351** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Tax-Exempt Fund of New York<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2023-AA-1, 5.25% 6/15/2052  | USD1,270 | $1297 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-AA-1, 5.25% 6/15/2053  | 1825 | 1870 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-BB-1, 5.25% 6/15/2054  | 1500 | 1535 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series <br> 2024-CC, 5.25% 6/15/2054  | 2050 | 2107 |
| New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal <br> 2025, Series 2025-BB, 5.25% 6/15/2055  | 2000 | 2060 |
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2019-S-3, 5.00% 7/15/2036  | 1000 | 1042 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 5/1/2042  | 1000 | 1004 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-A-3, 4.00% 8/1/2042  | 1425 | 1287 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 8/1/2036  | 2380 | 2464 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2020, Series 2020-B-1, 4.00% 11/1/2042  | 1000 | 899 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2023, Series 2023-F-1, 4.00% 2/1/2051  | 1430 | 1216 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-D, 5.00% 11/1/2040  | 1000 | 1053 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2024, Series 2024-G, 5.25% 5/1/2051  | 1000 | 1029 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-F-F1, 5.00% 11/1/2038  | 1085 | 1163 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2045  | 1500 | 1536 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-H-1, 5.00% 11/1/2046  | 1055 | 1074 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-C-C1, 5.00% 5/1/2047  | 2760 | 2797 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-D, 5.25% 5/1/2048  | 1000 | 1033 |
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2025, Series 2025-E, 5.00% 11/1/2053  | 1265 | 1270 |
| New York City Trust for Cultural Resources, Rev. Ref. Bonds (Lincoln Center for the Performing Arts, Inc.), Series <br> 2020-A, 4.00% 12/1/2035  | 1000 | 1000 |
| Niagara Area Dev. Corp., Solid Waste Disposal Fac. Rev. Ref. Bonds (Covanta Project), Series 2018-A, AMT, 4.75% <br>11/1/2042 <sup>(a)</sup>  | 1000 | 888 |
| Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series <br> 2014-A, AMT, 5.00% 4/1/2027  | 600 | 600 |
| Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series <br> 2014-A, AMT, 5.00% 4/1/2028  | 500 | 500 |
| Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series <br> 2014-A, AMT, 5.00% 4/1/2029  | 700 | 700 |
| Oneida Indian Nation, Tax Rev. Bonds, Series 2024-B, 6.00% 9/1/2043 <sup>(a)</sup>  | 500 | 523 |
| County of Onondaga, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, AGI, 5.00% 5/1/2030  | 1750 | 1752 |
| County of Onondaga, Trust for Cultural Resources, Rev. Bonds, Series 2019, 5.00% 12/1/2040  | 1000 | 1026 |
| Onongada Civic Dev. Corp., Rev. Bonds (Syracuse University Project), Series 2025, 5.50% 12/1/2056  | 1640 | 1729 |
| Port Auth., Consolidated Bonds, Series 223, AMT, 4.00% 7/15/2038  | 1365 | 1297 |
| Port Auth., Consolidated Bonds, Series 212, 4.00% 9/1/2038  | 1000 | 972 |
| Port Auth., Consolidated Bonds, Series 223, AMT, 4.00% 7/15/2040  | 1310 | 1203 |
| Port Auth., Consolidated Bonds, Series 217, 5.00% 11/1/2044  | 1500 | 1511 |
| Port Auth., Consolidated Bonds, Series 205, 5.00% 11/15/2047  | 1000 | 1001 |
| Power Auth., Rev. Bonds, Series 2020-A, 4.00% 11/15/2055  | 1500 | 1255 |
| Power Auth., Rev. Bonds (Green Transmission Project), Series 2022-A, AGI, 4.00% 11/15/2047  | 1000 | 880 |
| Southold Local Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 12/1/2045  | 1500 | 1394 |
| Thruway Auth., General Rev. Bonds, Series 2021-O, 4.00% 1/1/2040  | 1000 | 934 |
| Thruway Auth., General Rev. Bonds, Series 2020-N, 4.00% 1/1/2041  | 1900 | 1751 |
| Thruway Auth., General Rev. Bonds, Series 2020-N, 4.00% 1/1/2047  | 1500 | 1300 |
| Thruway Auth., General Rev. Bonds, Series 2020-N, 3.00% 1/1/2049  | 1970 | 1358 |
| Thruway Auth., General Rev. Bonds, Series 2024-P, 5.25% 1/1/2054  | 1350 | 1377 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 1/1/2039  | 1835 | 1783 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, 4.00% 1/1/2050  | 1000 | 843 |
| Thruway Auth., General Rev. Indebtedness Obligations, Series 2019-B, AGI, 4.00% 1/1/2053  | 1015 | 850 |
| Tompkins County Dev. Corp., Continuing Care Retirement Community Rev. Bonds (Kendal at Ithaca, Inc. Project), <br> Series 2014-A, 5.00% 7/1/2034  | 1000 | 1001 |
| Tompkins County Dev. Corp., Continuing Care Retirement Community Rev. Bonds (Kendal at Ithaca, Inc. Project), <br> Series 2022-A, 4.00% 7/1/2042  | 750 | 661 |
| Tompkins County Dev. Corp., Continuing Care Retirement Community Rev. Bonds (Kendal at Ithaca, Inc. Project), <br> Series 2014-A, 5.00% 7/1/2044  | 1415 | 1388 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport <br> Project), Series 2021, AMT, 3.00% 8/1/2031  | 250 | 230 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **352** |

---

------

American Funds Tax-Exempt Fund of New York<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport <br> Project), Series 2020, AMT, 5.375% 8/1/2036  | USD1,000 | $1019 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2035  | 500 | 518 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-A, AMT, 5.00% 12/1/2037  | 600 | 608 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-A, AMT, 4.00% 12/1/2039  | 1050 | 926 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2020-C, 4.00% 12/1/2040  | 1500 | 1376 |
| Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), <br> Series 2022, AMT, 5.00% 12/1/2042  | 1760 | 1723 |
| Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, <br> 5.00% 7/1/2034  | 500 | 500 |
| Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, <br> 5.00% 7/1/2046  | 1000 | 952 |
| Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, <br> 5.25% 1/1/2050  | 500 | 483 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2020, AMT, 4.00% 10/1/2030  | 1000 | 982 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2018, AMT, 4.00% 1/1/2036  | 725 | 674 |
| Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. <br> Project), Series 2020, AMT, 4.375% 10/1/2045  | 2000 | 1737 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2023, AMT, AGI, 5.00% 6/30/2049  | 1250 | 1193 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2025, AMT, 6.00% 6/30/2055  | 900 | 925 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2025, AMT, 6.00% 6/30/2059  | 1515 | 1553 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2023, AMT, AGI, 5.125% 6/30/2060  | 1250 | 1188 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> One Project), Series 2024, AMT, 5.50% 6/30/2060  | 500 | 485 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> Six Redev. Project), Series 2024-A, AGI, AMT, 5.25% 12/31/2054  | 1000 | 981 |
| Transportation Dev. Corp., Special Facs. Rev. Green Bonds (John. F. Kennedy International Airport New Terminal <br> Six Redev. Project), Series 2024-A, AMT, 5.50% 12/31/2054  | 1855 | 1815 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2023-B-1, 5.00% <br> 11/15/2048  | 1500 | 1506 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2020-A, 4.00% <br> 11/15/2054  | 1500 | 1256 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2020-A, 5.00% <br> 11/15/2054  | 2750 | 2740 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Bonds (MTA Bridges and Tunnels), Series 2021-A, 4.00% <br> 5/15/2046  | 1260 | 1101 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Bonds (MTA Bridges and Tunnels), Series 2022-A, 5.00% <br> 5/15/2057  | 1500 | 1503 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Green Bonds (MTA Bridges and Tunnels), Series 2024-A, <br> 5.00% 5/15/2054  | 1500 | 1507 |
| Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Green Bonds (MTA Bridges and Tunnels), Series 2024-B, <br> 5.25% 5/15/2054  | 1655 | 1696 |
| Triborough Bridge and Tunnel Auth., Real Estate Transfer Tax Rev. Bonds (MTA Bridges and Tunnels), Series <br> 2025-A, 5.25% 12/1/2054  | 1515 | 1552 |
| Triborough Bridge and Tunnel Auth., Sales Tax Rev. Bonds (MTA Bridges and Tunnels), Series 2024-A-1, 5.25% <br> 5/15/2059  | 1670 | 1706 |
| City of Troy Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, <br> 5.00% 9/1/2038  | 1500 | 1544 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2036  | 1500 | 1550 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 3/15/2042  | 1020 | 1028 |
| Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 4.00% 3/15/2049  | 1415 | 1208 |
| Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2021-A, 4.00% 3/15/2039  | 1500 | 1428 |
| Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2021-A, 4.00% 3/15/2046  | 1890 | 1664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **353** | American Funds Tax-Exempt Income Funds |

---

------

American Funds Tax-Exempt Fund of New York<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2021-A, 4.00% 3/15/2048  | USD1,500 | $1303 |
| Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2019-A, 3.00% 3/15/2049  | 1500 | 1041 |
| Urban Dev. Corp., State Sales Tax Rev. Bonds, Series 2024-A, 5.00% 3/15/2049  | 1500 | 1517 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 12/15/2041  | 1500 | 1526 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2023-TE-1, 5.00% 12/15/2041  | 810 | 865 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2023-TE-2, 5.00% 6/15/2053  | 1000 | 1020 |
| Westchester County Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 11/1/2030  | 110 | 110 |
| Westchester County Local Dev. Corp., Rev. Bonds (Miriam Osborn Memorial Home Assn. Project), Series 2019, <br> 5.00% 7/1/2027  | 200 | 206 |
| Westchester County Local Dev. Corp., Rev. Bonds (Purchase Housing Corp. II Project), Series 2017, 5.00% <br> 6/1/2037  | 1000 | 997 |
| Westchester County Local Dev. Corp., Rev. Bonds (Purchase Housing Corp. II Project), Series 2017, 5.00% <br> 6/1/2047  | 1025 | 940 |
| Westchester County Local Dev. Corp., Rev. Bonds (Senior Learning Community, Inc.), Series 2021-A, 5.00% <br> 7/1/2056 <sup>(a)</sup>  | 335 | 286 |
| Westchester County Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series <br> 2016, 5.00% 11/1/2034  | 1150 | 1141 |
| Westchester County Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series <br> 2016, 5.00% 11/1/2046  | 1500 | 1322 |
| Westchester County Local Dev. Corp., Rev. Ref. Bonds (Kendal on Hudson Project), Series 2022-B, 5.00% 1/1/2051  | 1000 | 943 |
| Yonkers Econ. Dev. Corp., Educational Rev. Bonds (Lamartine/Warburton, LLC - Charter School of Educational <br> Excellence Project), Series 2019-A, 5.00% 10/15/2049  | 1100 | 983 |
|  |  | 247967 |
| **Guam 1.29%** | **Guam 1.29%** | **Guam 1.29%** |
| Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 4.00% 1/1/2042  | 960 | 848 |
| GO Bonds, Series 2019, AMT, 5.00% 11/15/2031  | 1185 | 1229 |
| Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 11/1/2035  | 1355 | 1399 |
|  |  | 3476 |
| **Puerto Rico 2.89%** | **Puerto Rico 2.89%** | **Puerto Rico 2.89%** |
| Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-A, 4.00% 7/1/2042 <sup>(a)</sup>  | 1000 | 864 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2037  | 1000 | 942 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2041  | 1000 | 872 |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(b)</sup>  | 2162 | 1346 |
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and <br> Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 10/1/2031  | 615 | 616 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040  | 1824 | 1698 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040  | 609 | 567 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1, 5.00% 7/1/2058  | 1000 | 915 |
|  |  | 7820 |
| **Total bonds, notes & other debt instruments** (cost: $277,155,000) | **Total bonds, notes & other debt instruments** (cost: $277,155,000) | 259263 |
| Short-term securities 2.88% |  |  |
| **Municipals 2.88%** | **Municipals 2.88%** | **Municipals 2.88%** |
| Dormitory Auth., Rev. Bonds (Fordham University), Series 2008-A-2, 2.27% 7/1/2032 <sup>(b)</sup>  | 800 | 800 |
| Triborough Bridge and Tunnel Auth., General Rev. Bonds, Series 2001-C, 2.80% 1/1/2032 <sup>(b)</sup>  | 3765 | 3765 |
| Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds, Series 2005-B-3, 2.75% 1/1/2035 <sup>(b)</sup>  | 3200 | 3200 |
|  |  | 7765 |
| **Total short-term securities** (cost: $7,765,000) | **Total short-term securities** (cost: $7,765,000) | 7765 |
| **Total investment securities 98.84%** (cost: $284,920,000) | **Total investment securities 98.84%** (cost: $284,920,000) | 267028 |
| **Other assets less liabilities 1.16%** |  | 3141 |
| **Net assets 100.00%** |  | $270169 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **354** |

---

------

American Funds Tax-Exempt Fund of New York<sup>®</sup> (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 7/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD3,519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |
| 5 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) 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 $7,871,000, which represented 2.91% of the net assets of the fund. 

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Agcy. = Agency |
| AGI = Assured Guaranty insured |
| AMT = Alternative Minimum Tax |
| Assn. = Association |
| Auth. = Authority |
| BAM = Build America Mutual insured |
| CAB = Capital Appreciation Bonds |

---

---

| |
|:---|
| Dev. = Development |
| Dist. = District |
| Econ. = Economic |
| Fac. = Facility |
| Facs. = Facilities |
| FHA = Federal Housing Administration insured |
| Fin. = Finance |

---

---

| |
|:---|
| Fncg. = Financing |
| GO = General Obligation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **355** | American Funds Tax-Exempt Income Funds |

---

------

Financial statements

**Statements of assets and liabilities** at July 31, 2025 (dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **American Funds** <br>**Short-Term** <br>**Tax-Exempt Bond Fund**<br>| &nbsp;&nbsp; **Limited Term** <br>**Tax-Exempt Bond** <br>**Fund of America**<br>| &nbsp;&nbsp; **The Tax-Exempt** <br>**Bond Fund** <br>**of America**<br>|
| **Assets:** |  |  |  |
| Investment securities in unaffiliated issuers, at value | &nbsp;&nbsp;&nbsp; $2206292 | &nbsp;&nbsp;&nbsp; $5645160 | &nbsp;&nbsp;&nbsp; $22764688 |
| Cash | &nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 385 |
| Cash collateral pledged for futures contracts | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 6958 |
| Receivables for: |  |  |  |
| Sales of investments | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 14337 | &nbsp;&nbsp;&nbsp; 5840 |
| Sales of fund's shares | &nbsp;&nbsp;&nbsp; 2998 | &nbsp;&nbsp;&nbsp; 5224 | &nbsp;&nbsp;&nbsp; 37416 |
| Interest | &nbsp;&nbsp;&nbsp; 22196 | &nbsp;&nbsp;&nbsp; 55797 | &nbsp;&nbsp;&nbsp; 234534 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 2232218 | &nbsp;&nbsp;&nbsp; 5721381 | &nbsp;&nbsp;&nbsp; 23049821 |
| **Liabilities:** |  |  |  |
| Payables for: |  |  |  |
| Purchases of investments | &nbsp;&nbsp;&nbsp; 68893 | &nbsp;&nbsp;&nbsp; 98170 | &nbsp;&nbsp;&nbsp; 132412 |
| Repurchases of fund's shares | &nbsp;&nbsp;&nbsp; 2849 | &nbsp;&nbsp;&nbsp; 7080 | &nbsp;&nbsp;&nbsp; 39938 |
| Dividends on fund's shares | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp; 3031 |
| Investment advisory services | &nbsp;&nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp; 1059 | &nbsp;&nbsp;&nbsp; 4106 |
| Services provided by related parties | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp; 2633 |
| Trustees' deferred compensation | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 928 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 1092 |
| Other | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 8 |
|  | &nbsp;&nbsp;&nbsp; 72425 | &nbsp;&nbsp;&nbsp; 107793 | &nbsp;&nbsp;&nbsp; 184148 |
| Commitments and contingencies\* |  |  |  |
| **Net assets at July 31, 2025** | &nbsp;&nbsp;&nbsp; $2159793 | &nbsp;&nbsp;&nbsp; $5613588 | &nbsp;&nbsp;&nbsp; $22865673 |
| **Net assets consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp;&nbsp; $2190393 | &nbsp;&nbsp;&nbsp; $5850443 | &nbsp;&nbsp;&nbsp; $24760506 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp; (30600)<br>| &nbsp;&nbsp;&nbsp; (236855)<br>| &nbsp;&nbsp;&nbsp; (1894833)<br>|
| **Net assets at July 31, 2025** | &nbsp;&nbsp;&nbsp; $2159793 | &nbsp;&nbsp;&nbsp; $5613588 | &nbsp;&nbsp;&nbsp; $22865673 |
| Investment securities in unaffiliated issuers, at cost | &nbsp;&nbsp;&nbsp; $2203777 | &nbsp;&nbsp;&nbsp; $5706609 | &nbsp;&nbsp;&nbsp; $24072255 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **356** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at July 31, 2025 (continued)(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **American** <br>**High-Income** <br>**Municipal Bond Fund**<br>| &nbsp;&nbsp; **The Tax-Exempt** <br>**Fund of** <br>**California**<br>| &nbsp;&nbsp; **American Funds** <br>**Tax-Exempt Fund** <br>**of New York**<br>|
| **Assets:** |  |  |  |
| Investment securities in unaffiliated issuers, at value | &nbsp;&nbsp;&nbsp; $13587176 | &nbsp;&nbsp;&nbsp; $3119544 | &nbsp;&nbsp;&nbsp; $267028 |
| Cash | &nbsp;&nbsp;&nbsp; 1086 | &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp; 322 |
| Cash collateral pledged for futures contracts | &nbsp;&nbsp;&nbsp; 8197 | &nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp; 88 |
| Receivables for: |  |  |  |
| Sales of investments | &nbsp;&nbsp;&nbsp; 28595 | &nbsp;&nbsp;&nbsp; 4092 | &nbsp;&nbsp;&nbsp; — |
| Sales of fund's shares | &nbsp;&nbsp;&nbsp; 27597 | &nbsp;&nbsp;&nbsp; 3348 | &nbsp;&nbsp;&nbsp; 243 |
| Interest | &nbsp;&nbsp;&nbsp; 233400 | &nbsp;&nbsp;&nbsp; 39063 | &nbsp;&nbsp;&nbsp; 2920 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
|  | &nbsp;&nbsp;&nbsp; 13886300 | &nbsp;&nbsp;&nbsp; 3166897 | &nbsp;&nbsp;&nbsp; 270603 |
| **Liabilities:** |  |  |  |
| Payables for: |  |  |  |
| Purchases of investments | &nbsp;&nbsp;&nbsp; 95701 | &nbsp;&nbsp;&nbsp; 46696 | &nbsp;&nbsp;&nbsp; — |
| Repurchases of fund's shares | &nbsp;&nbsp;&nbsp; 28936 | &nbsp;&nbsp;&nbsp; 5613 | &nbsp;&nbsp;&nbsp; 298 |
| Dividends on fund's shares | &nbsp;&nbsp;&nbsp; 2974 | &nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp; 43 |
| Investment advisory services | &nbsp;&nbsp;&nbsp; 3161 | &nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 56 |
| Services provided by related parties | &nbsp;&nbsp;&nbsp; 1505 | &nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp; 29 |
| Trustees' deferred compensation | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 6 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 2 |
| Other | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|
|  | &nbsp;&nbsp;&nbsp; 132929 | &nbsp;&nbsp;&nbsp; 54005 | &nbsp;&nbsp;&nbsp; 434 |
| Commitments and contingencies\* |  |  |  |
| **Net assets at July 31, 2025** | &nbsp;&nbsp;&nbsp; $13753371 | &nbsp;&nbsp;&nbsp; $3112892 | &nbsp;&nbsp;&nbsp; $270169 |
| **Net assets consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp;&nbsp; $14714000 | &nbsp;&nbsp;&nbsp; $3346370 | &nbsp;&nbsp;&nbsp; $296533 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp; (960629)<br>| &nbsp;&nbsp;&nbsp; (233478)<br>| &nbsp;&nbsp;&nbsp; (26364)<br>|
| **Net assets at July 31, 2025** | &nbsp;&nbsp;&nbsp; $13753371 | &nbsp;&nbsp;&nbsp; $3112892 | &nbsp;&nbsp;&nbsp; $270169 |
| Investment securities in unaffiliated issuers, at cost | &nbsp;&nbsp;&nbsp; $14389944 | &nbsp;&nbsp;&nbsp; $3299679 | &nbsp;&nbsp;&nbsp; $284920 |

---

\*

Refer to Note 5 for further information on unfunded commitments.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **357** | American Funds Tax-Exempt Income Funds |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at July 31, 2025 (continued)(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **American Funds** <br>**Short-Term** <br>**Tax-Exempt Bond Fund**<br>| &nbsp;&nbsp; **Limited Term** <br>**Tax-Exempt Bond** <br>**Fund of America**<br>| &nbsp;&nbsp; **The Tax-Exempt** <br>**Bond Fund** <br>**of America**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |
| **Class A:** | Net assets | &nbsp;&nbsp;&nbsp; $1126817 | &nbsp;&nbsp;&nbsp; $3076568 | &nbsp;&nbsp;&nbsp; $11324863 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 112394 | &nbsp;&nbsp;&nbsp; 199693 | &nbsp;&nbsp;&nbsp; 938346 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $15.41 | &nbsp;&nbsp;&nbsp; $12.07 |
| **Class C:** | Net assets |  | &nbsp;&nbsp;&nbsp; $9354 | &nbsp;&nbsp;&nbsp; $124910 |
|  | Shares outstanding | Not applicable | &nbsp;&nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp; 10350 |
|  | Net asset value per share |  | &nbsp;&nbsp;&nbsp; $15.41 | &nbsp;&nbsp;&nbsp; $12.07 |
| **Class T:** | Net assets | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $9 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $15.41 | &nbsp;&nbsp;&nbsp; $12.07 |
| **Class F-1:** | Net assets | &nbsp;&nbsp;&nbsp; $3001 | &nbsp;&nbsp;&nbsp; $24818 | &nbsp;&nbsp;&nbsp; $156322 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 1611 | &nbsp;&nbsp;&nbsp; 12952 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $15.41 | &nbsp;&nbsp;&nbsp; $12.07 |
| **Class F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $229242 | &nbsp;&nbsp;&nbsp; $661185 | &nbsp;&nbsp;&nbsp; $5483736 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 22866 | &nbsp;&nbsp;&nbsp; 42916 | &nbsp;&nbsp;&nbsp; 454367 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $15.41 | &nbsp;&nbsp;&nbsp; $12.07 |
| **Class F-3:** | Net assets | &nbsp;&nbsp;&nbsp; $685556 | &nbsp;&nbsp;&nbsp; $1685506 | &nbsp;&nbsp;&nbsp; $5775823 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 68380 | &nbsp;&nbsp;&nbsp; 109402 | &nbsp;&nbsp;&nbsp; 478568 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $15.41 | &nbsp;&nbsp;&nbsp; $12.07 |
| **Class R-6:** | Net assets | &nbsp;&nbsp;&nbsp; $115167 | &nbsp;&nbsp;&nbsp; $156147 | &nbsp;&nbsp;&nbsp; $10 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 11487 | &nbsp;&nbsp;&nbsp; 10135 | &nbsp;&nbsp;&nbsp; 1 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $15.41 | &nbsp;&nbsp;&nbsp; $12.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **358** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at July 31, 2025 (continued)(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **American** <br>**High-Income** <br>**Municipal Bond Fund**<br>| &nbsp;&nbsp; **The Tax-Exempt** <br>**Fund of** <br>**California**<br>| &nbsp;&nbsp; **American Funds** <br>**Tax-Exempt Fund** <br>**of New York**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |
| **Class A:** | Net assets | &nbsp;&nbsp;&nbsp; $5328714 | &nbsp;&nbsp;&nbsp; $1380773 | &nbsp;&nbsp;&nbsp; $174970 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 360789 | &nbsp;&nbsp;&nbsp; 85500 | &nbsp;&nbsp;&nbsp; 18175 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp; $9.63 |
| **Class C:** | Net assets | &nbsp;&nbsp;&nbsp; $84896 | &nbsp;&nbsp;&nbsp; $18319 | &nbsp;&nbsp;&nbsp; $3636 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 5748 | &nbsp;&nbsp;&nbsp; 1134 | &nbsp;&nbsp;&nbsp; 378 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp; $9.63 |
| **Class T:** | Net assets | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp; $9 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp; $9.63 |
| **Class F-1:** | Net assets | &nbsp;&nbsp;&nbsp; $125544 | &nbsp;&nbsp;&nbsp; $36625 | &nbsp;&nbsp;&nbsp; $600 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp; 2268 | &nbsp;&nbsp;&nbsp; 62 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp; $9.63 |
| **Class F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $3225560 | &nbsp;&nbsp;&nbsp; $662917 | &nbsp;&nbsp;&nbsp; $42208 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 218392 | &nbsp;&nbsp;&nbsp; 41049 | &nbsp;&nbsp;&nbsp; 4384 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp; $9.63 |
| **Class F-3:** | Net assets | &nbsp;&nbsp;&nbsp; $3630942 | &nbsp;&nbsp;&nbsp; $1014249 | &nbsp;&nbsp;&nbsp; $48746 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 245838 | &nbsp;&nbsp;&nbsp; 62805 | &nbsp;&nbsp;&nbsp; 5063 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp; $9.63 |
| **Class R-6:** | Net assets | &nbsp;&nbsp;&nbsp; $1357705 |  |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 91926 | Not applicable | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $14.77 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **359** | American Funds Tax-Exempt Income Funds |

---

------

Financial statements (continued)

**Statements of operations** for the year ended July 31, 2025(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **American Funds** <br>**Short-Term** <br>**Tax-Exempt Bond Fund**<br>| &nbsp;&nbsp; **Limited Term** <br>**Tax-Exempt Bond** <br>**Fund of America**<br>| &nbsp;&nbsp; **The Tax-Exempt** <br>**Bond Fund** <br>**of America**<br>|
| **Investment income:** |  |  |  |
| Income: |  |  |  |
| Interest from unaffiliated issuers | &nbsp;&nbsp;&nbsp; $64579 | &nbsp;&nbsp;&nbsp; $178418 | &nbsp;&nbsp;&nbsp; $870527 |
| Fees and expenses\*: |  |  |  |
| Investment advisory services | &nbsp;&nbsp;&nbsp; 4140 | &nbsp;&nbsp;&nbsp; 12633 | &nbsp;&nbsp;&nbsp; 49586 |
| Distribution services | &nbsp;&nbsp;&nbsp; 1641 | &nbsp;&nbsp;&nbsp; 9379 | &nbsp;&nbsp;&nbsp; 31358 |
| Transfer agent services | &nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 2133 | &nbsp;&nbsp;&nbsp; 11313 |
| Administrative services | &nbsp;&nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp; 1673 | &nbsp;&nbsp;&nbsp; 7151 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 355 |
| Registration statement and prospectus | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 726 |
| Trustees' compensation | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 216 |
| Auditing and legal | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 157 |
| Custodian | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 87 |
| Federal, state and local taxes | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|
| Other | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 35 |
| Total fees and expenses before waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 7410 | &nbsp;&nbsp;&nbsp; 26299 | &nbsp;&nbsp;&nbsp; 100984 |
| Less waivers/reimbursements of fees and expenses: |  |  |  |
| Investment advisory services waivers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — |
| Miscellaneous fee reimbursements | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total fees and expenses after waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 7233 | &nbsp;&nbsp;&nbsp; 26155 | &nbsp;&nbsp;&nbsp; 100984 |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 57346 | &nbsp;&nbsp;&nbsp; 152263 | &nbsp;&nbsp;&nbsp; 769543 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp; (3534)<br>| &nbsp;&nbsp;&nbsp; (20017)<br>| &nbsp;&nbsp;&nbsp; (87598)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 1177 | &nbsp;&nbsp;&nbsp; 4899 | &nbsp;&nbsp;&nbsp; 10572 |
|  | &nbsp;&nbsp;&nbsp; (2357)<br>| &nbsp;&nbsp;&nbsp; (15118)<br>| &nbsp;&nbsp;&nbsp; (77026)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp; 20612 | &nbsp;&nbsp;&nbsp; 48049 | &nbsp;&nbsp;&nbsp; (692179)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (437)<br>| &nbsp;&nbsp;&nbsp; (1690)<br>| &nbsp;&nbsp;&nbsp; (4949)<br>|
|  | &nbsp;&nbsp;&nbsp; 20175 | &nbsp;&nbsp;&nbsp; 46359 | &nbsp;&nbsp;&nbsp; (697128)<br>|
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp;&nbsp; 17818 | &nbsp;&nbsp;&nbsp; 31241 | &nbsp;&nbsp;&nbsp; (774154)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; $75164 | &nbsp;&nbsp;&nbsp; $183504 | &nbsp;&nbsp;&nbsp; $(4611)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **360** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended July 31, 2025 (continued)(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **American** <br>**High-Income** <br>**Municipal Bond Fund**<br>| &nbsp;&nbsp; **The Tax-Exempt** <br>**Fund of** <br>**California**<br>| &nbsp;&nbsp; **American Funds** <br>**Tax-Exempt Fund** <br>**of New York**<br>|
| **Investment income:** |  |  |  |
| Income: |  |  |  |
| Interest from unaffiliated issuers | &nbsp;&nbsp;&nbsp; $667028 | &nbsp;&nbsp;&nbsp; $115427 | &nbsp;&nbsp;&nbsp; $10670 |
| Fees and expenses\*: |  |  |  |
| Investment advisory services | &nbsp;&nbsp;&nbsp; 37650 | &nbsp;&nbsp;&nbsp; 8063 | &nbsp;&nbsp;&nbsp; 759 |
| Distribution services | &nbsp;&nbsp;&nbsp; 17405 | &nbsp;&nbsp;&nbsp; 3890 | &nbsp;&nbsp;&nbsp; 510 |
| Transfer agent services | &nbsp;&nbsp;&nbsp; 6350 | &nbsp;&nbsp;&nbsp; 1157 | &nbsp;&nbsp;&nbsp; 112 |
| Administrative services | &nbsp;&nbsp;&nbsp; 4135 | &nbsp;&nbsp;&nbsp; 951 | &nbsp;&nbsp;&nbsp; 84 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 10 |
| Registration statement and prospectus | &nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 94 |
| Trustees' compensation | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 2 |
| Auditing and legal | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 71 |
| Custodian | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 6 |
| Federal, state and local taxes | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|
| Other | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 11 |
| Total fees and expenses before waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 67127 | &nbsp;&nbsp;&nbsp; 14364 | &nbsp;&nbsp;&nbsp; 1659 |
| Less waivers/reimbursements of fees and expenses: |  |  |  |
| Investment advisory services waivers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 52 |
| Miscellaneous fee reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 138 |
| Total fees and expenses after waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 67127 | &nbsp;&nbsp;&nbsp; 14322 | &nbsp;&nbsp;&nbsp; 1469 |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 599901 | &nbsp;&nbsp;&nbsp; 101105 | &nbsp;&nbsp;&nbsp; 9201 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp; (21702)<br>| &nbsp;&nbsp;&nbsp; (12997)<br>| &nbsp;&nbsp;&nbsp; (1257)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 1101 | &nbsp;&nbsp;&nbsp; 2317 | &nbsp;&nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp; (20601)<br>| &nbsp;&nbsp;&nbsp; (10680)<br>| &nbsp;&nbsp;&nbsp; (1107)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp; (554435)<br>| &nbsp;&nbsp;&nbsp; (115476)<br>| &nbsp;&nbsp;&nbsp; (13884)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (4902)<br>| &nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp; 9 |
|  | &nbsp;&nbsp;&nbsp; (559337)<br>| &nbsp;&nbsp;&nbsp; (115072)<br>| &nbsp;&nbsp;&nbsp; (13875)<br>|
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp;&nbsp; (579938)<br>| &nbsp;&nbsp;&nbsp; (125752)<br>| &nbsp;&nbsp;&nbsp; (14982)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; $19963 | &nbsp;&nbsp;&nbsp; $(24647)<br>| &nbsp;&nbsp;&nbsp; $(5781)<br>|

---

\*

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

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **361** | American Funds Tax-Exempt Income Funds |

---

------

Financial statements (continued)

**Statements of changes in net assets**(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** <br>**Short-Term** <br>**Tax-Exempt Bond Fund** | **American Funds** <br>**Short-Term** <br>**Tax-Exempt Bond Fund** | **Limited Term** <br>**Tax-Exempt Bond** <br>**Fund of America** | **Limited Term** <br>**Tax-Exempt Bond** <br>**Fund of America** | **The Tax-Exempt** <br>**Bond Fund** <br>**of America** | **The Tax-Exempt** <br>**Bond Fund** <br>**of America** |
|  | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $57346 | $52701 | $152263 | $154940 | $769543 | $729414 |
| Net realized gain (loss) | (2357)<br>| (11546)<br>| (15118)<br>| (60232)<br>| (77026)<br>| (144436)<br>|
| Net unrealized appreciation (depreciation) | 20175 | 35733 | 46359 | 138804 | (697128)<br>| 561073 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 75164 | 76888 | 183504 | 233512 | (4611)<br>| 1146051 |
| **Distributions paid or accrued to shareholders** | (56576)<br>| (51166)<br>| (148345)<br>| (147793)<br>| (749761)<br>| (699174)<br>|
| **Net capital share transactions** | 235456 | (329434)<br>| 37023 | (1204788)<br>| 180722 | 27125 |
| **Total increase (decrease) in net assets** | 254044 | (303712)<br>| 72182 | (1119069)<br>| (573650)<br>| 474002 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 1905749 | 2209461 | 5541406 | 6660475 | 23439323 | 22965321 |
| End of year | $2159793 | $1905749 | $5613588 | $5541406 | $22865673 | $23439323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Municipal Bond Fund** | **American** <br>**High-Income** <br>**Municipal Bond Fund** | **The Tax-Exempt** <br>**Fund of** <br>**California** | **The Tax-Exempt** <br>**Fund of** <br>**California** | **American Funds** <br>**Tax-Exempt Fund** <br>**of New York** | **American Funds** <br>**Tax-Exempt Fund** <br>**of New York** |
|  | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, | Year ended July 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $599901 | $526451 | $101105 | $87515 | $9201 | $8120 |
| Net realized gain (loss) | (20601)<br>| (70907)<br>| (10680)<br>| (12706)<br>| (1107)<br>| (1569)<br>|
| Net unrealized appreciation (depreciation) | (559337)<br>| 569819 | (115072)<br>| 70057 | (13875)<br>| 5832 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 19963 | 1025363 | (24647)<br>| 144866 | (5781)<br>| 12383 |
| **Distributions paid or accrued to shareholders** | (569899)<br>| (479025)<br>| (98901)<br>| (83899)<br>| (8888)<br>| (7950)<br>|
| **Net capital share transactions** | 1423640 | 1342062 | 176606 | 254654 | 7316 | 20917 |
| **Total increase (decrease) in net assets** | 873704 | 1888400 | 53058 | 315621 | (7353)<br>| 25350 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 12879667 | 10991267 | 3059834 | 2744213 | 277522 | 252172 |
| End of year | $13753371 | $12879667 | $3112892 | $3059834 | $270169 | $277522 |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **362** |

---

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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** | &nbsp;&nbsp; **Contingent deferred sales** <br>**charge upon redemption**<br>| **Conversion feature** |
| Class A | Up to 2.50% for American Funds <br> Short-Term Tax-Exempt Bond Fund and <br> Limited Term Tax-Exempt Bond Fund of <br> America; up to 3.75% for all other funds<br>| &nbsp;&nbsp; None (except 0.75% for certain <br> redemptions within 18 months of purchase <br> without an initial sales charge)<br>|  |
| Class C\* |  | &nbsp;&nbsp; 1.00% for redemptions within one year of <br> purchase<br>| &nbsp;&nbsp; Class C converts to Class A <br> after eight years<br>|
| Class T<sup>†</sup> <br>| Up to 2.50% |  |  |
| Classes F-1, F-2 and F-3 |  |  |  |
| Class R-6 |  |  |  |

---

\*

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

<sup>†</sup>

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **363** | American Funds Tax-Exempt Income Funds |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 ("FASB"). 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.

**Operating segments** — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

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

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

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

**New accounting pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("the ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

**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 per share of each share class of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 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 evaluated prices obtained from third-party 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **364** |

---

------

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 each fund's investment adviser and approved by the 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, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair 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 designated the funds' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the boards of trustees. Each fund's board and audit committee also regularly review reports that describe fair value determinations and methods.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **365** | American Funds Tax-Exempt Income Funds |

---

------

The funds' valuation levels as of July 31, 2025, were as follows (dollars in thousands):

**American Funds Short-Term Tax-Exempt Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Texas | $— | $256796 | $— | $256796 |
| California |  | 236511 |  | 236511 |
| New York |  | 189296 |  | 189296 |
| Illinois |  | 79185 |  | 79185 |
| Pennsylvania |  | 71209 |  | 71209 |
| Alabama |  | 67290 |  | 67290 |
| Georgia |  | 62119 |  | 62119 |
| New Jersey |  | 61824 |  | 61824 |
| Florida |  | 58576 |  | 58576 |
| Colorado |  | 57485 |  | 57485 |
| Other |  | 813491 |  | 813491 |
| Short-term securities  |  | 252510 |  | 252510 |
| Total | $— | $2206292 | $— | $2206292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $34 | $— | $— | $34 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (102)<br>|  |  | (102)<br>|
| Total  | $(68)<br>| $— | $— | $(68)<br>|

---

**Limited Term Tax-Exempt Bond Fund of America** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| California | $— | $664242 | $— | $664242 |
| Texas |  | 650826 |  | 650826 |
| New York |  | 400498 |  | 400498 |
| Illinois |  | 325518 |  | 325518 |
| Alabama |  | 210986 |  | 210986 |
| Pennsylvania |  | 195460 |  | 195460 |
| Georgia |  | 194083 |  | 194083 |
| Washington |  | 178658 |  | 178658 |
| New Jersey |  | 167204 |  | 167204 |
| Michigan |  | 152256 |  | 152256 |
| Other |  | 2132986 |  | 2132986 |
| Short-term securities  |  | 372443 |  | 372443 |
| Total | $— | $5645160 | $— | $5645160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $76 | $— | $— | $76 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (259)<br>|  |  | (259)<br>|
| Total  | $(183)<br>| $— | $— | $(183)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **366** |

---

------

**The Tax-Exempt Bond Fund of America** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Texas | $— | $2873076 | $— | $2873076 |
| New York |  | 2504877 |  | 2504877 |
| California |  | 1992873 |  | 1992873 |
| Illinois |  | 1891735 |  | 1891735 |
| Alabama |  | 867599 |  | 867599 |
| Florida |  | 831932 |  | 831932 |
| Pennsylvania |  | 770288 |  | 770288 |
| Michigan |  | 584633 |  | 584633 |
| Georgia |  | 581844 |  | 581844 |
| Washington |  | 571307 |  | 571307 |
| Other |  | 8073388 |  | 8073388 |
| Short-term securities  |  | 1221136 |  | 1221136 |
| Total | $— | $22764688 | $— | $22764688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1745 | $— | $— | $1745 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (5976)<br>|  |  | (5976)<br>|
| Total  | $(4231)<br>| $— | $— | $(4231)<br>|

---

**American High-Income Municipal Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Colorado | $— | $1308835 | $— | $1308835 |
| California |  | 1075749 |  | 1075749 |
| Texas |  | 1038006 | 6793 | 1044799 |
| New York |  | 878224 |  | 878224 |
| Illinois |  | 780291 |  | 780291 |
| Puerto Rico |  | 764238 |  | 764238 |
| Wisconsin |  | 746560 |  | 746560 |
| Florida |  | 672213 |  | 672213 |
| Pennsylvania |  | 472934 |  | 472934 |
| Arizona |  | 433879 |  | 433879 |
| Other |  | 4743222 | 14590 | 4757812 |
| Short-term securities  |  | 651642 |  | 651642 |
| Total | $— | $13565793 | $21383 | $13587176 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $2162 | $— | $— | $2162 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (2026)<br>|  |  | (2026)<br>|
| Total  | $136 | $— | $— | $136 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **367** | American Funds Tax-Exempt Income Funds |

---

------

**The Tax-Exempt Fund of California** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Municipals | $— | $2901298 | $— | $2901298 |
| Mortgage-backed obligations |  | 1228 |  | 1228 |
| Short-term securities  |  | 217018 |  | 217018 |
| Total | $— | $3119544 | $— | $3119544 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $152 | $— | $— | $152 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (299)<br>|  |  | (299)<br>|
| Total  | $(147)<br>| $— | $— | $(147)<br>|

---

**American Funds Tax-Exempt Fund of New York** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Municipals | $— | $259263 | $— | $259263 |
| Short-term securities  |  | 7765 |  | 7765 |
| Total | $— | $267028 | $— | $267028 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $14 | $— | $— | $14 |
| Total  | $14 | $— | $— | $14 |

---

\*

Futures contracts are not included in the fund's 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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **368** |

---

------

**Issuer risks** — The prices of, and the income generated by, securities held by the funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

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

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by the funds may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the funds. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the funds having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

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

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

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

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **369** | American Funds Tax-Exempt Income Funds |

---

------

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

**Insured municipal bonds** – The funds may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the funds' shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

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

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

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

**5. Certain investment techniques**

------

**Unfunded commitments** — American High-Income Municipal Bond Fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of July 31, 2025, the maximum exposure from these unfunded bond commitments for American High-Income Municipal Bond Fund was $4,971,000, which would represent .04% of the net assets of the fund should such commitments become due.

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

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

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **370** |

---

------

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

---

| | |
|:---|:---|
|  | **Futures** <br>**contracts**<br>|
| American Funds Short-Term Tax-Exempt Bond Fund | $122534 |
| Limited Term Tax-Exempt Bond Fund of America | 399977 |
| The Tax-Exempt Bond Fund of America | 1650224 |
| American High-Income Municipal Bond Fund | 1016713 |
| The Tax-Exempt Fund of California | 238821 |
| American Funds Tax-Exempt Fund of New York | 13401 |

---

The following tables identify the location of and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from the funds' use of futures contracts as of, or for the year ended, July 31, 2025 (dollars in thousands):

**American Funds Short-Term Tax-Exempt Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation\* | $34 | Unrealized depreciation\* | $102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $1177 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(437)<br>|

---

**Limited Term Tax-Exempt Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation\* | $76 | Unrealized depreciation\* | $259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $4899 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(1690)<br>|

---

**The Tax-Exempt Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation\* | $1745 | Unrealized depreciation\* | $5976 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $10572 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(4949)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **371** | American Funds Tax-Exempt Income Funds |

---

------

**American High-Income Municipal Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation\* | $2162 | Unrealized depreciation\* | $2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $1101 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(4902)<br>|

---

**The Tax-Exempt Fund of California** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation\* | $152 | Unrealized depreciation\* | $299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $2317 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $404 |

---

**American Funds Tax-Exempt Fund of New York** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation\* | $14 | Unrealized depreciation\* | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $150 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $9 |

---

\*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **372** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Taxation and distributions**

------

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

As of and during the year ended July 31, 2025, 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 year, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally 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 typically three years after the date of filing but can be extended in certain jurisdictions.

**Distributions** — Distributions determined on a tax basis 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; paydowns on fixed-income securities; deferred expenses; cost of investments sold; net capital losses; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Additional tax basis disclosures for each fund as of July 31, 2025, were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **American** <br>**Funds** <br>**Short-Term** <br>**Tax-Exempt** <br>**Bond Fund**<br>| &nbsp;&nbsp; **Limited Term** <br>**Tax-Exempt** <br>**Bond Fund** <br>**of America**<br>| &nbsp;&nbsp; **The** <br>**Tax-Exempt** <br>**Bond Fund** <br>**of America**<br>| &nbsp;&nbsp; **American** <br>**High-Income** <br>**Municipal** <br>**Bond Fund**<br>| &nbsp;&nbsp; **The** <br>**Tax-Exempt** <br>**Fund of** <br>**California**<br>| &nbsp;&nbsp; **American** <br>**Funds** <br>**Tax-Exempt** <br>**Fund of** <br>**New York**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $734 | &nbsp;&nbsp; $1268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Undistributed tax-exempt income | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 7089 | &nbsp;&nbsp; 7902 | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 105 |
| Capital loss carryforward\* | &nbsp;&nbsp; (35128)<br>| &nbsp;&nbsp; (187305)<br>| &nbsp;&nbsp; (641933)<br>| &nbsp;&nbsp; (248336)<br>| &nbsp;&nbsp; (60075)<br>| &nbsp;&nbsp; (9045)<br>|
| Gross unrealized appreciation on investments | &nbsp;&nbsp; 13855 | &nbsp;&nbsp; 38271 | &nbsp;&nbsp; 97600 | &nbsp;&nbsp; 161169 | &nbsp;&nbsp; 11761 | &nbsp;&nbsp; 536 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp; (10354)<br>| &nbsp;&nbsp; (89759)<br>| &nbsp;&nbsp; (1353428)<br>| &nbsp;&nbsp; (872577)<br>| &nbsp;&nbsp; (185564)<br>| &nbsp;&nbsp; (17911)<br>|
| Net unrealized appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp; 3501 | &nbsp;&nbsp; (51488)<br>| &nbsp;&nbsp; (1255828)<br>| &nbsp;&nbsp; (711408)<br>| &nbsp;&nbsp; (173803)<br>| &nbsp;&nbsp; (17375)<br>|
| Cost of investments | &nbsp;&nbsp; 2202723 | &nbsp;&nbsp; 5696465 | &nbsp;&nbsp; 24016285 | &nbsp;&nbsp; 14298720 | &nbsp;&nbsp; 3293200 | &nbsp;&nbsp; 284417 |
| Reclassification from total accumulated loss to <br> capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp; 215 | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 6093 | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 15 |

---

\*

Each fund's capital loss carryforwards will be used to offset any capital gains realized by the fund in future years. For Limited Term Tax-Exempt Bond Fund of America, utilization of capital losses may be limited in current and future years due to IRC Section 382. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **373** | American Funds Tax-Exempt Income Funds |

---

------

Distributions paid or accrued by each fund were characterized for tax purposes as follows (dollars in thousands):

**American Funds Short-Term Tax-Exempt Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| <br>**Share class** | **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>| &nbsp;&nbsp;&nbsp; **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>|
| Class A | &nbsp;&nbsp; $29285 | $163 | $29448 | &nbsp;&nbsp;&nbsp;&nbsp; $27470 | $— | $27470 |
| Class T | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Class F-1 | &nbsp;&nbsp; 78 | — <br><sup>†</sup><br>| 78 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |  | 102 |
| Class F-2 | &nbsp;&nbsp; 6035 | 34 | 6069 | &nbsp;&nbsp;&nbsp;&nbsp; 5542 |  | 5542 |
| Class F-3 | &nbsp;&nbsp; 17452 | 101 | 17553 | &nbsp;&nbsp;&nbsp;&nbsp; 13463 |  | 13463 |
| Class R-6 | &nbsp;&nbsp; 3408 | 20 | 3428 | &nbsp;&nbsp;&nbsp;&nbsp; 4589 |  | 4589 |
| Total | &nbsp;&nbsp; $56258 | $318 | $56576 | &nbsp;&nbsp;&nbsp;&nbsp; $51166 | $— | $51166 |

---

**Limited Term Tax-Exempt Bond Fund of America** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| <br>**Share class** | **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>| &nbsp;&nbsp;&nbsp; **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>|
| Class A | &nbsp;&nbsp; $76467 | $944 | $77411 | &nbsp;&nbsp;&nbsp;&nbsp; $71391 | $— | $71391 |
| Class C | &nbsp;&nbsp; 182 | 2 | 184 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |  | 195 |
| Class T | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Class F-1 | &nbsp;&nbsp; 647 | 8 | 655 | &nbsp;&nbsp;&nbsp;&nbsp; 731 |  | 731 |
| Class F-2 | &nbsp;&nbsp; 18013 | 230 | 18243 | &nbsp;&nbsp;&nbsp;&nbsp; 19370 |  | 19370 |
| Class F-3 | &nbsp;&nbsp; 46651 | 604 | 47255 | &nbsp;&nbsp;&nbsp;&nbsp; 38693 |  | 38693 |
| Class R-6 | &nbsp;&nbsp; 4540 | 57 | 4597 | &nbsp;&nbsp;&nbsp;&nbsp; 17413 |  | 17413 |
| Total | &nbsp;&nbsp; $146500 | $1845 | $148345 | &nbsp;&nbsp;&nbsp;&nbsp; $147793 | $— | $147793 |

---

**The Tax-Exempt Bond Fund of America** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| <br>**Share class** | **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>| &nbsp;&nbsp;&nbsp; **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>|
| Class A | &nbsp;&nbsp; $350751 | $7200 | $357951 | &nbsp;&nbsp;&nbsp;&nbsp; $329057 | $5235 | $334292 |
| Class C | &nbsp;&nbsp; 3232 | 52 | 3284 | &nbsp;&nbsp;&nbsp;&nbsp; 3955 | 42 | 3997 |
| Class T | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class F-1 | &nbsp;&nbsp; 4699 | 98 | 4797 | &nbsp;&nbsp;&nbsp;&nbsp; 4295 | 65 | 4360 |
| Class F-2 | &nbsp;&nbsp; 179158 | 3802 | 182960 | &nbsp;&nbsp;&nbsp;&nbsp; 162176 | 2586 | 164762 |
| Class F-3 | &nbsp;&nbsp; 196570 | 4199 | 200769 | &nbsp;&nbsp;&nbsp;&nbsp; 168010 | 2713 | 170723 |
| Class R-6 | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 20681 | 359 | 21040 |
| Total | &nbsp;&nbsp; $734410 | $15351 | $749761 | &nbsp;&nbsp;&nbsp;&nbsp; $688174 | $11000 | $699174 |

---

Refer to the end of the tables for footnote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **374** |

---

------

**American High-Income Municipal Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| <br>**Share class** | **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>| &nbsp;&nbsp;&nbsp; **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>|
| Class A | &nbsp;&nbsp; $208925 | $3383 | $212308 | &nbsp;&nbsp;&nbsp;&nbsp; $189613 | $1637 | $191250 |
| Class C | &nbsp;&nbsp; 3059 | 36 | 3095 | &nbsp;&nbsp;&nbsp;&nbsp; 3583 | 17 | 3600 |
| Class T | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class F-1 | &nbsp;&nbsp; 4994 | 92 | 5086 | &nbsp;&nbsp;&nbsp;&nbsp; 3711 | 31 | 3742 |
| Class F-2 | &nbsp;&nbsp; 125385 | 2126 | 127511 | &nbsp;&nbsp;&nbsp;&nbsp; 96911 | 888 | 97799 |
| Class F-3 | &nbsp;&nbsp; 162517 | 2744 | 165261 | &nbsp;&nbsp;&nbsp;&nbsp; 131548 | 1319 | 132867 |
| Class R-6 | &nbsp;&nbsp; 55677 | 961 | 56638 | &nbsp;&nbsp;&nbsp;&nbsp; 49297 | 470 | 49767 |
| Total | &nbsp;&nbsp; $560557 | $9342 | $569899 | &nbsp;&nbsp;&nbsp;&nbsp; $474663 | $4362 | $479025 |

---

**The Tax-Exempt Fund of California** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| <br>**Share class** | **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>| &nbsp;&nbsp;&nbsp; **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>|
| Class A | &nbsp;&nbsp; $42191 | $740 | $42931 | &nbsp;&nbsp;&nbsp;&nbsp; $41000 | $438 | $41438 |
| Class C | &nbsp;&nbsp; 451 | 6 | 457 | &nbsp;&nbsp;&nbsp;&nbsp; 528 | 3 | 531 |
| Class T | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class F-1 | &nbsp;&nbsp; 1198 | 21 | 1219 | &nbsp;&nbsp;&nbsp;&nbsp; 1273 | 14 | 1287 |
| Class F-2 | &nbsp;&nbsp; 21304 | 384 | 21688 | &nbsp;&nbsp;&nbsp;&nbsp; 17653 | 201 | 17854 |
| Class F-3 | &nbsp;&nbsp; 32022 | 584 | 32606 | &nbsp;&nbsp;&nbsp;&nbsp; 22545 | 244 | 22789 |
| Total | &nbsp;&nbsp; $97166 | $1735 | $98901 | &nbsp;&nbsp;&nbsp;&nbsp; $82999 | $900 | $83899 |

---

**American Funds Tax-Exempt Fund of New York** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| <br>**Share class** | **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>| &nbsp;&nbsp;&nbsp; **Tax-exempt** <br>**income**<br>| **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>|
| Class A | &nbsp;&nbsp; $5768 | $— | $5768 | &nbsp;&nbsp;&nbsp;&nbsp; $5342 | $— | $5342 |
| Class C | &nbsp;&nbsp; 110 |  | 110 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |  | 146 |
| Class T | &nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Class F-1 | &nbsp;&nbsp; 19 |  | 19 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |  | 20 |
| Class F-2 | &nbsp;&nbsp; 1344 |  | 1344 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 |  | 1085 |
| Class F-3 | &nbsp;&nbsp; 1647 |  | 1647 | &nbsp;&nbsp;&nbsp;&nbsp; 1357 |  | 1357 |
| Total | &nbsp;&nbsp; $8888 | $— | $8888 | &nbsp;&nbsp;&nbsp;&nbsp; $7950 | $— | $7950 |

---

<sup>†</sup>

Amount less than one thousand.

**7. Fees and transactions with related parties**

------

CRMC, the funds' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the principal underwriter of the funds' shares, and American Funds Service Company® ("AFS"), the funds' transfer agent. CRMC, CCG and AFS are considered related parties to each fund.

**Investment advisory services** — Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. The agreement for each fund, except American Funds Short-Term Tax-Exempt Bond Fund, also provides for monthly fees accrued daily based on a series of decreasing rates on each fund's monthly gross income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **375** | American Funds Tax-Exempt Income Funds |

---

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Rates** | **Rates** | **Net asset level** <br>**(in billions)** | **Net asset level** <br>**(in billions)** | **Rates** | **Rates** | **Monthly gross income** | **Monthly gross income** | **Annualized** <br>**rates for the** <br>**year ended** <br>**July 31,** <br>**2025,** <br>**before waiver** | **Annualized** <br>**rates for the** <br>**year ended** <br>**July 31,** <br>**2025,** <br>**after waiver** |
| **Fund** | **Beginning** <br>**with**<br>| **Ending** <br>**with**<br>| **Up to** | **In excess** <br>**of**<br>| **Beginning** <br>**with**<br>| **Ending** <br>**with**<br>| **Up to** | **In excess** <br>**of**<br>| **Annualized** <br>**rates for the** <br>**year ended** <br>**July 31,** <br>**2025,** <br>**before waiver** | **Annualized** <br>**rates for the** <br>**year ended** <br>**July 31,** <br>**2025,** <br>**after waiver** |
| American Funds Short-Term <br> Tax-Exempt Bond Fund<br>| .204<br> %<br>| &nbsp;&nbsp; .175<br> %<br>| &nbsp;&nbsp; $15.0 | &nbsp;&nbsp; $15.0 | Not applicable | Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; .204<br> %<br>| &nbsp;&nbsp; .204<br> %<br>|
| Limited Term Tax-Exempt <br> Bond Fund of America<br>| .143 | &nbsp;&nbsp; .120 | 15.0 | 15.0 | 3.00<br> %<br>| 2.50<br> %<br>| &nbsp;&nbsp; $3333333 | &nbsp;&nbsp; $3333333 | &nbsp;&nbsp; .227 | &nbsp;&nbsp; .224 |
| The Tax-Exempt Bond Fund of <br> America<br>| .300 | &nbsp;&nbsp; .105 | &nbsp;&nbsp; .06 | 28.0 | 3.00 | 2.00 | &nbsp;&nbsp; 3333333 | &nbsp;&nbsp; 8333333 | &nbsp;&nbsp; .208 | &nbsp;&nbsp; .208 |
| American High-Income <br> Municipal Bond Fund<br>| .151 | &nbsp;&nbsp; .130 | 15.0 | 15.0 | 3.00 | 2.50 | &nbsp;&nbsp; 3333333 | &nbsp;&nbsp; 3333333 | &nbsp;&nbsp; .273 | &nbsp;&nbsp; .273 |
| The Tax-Exempt Fund of <br> California<br>| .157 | &nbsp;&nbsp; .130 | 15.0 | 15.0 | 3.00 | 2.50 | &nbsp;&nbsp; 3333333 | &nbsp;&nbsp; 3333333 | &nbsp;&nbsp; .254 | &nbsp;&nbsp; .253 |
| American Funds Tax-Exempt <br> Fund of New York<br>| .157 | &nbsp;&nbsp; .130 | 15.0 | 15.0 | 3.00 | 2.50 | &nbsp;&nbsp; 3333333 | &nbsp;&nbsp; 3333333 | &nbsp;&nbsp; .272 | &nbsp;&nbsp; .253 |

---

**Investment advisory services waiver** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the year ended July 31, 2025, total investment advisory services fees waived by CRMC were $144,000, $42,000, and $52,000 for Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Fund of California, and American Funds Tax-Exempt Fund of New York, respectively. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

**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 CCG for paying service fees, to firms that have entered into agreements with CCG 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** <br>**Tax-Exempt Bond Fund** | **American Funds Short-Term** <br>**Tax-Exempt Bond Fund** | **Limited Term Tax-Exempt** <br>**Bond Fund of America** | **Limited Term Tax-Exempt** <br>**Bond Fund of America** | **The Tax-Exempt Bond Fund** <br>**of America** | **The Tax-Exempt Bond Fund** <br>**of America** |
| <br>**Share class** | **Currently** <br>**approved limits**<br>| **Plan limits** | &nbsp;&nbsp;&nbsp; **Currently** <br>**approved limits**<br>| **Plan limits** | &nbsp;&nbsp;&nbsp; **Currently** <br>**approved limits**<br>| **Plan limits** |
| Class A | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Class C | Not applicable | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Classes T and F-1 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **American High-Income** <br>**Municipal Bond Fund** | **American High-Income** <br>**Municipal Bond Fund** | **The Tax-Exempt Fund** <br>**of California** | **The Tax-Exempt Fund** <br>**of California** | **American Funds Tax-Exempt** <br>**Fund of New York** | **American Funds Tax-Exempt** <br>**Fund of New York** |
| <br>**Share class** | **Currently** <br>**approved limits**<br>| **Plan limits** | &nbsp;&nbsp;&nbsp; **Currently** <br>**approved limits**<br>| **Plan limits** | &nbsp;&nbsp;&nbsp; **Currently** <br>**approved limits**<br>| **Plan limits** |
| Class A | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Class C | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Classes T and F-1 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **376** |

---

------

For Class A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. This share class of each fund reimburses CCG for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit is not exceeded. As of July 31, 2025, 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 | $1336 |
| Limited-Term Tax-Exempt Bond Fund of America | 878 |
| The Tax-Exempt Bond Fund of America | 9912 |
| American High-Income Municipal Bond Fund | 1495 |
| The Tax-Exempt Fund of California | 1542 |
| American Funds Tax-Exempt Fund of New York | 185 |

---

**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. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of its respective fund shareholders.

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

For the year ended July 31, 2025, 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** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class A | $1633 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $327 |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class F-1 | 8 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1 |
| Class F-2 | Not applicable | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 64 |
| Class F-3 | Not applicable | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 181 |
| Class R-6 | Not applicable | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 36 |
| Total class-specific <br> expenses<br>| $1641 | &nbsp;&nbsp; $640 | &nbsp;&nbsp; $609 |

---

**Limited Term Tax-Exempt Bond Fund of America** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class A | $9211 | &nbsp;&nbsp; $1319 | &nbsp;&nbsp; $921 |
| Class C | 102 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class F-1 | 66 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 8 |
| Class F-2 | Not applicable | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 199 |
| Class F-3 | Not applicable | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 494 |
| Class R-6 | Not applicable | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 48 |
| Total class-specific <br> expenses<br>| $9379 | &nbsp;&nbsp; $2133 | &nbsp;&nbsp; $1673 |

---

**The Tax-Exempt Bond Fund of America** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class A | $29492 | &nbsp;&nbsp; $4283 | &nbsp;&nbsp; $3539 |
| Class C | 1460 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 44 |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class F-1 | 406 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 48 |
| Class F-2 | Not applicable | &nbsp;&nbsp; 6658 | &nbsp;&nbsp; 1710 |
| Class F-3 | Not applicable | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 1810 |
| Class R-6 | Not applicable | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>|
| Total class-specific <br> expenses<br>| $31358 | &nbsp;&nbsp; $11313 | &nbsp;&nbsp; $7151 |

---

Refer to the end of the table(s) for footnote(s).

**American High-Income Municipal Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class A | $16120 | &nbsp;&nbsp; $2626 | &nbsp;&nbsp; $1612 |
| Class C | 963 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 29 |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class F-1 | 322 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 39 |
| Class F-2 | Not applicable | &nbsp;&nbsp; 3435 | &nbsp;&nbsp; 911 |
| Class F-3 | Not applicable | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 1150 |
| Class R-6 | Not applicable | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 394 |
| Total class-specific <br> expenses<br>| $17405 | &nbsp;&nbsp; $6350 | &nbsp;&nbsp; $4135 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **377** | American Funds Tax-Exempt Income Funds |

---

------

**The Tax-Exempt Fund of California**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class A | $3579 | &nbsp;&nbsp; $354 | &nbsp;&nbsp; $429 |
| Class C | 206 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class F-1 | 105 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 13 |
| Class F-2 | Not applicable | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 205 |
| Class F-3 | Not applicable | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 298 |
| Total class-specific <br> expenses<br>| $3890 | &nbsp;&nbsp; $1157 | &nbsp;&nbsp; $951 |

---

**American Funds Tax-Exempt Fund of New York**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class A | $462 | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $56 |
| Class C | 47 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class F-1 | 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>|
| Class F-2 | Not applicable | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 12 |
| Class F-3 | Not applicable | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 15 |
| Total class-specific <br> expenses<br>| $510 | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $84 |

---

\*

Amount less than one thousand.

**Miscellaneous fee reimbursements** — CRMC reimbursed a portion of miscellaneous fees and expenses of American Funds Short-Term Tax-Exempt Bond Fund and American Funds Tax-Exempt Fund of New York. Miscellaneous fees and expenses exclude investment advisory services fees and distribution services fees. For the year ended July 31, 2025, total fees and expenses reimbursed by CRMC were $177,000 and $138,000 for American Funds Short-Term Tax-Exempt Bond Fund and American Funds Tax-Exempt Fund of New York, respectively. CRMC does not intend to recoup these reimbursements. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in each fund's prospectus. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | &nbsp;&nbsp;&nbsp; **Increase (decrease)** <br>**in value of** <br>**deferred amounts**<br>| &nbsp;&nbsp;&nbsp; **Total trustees'** <br>**compensation**<br>|
| American Funds Short-Term Tax-Exempt Bond Fund | $8 | &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $15 |
| Limited Term Tax-Exempt Bond Fund of America | 24 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| The Tax-Exempt Bond Fund of America | 94 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| American High-Income Municipal Bond Fund | 50 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| The Tax-Exempt Fund of California | 12 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| American Funds Tax-Exempt Fund of New York | 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

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

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

The following table presents purchase and sale transactions between each fund and related funds, and the net realized gain (loss) from such sales, if any, as of July 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**realized** <br>**gain (loss)**<br>|
| American Funds Short-Term Tax-Exempt Bond Fund | $38756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(260)<br>|
| Limited Term Tax-Exempt Bond Fund of America | 7728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| The Tax-Exempt Bond Fund of America | 30017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| American High-Income Municipal Bond Fund | 916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2731)<br>|
| The Tax-Exempt Fund of California | 15496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (182)<br>|
| American Funds Tax-Exempt Fund of New York |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **378** |

---

------

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the funds, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. None of the funds lent or borrowed cash during the year ended July 31, 2025.

**8. Committed line of credit**

------

American High-Income Municipal Bond Fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund's statement of operations. The fund did not borrow on this line of credit at any time during the year ended July 31, 2025.

**9. Indemnifications**

------

Each fund's organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, each fund may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to each fund's board members and officers.

**10. 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** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** |
| Class A | &nbsp;&nbsp; $316682 | &nbsp;&nbsp; 31787 | &nbsp;&nbsp;&nbsp; $29093 | &nbsp;&nbsp; 2915 | &nbsp;&nbsp;&nbsp; $(313740)<br>| &nbsp;&nbsp; (31471)<br>| &nbsp;&nbsp;&nbsp; $32035 | &nbsp;&nbsp; 3231 |
| Class T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class F-1 | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; (954)<br>| &nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; (125)<br>| &nbsp;&nbsp; (13)<br>|
| Class F-2 | &nbsp;&nbsp; 89513 | &nbsp;&nbsp; 8990 | &nbsp;&nbsp;&nbsp; 5802 | &nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp; (64041)<br>| &nbsp;&nbsp; (6427)<br>| &nbsp;&nbsp;&nbsp; 31274 | &nbsp;&nbsp; 3144 |
| Class F-3 | &nbsp;&nbsp; 309555 | &nbsp;&nbsp; 31027 | &nbsp;&nbsp;&nbsp; 17539 | &nbsp;&nbsp; 1758 | &nbsp;&nbsp;&nbsp; (147785)<br>| &nbsp;&nbsp; (14832)<br>| &nbsp;&nbsp;&nbsp; 179309 | &nbsp;&nbsp; 17953 |
| Class R-6 | &nbsp;&nbsp; 13278 | &nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp; 3428 | &nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp; (23743)<br>| &nbsp;&nbsp; (2382)<br>| &nbsp;&nbsp;&nbsp; (7037)<br>| &nbsp;&nbsp; (707)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $729779 | &nbsp;&nbsp; 73211 | &nbsp;&nbsp;&nbsp; $55940 | &nbsp;&nbsp; 5605 | &nbsp;&nbsp;&nbsp; $(550263)<br>| &nbsp;&nbsp; (55208)<br>| &nbsp;&nbsp;&nbsp; $235456 | &nbsp;&nbsp; 23608 |
| **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| Class A | &nbsp;&nbsp; $309248 | &nbsp;&nbsp; 31523 | &nbsp;&nbsp;&nbsp; $27123 | &nbsp;&nbsp; 2758 | &nbsp;&nbsp;&nbsp; $(484731)<br>| &nbsp;&nbsp; (49360)<br>| &nbsp;&nbsp;&nbsp; $(148360)<br>| &nbsp;&nbsp; (15079)<br>|
| Class T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class F-1 | &nbsp;&nbsp; 1439 | &nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (3637)<br>| &nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; (2096)<br>| &nbsp;&nbsp; (211)<br>|
| Class F-2 | &nbsp;&nbsp; 58509 | &nbsp;&nbsp; 5955 | &nbsp;&nbsp;&nbsp; 5265 | &nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp; (121714)<br>| &nbsp;&nbsp; (12379)<br>| &nbsp;&nbsp;&nbsp; (57940)<br>| &nbsp;&nbsp; (5888)<br>|
| Class F-3 | &nbsp;&nbsp; 211916 | &nbsp;&nbsp; 21567 | &nbsp;&nbsp;&nbsp; 13460 | &nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp; (261879)<br>| &nbsp;&nbsp; (26663)<br>| &nbsp;&nbsp;&nbsp; (36503)<br>| &nbsp;&nbsp; (3728)<br>|
| Class R-6 | &nbsp;&nbsp; 3935 | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 4590 | &nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; (93060)<br>| &nbsp;&nbsp; (9446)<br>| &nbsp;&nbsp;&nbsp; (84535)<br>| &nbsp;&nbsp; (8579)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $585047 | &nbsp;&nbsp; 59593 | &nbsp;&nbsp;&nbsp; $50540 | &nbsp;&nbsp; 5139 | &nbsp;&nbsp;&nbsp; $(965021)<br>| &nbsp;&nbsp; (98217)<br>| &nbsp;&nbsp;&nbsp; $(329434)<br>| &nbsp;&nbsp; (33485)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **379** | American Funds Tax-Exempt Income Funds |

---

------

**Limited Term Tax-Exempt Bond Fund of America** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** |
| Class A | $542866 | 35389 | &nbsp;&nbsp; $75550 | 4917 | &nbsp;&nbsp; $(664314)<br>| (43280)<br>| &nbsp;&nbsp; $(45898)<br>| (2974)<br>|
| Class C | 1248 | 81 | &nbsp;&nbsp; 181 | 12 | &nbsp;&nbsp; (3566)<br>| (232)<br>| &nbsp;&nbsp; (2137)<br>| (139)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 1504 | 98 | &nbsp;&nbsp; 641 | 42 | &nbsp;&nbsp; (6300)<br>| (410)<br>| &nbsp;&nbsp; (4155)<br>| (270)<br>|
| Class F-2 | 180519 | 11767 | &nbsp;&nbsp; 17039 | 1109 | &nbsp;&nbsp; (216221)<br>| (14093)<br>| &nbsp;&nbsp; (18663)<br>| (1217)<br>|
| Class F-3 | 411092 | 26758 | &nbsp;&nbsp; 47002 | 3059 | &nbsp;&nbsp; (341034)<br>| (22242)<br>| &nbsp;&nbsp; 117060 | 7575 |
| Class R-6 | 17207 | 1121 | &nbsp;&nbsp; 4598 | 299 | &nbsp;&nbsp; (30989)<br>| (2017)<br>| &nbsp;&nbsp; (9184)<br>| (597)<br>|
| Total net increase (decrease) | $1154436 | 75214 | &nbsp;&nbsp; $145011 | 9438 | &nbsp;&nbsp; $(1262424)<br>| (82274)<br>| &nbsp;&nbsp; $37023 | 2378 |
| **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| Class A | $582804 | 38639 | &nbsp;&nbsp; $69505 | 4597 | &nbsp;&nbsp; $(1027662)<br>| (68101)<br>| &nbsp;&nbsp; $(375353)<br>| (24865)<br>|
| Class C | 2132 | 142 | &nbsp;&nbsp; 194 | 13 | &nbsp;&nbsp; (5815)<br>| (386)<br>| &nbsp;&nbsp; (3489)<br>| (231)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 2635 | 175 | &nbsp;&nbsp; 718 | 47 | &nbsp;&nbsp; (13867)<br>| (917)<br>| &nbsp;&nbsp; (10514)<br>| (695)<br>|
| Class F-2 | 219107 | 14520 | &nbsp;&nbsp; 18154 | 1201 | &nbsp;&nbsp; (463791)<br>| (30694)<br>| &nbsp;&nbsp; (226530)<br>| (14973)<br>|
| Class F-3 | 500723 | 33014 | &nbsp;&nbsp; 38472 | 2544 | &nbsp;&nbsp; (532412)<br>| (35302)<br>| &nbsp;&nbsp; 6783 | 256 |
| Class R-6 | 48402 | 3174 | &nbsp;&nbsp; 16939 | 1122 | &nbsp;&nbsp; (661026)<br>| (43453)<br>| &nbsp;&nbsp; (595685)<br>| (39157)<br>|
| Total net increase (decrease) | $1355803 | 89664 | &nbsp;&nbsp; $143982 | 9524 | &nbsp;&nbsp; $(2704573)<br>| (178853)<br>| &nbsp;&nbsp; $(1204788)<br>| (79665)<br>|

---

**The Tax-Exempt Bond Fund of America** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** |
| Class A | $1866245 | 150721 | &nbsp;&nbsp; $344739 | 27937 | &nbsp;&nbsp; $(2307530)<br>| (187323)<br>| &nbsp;&nbsp; $(96546)<br>| (8665)<br>|
| Class C | 15487 | 1251 | &nbsp;&nbsp; 3218 | 261 | &nbsp;&nbsp; (54655)<br>| (4421)<br>| &nbsp;&nbsp; (35950)<br>| (2909)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 52773 | 4243 | &nbsp;&nbsp; 4685 | 380 | &nbsp;&nbsp; (47545)<br>| (3847)<br>| &nbsp;&nbsp; 9913 | 776 |
| Class F-2 | 2033397 | 164963 | &nbsp;&nbsp; 171488 | 13897 | &nbsp;&nbsp; (2054447)<br>| (167577)<br>| &nbsp;&nbsp; 150438 | 11283 |
| Class F-3 | 1985818 | 161091 | &nbsp;&nbsp; 195809 | 15870 | &nbsp;&nbsp; (2028760)<br>| (165534)<br>| &nbsp;&nbsp; 152867 | 11427 |
| Class R-6 |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Total net increase (decrease) | $5953720 | 482269 | &nbsp;&nbsp; $719939 | 58345 | &nbsp;&nbsp; $(6492937)<br>| (528702)<br>| &nbsp;&nbsp; $180722 | 11912 |
| **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| Class A | $2069269 | 169462 | &nbsp;&nbsp; $321940 | 26384 | &nbsp;&nbsp; $(2470663)<br>| (203320)<br>| &nbsp;&nbsp; $(79454)<br>| (7474)<br>|
| Class C | 18400 | 1507 | &nbsp;&nbsp; 3921 | 322 | &nbsp;&nbsp; (78764)<br>| (6470)<br>| &nbsp;&nbsp; (56443)<br>| (4641)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 29228 | 2389 | &nbsp;&nbsp; 4248 | 348 | &nbsp;&nbsp; (69498)<br>| (5732)<br>| &nbsp;&nbsp; (36022)<br>| (2995)<br>|
| Class F-2 | 2425668 | 199329 | &nbsp;&nbsp; 154808 | 12683 | &nbsp;&nbsp; (2299761)<br>| (189844)<br>| &nbsp;&nbsp; 280715 | 22168 |
| Class F-3 | 2349830 | 192630 | &nbsp;&nbsp; 166675 | 13653 | &nbsp;&nbsp; (1911126)<br>| (157893)<br>| &nbsp;&nbsp; 605379 | 48390 |
| Class R-6 | 49214 | 3992 | &nbsp;&nbsp; 20175 | 1656 | &nbsp;&nbsp; (756439)<br>| (60994)<br>| &nbsp;&nbsp; (687050)<br>| (55346)<br>|
| Total net increase (decrease) | $6941609 | 569309 | &nbsp;&nbsp; $671767 | 55046 | &nbsp;&nbsp; $(7586251)<br>| (624253)<br>| &nbsp;&nbsp; $27125 | 102 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **380** |

---

------

**American High-Income Municipal Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** |
| Class A | $1116769 | 73202 | &nbsp;&nbsp; $204225 | 13425 | &nbsp;&nbsp; $(963506)<br>| (63437)<br>| &nbsp;&nbsp; $357488 | 23190 |
| Class C | 15527 | 1019 | &nbsp;&nbsp; 3012 | 198 | &nbsp;&nbsp; (36333)<br>| (2385)<br>| &nbsp;&nbsp; (17794)<br>| (1168)<br>|
| Class T | — <br><sup>†</sup><br>|  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>|  |
| Class F-1 | 82108 | 5356 | &nbsp;&nbsp; 5022 | 330 | &nbsp;&nbsp; (66325)<br>| (4378)<br>| &nbsp;&nbsp; 20805 | 1308 |
| Class F-2 | 1454393 | 95729 | &nbsp;&nbsp; 119681 | 7870 | &nbsp;&nbsp; (922445)<br>| (61067)<br>| &nbsp;&nbsp; 651629 | 42532 |
| Class F-3 | 1797174 | 118632 | &nbsp;&nbsp; 156957 | 10319 | &nbsp;&nbsp; (1694139)<br>| (112724)<br>| &nbsp;&nbsp; 259992 | 16227 |
| Class R-6 | 116576 | 7685 | &nbsp;&nbsp; 56642 | 3724 | &nbsp;&nbsp; (21698)<br>| (1421)<br>| &nbsp;&nbsp; 151520 | 9988 |
| Total net increase (decrease) | $4582547 | 301623 | &nbsp;&nbsp; $545539 | 35866 | &nbsp;&nbsp; $(3704446)<br>| (245412)<br>| &nbsp;&nbsp; $1423640 | 92077 |
| **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| Class A | $1015425 | 68852 | &nbsp;&nbsp; $183891 | 12471 | &nbsp;&nbsp; $(1081891)<br>| (74110)<br>| &nbsp;&nbsp; $117425 | 7213 |
| Class C | 16010 | 1082 | &nbsp;&nbsp; 3511 | 238 | &nbsp;&nbsp; (42260)<br>| (2875)<br>| &nbsp;&nbsp; (22739)<br>| (1555)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 46368 | 3134 | &nbsp;&nbsp; 3692 | 250 | &nbsp;&nbsp; (40647)<br>| (2780)<br>| &nbsp;&nbsp; 9413 | 604 |
| Class F-2 | 1193102 | 81289 | &nbsp;&nbsp; 90767 | 6145 | &nbsp;&nbsp; (824072)<br>| (56729)<br>| &nbsp;&nbsp; 459797 | 30705 |
| Class F-3 | 1724079 | 117722 | &nbsp;&nbsp; 128465 | 8694 | &nbsp;&nbsp; (1142351)<br>| (77687)<br>| &nbsp;&nbsp; 710193 | 48729 |
| Class R-6 | 56827 | 3782 | &nbsp;&nbsp; 49766 | 3374 | &nbsp;&nbsp; (38620)<br>| (2674)<br>| &nbsp;&nbsp; 67973 | 4482 |
| Total net increase (decrease) | $4051811 | 275861 | &nbsp;&nbsp; $460092 | 31172 | &nbsp;&nbsp; $(3169841)<br>| (216855)<br>| &nbsp;&nbsp; $1342062 | 90178 |

---

**The Tax-Exempt Fund of California** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** |
| Class A | $255219 | 15361 | &nbsp;&nbsp;&nbsp; $40041 | 2412 | &nbsp;&nbsp;&nbsp; $(296089)<br>| (17873)<br>| &nbsp;&nbsp;&nbsp; $(829)<br>| (100)<br>|
| Class C | 3030 | 183 | &nbsp;&nbsp;&nbsp; 450 | 27 | &nbsp;&nbsp;&nbsp; (6837)<br>| (412)<br>| &nbsp;&nbsp;&nbsp; (3357)<br>| (202)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 5699 | 344 | &nbsp;&nbsp;&nbsp; 1201 | 72 | &nbsp;&nbsp;&nbsp; (14202)<br>| (857)<br>| &nbsp;&nbsp;&nbsp; (7302)<br>| (441)<br>|
| Class F-2 | 355866 | 21661 | &nbsp;&nbsp;&nbsp; 20462 | 1233 | &nbsp;&nbsp;&nbsp; (329879)<br>| (20166)<br>| &nbsp;&nbsp;&nbsp; 46449 | 2728 |
| Class F-3 | 349442 | 21015 | &nbsp;&nbsp;&nbsp; 32527 | 1961 | &nbsp;&nbsp;&nbsp; (240324)<br>| (14570)<br>| &nbsp;&nbsp;&nbsp; 141645 | 8406 |
| Total net increase (decrease) | $969256 | 58564 | &nbsp;&nbsp;&nbsp; $94681 | 5705 | &nbsp;&nbsp;&nbsp; $(887331)<br>| (53878)<br>| &nbsp;&nbsp;&nbsp; $176606 | 10391 |
| **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| Class A | $238948 | 14541 | &nbsp;&nbsp;&nbsp; $38156 | 2327 | &nbsp;&nbsp;&nbsp; $(392569)<br>| (24102)<br>| &nbsp;&nbsp;&nbsp; $(115465)<br>| (7234)<br>|
| Class C | 2447 | 150 | &nbsp;&nbsp;&nbsp; 526 | 32 | &nbsp;&nbsp;&nbsp; (10059)<br>| (615)<br>| &nbsp;&nbsp;&nbsp; (7086)<br>| (433)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 7985 | 487 | &nbsp;&nbsp;&nbsp; 1269 | 77 | &nbsp;&nbsp;&nbsp; (13285)<br>| (812)<br>| &nbsp;&nbsp;&nbsp; (4031)<br>| (248)<br>|
| Class F-2 | 328714 | 20137 | &nbsp;&nbsp;&nbsp; 16665 | 1015 | &nbsp;&nbsp;&nbsp; (271266)<br>| (16885)<br>| &nbsp;&nbsp;&nbsp; 74113 | 4267 |
| Class F-3 | 531330 | 32310 | &nbsp;&nbsp;&nbsp; 22721 | 1383 | &nbsp;&nbsp;&nbsp; (246928)<br>| (15295)<br>| &nbsp;&nbsp;&nbsp; 307123 | 18398 |
| Total net increase (decrease) | $1109424 | 67625 | &nbsp;&nbsp;&nbsp; $79337 | 4834 | &nbsp;&nbsp;&nbsp; $(934107)<br>| (57709)<br>| &nbsp;&nbsp;&nbsp; $254654 | 14750 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **381** | American Funds Tax-Exempt Income Funds |

---

------

**American Funds Tax-Exempt Fund of New York** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** | **Year ended July 31, 2025** |
| Class A | &nbsp;&nbsp; $30307 | &nbsp;&nbsp; 3028 | &nbsp;&nbsp;&nbsp; $5302 | &nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp; $(37794)<br>| &nbsp;&nbsp; (3795)<br>| &nbsp;&nbsp;&nbsp; $(2185)<br>| &nbsp;&nbsp; (236)<br>|
| Class C | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; (2282)<br>| &nbsp;&nbsp; (228)<br>| &nbsp;&nbsp;&nbsp; (1831)<br>| &nbsp;&nbsp; (183)<br>|
| Class T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class F-1 | &nbsp;&nbsp; 2582 | &nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (2512)<br>| &nbsp;&nbsp; (251)<br>| &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp; 7 |
| Class F-2 | &nbsp;&nbsp; 19218 | &nbsp;&nbsp; 1931 | &nbsp;&nbsp;&nbsp; 1344 | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; (14764)<br>| &nbsp;&nbsp; (1485)<br>| &nbsp;&nbsp;&nbsp; 5798 | &nbsp;&nbsp; 580 |
| Class F-3 | &nbsp;&nbsp; 14620 | &nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp; 1636 | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; (10810)<br>| &nbsp;&nbsp; (1081)<br>| &nbsp;&nbsp;&nbsp; 5446 | &nbsp;&nbsp; 541 |
| Total net increase (decrease) | &nbsp;&nbsp; $67074 | &nbsp;&nbsp; 6707 | &nbsp;&nbsp;&nbsp; $8404 | &nbsp;&nbsp; 842 | &nbsp;&nbsp;&nbsp; $(68162)<br>| &nbsp;&nbsp; (6840)<br>| &nbsp;&nbsp;&nbsp; $7316 | &nbsp;&nbsp; 709 |
| **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** | **Year ended July 31, 2024** |
| Class A | &nbsp;&nbsp; $38150 | &nbsp;&nbsp; 3830 | &nbsp;&nbsp;&nbsp; $5158 | &nbsp;&nbsp; 519 | &nbsp;&nbsp;&nbsp; $(35660)<br>| &nbsp;&nbsp; (3610)<br>| &nbsp;&nbsp;&nbsp; $7648 | &nbsp;&nbsp; 739 |
| Class C | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (2822)<br>| &nbsp;&nbsp; (285)<br>| &nbsp;&nbsp;&nbsp; (2310)<br>| &nbsp;&nbsp; (234)<br>|
| Class T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class F-1 | &nbsp;&nbsp; 3968 | &nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (4239)<br>| &nbsp;&nbsp; (420)<br>| &nbsp;&nbsp;&nbsp; (252)<br>| &nbsp;&nbsp; (26)<br>|
| Class F-2 | &nbsp;&nbsp; 19105 | &nbsp;&nbsp; 1941 | &nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; (10066)<br>| &nbsp;&nbsp; (1016)<br>| &nbsp;&nbsp;&nbsp; 10123 | &nbsp;&nbsp; 1034 |
| Class F-3 | &nbsp;&nbsp; 18550 | &nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp; 1353 | &nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; (14195)<br>| &nbsp;&nbsp; (1446)<br>| &nbsp;&nbsp;&nbsp; 5708 | &nbsp;&nbsp; 550 |
| Total net increase (decrease) | &nbsp;&nbsp; $80149 | &nbsp;&nbsp; 8060 | &nbsp;&nbsp;&nbsp; $7750 | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp; $(66982)<br>| &nbsp;&nbsp; (6777)<br>| &nbsp;&nbsp;&nbsp; $20917 | &nbsp;&nbsp; 2063 |

---

\*

Includes exchanges between share classes of the fund.

<sup>†</sup>

Amount less than one thousand.

**11. Investment transactions**

------

Each fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the year ended July 31, 2025, as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| American Funds Short-Term Tax-Exempt Bond Fund | $1160664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1033637 |
| Limited Term Tax-Exempt Bond Fund of America | 2332433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2317740 |
| The Tax-Exempt Bond Fund of America | 5678040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5507835 |
| American High-Income Municipal Bond Fund | 4957274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3554163 |
| The Tax-Exempt Fund of California | 1217172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937927 |
| American Funds Tax-Exempt Fund of New York | 54903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47578 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **382** |

---

------

Financial highlights

**American Funds Short-Term Tax-Exempt Bond Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 7/31/2025 | $9.94 | $.27 | $.09 | $.36 | $(.27)<br>| $— | $(.27)<br>| $10.03 | 3.67<br> %<br>| $1127 | .45<br> %<br>| .44<br> %<br>| 2.74<br> %<br>|
| 7/31/2024 | 9.81 | .25 | .12 | .37 | (.24)<br>|  | (.24)<br>| 9.94 | 3.81 | 1085 | .45 | .44 | 2.49 |
| 7/31/2023 | 9.95 | .18 | (.14)<br>| .04 | (.18)<br>|  | (.18)<br>| 9.81 | .40 | 1218 | .45 | .43 | 1.86 |
| 7/31/2022 | 10.33 | .06 | (.36)<br>| (.30)<br>| (.06)<br>| (.02)<br>| (.08)<br>| 9.95 | (2.91)<br>| 1318 | .53 | .53 | .58 |
| 7/31/2021 | 10.37 | .07 | (.01)<br>| .06 | (.07)<br>| (.03)<br>| (.10)<br>| 10.33 | .56 | 1161 | .57 | .57 | .68 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 7/31/2025 | 9.94 | .28 | .09 | .37 | (.28)<br>|  | (.28)<br>| 10.03 | 3.82 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .30 <br><sup>4</sup><br>| .29 <br><sup>4</sup><br>| 2.89 <br><sup>4</sup><br>|
| 7/31/2024 | 9.81 | .26 | .12 | .38 | (.25)<br>|  | (.25)<br>| 9.94 | 3.97 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .28 <br><sup>4</sup><br>| .27 <br><sup>4</sup><br>| 2.66 <br><sup>4</sup><br>|
| 7/31/2023 | 9.95 | .20 | (.14)<br>| .06 | (.20)<br>|  | (.20)<br>| 9.81 | .58 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .26 <br><sup>4</sup><br>| .25 <br><sup>4</sup><br>| 2.04 <br><sup>4</sup><br>|
| 7/31/2022 | 10.33 | .07 | (.36)<br>| (.29)<br>| (.07)<br>| (.02)<br>| (.09)<br>| 9.95 | (2.75 )<sup>4</sup><br>| — <br><sup>5</sup><br>| .38 <br><sup>4</sup><br>| .38 <br><sup>4</sup><br>| .72 <br><sup>4</sup><br>|
| 7/31/2021 | 10.37 | .09 | (.01)<br>| .08 | (.09)<br>| (.03)<br>| (.12)<br>| 10.33 | .72 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .42 <br><sup>4</sup><br>| .42 <br><sup>4</sup><br>| .84 <br><sup>4</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 7/31/2025 | 9.94 | .25 | .09 | .34 | (.25)<br>|  | (.25)<br>| 10.03 | 3.47 | 3 | .63 | .62 | 2.56 |
| 7/31/2024 | 9.81 | .23 | .12 | .35 | (.22)<br>|  | (.22)<br>| 9.94 | 3.60 | 3 | .64 | .63 | 2.29 |
| 7/31/2023 | 9.95 | .16 | (.14)<br>| .02 | (.16)<br>|  | (.16)<br>| 9.81 | .21 | 5 | .63 | .61 | 1.68 |
| 7/31/2022 | 10.33 | .04 | (.36)<br>| (.32)<br>| (.04)<br>| (.02)<br>| (.06)<br>| 9.95 | (3.09)<br>| 6 | .73 | .73 | .36 |
| 7/31/2021 | 10.37 | .05 | (.01)<br>| .04 | (.05)<br>| (.03)<br>| (.08)<br>| 10.33 | .37 | 9 | .76 | .76 | .51 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 7/31/2025 | 9.94 | .28 | .09 | .37 | (.28)<br>|  | (.28)<br>| 10.03 | 3.79 | 229 | .33 | .32 | 2.87 |
| 7/31/2024 | 9.81 | .26 | .12 | .38 | (.25)<br>|  | (.25)<br>| 9.94 | 3.93 | 196 | .33 | .32 | 2.61 |
| 7/31/2023 | 9.95 | .19 | (.14)<br>| .05 | (.19)<br>|  | (.19)<br>| 9.81 | .51 | 251 | .34 | .32 | 1.96 |
| 7/31/2022 | 10.33 | .07 | (.36)<br>| (.29)<br>| (.07)<br>| (.02)<br>| (.09)<br>| 9.95 | (2.79)<br>| 293 | .42 | .42 | .68 |
| 7/31/2021 | 10.37 | .08 | (.01)<br>| .07 | (.08)<br>| (.03)<br>| (.11)<br>| 10.33 | .68 | 290 | .45 | .45 | .80 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **383** | American Funds Tax-Exempt Income Funds |

---

------

Financial highlights (continued)

**American Funds Short-Term Tax-Exempt Bond Fund** (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 7/31/2025 | $9.94 | $.29 | $.09 | $.38 | $(.29)<br>| $— | $(.29)<br>| $10.03 | 3.87<br> %<br>| $686 | .25<br> %<br>| .25<br> %<br>| 2.94<br> %<br>|
| 7/31/2024 | 9.81 | .27 | .12 | .39 | (.26)<br>|  | (.26)<br>| 9.94 | 4.00 | 501 | .25 | .25 | 2.69 |
| 7/31/2023 | 9.95 | .20 | (.14)<br>| .06 | (.20)<br>|  | (.20)<br>| 9.81 | .58 | 531 | .26 | .25 | 2.07 |
| 7/31/2022 | 10.33 | .08 | (.36)<br>| (.28)<br>| (.08)<br>| (.02)<br>| (.10)<br>| 9.95 | (2.72)<br>| 335 | .33 | .33 | .85 |
| 7/31/2021 | 10.37 | .09 | (.01)<br>| .08 | (.09)<br>| (.03)<br>| (.12)<br>| 10.33 | .75 | 107 | .39 | .38 | .86 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 7/31/2025 | 9.94 | .29 | .09 | .38 | (.29)<br>|  | (.29)<br>| 10.03 | 3.87 | 115 | .25 | .25 | 2.93 |
| 7/31/2024 | 9.81 | .27 | .12 | .39 | (.26)<br>|  | (.26)<br>| 9.94 | 4.00 | 121 | .26 | .25 | 2.68 |
| 7/31/2023 | 9.95 | .20 | (.14)<br>| .06 | (.20)<br>|  | (.20)<br>| 9.81 | .58 | 204 | .26 | .25 | 2.03 |
| 7/31/2022 | 10.33 | .08 | (.36)<br>| (.28)<br>| (.08)<br>| (.02)<br>| (.10)<br>| 9.95 | (2.72)<br>| 253 | .35 | .35 | .75 |
| 7/31/2021 | 10.37 | .09 | (.01)<br>| .08 | (.09)<br>| (.03)<br>| (.12)<br>| 10.33 | .75 | 229 | .39 | .38 | .86 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** |
|  | **2025** | **2024** | **2022** | **2021** |
| Portfolio turnover rate for all share classes | &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 53 %<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>4</sup> 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. 

<sup>5</sup> Amount less than $1 million.

<sup>6</sup> The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the fund's acquisition of the assets of the Capital Group Short-Term Municipal Fund on September 23, 2022. The portfolio turnover rate would have been 60% without the adjustment. 

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **384** |

---

------

Financial highlights (continued)

**Limited Term Tax-Exempt Bond Fund of America**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 7/31/2025 | $15.31 | $.40 | $.09 | $.49 | $(.39)<br>| $— | $(.39)<br>| $15.41 | 3.22<br> %<br>| $3077 | .61<br> %<br>| .61<br> %<br>| 2.59<br> %<br>|
| 7/31/2024 | 15.08 | .35 | .22 | .57 | (.34)<br>|  | (.34)<br>| 15.31 | 3.80 | 3102 | .60 | .60 | 2.33 |
| 7/31/2023 | 15.29 | .26 | (.21)<br>| .05 | (.26)<br>|  | (.26)<br>| 15.08 | .31 | 3431 | .59 | .58 | 1.75 |
| 7/31/2022 | 16.22 | .13 | (.85)<br>| (.72)<br>| (.13)<br>| (.08)<br>| (.21)<br>| 15.29 | (4.46)<br>| 3959 | .57 | .57 | .85 |
| 7/31/2021 | 16.23 | .16 | .08 | .24 | (.16)<br>| (.09)<br>| (.25)<br>| 16.22 | 1.50 | 4273 | .58 | .58 | .98 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 7/31/2025 | 15.31 | .29 | .09 | .38 | (.28)<br>|  | (.28)<br>| 15.41 | 2.49 | 9 | 1.31 | 1.31 | 1.89 |
| 7/31/2024 | 15.08 | .24 | .22 | .46 | (.23)<br>|  | (.23)<br>| 15.31 | 3.08 | 11 | 1.30 | 1.30 | 1.63 |
| 7/31/2023 | 15.29 | .15 | (.21)<br>| (.06)<br>| (.15)<br>|  | (.15)<br>| 15.08 | (.39)<br>| 15 | 1.29 | 1.28 | 1.05 |
| 7/31/2022 | 16.22 | .02 | (.85)<br>| (.83)<br>| (.02)<br>| (.08)<br>| (.10)<br>| 15.29 | (5.13)<br>| 17 | 1.27 | 1.27 | .15 |
| 7/31/2021 | 16.23 | .04 | .08 | .12 | (.04)<br>| (.09)<br>| (.13)<br>| 16.22 | .78 | 18 | 1.28 | 1.28 | .28 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 7/31/2025 | 15.31 | .44 | .09 | .53 | (.43)<br>|  | (.43)<br>| 15.41 | 3.54 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .30 <br><sup>4</sup><br>| .30 <br><sup>4</sup><br>| 2.90 <br><sup>4</sup><br>|
| 7/31/2024 | 15.08 | .39 | .22 | .61 | (.38)<br>|  | (.38)<br>| 15.31 | 4.12 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .30 <br><sup>4</sup><br>| .30 <br><sup>4</sup><br>| 2.64 <br><sup>4</sup><br>|
| 7/31/2023 | 15.29 | .31 | (.21)<br>| .10 | (.31)<br>|  | (.31)<br>| 15.08 | .65 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .26 <br><sup>4</sup><br>| .25 <br><sup>4</sup><br>| 2.09 <br><sup>4</sup><br>|
| 7/31/2022 | 16.22 | .18 | (.85)<br>| (.67)<br>| (.18)<br>| (.08)<br>| (.26)<br>| 15.29 | (4.18 )<sup>4</sup><br>| — <br><sup>5</sup><br>| .27 <br><sup>4</sup><br>| .27 <br><sup>4</sup><br>| 1.15 <br><sup>4</sup><br>|
| 7/31/2021 | 16.23 | .21 | .08 | .29 | (.21)<br>| (.09)<br>| (.30)<br>| 16.22 | 1.80 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .28 <br><sup>4</sup><br>| .28 <br><sup>4</sup><br>| 1.29 <br><sup>4</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 7/31/2025 | 15.31 | .39 | .09 | .48 | (.38)<br>|  | (.38)<br>| 15.41 | 3.18 | 25 | .64 | .64 | 2.56 |
| 7/31/2024 | 15.08 | .34 | .22 | .56 | (.33)<br>|  | (.33)<br>| 15.31 | 3.77 | 29 | .64 | .64 | 2.29 |
| 7/31/2023 | 15.29 | .25 | (.21)<br>| .04 | (.25)<br>|  | (.25)<br>| 15.08 | .28 | 39 | .62 | .62 | 1.70 |
| 7/31/2022 | 16.22 | .13 | (.85)<br>| (.72)<br>| (.13)<br>| (.08)<br>| (.21)<br>| 15.29 | (4.50)<br>| 54 | .61 | .61 | .79 |
| 7/31/2021 | 16.23 | .15 | .08 | .23 | (.15)<br>| (.09)<br>| (.24)<br>| 16.22 | 1.46 | 86 | .61 | .61 | .97 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **385** | American Funds Tax-Exempt Income Funds |

---

------

Financial highlights (continued)

**Limited Term Tax-Exempt Bond Fund of America** (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 7/31/2025 | $15.31 | $.43 | $.09 | $.52 | $(.42)<br>| $— | $(.42)<br>| $15.41 | 3.46<br> %<br>| $661 | .38<br> %<br>| .37<br> %<br>| 2.82<br> %<br>|
| 7/31/2024 | 15.08 | .38 | .22 | .60 | (.37)<br>|  | (.37)<br>| 15.31 | 4.04 | 676 | .37 | .37 | 2.56 |
| 7/31/2023 | 15.29 | .29 | (.21)<br>| .08 | (.29)<br>|  | (.29)<br>| 15.08 | .55 | 891 | .35 | .35 | 1.98 |
| 7/31/2022 | 16.22 | .17 | (.85)<br>| (.68)<br>| (.17)<br>| (.08)<br>| (.25)<br>| 15.29 | (4.24)<br>| 1022 | .34 | .34 | 1.08 |
| 7/31/2021 | 16.23 | .20 | .08 | .28 | (.20)<br>| (.09)<br>| (.29)<br>| 16.22 | 1.74 | 1185 | .34 | .34 | 1.21 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 7/31/2025 | 15.31 | .45 | .09 | .54 | (.44)<br>|  | (.44)<br>| 15.41 | 3.58 | 1686 | .27 | .26 | 2.94 |
| 7/31/2024 | 15.08 | .40 | .22 | .62 | (.39)<br>|  | (.39)<br>| 15.31 | 4.16 | 1559 | .26 | .26 | 2.68 |
| 7/31/2023 | 15.29 | .31 | (.21)<br>| .10 | (.31)<br>|  | (.31)<br>| 15.08 | .65 | 1532 | .25 | .24 | 2.11 |
| 7/31/2022 | 16.22 | .19 | (.85)<br>| (.66)<br>| (.19)<br>| (.08)<br>| (.27)<br>| 15.29 | (4.14)<br>| 1054 | .23 | .23 | 1.19 |
| 7/31/2021 | 16.23 | .21 | .08 | .29 | (.21)<br>| (.09)<br>| (.30)<br>| 16.22 | 1.84 | 1042 | .24 | .24 | 1.27 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 7/31/2025 | 15.31 | .45 | .09 | .54 | (.44)<br>|  | (.44)<br>| 15.41 | 3.58 | 156 | .27 | .26 | 2.93 |
| 7/31/2024 | 15.08 | .40 | .22 | .62 | (.39)<br>|  | (.39)<br>| 15.31 | 4.16 | 164 | .26 | .26 | 2.67 |
| 7/31/2023 | 15.29 | .31 | (.21)<br>| .10 | (.31)<br>|  | (.31)<br>| 15.08 | .65 | 752 | .25 | .24 | 2.09 |
| 7/31/2022 | 16.22 | .19 | (.85)<br>| (.66)<br>| (.19)<br>| (.08)<br>| (.27)<br>| 15.29 | (4.14)<br>| 839 | .23 | .23 | 1.19 |
| 7/31/2021 | 16.23 | .21 | .08 | .29 | (.21)<br>| (.09)<br>| (.30)<br>| 16.22 | 1.84 | 961 | .24 | .24 | 1.31 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** |
|  | **2025** | **2024** | **2022** | **2021** |
| Portfolio turnover rate for all share classes | &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33<br> %<br>&nbsp;&nbsp;&nbsp;&nbsp; 39 %<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>4</sup> 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. 

<sup>5</sup> Amount less than $1 million.

<sup>6</sup> The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the fund's acquisition of the assets of the Capital Group Core Municipal Fund on September 23, 2022. The portfolio turnover rate would have been 45% without the adjustment. 

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **386** |

---

------

Financial highlights (continued)

**The Tax-Exempt Bond Fund of America**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| <br>**Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 7/31/2025 | $12.45 | &nbsp;&nbsp; $.39 | &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $(.01)<br>| &nbsp;&nbsp; $(.37)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.37)<br>| &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; (.07)%<br>| &nbsp;&nbsp; $11325 | &nbsp;&nbsp; .53<br> %<br>| 3.12<br> %<br>|
| 7/31/2024 | 12.20 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.45 | 5.04 | &nbsp;&nbsp; 11790 | &nbsp;&nbsp; .53 | 3.03 |
| 7/31/2023 | 12.46 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; .05 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 12.20 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; 11644 | &nbsp;&nbsp; .53 | 2.66 |
| 7/31/2022 | 13.78 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.99)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.33)<br>| 12.46 | &nbsp;&nbsp; (7.28)<br>| &nbsp;&nbsp; 12649 | &nbsp;&nbsp; .50 | 2.01 |
| 7/31/2021 | 13.54 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.30)<br>| 13.78 | 4.06 | &nbsp;&nbsp; 14558 | &nbsp;&nbsp; .51 | 2.07 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 7/31/2025 | 12.45 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 12.07 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; 125 | 1.28 | 2.37 |
| 7/31/2024 | 12.20 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 12.45 | 4.24 | &nbsp;&nbsp; 165 | 1.28 | 2.28 |
| 7/31/2023 | 12.46 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 12.20 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; 218 | 1.28 | 1.90 |
| 7/31/2022 | 13.78 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.23)<br>| 12.46 | &nbsp;&nbsp; (7.97)<br>| &nbsp;&nbsp; 289 | 1.25 | 1.25 |
| 7/31/2021 | 13.54 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.20)<br>| 13.78 | 3.28 | &nbsp;&nbsp; 370 | 1.26 | 1.33 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 7/31/2025 | 12.45 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; .03 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 12.07 | &nbsp;&nbsp; .20 <br><sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .27 <br><sup>3</sup><br>| 3.38 <br><sup>3</sup><br>|
| 7/31/2024 | 12.20 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.45 | 5.32 <br><sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .27 <br><sup>3</sup><br>| 3.29 <br><sup>3</sup><br>|
| 7/31/2023 | 12.46 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.20 | &nbsp;&nbsp; .76 <br><sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .24 <br><sup>3</sup><br>| 2.95 <br><sup>3</sup><br>|
| 7/31/2022 | 13.78 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.36)<br>| 12.46 | &nbsp;&nbsp; (7.05 )<sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .25 <br><sup>3</sup><br>| 2.25 <br><sup>3</sup><br>|
| 7/31/2021 | 13.54 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.34)<br>| 13.78 | 4.32 <br><sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .26 <br><sup>3</sup><br>| 2.31 <br><sup>3</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 7/31/2025 | 12.45 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 12.07 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; 156 | &nbsp;&nbsp; .61 | 3.04 |
| 7/31/2024 | 12.20 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 12.45 | 4.96 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; .62 | 2.95 |
| 7/31/2023 | 12.46 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 12.20 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; .61 | 2.58 |
| 7/31/2022 | 13.78 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.32)<br>| 12.46 | &nbsp;&nbsp; (7.35)<br>| &nbsp;&nbsp; 227 | &nbsp;&nbsp; .59 | 1.92 |
| 7/31/2021 | 13.54 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.29)<br>| 13.78 | 3.97 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; .59 | 2.00 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **387** | American Funds Tax-Exempt Income Funds |

---

------

Financial highlights (continued)

**The Tax-Exempt Bond Fund of America** (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average**<br> **net assets** | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| <br>**Year ended** | **Net asset** <br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average**<br> **net assets** | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 7/31/2025 | $12.45 | &nbsp;&nbsp; $.42 | &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $.02 | &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; .11<br> %<br>| &nbsp;&nbsp; $5484 | &nbsp;&nbsp; .36<br> %<br>| 3.29<br> %<br>|
| 7/31/2024 | 12.20 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 12.45 | 5.24 | &nbsp;&nbsp; 5516 | &nbsp;&nbsp; .35 | 3.21 |
| 7/31/2023 | 12.46 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 12.20 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; 5135 | &nbsp;&nbsp; .35 | 2.84 |
| 7/31/2022 | 13.78 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.97)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.35)<br>| 12.46 | &nbsp;&nbsp; (7.11)<br>| &nbsp;&nbsp; 5047 | &nbsp;&nbsp; .33 | 2.18 |
| 7/31/2021 | 13.54 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.33)<br>| 13.78 | 4.24 | &nbsp;&nbsp; 5469 | &nbsp;&nbsp; .33 | 2.24 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 7/31/2025 | 12.45 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; .03 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 12.07 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; 5776 | &nbsp;&nbsp; .25 | 3.41 |
| 7/31/2024 | 12.20 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.45 | 5.35 | &nbsp;&nbsp; 5816 | &nbsp;&nbsp; .25 | 3.32 |
| 7/31/2023 | 12.46 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.20 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; 5108 | &nbsp;&nbsp; .24 | 2.94 |
| 7/31/2022 | 13.78 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.95)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.37)<br>| 12.46 | &nbsp;&nbsp; (7.01)<br>| &nbsp;&nbsp; 6245 | &nbsp;&nbsp; .22 | 2.29 |
| 7/31/2021 | 13.54 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.34)<br>| 13.78 | 4.35 | &nbsp;&nbsp; 6718 | &nbsp;&nbsp; .23 | 2.36 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 7/31/2025 | 12.45 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; .02 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 12.07 | &nbsp;&nbsp; .14 <br><sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .26 <br><sup>3</sup><br>| 3.39 <br><sup>3</sup><br>|
| 7/31/2024 | 12.20 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.45 | 5.35 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .25 | 3.32 |
| 7/31/2023 | 12.46 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.20 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; 675 | &nbsp;&nbsp; .24 | 2.95 |
| 7/31/2022 | 13.78 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.95)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.37)<br>| 12.46 | &nbsp;&nbsp; (7.01)<br>| &nbsp;&nbsp; 693 | &nbsp;&nbsp; .22 | 2.30 |
| 7/31/2021 | 13.54 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.34)<br>| 13.78 | 4.35 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; .23 | 2.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes | &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> 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. 

<sup>4</sup> Amount less than $1 million.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **388** |

---

------

Financial highlights (continued)

**American High-Income Municipal Bond Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 7/31/2025 | $15.35 | $.63 | $(.61)<br>| $.02 | $(.60)<br>| $— | $(.60)<br>| $14.77 | .09<br> %<br>| $5329 | .66<br> %<br>| .66<br> %<br>| 4.18<br> %<br>|
| 7/31/2024 | 14.68 | .64 | .61 | 1.25 | (.58)<br>|  | (.58)<br>| 15.35 | 8.77 | 5182 | .66 | .65 | 4.36 |
| 7/31/2023 | 15.30 | .58 | (.67)<br>| (.09)<br>| (.53)<br>|  | (.53)<br>| 14.68 | (.49)<br>| 4849 | .65 | .64 | 3.98 |
| 7/31/2022 | 17.20 | .48 | (1.79)<br>| (1.31)<br>| (.46)<br>| (.13)<br>| (.59)<br>| 15.30 | (7.78)<br>| 5354 | .63 | .63 | 2.95 |
| 7/31/2021 | 16.20 | .48 | 1.04 | 1.52 | (.49)<br>| (.03)<br>| (.52)<br>| 17.20 | 9.52 | 5875 | .65 | .65 | 2.91 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 7/31/2025 | 15.35 | .52 | (.61)<br>| (.09)<br>| (.49)<br>|  | (.49)<br>| 14.77 | (.63)<br>| 85 | 1.36 | 1.36 | 3.48 |
| 7/31/2024 | 14.68 | .53 | .61 | 1.14 | (.47)<br>|  | (.47)<br>| 15.35 | 7.97 | 106 | 1.38 | 1.37 | 3.65 |
| 7/31/2023 | 15.30 | .48 | (.67)<br>| (.19)<br>| (.43)<br>|  | (.43)<br>| 14.68 | (1.21)<br>| 124 | 1.37 | 1.36 | 3.26 |
| 7/31/2022 | 17.20 | .36 | (1.78)<br>| (1.42)<br>| (.35)<br>| (.13)<br>| (.48)<br>| 15.30 | (8.43)<br>| 161 | 1.33 | 1.33 | 2.23 |
| 7/31/2021 | 16.20 | .36 | 1.04 | 1.40 | (.37)<br>| (.03)<br>| (.40)<br>| 17.20 | 8.76 | 209 | 1.35 | 1.35 | 2.22 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 7/31/2025 | 15.35 | .68 | (.61)<br>| .07 | (.65)<br>|  | (.65)<br>| 14.77 | .40 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .36 <br><sup>4</sup><br>| .36 <br><sup>4</sup><br>| 4.48 <br><sup>4</sup><br>|
| 7/31/2024 | 14.68 | .69 | .61 | 1.30 | (.63)<br>|  | (.63)<br>| 15.35 | 9.09 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .37 <br><sup>4</sup><br>| .36 <br><sup>4</sup><br>| 4.65 <br><sup>4</sup><br>|
| 7/31/2023 | 15.30 | .62 | (.67)<br>| (.05)<br>| (.57)<br>|  | (.57)<br>| 14.68 | (.21 )<sup>4</sup><br>| — <br><sup>5</sup><br>| .37 <br><sup>4</sup><br>| .36 <br><sup>4</sup><br>| 4.26 <br><sup>4</sup><br>|
| 7/31/2022 | 17.20 | .53 | (1.79)<br>| (1.26)<br>| (.51)<br>| (.13)<br>| (.64)<br>| 15.30 | (7.51 )<sup>4</sup><br>| — <br><sup>5</sup><br>| .33 <br><sup>4</sup><br>| .33 <br><sup>4</sup><br>| 3.25 <br><sup>4</sup><br>|
| 7/31/2021 | 16.20 | .53 | 1.04 | 1.57 | (.54)<br>| (.03)<br>| (.57)<br>| 17.20 | 9.84 <br><sup>4</sup><br>| — <br><sup>5</sup><br>| .35 <br><sup>4</sup><br>| .35 <br><sup>4</sup><br>| 3.21 <br><sup>4</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 7/31/2025 | 15.35 | .63 | (.61)<br>| .02 | (.60)<br>|  | (.60)<br>| 14.77 | .08 | 126 | .69 | .69 | 4.16 |
| 7/31/2024 | 14.68 | .64 | .61 | 1.25 | (.58)<br>|  | (.58)<br>| 15.35 | 8.73 | 111 | .69 | .68 | 4.32 |
| 7/31/2023 | 15.30 | .58 | (.67)<br>| (.09)<br>| (.53)<br>|  | (.53)<br>| 14.68 | (.52)<br>| 97 | .68 | .67 | 3.95 |
| 7/31/2022 | 17.20 | .47 | (1.78)<br>| (1.31)<br>| (.46)<br>| (.13)<br>| (.59)<br>| 15.30 | (7.81)<br>| 100 | .66 | .66 | 2.91 |
| 7/31/2021 | 16.20 | .48 | 1.04 | 1.52 | (.49)<br>| (.03)<br>| (.52)<br>| 17.20 | 9.50 | 125 | .68 | .68 | 2.90 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **389** | American Funds Tax-Exempt Income Funds |

---

------

Financial highlights (continued)

**American High-Income Municipal Bond Fund** (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 7/31/2025 | $15.35 | $.67 | $(.61)<br>| $.06 | $(.64)<br>| $— | $(.64)<br>| $14.77 | .34<br> %<br>| $3226 | .43<br> %<br>| .43<br> %<br>| 4.41<br> %<br>|
| 7/31/2024 | 14.68 | .68 | .61 | 1.29 | (.62)<br>|  | (.62)<br>| 15.35 | 9.03 | 2699 | .43 | .42 | 4.58 |
| 7/31/2023 | 15.30 | .61 | (.67)<br>| (.06)<br>| (.56)<br>|  | (.56)<br>| 14.68 | (.26)<br>| 2130 | .42 | .41 | 4.22 |
| 7/31/2022 | 17.20 | .52 | (1.79)<br>| (1.27)<br>| (.50)<br>| (.13)<br>| (.63)<br>| 15.30 | (7.57)<br>| 1784 | .39 | .39 | 3.20 |
| 7/31/2021 | 16.20 | .52 | 1.04 | 1.56 | (.53)<br>| (.03)<br>| (.56)<br>| 17.20 | 9.78 | 1773 | .41 | .41 | 3.13 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 7/31/2025 | 15.35 | .69 | (.61)<br>| .08 | (.66)<br>|  | (.66)<br>| 14.77 | .45 | 3630 | .32 | .32 | 4.52 |
| 7/31/2024 | 14.68 | .69 | .61 | 1.30 | (.63)<br>|  | (.63)<br>| 15.35 | 9.14 | 3524 | .32 | .31 | 4.69 |
| 7/31/2023 | 15.30 | .63 | (.67)<br>| (.04)<br>| (.58)<br>|  | (.58)<br>| 14.68 | (.15)<br>| 2654 | .31 | .30 | 4.32 |
| 7/31/2022 | 17.20 | .54 | (1.79)<br>| (1.25)<br>| (.52)<br>| (.13)<br>| (.65)<br>| 15.30 | (7.47)<br>| 2302 | .29 | .29 | 3.32 |
| 7/31/2021 | 16.20 | .54 | 1.04 | 1.58 | (.55)<br>| (.03)<br>| (.58)<br>| 17.20 | 9.89 | 1914 | .31 | .31 | 3.22 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 7/31/2025 | 15.35 | .69 | (.61)<br>| .08 | (.66)<br>|  | (.66)<br>| 14.77 | .45 | 1358 | .32 | .32 | 4.52 |
| 7/31/2024 | 14.68 | .69 | .61 | 1.30 | (.63)<br>|  | (.63)<br>| 15.35 | 9.14 | 1258 | .32 | .31 | 4.70 |
| 7/31/2023 | 15.30 | .63 | (.67)<br>| (.04)<br>| (.58)<br>|  | (.58)<br>| 14.68 | (.15)<br>| 1137 | .31 | .31 | 4.32 |
| 7/31/2022 | 17.20 | .53 | (1.78)<br>| (1.25)<br>| (.52)<br>| (.13)<br>| (.65)<br>| 15.30 | (7.47)<br>| 1149 | .29 | .29 | 3.31 |
| 7/31/2021 | 16.20 | .54 | 1.04 | 1.58 | (.55)<br>| (.03)<br>| (.58)<br>| 17.20 | 9.89 | 1066 | .31 | .31 | 3.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes | &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>4</sup> 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. 

<sup>5</sup> Amount less than $1 million.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **390** |

---

------

Financial highlights (continued)

**The Tax-Exempt Fund of California**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| <br>**Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 7/31/2025 | $16.78 | &nbsp;&nbsp; $.51 | &nbsp;&nbsp; $(.64)<br>| &nbsp;&nbsp; $(.13)<br>| &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $16.15 | &nbsp;&nbsp; (.82)%<br>| &nbsp;&nbsp; $1381 | &nbsp;&nbsp; .57<br> %<br>| 3.07<br> %<br>|
| 7/31/2024 | 16.37 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 16.78 | 5.49 | &nbsp;&nbsp; 1436 | &nbsp;&nbsp; .57 | 3.00 |
| 7/31/2023 | 16.72 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 16.37 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; .56 | 2.71 |
| 7/31/2022 | 18.54 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.44)<br>| 16.72 | &nbsp;&nbsp; (7.57)<br>| &nbsp;&nbsp; 1677 | &nbsp;&nbsp; .57 | 2.10 |
| 7/31/2021 | 18.29 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.45)<br>| 18.54 | 3.92 | &nbsp;&nbsp; 2033 | &nbsp;&nbsp; .58 | 2.10 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 7/31/2025 | 16.78 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 16.15 | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; 18 | 1.32 | 2.32 |
| 7/31/2024 | 16.37 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 16.78 | 4.68 | &nbsp;&nbsp; 22 | 1.32 | 2.25 |
| 7/31/2023 | 16.72 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 16.37 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; 29 | 1.31 | 1.96 |
| 7/31/2022 | 18.54 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.31)<br>| 16.72 | &nbsp;&nbsp; (8.26)<br>| &nbsp;&nbsp; 39 | 1.32 | 1.34 |
| 7/31/2021 | 18.29 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.32)<br>| 18.54 | 3.14 | &nbsp;&nbsp; 54 | 1.33 | 1.35 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 7/31/2025 | 16.78 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 16.15 | &nbsp;&nbsp; (.55 )<sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .29 <br><sup>3</sup><br>| 3.35 <br><sup>3</sup><br>|
| 7/31/2024 | 16.37 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.52)<br>| 16.78 | 5.80 <br><sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .29 <br><sup>3</sup><br>| 3.29 <br><sup>3</sup><br>|
| 7/31/2023 | 16.72 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 16.37 | &nbsp;&nbsp; .76 <br><sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .29 <br><sup>3</sup><br>| 2.99 <br><sup>3</sup><br>|
| 7/31/2022 | 18.54 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.48)<br>| 16.72 | &nbsp;&nbsp; (7.35 )<sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .32 <br><sup>3</sup><br>| 2.34 <br><sup>3</sup><br>|
| 7/31/2021 | 18.29 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.50)<br>| 18.54 | 4.17 <br><sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .34 <br><sup>3</sup><br>| 2.33 <br><sup>3</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 7/31/2025 | 16.78 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.48)<br>| 16.15 | &nbsp;&nbsp; (.92)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; .66 | 2.97 |
| 7/31/2024 | 16.37 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 16.78 | 5.39 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; .67 | 2.91 |
| 7/31/2023 | 16.72 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 16.37 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; .65 | 2.63 |
| 7/31/2022 | 18.54 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.42)<br>| 16.72 | &nbsp;&nbsp; (7.66)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; .66 | 2.00 |
| 7/31/2021 | 18.29 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.44)<br>| 18.54 | 3.82 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; .67 | 2.01 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **391** | American Funds Tax-Exempt Income Funds |

---

------

Financial highlights (continued)

**The Tax-Exempt Fund of California** (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average**<br> **net assets** | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| <br>**Year ended** | **Net asset** <br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average**<br> **net assets** | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 7/31/2025 | $16.78 | &nbsp;&nbsp; $.54 | &nbsp;&nbsp; $(.64)<br>| &nbsp;&nbsp; $(.10)<br>| &nbsp;&nbsp; $(.53)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.53)<br>| &nbsp;&nbsp; $16.15 | &nbsp;&nbsp; (.65)%<br>| &nbsp;&nbsp; $663 | &nbsp;&nbsp; .40<br> %<br>| 3.25<br> %<br>|
| 7/31/2024 | 16.37 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.50)<br>| 16.78 | 5.69 | &nbsp;&nbsp; 643 | &nbsp;&nbsp; .39 | 3.19 |
| 7/31/2023 | 16.72 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 16.37 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; .38 | 2.90 |
| 7/31/2022 | 18.54 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.47)<br>| 16.72 | &nbsp;&nbsp; (7.41)<br>| &nbsp;&nbsp; 528 | &nbsp;&nbsp; .39 | 2.27 |
| 7/31/2021 | 18.29 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.49)<br>| 18.54 | 4.10 | &nbsp;&nbsp; 634 | &nbsp;&nbsp; .40 | 2.27 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 7/31/2025 | 16.78 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 16.15 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; 1014 | &nbsp;&nbsp; .30 | 3.35 |
| 7/31/2024 | 16.37 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.52)<br>| 16.78 | 5.79 | &nbsp;&nbsp; 913 | &nbsp;&nbsp; .29 | 3.28 |
| 7/31/2023 | 16.72 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 16.37 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; 589 | &nbsp;&nbsp; .29 | 2.99 |
| 7/31/2022 | 18.54 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.49)<br>| 16.72 | &nbsp;&nbsp; (7.32)<br>| &nbsp;&nbsp; 432 | &nbsp;&nbsp; .30 | 2.37 |
| 7/31/2021 | 18.29 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.50)<br>| 18.54 | 4.20 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; .31 | 2.36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes | &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> 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. 

<sup>4</sup> Amount less than $1 million.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **392** |

---

------

Financial highlights (continued)

**American Funds Tax-Exempt Fund of New York**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 7/31/2025 | $10.15 | $.32 | $(.53)<br>| $(.21)<br>| $(.31)<br>| $— | $(.31)<br>| $9.63 | (2.11)%<br>| $175 | .65<br> %<br>| .59<br> %<br>| 3.23<br> %<br>|
| 7/31/2024 | 9.97 | .30 | .18 | .48 | (.30)<br>|  | (.30)<br>| 10.15 | 4.88 | 187 | .65 | .59 | 3.05 |
| 7/31/2023 | 10.19 | .27 | (.22)<br>| .05 | (.27)<br>|  | (.27)<br>| 9.97 | .51 | 176 | .65 | .59 | 2.72 |
| 7/31/2022 | 11.45 | .23 | (1.18)<br>| (.95)<br>| (.23)<br>| (.08)<br>| (.31)<br>| 10.19 | (8.42)<br>| 182 | .65 | .61 | 2.12 |
| 7/31/2021 | 11.10 | .24 | .35 | .59 | (.24)<br>| — <br><sup>4</sup><br>| (.24)<br>| 11.45 | 5.46 | 208 | .67 | .62 | 2.19 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 7/31/2025 | 10.15 | .25 | (.53)<br>| (.28)<br>| (.24)<br>|  | (.24)<br>| 9.63 | (2.85)<br>| 3 | 1.41 | 1.34 | 2.47 |
| 7/31/2024 | 9.97 | .22 | .18 | .40 | (.22)<br>|  | (.22)<br>| 10.15 | 4.10 | 6 | 1.41 | 1.34 | 2.29 |
| 7/31/2023 | 10.19 | .19 | (.22)<br>| (.03)<br>| (.19)<br>|  | (.19)<br>| 9.97 | (.25)<br>| 8 | 1.41 | 1.34 | 1.96 |
| 7/31/2022 | 11.45 | .15 | (1.18)<br>| (1.03)<br>| (.15)<br>| (.08)<br>| (.23)<br>| 10.19 | (9.11)<br>| 10 | 1.40 | 1.36 | 1.37 |
| 7/31/2021 | 11.10 | .16 | .35 | .51 | (.16)<br>| — <br><sup>4</sup><br>| (.16)<br>| 11.45 | 4.67 | 11 | 1.42 | 1.37 | 1.43 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 7/31/2025 | 10.15 | .35 | (.53)<br>| (.18)<br>| (.34)<br>|  | (.34)<br>| 9.63 | (1.87 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .40 <br><sup>5</sup><br>| .33 <br><sup>5</sup><br>| 3.48 <br><sup>5</sup><br>|
| 7/31/2024 | 9.97 | .32 | .18 | .50 | (.32)<br>|  | (.32)<br>| 10.15 | 5.17 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .38 <br><sup>5</sup><br>| .31 <br><sup>5</sup><br>| 3.32 <br><sup>5</sup><br>|
| 7/31/2023 | 10.19 | .29 | (.22)<br>| .07 | (.29)<br>|  | (.29)<br>| 9.97 | .80 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .37 <br><sup>5</sup><br>| .30 <br><sup>5</sup><br>| 3.01 <br><sup>5</sup><br>|
| 7/31/2022 | 11.45 | .25 | (1.18)<br>| (.93)<br>| (.25)<br>| (.08)<br>| (.33)<br>| 10.19 | (8.20 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .40 <br><sup>5</sup><br>| .36 <br><sup>5</sup><br>| 2.37 <br><sup>5</sup><br>|
| 7/31/2021 | 11.10 | .27 | .35 | .62 | (.27)<br>| — <br><sup>4</sup><br>| (.27)<br>| 11.45 | 5.72 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .42 <br><sup>5</sup><br>| .37 <br><sup>5</sup><br>| 2.43 <br><sup>5</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 7/31/2025 | 10.15 | .31 | (.53)<br>| (.22)<br>| (.30)<br>|  | (.30)<br>| 9.63 | (2.23)<br>| 1 | .76 | .70 | 3.12 |
| 7/31/2024 | 9.97 | .29 | .18 | .47 | (.29)<br>|  | (.29)<br>| 10.15 | 4.77 | 1 | .77 | .70 | 2.93 |
| 7/31/2023 | 10.19 | .26 | (.22)<br>| .04 | (.26)<br>|  | (.26)<br>| 9.97 | .45 | 1 | .71 | .64 | 2.66 |
| 7/31/2022 | 11.45 | .23 | (1.18)<br>| (.95)<br>| (.23)<br>| (.08)<br>| (.31)<br>| 10.19 | (8.43)<br>| 1 | .66 | .62 | 2.10 |
| 7/31/2021 | 11.10 | .24 | .35 | .59 | (.24)<br>| — <br><sup>4</sup><br>| (.24)<br>| 11.45 | 5.44 <br><sup>5</sup><br>| 3 | .69 <br><sup>5</sup><br>| .63 <br><sup>5</sup><br>| 2.16 <br><sup>5</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **393** | American Funds Tax-Exempt Income Funds |

---

------

Financial highlights (continued)

**American Funds Tax-Exempt Fund of New York** (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 7/31/2025 | $10.15 | $.34 | $(.53)<br>| $(.19)<br>| $(.33)<br>| $— | $(.33)<br>| $9.63 | (1.95)%<br>| $42 | .49<br> %<br>| .42<br> %<br>| 3.40<br> %<br>|
| 7/31/2024 | 9.97 | .31 | .18 | .49 | (.31)<br>|  | (.31)<br>| 10.15 | 5.07 | 38 | .47 | .41 | 3.22 |
| 7/31/2023 | 10.19 | .28 | (.22)<br>| .06 | (.28)<br>|  | (.28)<br>| 9.97 | .69 | 28 | .47 | .41 | 2.90 |
| 7/31/2022 | 11.45 | .25 | (1.18)<br>| (.93)<br>| (.25)<br>| (.08)<br>| (.33)<br>| 10.19 | (8.26)<br>| 27 | .48 | .43 | 2.30 |
| 7/31/2021 | 11.10 | .26 | .35 | .61 | (.26)<br>| — <br><sup>4</sup><br>| (.26)<br>| 11.45 | 5.65 | 31 | .49 | .44 | 2.36 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 7/31/2025 | 10.15 | .35 | (.53)<br>| (.18)<br>| (.34)<br>|  | (.34)<br>| 9.63 | (1.84)<br>| 49 | .37 | .31 | 3.52 |
| 7/31/2024 | 9.97 | .32 | .18 | .50 | (.32)<br>|  | (.32)<br>| 10.15 | 5.18 | 46 | .37 | .31 | 3.33 |
| 7/31/2023 | 10.19 | .29 | (.22)<br>| .07 | (.29)<br>|  | (.29)<br>| 9.97 | .79 | 39 | .36 | .31 | 3.01 |
| 7/31/2022 | 11.45 | .26 | (1.18)<br>| (.92)<br>| (.26)<br>| (.08)<br>| (.34)<br>| 10.19 | (8.16)<br>| 40 | .37 | .33 | 2.41 |
| 7/31/2021 | 11.10 | .28 | .35 | .63 | (.28)<br>| — <br><sup>4</sup><br>| (.28)<br>| 11.45 | 5.76 | 39 | .39 | .34 | 2.46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** | **Year ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>4</sup> Amount less than $.01.

<sup>5</sup> 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. 

<sup>6</sup> Amount less than $1 million.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Tax-Exempt Income Funds | **394** |

---

------

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees and Shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and American Funds Tax-Exempt Fund of New York and to the Board of Trustees of The American Funds Tax-Exempt Series II and Shareholders of The Tax-Exempt Fund of California

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, American Funds Tax-Exempt Fund of New York, and The Tax-Exempt Fund of California (the sole fund constituting The American Funds Tax-Exempt Series II) (hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2025 and each of the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodians, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

September 11, 2025

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **395** | American Funds Tax-Exempt Income Funds |

---

------

**The Tax-Exempt Bond Fund of America**

Part C

Other Information

**Item 28.** **Exhibits for Registration Statement** (1940 Act No. 811-02421 and 1933 Act. No. 002-49291)

(a) **Articles of Incorporation** – Certificate of Trust dated 8/20/09 – previously filed ([see P/E Amendment No. 43 filed 10/29/10](http://www.sec.gov/Archives/edgar/data/50142/000005193110000676/exha.htm)); and Amended and Restated Agreement and Declaration of Trust dated 9/13/17 – previously
 filed ([see P/E Amendment No. 62 filed 9/29/17](http://www.sec.gov/Archives/edgar/data/50142/000005193117001909/exha.htm))

(b) **By-laws** – Amended and Restated By-laws effective 8/29/18 – previously filed ([see P/E Amendment No. 64 filed 9/28/18](http://www.sec.gov/Archives/edgar/data/50142/000005193118001028/exhb.htm))

(c) **Instruments Defining Rights of Security Holders** – Form of Share Certificate - previously filed
 ([see P/E Amendment No. 29 filed 3/14/01](http://www.sec.gov/Archives/edgar/data/50142/000005014201000001/0000050142-01-000001-0004.txt))

(d) **Investment Advisory Contracts** – Amended and Restated Investment Advisory and Service Agreement
 dated 5/1/20 – previously filed ([see P/E Amendment No. 68 filed 9/30/20](http://www.sec.gov/Archives/edgar/data/50142/000005193120000927/exhd.htm))

(e) **Underwriting Contracts** – Amended and Restated Principal Underwriting Agreement dated 5/1/21 –
 previously filed ([see P/E Amendment No. 69 filed 9/30/21](http://www.sec.gov/Archives/edgar/data/50142/000005193121000814/exhe.htm));
 Form of Selling Group Agreement – previously filed ([see P/E Amendment No. 62 filed 9/29/17](http://www.sec.gov/Archives/edgar/data/50142/000005193117001909/exhe.htm)); Form of Bank/Trust Company Selling Group Agreement – previously filed ([see P/E Amendment No. 62 filed 9/29/17](http://www.sec.gov/Archives/edgar/data/50142/000005193117001909/exhe.htm)); Form of Class F Share Participation Agreement – previously filed ([see P/E Amendment No. 62 filed 9/29/17](http://www.sec.gov/Archives/edgar/data/50142/000005193117001909/exhe.htm)); and Form of Bank/Trust Company Participation Agreement for Class F Shares – previously
 filed ([see P/E Amendment No. 62 filed 9/29/17](http://www.sec.gov/Archives/edgar/data/50142/000005193117001909/exhe.htm))

(f) **Bonus or Profit Sharing Contracts** – Deferred Compensation Plan effective 1/1/20 – previously
 filed ([see P/E Amendment No. 68 filed 9/30/20](http://www.sec.gov/Archives/edgar/data/50142/000005193120000927/exhf.htm))

(g) **Custodian Agreements** –Global Custody Agreement dated 12/21/06 – previously filed ([see P/E Amendment No. 37 filed 10/31/07](http://www.sec.gov/Archives/edgar/data/50142/000005193107000584/exhg.htm)); and Form of Amendment to Global Custody Agreement effective 7/1/15 – previously filed
 ([see P/E Amendment No. 54 filed 9/30/15](http://www.sec.gov/Archives/edgar/data/50142/000005193115000899/exhg.htm))

---

| | |
|:---|:---|
| (h-1) | **Other Material Contracts** – Form of Indemnification Agreement – previously filed ([see P/E Amendment No. 43 filed 10/29/10](http://www.sec.gov/Archives/edgar/data/50142/000005193110000676/exhh.htm)); Form of Agreement and Plan of Reorganization dated 8/24/09 – previously filed ([see P/E Amendment No. 43 filed 10/29/10](http://www.sec.gov/Archives/edgar/data/50142/000005193110000676/exhh.htm)); Form of Agreement and Plan of Reorganization and Liquidation – previously filed ([see P/E Amendment No. 2 to form N-14 filed 4/18/16](https://www.sec.gov/Archives/edgar/data/50142/000005193116002327/tebfn14a.htm)); Form of Fund of Funds Investment Agreement – American Funds (Rule 12d1-4) – previously filed ([see P/E Amendment No. 70 filed 9/30/22](http://www.sec.gov/Archives/edgar/data/50142/000005193122000927/exhh.htm)); and Amended and Restated Shareholder Services Agreement dated 1/1/23 – previously filed ([see P/E Amendment No. 71 filed 9/29/23](http://www.sec.gov/Archives/edgar/data/50142/000005193123001059/0000051931-23-001059-index.html)) |

---

(h-2) [Amended and Restated Administrative Services Agreement effective 9/9/25](exhh.htm)

(i) **Legal Opinion** – Legal
 Opinion – previously filed ([see P/E Amendment No. 43 filed 10/29/10;](http://www.sec.gov/Archives/edgar/data/50142/000005193110000676/exhi.htm) [P/E Amendment No. 46 filed 3/23/12](http://www.sec.gov/Archives/edgar/data/50142/000147436512000024/exhi.htm) ; [P/E Amendment No. 58 filed 12/29/16](http://www.sec.gov/Archives/edgar/data/50142/000005193116003489/exhi.htm) ; and [P/E Amendment No. 60 filed 4/6/17](http://www.sec.gov/Archives/edgar/data/50142/000005193117000676/exhi.htm))

(j) **Other Opinions** – [Consent of Independent Registered Public Accounting Firm](exhj.htm)

(k)&nbsp;&nbsp;&nbsp;&nbsp; **Omitted financial statements** - none

(l) **Initial capital agreements** - previously filed ([see P/E Amendment No. 23 filed 10/29/97](http://www.sec.gov/Archives/edgar/data/50142/0000050142-97-000009.txt))

(m) **Rule 12b-1 Plan** – Amended and Restated Plans of Distribution for Class A, C, T and F-1 shares
 dated 5/1/21 – previously filed ([see P/E Amendment No. 69 filed 9/30/21](http://www.sec.gov/Archives/edgar/data/50142/000005193121000814/exhm.htm))

(n) **Rule 18f-3 Plan** – Amended and Restated Multiple Class Plan dated 1/1/21 – previously filed
 ([see P/E Amendment No. 69 filed 9/30/21](http://www.sec.gov/Archives/edgar/data/50142/000005193121000814/exhn.htm))

(o)&nbsp;&nbsp;&nbsp;&nbsp; Reserved

(p) **Code of Ethics** – [Code of Ethics for The Capital Group Companies dated May 2025; and Code of Ethics for Registrant](exhp.htm)

Item 29. Persons Controlled by or Under Common Control with the Fund

None

**Item 30.** **Indemnification**

The Registrant is a joint-insured under Investment Advisor/Mutual Fund Errors and Omissions Policies, which insure its officers and trustees against certain liabilities. However, in no event will Registrant maintain insurance to indemnify any such person for any act for which Registrant itself is not permitted to indemnify the individual.

Article 8 of the Registrant's Declaration of Trust as well as the indemnification agreements that the Registrant has entered into with each of its trustees who is not an "interested person" of the Registrant (as defined under the Investment Company Act of 1940, as amended), provide in effect that the Registrant will indemnify its officers and trustees against any liability or expenses actually and reasonably incurred by such person in any proceeding arising out of or in connection with his or her service to the Registrant, to the fullest extent permitted by applicable law, subject to certain conditions. In accordance with Section 17(h) and 17(i) of the Investment Company Act of 1940, as amended, and their respective terms, these provisions do not protect any person against any liability to the Registrant or its shareholders to which such person would otherwise be subject by reason of willful

misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Registrant will comply with the indemnification requirements contained in the Investment Company Act of 1940, as amended, and Release Nos. 7221 (June 9, 1972) and 11330 (September 4, 1980).

Item 31. Business and Other Connections of the Investment Adviser

None

**Item 32.** **Principal Underwriters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Client Group, Inc. is the Principal Underwriter of shares of: AMCAP Fund, American Balanced Fund, American Funds College Target Date Series, American Funds Corporate Bond Fund, American Funds Developing World Growth and Income Fund, American Funds Emerging Markets Bond Fund, American Funds Fundamental Investors, American Funds Global Balanced Fund, American Funds Global Insight Fund, The American Funds Income Series, American Funds Inflation Linked Bond Fund, American Funds International Vantage Fund, American Funds Mortgage Fund, American Funds Multi-Sector Income Fund, American Funds Portfolio Series, American Funds Retirement Income Portfolio Series, American Funds Short-Term Tax-Exempt Bond Fund, American Funds Strategic Bond Fund, American Funds Target Date Retirement Series, American Funds Tax-Exempt Fund of New York, The American Funds Tax-Exempt Series II, American Funds U.S. Government Money Market Fund, American Funds U.S. Small and Mid Cap Equity Fund, American High-Income Municipal Bond Fund, American High-Income Trust, American Mutual Fund, The Bond Fund of America, Capital Group Completion Fund Series, Capital Group Conservative Equity ETF, Capital Group Core Balanced ETF, Capital Group Core Equity ETF, Capital Group Dividend Growers ETF, Capital Group Dividend Value ETF, Capital Group Equity ETF Trust I, Capital Group Fixed Income ETF Trust, Capital Group Global Equity ETF, Capital Group Global Growth Equity ETF, Capital Group Growth ETF, Capital Group International Core Equity ETF, Capital Group International Equity ETF, Capital Group International Focus Equity ETF, Capital Group KKR Core Plus+, Capital Group KKR Multi-Sector+, Capital Group New Geography Equity ETF, Capital Group Private Client Services Funds, Capital Group U.S. Equity Fund, Capital Income

Builder, Capital World Bond Fund, Capital World Growth and Income Fund, Emerging Markets Equities Fund, Inc., EUPAC Fund, The Growth Fund of America, The Income Fund of America, Intermediate Bond Fund of America, International Growth and Income Fund, The Investment Company of America, Limited Term Tax-Exempt Bond Fund of America, The New Economy Fund, New Perspective Fund, New World Fund, Inc., Short-Term Bond Fund of America, SMALLCAP World Fund, Inc., The Tax-Exempt Bond Fund of America and Washington Mutual Investors Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ---

| | | | |
|:---|:---|:---|:---|
|  | **<u>(1)</u>**<br> **<u>Name and Principal</u>** <br> **<u>Business Address</u>** | **<u>(2)</u>**<br> **<u>Positions and Offices</u>**<br> **<u>with Underwriter</u>** | **<u>(3)</u>**<br> **<u>Positions and Offices</u>**<br> **<u>with Registrant</u>** |
| LAO | Katherine Abbott | Vice President |  |
| CHO | Chatelaine Achterberg  | Assistant Vice President |  |
| LAO | Alex J. Adair | Regional Vice President |  |
| LAO | Samuel Adams | Regional Vice President |  |
| LAO | Anuj K. Agarwal | Vice President |  |
| LAO | Albert Aguilar, Jr. | Director, Vice President and Chief Compliance Officer |  |
| SNO | David A. Ajluni | Regional Vice President |  |
| LAO | C. Thomas Akin II | Senior Vice President |  |
| LAO | Anthony Albano | Regional Vice President |  |
| LAO | Mark G. Alteri | Regional Vice President |  |
| LAO | Jeremy Alyea | Regional Vice President |  |
| LAO | Colleen M. Ambrose | Vice President |  |
| LAO | Christopher S. Anast | Senior Vice President, Capital Group Institutional Investment Services Division |  |
| LAO | Blake J. Anderson | Assistant Vice President |  |
| LAO | Dion T. Angelopoulos | Assistant Vice President |  |
| CHO | Erik J. Applegate | Vice President, Capital Group Institutional Investment Services Division |  |
| LAO | Luis F. Arocha | Vice President |  |
| LAO | Keith D. Ashley | Regional Vice President |  |
| LAO | Julie A. Asher | Assistant Vice President |  |
| LAO | Curtis A. Baker | Senior Vice President, Capital Group Institutional Investment Services Division |  |
| LAO | T. Patrick Bardsley | Senior Vice President |  |
| SNO | Mark C. Barile | Vice President |  |

---

---

| | | |
|:---|:---|:---|
| LAO | Shakeel A. Barkat | Senior Vice President |
| LAO | Antonio M. Bass | Senior Vice President |
| LAO | Andrew Z. Bates | Assistant Vice President |
| LAO | Katherine A. Beattie | Senior Vice President |
| LAO | Scott G. Beckerman | Senior Vice President |
| LAO | Jeb M. Bent | Senior Vice President |
| LAO | Matthew D. Benton | Senior Vice President |
| LAO | Jerry R. Berg | Senior Vice President |
| LAO | Joseph W. Best, Jr. | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Matthew F. Betley | Vice President |
| LAO | Roger J. Bianco, Jr. | Senior Vice President |
| LAO | Ryan M. Bickle | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Joseph Bilello | Regional Vice President |
| LAO | Jay A. Binstock | Assistant Vice President |
| LAO | Peter D. Bjork | Regional Vice President |
| DCO | Bryan K. Blankenship | Senior Vice President |
| LAO | Marek Blaskovic | Vice President |
| LAO | Matthew C. Bloemer | Regional Vice President |
| LAO | Erick K. Bodge | Regional Vice President |
| LAO | Gerard M. Bockstie, Jr. | Senior Vice President |
| LAO | Jon T. Boldt | Vice President |
| LAO | Ainsley J. Borel | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Jill M. Boudreau | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Andre W. Bouvier | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Jordan C. Bowers | Regional Vice President |
| LAO | David H. Bradin | Senior Vice President |
| LAO | William J. Brady | Regional Vice President |
| LAO | William P. Brady | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Andrew A. Bredholt | Regional Vice President |
| LAO | William G. Bridge | Senior Vice President |
| LAO | Siobhan M. Broadbery | Regional Vice President |
| LAO | Lorena B. Brockman | Vice President |
| LAO | Kevin G. Broulette | Vice President, Capital Group Institutional Investment Services Division |
| LAO | E. Chapman Brown, Jr. | Senior Vice President |
| LAO | Elizabeth S. Brownlow | Vice President |
| LAO | Gary D. Bryce | Senior Vice President |
| LAO | Christopher Bucci | Regional Vice President |
| NYO | Melissa Buccilli | Senior Vice President |
| SNO | Dylan J. Burdick | Regional Vice President |
| LAO | Kenneth D. Burdick | Assistant Vice President |
| LAO | Carmen A. Burke | Vice President |
| IND | Jennifer L. Butler | Assistant Vice President |
| LAO | Steven Calabria | Senior Vice President |
| LAO | Thomas E. Callahan | Senior Vice President |
| LAO | Kelly V. Campbell | Senior Vice President |
| LAO | Patrick C. Campbell III | Regional Vice President |
| LAO | Anthon S. Cannon III | Vice President |
| SNO | Antonio G. Capobianco | Regional Vice President |
| LAO | Kevin J. Carevic | Vice President |
| LAO | Jason S. Carlough | Senior Vice President |
| LAO | Kim R. Carney | Senior Vice President |
| LAO | Damian F. Carroll | Senior Vice President |
| LAO | David C. Carson, Jr. | Vice President |
| LAO | James D. Carter | Senior Vice President |
| LAO | Stephen L. Caruthers | Senior Vice President, Capital Group Institutional Investment Services Division |
| SFO | James G. Carville | Senior Vice President, Capital Group Institutional Investment Services Division |

---

---

| | | |
|:---|:---|:---|
| LAO | Philip L. Casciano | Vice President |
| LAO | Christopher M. Cefalo | Senior Vice President |
| IND | Alexzania N. Chambers  | Assistant Vice President |
| LAO | Kent W. Chan | Senior Vice President, Capital Group Institutional Investment Services Division |
| SNO | Marcus L. Chaves | Assistant Vice President |
| LAO | Si J. Chen | Vice President |
| LAO | Daniel A. Chodosch | Senior Vice President |
| LAO | Wellington Choi | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Peter J. Chong | Assistant Vice President |
| LAO | Cheryl L. Christian | Assistant Vice President |
| LAO | Andrew T. Christos | Vice President |
| LAO | Robert S. Chu | Assistant Vice President |
| LAO | Paul A. Cieslik | Senior Vice President |
| LAO | Andrew R. Claeson | Vice President |
| LAO | Michael J. Clark | Regional Vice President |
| LAO | Jamie A. Claypool | Senior Vice President |
| LAO | Kyle R. Coffey | Regional Vice President |
| LAO | Natalie S. Cole | Vice President |
| NYO | Jayme E. Colosimo | Vice President |
| IND | Timothy J. Colvin | Regional Vice President |
| LAO | Frances Coombes | Senior Vice President |
| IRV | Erin K. Concepcion | Assistant Vice President |
| SNO | Brandon J. Cone | Vice President |
| LAO | Christopher M. Conwell | Vice President |
| LAO | C. Jeffrey Cook | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Megan Costa | Senior Vice President |
| LAO | Joseph G. Cronin | Senior Vice President |
| LAO | D. Erick Crowdus | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| SNO | Zachary A. Cutkomp | Regional Vice President |
| LAO | Hanh M. Dao | Senior Vice President |
| LAO | Alex L. DaPron | Regional Vice President |
| LAO | William F. Daugherty | Senior Vice President |
| LAO | Alexandria B. Davis | Regional Vice President |
| SNO | Bradley C. Davis | Assistant Vice President |
| LAO | Scott T. Davis | Senior Vice President |
| LAO | Shehan N. De Silva | Assistant Vice President |
| LAO | Adam DeAngelis | Regional Vice President |
| LAO | Peter J. Deavan | Senior Vice President |
| LAO | Kristofer J. DeBonville | Regional Vice President |
| LAO | Guy E. Decker | Senior Vice President |
| LAO | Mark A. Dence | Senior Vice President |
| SNO | Brian M. Derrico | Vice President |
| LAO | Stephen Deschenes | Senior Vice President |
| LAO | Maddi L. Dessner | Director and Senior Vice President |
| LAO | James G. DiGiuseppe | Senior Vice President |
| LAO | Alexander J. Diorio | Vice President |
| LAO | Mario P. DiVito | Senior Vice President |
| LAO | Kevin F. Dolan | Senior Vice President |
| LAO | John H. Donovan IV | Vice President |
| LAO | Ronald Q. Dottin | Senior Vice President |
| LAO | Joseph B. Dowd | Vice President |
| LAO | John J. Doyle | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Ryan T. Doyle | Senior Vice President |
| LAO | Craig Duglin | Senior Vice President |
| LAO | Alan J. Dumas | Vice President |
| LAO | John E. Dwyer IV | Senior Vice President, Capital Group Institutional Investment Services Division |

---

---

| | | |
|:---|:---|:---|
| LAO | Christopher P. Dziubasik | Assistant Vice President |
| IND | Karyn B. Dzurisin | Senior Vice President |
| LAO | Kevin C. Easley | Senior Vice President |
| LAO | Shirley Ecklund | Senior Vice President |
| LAO | Damian Eckstein | Senior Vice President |
| LAO | Matthew J. Eisenhardt | Senior Vice President |
| IRV | Jessica Eng | Assistant Vice President |
| LAO | Joseph Epstein | Regional Vice President |
| LAO | Wayne C. Ewan | Vice President |
| LAO | Bryan R. Favilla | Senior Vice President |
| LAO | Joseph M. Fazio | Regional Vice President |
| LAO | Mark A. Ferraro | Senior Vice President |
| LAO | Christopher Fetchet | Regional Vice President |
| LAO | Brandon J. Fetta | Vice President |
| LAO | John P. Finneran III | Vice President |
| LAO | Layne M. Finnerty | Senior Vice President, Capital Group Institutional Investment Services Division |
| SNO | Coenraad F. Fletcher | Vice President |
| LAO | Kevin H. Folks | Senior Vice President |
| IND | Kelly B. Fonderoli | Assistant Vice President |
| LAO | William E. Ford | Senior Vice President |
| IRV | Robert S. Forshee | Assistant Vice President |
| LAO | Mark D. Foster | Regional Vice President |
| LAO | Steven M. Fox | Vice President |
| LAO | Holly C. Framsted | Senior Vice President |
| LAO | Megan France | Regional Vice President |
| LAO | Rusty A. Frauhiger | Vice President |
| LAO | Vincent C. Fu | Assistant Vice President |
| LAO | Tyler L. Furek | Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Myles Gaines | Regional Vice President |
| LAO | Jignesh D. Gandhi | Vice President |
| LAO | J. Gregory Garrett | Senior Vice President, Capital Group Institutional Investment Services Division |
| SNO | Edward S. Garza | Vice President |
| LAO | Brian K. Geiger | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Leslie B. Geller | Senior Vice President |
| LAO | Jacob M. Gerber | Senior Vice President |
| LAO | Michele Giangrande | Vice President |
| LAO | Travis Gilberg | Vice President |
| LAO | Pamela A. Gillett | Senior Vice President |
| LAO | William F. Gilmartin | Senior Vice President |
| IND | Brenda L. Goeken | Assistant Vice President |
| LAO | Kathleen D. Golden | Vice President |
| NYO | Joshua H. Gordon | Vice President, Capital Group Institutional Investment Services Division |
| SNO | Craig B. Gray | Assistant Vice President |
| LAO | Robert E. Greeley, Jr. | Senior Vice President |
| LAO | Jameson R. Greenstone | Senior Vice President |
| LAO | Eric M. Grey | Senior Vice President |
| LAO | Karen M. Griffin | Vice President |
| LAO | E. Renee Grimm | Senior Vice President |
| LAO | Scott A. Grouten | Senior Vice President |
| SNO | John S. Gryniewicz | Regional Vice President |
| LAO | Sam S. Gumma | Vice President |
| LAO | Jan S. Gunderson | Senior Vice President |
| LAO | Ryan A. Gundrum | Assistant Vice President |
| SNO | Lori L. Guy | Vice President |
| LAO | Janna C. Hahn | Senior Vice President |
| LAO | Philip E. Haning | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Katy L. Hanke | Senior Vice President |
| LAO | Brandon S. Hansen | Senior Vice President |
| LAO | Julie O. Hansen | Vice President |
| SNO | Nicholas Hargreaves | Assistant Vice President |
| LAO | John R. Harley | Senior Vice President |
| LAO | Calvin L. Harrelson III | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Craig W. Hartigan | Senior Vice President |
| LAO | Janis Harrison | Assistant Vice President |
| LAO | James Hayes | Regional Vice President |
| LAO | Jennifer Hayes | Regional Vice President |
| LAO | Alan M. Heaton | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Clifford W. "Webb" Heidinger | Senior Vice President |
| LAO | Brock A. Hillman | Senior Vice President |
| IND | Kristin S. Himsel | Senior Vice President |
| SNO | Emilia A. Holt | Assistant Vice President |
| LAO | Dennis L. Hooper | Regional Vice President |
| IND | Ryan D. Hoover | Regional Vice President |
| LAO | Jessica K. Hooyenga | Vice President |
| LAO | Scott W. Hoyer | Regional Vice President |
| LAO | David R. Hreha | Senior Vice President |
| LAO | Frederic J. Huber | Senior Vice President |
| LAO | Michael S. Hukriede | Regional Vice President |
| LAO | Jeffrey K. Hunkins | Senior Vice President |
| LAO | Angelia G. Hunter | Senior Vice President |
| LAO | Christa M. Iacono | Vice President |
| LAO | Marc G. Ialeggio | Senior Vice President |
| LAO | Maurice E. Jadah | Regional Vice President |
| LAO | Asad K. Jamil | Regional Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | W. Chris Jenkins | Senior Vice President |
| LAO | Daniel J. Jess II | Senior Vice President |
| IND | Jameel S. Jiwani | Vice President |
| CHO | Allison S. Johnston | Assistant vice President |
| LAO | Brendan M. Jonland | Senior Vice President |
| LAO | Kathryn H. Jordan | Vice President |
| LAO | David G. Jordt | Senior Vice President |
| LAO | Michael Kamell | Senior Vice President |
| LAO | Eric J. Kamin | Regional Vice President |
| IND | Teodor P. Karnakov | Assistant Vice President |
| LAO | Wassan M. Kasey | Senior Vice President |
| IND | Joel A. Kaul | Assistant Vice President |
| LAO | John P. Keating | Senior Vice President |
| LAO | David B. Keib | Senior Vice President |
| LAO | Brian G. Kelly | Senior Vice President |
| LAO | Christopher J. Kennedy | Vice President |
| LAO | Jason A. Kerr | Senior Vice President |
| LAO | Ryan C. Kidwell | Senior Vice President |
| LAO | Charles A. King | Senior Vice President, Capital Group Institutional Investment Services Division |
| IND | Eric M. Kirkman | Vice President |
| LAO | Kelsei Q. Kirland | Vice President |
| IND | Morgann B. Klaus | Assistant Vice President |
| LAO | Stephen J. Knutson | Assistant Vice President |
| LAO | Michael J. Koch | Vice President |
| IND | Philip A. Kojich | Assistant Vice President |
| LAO | Christina Kramer | Regional Vice President |
| LAO | James M. Kreider | Vice President |
| LAO | Andrew M. Kruger | Regional Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Jacob A. Kuchta | Regional Vice President |
| SNO | David D. Kuncho | Vice President |
| NYO | Joseph Lai | Senior Vice President |
| LAO | Jialing Lang | Assistant Vice President |
| LAO | Richard M. Lang | Senior Vice President, Capital Group Institutional Investment Services Division |
| SNO | Theodore J. Larsen | Assistant Vice President |
| LAO | Andrew P. Laskowski | Senior Vice President |
| LAO | Armand Leaks | Vice President |
| LAO | Matthew N. Leeper | Senior Vice President |
| LAO | Victor J. LeMay | Regional Vice President |
| SNO | Matthew T. Levene | Assistant Vice President |
| LAO | Clay M. Leveritt | Senior Vice President |
| LAO | Emily R. Liao | Senior Vice President |
| LAO | Lauren C. Liebes | Regional Vice President |
| LAO | Chris H. Lin | Assistant Vice President |
| IND | Justin L. Linder | Vice President |
| LAO | Louis K. Linquata | Senior Vice President |
| LAO | Damien X. Lona | Regional Vice President |
| LAO | Rainey Lord | Vice President |
| LAO | Omar J. Love | Senior Vice President, Capital Group Institutional Investment Services Division |
| SNO | Adam C. Lozano | Assistant Vice President |
| LAO | Dillon W. Lull | Regional Vice President |
| LAO | Reid A. Luna | Vice President, Capital Group Institutional Investment Services Division |
| LAO | Joe P. Lynch | Regional Vice President |
| CHO | Karin A. Lystad | Assistant Vice President, Capital Group Institutional Investment Services Division |
| LAO | Brandon Y. Ma | Regional Vice President |
| LAO | Justin Maddox | Regional Vice President |
| NYO | Catherine M. Magyera | Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | James M. Maher | Senior Vice President |
| LAO | Brendan T. Mahoney | Senior Vice President |
| LAO | Nathan G. Mains | Senior Vice President |
| LAO | Jeffrey N. Malbasa | Senior Vice President |
| LAO | Usma A. Malik | Senior Vice President |
| LAO | Chantal M. Manseau Guerdat | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Arran M. Maran | Regional Vice President |
| LAO | Seema Manek | Vice President |
| LAO | Brooke M. Marrujo | Senior Vice President |
| CHO | James M. Mathenge | Vice President, Capital Group Institutional Investment Services Division |
| SNO | Duane R. Mattson | Assistant Vice President |
| LAO | Stephen B. May | Vice President |
| LAO | Barnabas T. Mbigha | Senior Vice President |
| LAO | Joseph A. McAdams | Regional Vice President |
| LAO | Joseph A. McCreesh, III | Senior Vice President |
| LAO | Ross M. McDonald | Senior Vice President |
| LAO | Clinton S. McCurry | Regional Vice President |
| LAO | Jennifer L. McGrath | Regional Vice President |
| LAO | Timothy W. McHale | Secretary |
| SNO | Michael J. McLaughlin | Assistant Vice President |
| LAO | Max J. McQuiston | Senior Vice President |
| LAO | Curtis D. Mc Reynolds | Vice President |
| LAO | Marin B. Meaney | Regional Vice President |
| IND | Melissa M. Meade | Assistant Vice President |
| LAO | Paulino Medina | Vice President |
| LAO | Britney L. Melvin | Vice President |
| LAO | Davina J. Merrell | Regional Vice President |
| LAO | David A. Merrill | Assistant Vice President |

---

---

| | | |
|:---|:---|:---|
| SNO | Lauren A. Merriweather | Assistant Vice President |
| LAO | Conrad F. Metzger | Senior Vice President |
| LAO | Carl B. Meyer | Regional Vice President |
| LAO | Benjamin J. Miller | Vice President |
| LAO | Jennifer M. Miller | Vice President |
| LAO | Lauren D. Miller | Assistant Vice President |
| LAO | Tammy H. Miller | Vice President |
| LAO | William T. Mills | Senior Vice President |
| LAO | Sean C. Minor | Senior Vice President |
| LAO | Louis W. Minora | Vice President |
| LAO | James R. Mitchell III | Senior Vice President |
| LAO | Charles L. Mitsakos | Senior Vice President |
| IND | Eric E. Momcilovich | Assistant Vice President |
| SNO | Christopher Moore | Assistant Vice President |
| IND | Jonathan L. Moran | Regional Vice President |
| LAO | Rex Morgan | Vice President |
| LAO | Nathaniel Morris | Regional Vice President |
| LAO | David H. Morrison | Vice President |
| LAO | Andrew J. Moscardini | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Stanley Moy | Assistant Vice President |
| LAO | Joseph M. Mulcahy | Regional Vice President |
| LAOW | Ryan D. Murphy | Senior Vice President |
| NYO | Timothy J. Murphy | Senior Vice President |
| IND | Valynda J. Murray | Vice President |
| LAO | Zahid Nakhooda | Regional Vice President |
| IND | Kristen L. Nelson | Regional Vice President |
| LAO | Jon C. Nicolazzo | Senior Vice President |
| LAO | Earnest M. Niemi | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Matthew P. O'Connor | Director, Chairman and Chief Executive Officer; Senior Vice President, Capital Group Institutional Investment Services Division |
| IND | Jody L. O'Dell | Assistant Vice President |
| LAO | Jonathan H. O'Flynn | Senior Vice President |
| LAO | Bradley D. Olalde | Assistant Vice President |
| LAO | Arthur B. Oliver | Vice President |
| LAO | Peter A. Olsen | Senior Vice President |
| IND | Kevin G. Olson | Assistant Vice President |
| LAO | Thomas A. O'Neil | Senior Vice President |
| LAO | Cimber L. Nuessle | Assistant Vice President |
| LAO | Michael Orlando | Vice President |
| IRV | Paula A. Orologas | Vice President |
| LAO | Vincent A. Ortega | Vice President, Capital Group Institutional Investment Services Division |
| NYO | Gregory H. Ortman | Senior Vice President |
| LAO | Shawn M. O'Sullivan | Senior Vice President |
| IND | Lance T. Owens | Senior Vice President |
| LAO | Kristina E. Page | Vice President |
| LAO | Jeffrey C. Paguirigan | Senior Vice President |
| NYO | Christine M. Papa | Assistant Vice President |
| LAO | Rodney Dean Parker II | Senior Vice President |
| LAO | Ingrid S. Parl | Vice President |
| LAO | William D. Parsley | Regional Vice President |
| LAO | Timothy C. Patterson | Vice President |
| LAO | W. Burke Patterson, Jr. | Senior Vice President |
| SNO | Adam P. Peach | Vice President |
| LAO | Robert J. Peche | Senior Vice President |
| LAO | Elena M. Peerson | Regional Vice President |
| IRV | Grace L. Pelczynski | Assistant Vice President |
| LAO | Sejal U. Penkar | Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Harry A. Phinney | Senior Vice President |
| LAO | Adam W. Phillips | Vice President |
| LAO | Joseph M. Piccolo | Senior Vice President |
| LAO | Sally L. Picota De Holte | Regional Vice President |
| LAO | Keith A. Piken | Senior Vice President and Director |
| SFO | Eugene Podkaminer | Senior Vice President |
| LAO | David T. Polak | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Chloe E. Pollara | Assistant Vice President |
| LAO | Michael E. Pollgreen | Vice President |
| LAO | Charles R. Porcher | Senior Vice President |
| SNO | Robert B. Potter III | Assistant Vice President |
| LAO | Darrell W. Pounders | Vice President |
| LAOW | Colyar W. Pridgen | Vice President |
| LAO | Michelle L. Pullen | Vice President |
| LAO | Victoria M. Quach | Vice President |
| LAO | Steven J. Quagrello | Senior Vice President |
| IND | Kelly S. Quick | Assistant Vice President |
| LAO | Michael R. Quinn | Senior Vice President |
| LAO | Mary K. Radloff | Regional Vice President |
| LAO | Ryan E. Radtke | Senior Vice President |
| LAO | James R. Raker | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Rachel M. Ramos | Vice President |
| SNO | Eddie A. Rascon | Regional Vice President |
| LAO | Rene M. Reincke | Vice President, Treasurer and Director |
| LAO | Lesley P. Reinhart | Vice President |
| LAO | Michael D. Reynaert  | Senior Vice President |
| LAO | Christopher J. Richardson | Senior Vice President |
| LAO | James Robelotto | Assistant Vice President |

---

---

| | | |
|:---|:---|:---|
| SNO | Stephanie A. Robichaud | Vice President |
| LAO | Jeffrey J. Robinson | Senior Vice President |
| LAO | Matthew M. Robinson | Senior Vice President |
| LAO | Jennifer R. Rocci | Regional Vice President |
| LAO | Rochelle C. Rodriguez | Senior Vice President |
| LAO | Melissa B. Roe | Senior Vice President |
| LAO | Stephen Ross | Regional Vice President |
| LAO | Thomas W. Rose | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Rome D. Rottura | Senior Vice President |
| IND | Jennah N. Ruddick | Assistant Vice President |
| LAO | Leah O. Ryan | Vice President |
| LAO | William M. Ryan | Senior Vice President |
| IND | Brenda S. Rynski | Regional Vice President |
| LAO | Richard A. Sabec, Jr. | Senior Vice President |
| SNO | Richard R. Salinas | Vice President |
| LAOW | Erica Salvay | Vice President |
| LAO | Benjamin F. Samuels | Assistant Vice President |
| LAO | Michael C. Santangelo | Regional Vice President |
| LAO | Paul V. Santoro | Senior Vice President |
| LAO | David E. Saunders II | Vice President, Capital Group Institutional Investment Services Division |
| LAO | Keith A. Saunders | Senior Vice President |
| LAO | Joe D. Scarpitti | Senior Vice President |
| IND | Broderic C. Schoen | Assistant Vice President |
| LAO | Jackson T. Schuette | Regional Vice President |
| LAO | Domenic A. Sciarra | Assistant Vice President |
| LAO | Keon F. Scott | Regional Vice President |
| LAO | Mark A. Seaman | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | James J. Sewell III | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Arthur M. Sgroi | Senior Vice President |
| LAO | Erin C. Sheehan | Regional Vice President |
| LAO | Puja V. Sheth | Assistant Vice President |
| LAO | Kelly S. Simon | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAOW | Anmol Sinha | Senior Vice President |
| SNO | Julia M. Sisente | Assistant Vice President |
| LAO | Melissa A. Sloane | Senior Vice President |
| LAO | Jason C. Smith | Regional Vice President |
| LAO | Joshua J. Smith | Regional Vice President |
| LAO | Taylor D. Smith | Regional Vice President |
| LAO | Stephanie L. Smolka | Vice President |
| LAO | J. Eric Snively | Senior Vice President |
| LAO | John A. Sobotowski | Assistant Vice President |
| SNO | Chadwick R. Solano | Assistant Vice President |
| LAO | Charles V. Sosa | Vice President |
| LAO | Alexander T. Sotiriou | Vice President |
| LAO | Steven J. Sperry | Assistant Vice President |
| LAO | Margaret V. Steinbach | Senior Vice President |
| LAO | Michael P. Stern | Senior Vice President |
| LAO | Andrew J. Strandquist | Senior Vice President |
| LAO | Allison M. Straub | Vice President |
| LAO | Valerie B. Stringer | Vice President |
| LAO | Jamie J. Suh | Assistant Vice President |
| LAO | John R. Sulzicki | Vice President |
| LAO | Jack Swigle | Regional Vice President |
| LAO | Peter D. Thatch | Senior Vice President |
| LAO | John B. Thomas | Senior Vice President |
| LAO | Cynthia M. Thompson | Senior Vice President, Capital Group Institutional Investment Services Division |

---

---

| | | |
|:---|:---|:---|
| SNO | Mark D. Thompson | Assistant Vice President |
| HRO | Stephen B. Thompson | Regional Vice President |
| LAO | Ryan D. Tiernan | Senior Vice President |
| LAO | Luke N. Trammell | Senior Vice President |
| LAO | Jordan A. Trevino | Senior Vice President |
| LAO | Michael J. Triessl | Director |
| LAO | Michael Trujillo | Vice President |
| CHO | Polina S. Tsybrovska | Assistant Vice President |
| LAO | Shaun C. Tucker | Senior Vice President |
| IRV | Sean M. Tupy | Vice President |
| SNO | Corey W. Tyson | Regional Vice President |
| IND | Ryan C. Tyson | Assistant Vice President |
| LAO | Jason A. Uberti | Vice President |
| LAO | David E. Unanue | Senior Vice President |
| LAO | John W. Urbanski | Regional Vice President |
| LAO | Veronica Vasquez | Vice President |
| LAO-W | Gerrit Veerman III | Senior Vice President, Capital Group Institutional Investment Services |
| LAO | Cynthia G. Velazquez | Assistant Vice President |
| LAO | Spilios Venetsanopoulos | Senior Vice President |
| LAO | J. David Viale | Senior Vice President |
| LAO | Austin J. Vierra | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Robert D. Vigneaux III | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Julie A. Vogel | Senior Vice President |
| IRV | Thu A. Vu | Assistant Vice President |
| LAO | Adam Waclawsky | Vice President |
| LAO | Jon N. Wainman | Vice President |
| LAO | Hudson Walker | Regional Vice President |
| ATO | Jason C. Wallace | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Sherrie S. Walling | Vice President |
| LAO | Brian M. Walsh | Senior Vice President |
| LAO | Susan O. Walton | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Justin N. Wang | Regional Vice President |
| IND | Kristen M. Weaver | Vice President |
| LAO | Timothy S. Wei | Vice President |
| LAO | Sheraton Welch | Regional Vice President |
| SNO | Gordon S. Wells | Regional Vice President |
| LAO | George J. Wenzel | Senior Vice President |
| LAO | Jason M. Weybrecht | Senior Vice President, Capital Group Institutional Investment Services Division |
| LAO | Adam B. Whitehead | Senior Vice President |
| LAO | Gregory D. Williams II | Assistant Vice President |
| LAO | Ashley L. Wilson | Regional Vice President |
| LAO | Jonathan D. Wilson | Regional Vice President |
| LAO | Steven Wilson | Senior Vice President |
| LAO | Steven C. Wilson | Vice President |
| LAO | Anthony J. Wingate | Vice President |
| LAO | Benjamin Wirtshafter | Senior Vice President |
| LAO | Kimberly D. Wood | Senior Vice President, Capital Group Institutional Investment Services Division |
| IND | Benjamin T. Wooden | Regional Vice President |
| LAO | Jennifer N. Woodward | Assistant Vice President |
| IND | Matthew A. Wooten | Assistant Vice President |
| LAO | Elizabeth D. Yakes | Assistant Vice President |
| NYO | Mila I. Yankova | Senior Vice President |
| LAO | Jason P. Young | Senior Vice President |
| LAO | Jonathan A. Young | Senior Vice President |
| LAO | Lauren E. Zappia | Regional Vice President |
| LAO | Raul Zarco, Jr. | Vice President, Capital Group Institutional Investment Services Division |

---

LAO Heidi H. Zhang Assistant Vice President None <br> NYO Tanya Zolotarevskiy Vice President, Capital Group Institutional Investment Services Division None

__________

---

| | |
|:---|:---|
| HRO | Business Address, 5300 Robin Hood Road, Norfolk, VA 23513 |
| IND | Business Address, 12811 North Meridian Street, Carmel, IN 46032 |
| IRV | Business Address, 6455 Irvine Center Drive, Irvine, CA 92618 |
| LAO | Business Address, 333 South Hope Street, Los Angeles, CA 90071 |
| LAO-W | Business Address, 11100 Santa Monica Blvd., 18<sup>th</sup> Floor, Los Angeles, CA 90025 |
| NYO | Business Address, 399 Park Avenue, 34<sup>th</sup> Floor, New York, NY 10022 |
| SFO | Business Address, One Market Street, Suite 1800, San Francisco, CA 94105 |
| SNO | Business Address, 3500 Wiseman Boulevard, San Antonio, TX 78251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; None

**Item 33.** **Location of Accounts and Records**

Accounts, books and other records required by Rules 31a-1 and 31a-2 under the Investment Company Act of 1940, as amended, are maintained and kept in the offices of the Registrant's investment adviser, Capital Research and Management Company, 333 South Hope Street, Los Angeles, California 90071; 6455 Irvine Center Drive, Irvine, California 92618 and/or 5300 Robin Hood Road, Norfolk, Virginia 23513.

Registrant's records covering shareholder accounts are maintained and kept by its transfer agent, American Funds Service Company, 6455 Irvine Center Drive, Irvine, California 92618; 12811 North Meridian Street, Carmel, Indiana 46032; 3500 Wiseman Boulevard, San Antonio, Texas 78251; and 5300 Robin Hood Road, Norfolk, Virginia 23513.

Registrant's records covering portfolio transactions are maintained and kept by its custodian, JPMorgan Chase Bank, N.A., 270 Park Avenue, New York, New York 10017-2070.

**Item 34.** **Management Services**

None

**Item 35.** **Undertakings**

n/a

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Los Angeles, and State of California, on the 26<sup>th</sup> day of September, 2025.

THE TAX-EXEMPT BOND FUND OF AMERICA

By: <u>/s/ Kristine M. Nishiyama</u> 

(Kristine M. Nishiyama, Principal Executive Officer)

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below on September 26, 2025, by the following persons in the capacities indicated.

---

| | | |
|:---|:---|:---|
|  | **<u>Signature</u>** | **<u>Title</u>** |
| (1) | Principal Executive Officer: | Principal Executive Officer: |
|  | <br><u>/s/ Kristine M. Nishiyama</u> | <br>Principal Executive Officer |
|  | (Kristine M. Nishiyama) | (Kristine M. Nishiyama) |
| (2) | Principal Financial Officer and Principal Accounting Officer: | Principal Financial Officer and Principal Accounting Officer: |
|  | <br><u>/s/ Becky L. Park</u> | <br>Treasurer |
|  | (Becky L. Park) | (Becky L. Park) |
| (3) | Trustees: | Trustees: |
|  | Francisco G. Cigarroa\* | Trustee |
|  | Nariman Farvardin\* | Trustee |
|  | Jennifer C. Feikin\* | Trustee |
|  | Michael C. Gitlin\* | Trustee |
|  | Leslie Stone Heisz\* | Trustee |
|  | Mary Davis Holt\* | Trustee |
|  | Merit E. Janow\* | Trustee |
|  | Margaret Spellings\* | Chair of the Board (Independent and Non-Executive) |
|  | Alexandra Trower\* | Trustee |
|  | Paul S. Williams\* | Trustee |
|  | Karl J. Zeile\* | President and Trustee |
|  | <br>\*By: <u>/s/ Courtney R. Taylor</u>  |  |
|  | (Courtney R. Taylor, pursuant to a power of attorney filed herewith) | (Courtney R. Taylor, pursuant to a power of attorney filed herewith) |

---

Counsel represents that this amendment does not contain disclosures that would make the amendment ineligible for effectiveness under the provisions of Rule 485(b).

<u>/s/ Charlene H. Kim</u>

(Charlene H. Kim, Counsel)

**POWER OF ATTORNEY**

I, Francisco G. Cigarroa, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>San Antonio, Texas</u>, on June 12, 2025.

(City, State)

<u>/s/ Francisco G. Cigarroa</u>

Francisco G. Cigarroa, Board member

**POWER OF ATTORNEY**

I, Nariman Farvardin, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u>, on June 12, 2025.

(City, State)

<u>/s/ Nariman Farvardin</u> 

Nariman Farvardin, Board member

**POWER OF ATTORNEY**

I, Jennifer C. Feikin, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735)

- Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000)

- Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738)

- Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934)

- Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737)

- Capital Group Growth ETF (File No. 333-259020, File No. 811-23733)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u>, on June 12, 2025.

(City, State)

<u>/s/ Jennifer C. Feikin</u> 

Jennifer C. Feikin, Board member

**POWER OF ATTORNEY**

I, Michael C. Gitlin, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u>, on June 12, 2025.

(City, State)

<u>/s/ Michael C. Gitlin</u> 

Michael C. Gitlin, Board member

**POWER OF ATTORNEY**

I, Leslie Stone Heisz, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735)

- Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000)

- Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738)

- Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934)

- Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737)

- Capital Group Growth ETF (File No. 333-259020, File No. 811-23733)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u>, on June 12, 2025.

(City, State)

<u>/s/ Leslie Stone Heisz</u> 

Leslie Stone Heisz, Board member

**POWER OF ATTORNEY**

I, Mary Davis Holt, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u>, on June 12, 2025.

(City, State)

<u>/s/ Mary Davis Holt</u>

Mary Davis Holt, Board member

**POWER OF ATTORNEY**

I, Merit E. Janow, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- AMCAP Fund (File No. 002-26516, File No. 811-01435)

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496)

- American Funds Global Insight Fund (File No. 333-233375, File No. 811-23468)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds International Vantage Fund (Fund No. 333-233374, File No. 811-23467)

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American Funds U.S. Small and Mid Cap Equity Fund (File No. 333-280621, File No. 811-23979)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- American Mutual Fund (File No. 002-10607, File No. 811-00572)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital Group U.S. Equity Fund (File No. 333-233376, File No. 811-23469)

- Capital Income Builder (File No. 033-12967, File No. 811-05085)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- Capital World Growth and Income Fund (File No. 033-54444, File No. 811-07338)

- Emerging Markets Equities Fund, Inc. (File No. 333-74995, File No. 811-04692)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- The Investment Company of America (File No. 002-10811, File No. 811-00116)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- The New Economy Fund (File No. 002-83848, File No. 811-03735)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u>, on June 12, 2025.

(City, State)

<u>/s/ Merit E. Janow</u> 

Merit E. Janow, Board member

**POWER OF ATTORNEY**

I, Margaret Spellings, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u>, on June 12, 2025.

(City, State)

<u>/s/ Margaret Spellings</u>

Margaret Spellings, Board member

**POWER OF ATTORNEY**

I, Alexandra Trower, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u>, on June 12, 2025.

(City, State)

<u>/s/ Alexandra Trower</u>

Alexandra Trower, Board member

**POWER OF ATTORNEY**

I, Paul S. Williams, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u> , on June 12, 2025.

(City, State)

<u>/s/ Paul S. Williams</u> 

Paul S. Williams, Board member

**POWER OF ATTORNEY**

I, Karl J. Zeile, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Julie E. Lawton<br> Hong T. Le | Melissa B. Leyva<br> Timothy W. McHale<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u> , on June 12, 2025.

(City, State)

<u>/s/ Karl J. Zeile</u> 

Karl J. Zeile, Board member

## Ex-99.H

**The Tax-Exempt Bond Fund of America**

**AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT**

WHEREAS, The Tax-Exempt Bond Fund of America (the "Fund"), is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company that offers Class A shares; Class C shares; Class T shares; Class F-1 shares, Class F-2 shares and Class F-3 shares ("Class F shares"); and Class R-6 shares ("Class R shares")of beneficial interest (Class A shares, Class C shares, Class T shares, Class F shares and Class R shares, collectively, the "shares");

WHEREAS, Capital Research and Management Company (the "Investment Adviser"), is a Delaware corporation registered under the Investment Advisers Act of 1940, as amended, and is engaged in the business of providing investment advisory and related services to the Fund and to other investment companies;

WHEREAS, the Fund wishes to have the Investment Adviser assist financial advisers and other intermediaries with their provision of service to shareholders of the Fund and to arrange for and coordinate, monitor and oversee the activities performed by the third parties with which affiliates of the Investment Adviser contract for the provision of sub-transfer agency services (the "administrative services");

WHEREAS, the Investment Adviser is willing to perform or to cause to be performed such administrative services for the Fund's shares on the terms and conditions set forth herein; and

WHEREAS, the Fund and the Investment Adviser wish to enter into an Amended and Restated Administrative Services Agreement ("Agreement") whereby the Investment Adviser would perform or cause to be performed such administrative services for the Fund's shares;

NOW, THEREFORE, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. During the term of this Agreement, the Investment Adviser shall perform or cause to be performed the administrative services set forth in Exhibit A hereto, as such exhibit may be amended from time to time by mutual consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fees</u>. In consideration of administrative services performed by the Investment Adviser for the Fund's shares the Fund shall pay the Investment Adviser an administrative services fee ("administrative fee"). For all share classes of the Fund, the administrative fee shall accrue daily and shall be calculated at the annual rate of 0.05% of the average daily net assets of those shares. The administrative fee shall be invoiced and paid within 30 days after the end of the month in which the administrative services were performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effective Date and Termination of Agreement</u>. This Agreement shall become effective on September 9, 2025 and unless terminated sooner it shall continue in effect until April 30, 2026. It may thereafter be continued from year to year only with the approval of a majority of those trustees of the Fund who are not "interested persons" of the Fund (as defined in the 1940 Act) and have no direct or indirect financial interest in the operation of this Agreement or any agreement related to it (the "Independent Trustees"). This Agreement may be terminated as to the Fund as a whole or any class of shares individually at any time by vote of a majority of the Independent Trustees. The Investment Adviser may terminate this agreement upon sixty (60) days' prior written notice to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendment</u>. No material amendment to this Agreement shall be made unless such amendment is approved by the vote of a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Assignment</u>. This Agreement shall not be assignable by either party hereto and in the event of assignment shall automatically terminate forthwith. The term "assignment" shall have the meaning set forth in the 1940 Act. Notwithstanding the foregoing, the Investment Adviser is specifically authorized to contract with its affiliates for the provision of administrative services on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Issuance of Series of Shares</u>. If the Fund shall at any time issue shares in more than one series, this Agreement may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Choice of Law</u>. This Agreement shall be construed under and shall be governed by the laws of the State of California, and the parties hereto agree that proper venue of any action with respect hereto shall be Los Angeles County, California.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate original by their officers thereunto duly authorized, as of September 9, 2025.

---

| | |
|:---|:---|
| CAPITAL RESEARCH AND MANAGEMENT COMPANY | The Tax-Exempt Bond Fund of America |
| By: <u>/s/ Walt Burkley</u> | By: <u>/s/ Courtney R. Taylor</u> |
| Walt Burkley | Courtney R. Taylor |
| Senior Vice President & General Counsel | Secretary |

---

**EXHIBIT A**

**to the**

**Amended and Restated Administrative Services Agreement**

1. <u>Assisting Financial Intermediaries in their Provision of Shareholder Services</u> 

The Investment Adviser shall assist financial advisers and other intermediaries in their provision of services to shareholders of the Fund. Such assistance shall include, but not be limited to, responding to a variety of inquiries such as cost basis information, share class conversion policies, retirement plan distribution requirements, Fund investment policies and Fund market timing policies. In addition, the Investment Adviser shall provide such intermediaries with in-depth information on current market developments and economic trends/forecasts and their effects on the Fund and detailed Fund analytics, and such other matters as may reasonably be requested by financial advisers or other intermediaries to assist them in their provision of service to shareholders of the Fund.

2. <u>Coordination, Oversight and Monitoring of Service Providers</u> 

The Investment Adviser is responsible for establishing and maintaining a framework to oversee third-party service providers engaged by its affiliates to perform sub-transfer agency services. In doing so the Investment Adviser shall establish processes to assess adherence to the terms of applicable agreements with third-party service providers, the funds' then current prospectuses, and other regulatory requirements and applicable standards. These oversight processes may, but need not, include assessing the controls of third-party service providers as to: (i) transaction processing, (ii) shareholder communications, (iii) commission/fee calculations, (iv) cash and share reconciliations, (v) risk governance programs, (vi) information security programs, and (vii) business continuity/disaster recovery programs.

## Ex-99.J

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the use in this Registration Statement on Form N-1A 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 American Funds Tax-Exempt Series II, and American Funds Tax-Exempt Fund of New York of our report dated September 11, 2025 relating to the financial statements and financial highlights of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California (the sole fund constituting The American Funds Tax-Exempt Series II), and American Funds Tax-Exempt Fund of New York, which appears in such Registration Statement. We also consent to the references to us under the headings "Financial highlights", "Independent registered public accounting firm" and "Prospectuses, reports to shareholders and proxy statements" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

September 25, 2025

## Ex-99.P

[logo - The Capital Group]

**Code of Ethics**

**May 2025**

Capital Group associates are responsible for maintaining the highest ethical standards. The Code of Ethics is intended to help associates observe exemplary standards of integrity, honesty and trust. It sets out standards for our personal conduct, including personal investing, gifts and entertainment, outside business interests and affiliations, political contributions, insider trading, and client confidentiality.

Our fund shareholders and clients have placed their trust in Capital to manage their assets. As investment advisers, we act as fiduciaries to our clients. This means we owe them both a duty of care and a duty of loyalty.

Capital has earned a reputation over many years for acting with the highest integrity and ethics. Reputations are fragile, however, and Capital's reputation can be harmed if any of us fails to act ethically and in the best interests of our clients. We each must hold ourselves to the highest standards of behavior, regardless of business custom, and strive to avoid even the appearance of impropriety. We all share this responsibility — if you have any doubt whether an action or circumstance is consistent with our standards, raise it.

Associates should be aware that their actions outside of the workplace can reflect on the ethics of our organization and potentially harm our reputation. For this reason, associates should exercise caution and good judgment in order to avoid having their actions outside of the workplace impact Capital, our workplace or our associates.

No set of rules can anticipate every possible situation, so it is essential that associates adhere to the spirit as well as the letter of the Code of Ethics. Any activity that compromises the trust our clients have placed in us, even if it does not expressly violate a rule, has the potential to harm our reputation. Associates are reminded of one of Capital's core principles: that we must do the right thing as a matter of principle, not just in observance of policy.

In addition to the specific policies described below, associates have the following fundamental obligations under the Code of Ethics:

- Associates must avoid those situations that might place, or appear to place, their personal interests in conflict with the interests of Capital, our clients or fund shareholders.

- Associates must not take advantage of their role with Capital to benefit themselves or another party.

- Associates must comply with the laws, rules and regulations that apply to us in the conduct of our business.

- Associates must promptly report violations of the Code of Ethics.

It is important that all associates comply with the Code of Ethics, including its related guidelines and policies. **Failure to do so could result in disciplinary action, including termination.**

Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

**Working ethically**

In order to maintain the highest ethical standards, Capital strives to recruit, hire and retain exceptional and diverse talent. We can only do so by offering a work environment where associates have a voice, feel respected and can thrive, grow, and bring their most authentic selves to the workplace. In order to help foster such an environment, we have established certain employment policies designed in part to ensure associates interact in a professional, productive and inclusive manner. All associates are expected to be familiar and comply with these and the other policies included in our Associate Handbooks. Because we hold ourselves to the highest ethical standards, our policies often exceed what may be required by law or observed at other companies.

The following sections summarize some of your obligations under the Associate Handbook. Due to their importance to our workplace, violation of the policies in our Associate Handbooks could result in disciplinary action, up to and including termination of employment.

Providing equal employment opportunities and preventing discrimination and harassment

All associates at Capital are responsible for maintaining a professional, inclusive work environment. As an equal opportunity employer, we do not tolerate discrimination. Our policies prohibit unlawful discrimination on the basis of race, religion, color, national origin, ancestry, sex (including gender, gender expression and gender identity), pregnancy, childbirth and related medical conditions, age, physical or mental disability, medical condition, genetic information, marital status, sexual orientation, citizenship status, AIDS/HIV status, political activities or affiliations, military or veteran status, status as a victim of domestic violence, assault or stalking or any other characteristic protected by federal, state or local law.

Harassment is a form of discrimination and violates our commitment to equal employment opportunities. Harassment in violation of our policies occurs when unwelcome comments or conduct based on a protected status unreasonably interfere with an associate's work performance or create an intimidating, hostile or offensive work environment.

We are committed to promptly investigating and taking action to eliminate any discrimination and harassment that occurs in the workplace. When requested by our Human Resources or Legal Department, all associates are expected to cooperate fully in any investigation into a violation of our policies against discrimination and harassment. Our commitment is to address such claims promptly and to take corrective action as appropriate.

Associates are encouraged to report harassment to Human Resources, any manager in the organization or through our Open Line (contact information for Open Line is outlined below in **Reporting requirements**).

Close personal relationships in the office

When associates have a close personal, intimate or familial relationship in the workplace, it can create an actual or potential conflict of interest. It can also negatively impact the work environment. For this reason, Capital requires that all associates report any personal intimate or familial relationship with another associate or a business partner employee to Human Resources. Under this policy, certain relationships are prohibited, such as intimate relationships between managers and associates in their reporting lines.

Interacting with the public

Regardless of whether you are speaking on behalf of Capital or simply using social media for personal use, we expect all associates to maintain both client and firm confidentiality, and to protect the firm's reputation. The lines between public and private, personal and professional, can become blurred, particularly within the realm of social media. By identifying yourself as a Capital associate within a social network, you are connected, either directly or indirectly, to colleagues, managers, clients and investors. Information originally intended for friends and family can be forwarded and, ultimately, lead to unintended consequences. For this reason, associates should exercise extra caution and good judgment and avoid mixing personal and business social networks and ensure that they abide by all local laws and regulations and applicable Capital policies, such as the policy against harassment.

Protecting sensitive information

Capital Group regularly creates, collects, and maintains valuable proprietary information, which is essential to our business operations and the performance of services for our clients. This information derives its value, in part, from not being generally known outside of Capital (hereinafter "Confidential Information"). It includes confidential electronic information in any medium, hard-copy information, and information shared orally or visually (such as by telephone or video conference). The confidentiality, integrity and limited availability of such information is regarded as fundamental to the successful business operations of Capital Group. The purpose of the Confidential Information Policy is to protect our information from disclosure – intentional or inadvertent – and to ensure that associates understand their obligation to protect and maintain its confidentiality.

**Code of Ethics guidelines**

No special treatment from broker-dealers

Associates may not accept negotiated commission rates or any other terms they believe may be more favorable than the broker-dealer grants to accounts with similar characteristics. U.S. broker-dealers are subject to certain rules designed to prevent favoritism toward such accounts. Favors or preferential treatment from broker-dealers may not be accepted. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

No excessive trading of Capital-affiliated funds

Associates should not engage in excessive trading of the American Funds or other Capital-managed investment vehicles worldwide in order to take advantage of short-term market movements. Excessive activity, such as a frequent pattern of exchanges, could involve actual or potential harm to shareholders or clients. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

Ban on Initial Public Offerings (IPOs) and Initial Coin Offerings (ICOs)

All associates and immediate family members residing in the same household may not participate in IPOs or ICOs.

Exceptions for participation in IPOs are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).

Avoiding conflicts

Associates must avoid conflicts of interest that can occur when their business, financial or other interests interfere, or reasonably appear to interfere, with their duty to serve the interests of Capital and our clients. Conflicts of interest include any situation where financial or other personal factors compromise objectivity or professional judgment. Even the appearance of conflict could negatively impact Capital and harm our reputation.

Portfolio managers and investment analysts should be aware of the potential conflicts that can arise when they invest on behalf of fund shareholders and clients. The investments we make for our clients must be based on their best interests, and should not be, or appear to be, based on the self-interest of our associates. Accordingly, members of the investment group must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, has a material business, financial or personal relationship with a company that they hold or are eligible

to purchase professionally. Examples of a material relationship include: (1) a family member serving as a senior officer or executive of a portfolio company, (2) significant beneficial ownership of a portfolio company by the associate or their family members, and (3) involvement by the associate or a family member in a significant transaction or business opportunity with a portfolio company.

In addition, associates should avoid conflicts related to Capital's business, and therefore must not:

- Engage in a business that competes, directly or indirectly, with the interests of Capital, or is related to their role or responsibilities at Capital;

- Act for Capital in any transaction or business relationship that involves the associate, members of their family or other people or organizations with whom the associate or their family member(s) have a significant personal connection or financial interest;

- Negotiate with Capital on behalf of any such people or organizations; or

- Use or attempt to use their position at Capital to obtain any improper personal benefit for themselves, family member(s) or any other party.

No policy can anticipate every possible conflict of interest and all associates must be vigilant in guarding against anything that could color our judgment. Any associate who is aware of a transaction or relationship that could reasonably be expected to give rise to a conflict of interest or perceived conflict of interest must disclose the matter promptly to a member of the Code of Ethics Team. If there is any doubt or if something does not feel consistent with our standards, raise the issue.

Any changes in a previously disclosed potential conflict, outside business interest or affiliation that could be relevant to an evaluation of a potential conflict must also be promptly disclosed. Examples of changes to disclose include: (1) a change in research coverage of an investment analyst to include a company with a family member serving as a senior executive (even if the senior executive relationship had previously been disclosed); (2) a change in an associate's role to trader if the associate had previously disclosed a sibling who works as a sell-side trader; and (3) a change in the line of business or activities of an outside business interest of an associate.

Outside business interests/affiliations

Associates should avoid outside business interests or affiliations that may give rise to conflicts of interest or that may create divided loyalties, divert substantial amounts of their time, or compromise their independent judgment.

Associates must obtain approval from the Code of Ethics Team to serve on the board of directors or as an advisory board member of any public or private company. This rule does not apply to: (1) boards of Capital companies or funds; (2) board service that is a direct result of the associate's responsibilities at Capital, such as for portfolio companies of private equity funds managed by Capital; or (3) boards of non-profit and charitable organizations. Associates must disclose to the Code of Ethics Team if they serve on the board of a non-profit or charitable

organization that has issued or has future plans to issue publicly held securities, including debt obligations.

Submit pre-approval to serve on the board of directors or as an advisory board member directly in the compliance reporting application.

In addition, associates must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship:

- serves as a board director or as an advisory board member of,

- holds a senior officer position, such as CEO, CFO or Treasurer with, or

owns 5% or more, individually or together with other such family members, of

any public company or any private company that may be reasonably expected to go public.

In addition to the disclosure obligations set forth above, associates should be mindful of and must disclose to the Code of Ethics Team any other outside business interest or activity that may present a conflict of interest or the appearance of a conflict of interest or that may compromise their independent judgment. For example, associates must disclose if they have a significant interest in a private company that does business with or competes with Capital, even if that company is not reasonably expected to go public.

Family members employed by a financial institution

Associates who are "Covered Associates" (as defined below) must disclose if any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, is employed by a broker-dealer, investment adviser or other firm that provides investment research or trade execution services to Capital.

Requests for approval or questions may be directed to the Code of Ethics Team.

Other guidelines

Statements and disclosures about Capital, including those made to fund shareholders and clients and in regulatory filings, should be accurate and not misleading.

**Reporting requirements**

Annual certification of the Code of Ethics

All associates are required to certify at least annually that they have read and understand the Code of Ethics. Questions or issues relating to the Code of Ethics should be directed to the associate's manager or the Code of Ethics Team.

Reporting violations

All associates are responsible for complying with the Code of Ethics. As part of that responsibility, associates are obligated to report violations of the Code of Ethics promptly, including: (1) fraud or illegal acts involving any aspect of Capital's business; (2) noncompliance with applicable laws, rules and regulations; (3) intentional or material misstatements in regulatory filings, internal books and records, or client records and reports; or (4) activity that is harmful to fund shareholders or clients. Deviations from controls or procedures that safeguard Capital, including the assets of shareholders and clients, should also be reported. Reported violations of the Code of Ethics will be investigated and appropriate action will be taken, which may include reporting the matter to the firm's regulator if determined to be appropriate by legal counsel. Once a violation has been reported, all associates are required to cooperate with Capital in the internal investigation of any matter by providing honest, truthful and complete information.

Associates may report confidentially to a manager/department head or to the Open Line Committee.

Associates may also contact the Chief Compliance Officers of CB&T, CGPCS, CIInc, CRC, CIAM, CRMC, or legal counsel employed with Capital.

**Capital strictly prohibits retaliation against any associate who in good faith makes a complaint, raises a concern, provides information or otherwise assists in an investigation regarding any conduct that he or she reasonably believes to be in violation of the Code of Ethics. This policy is designed to ensure that associates comply with their obligations to report violations without fear of retaliation.**

**Policies**

Capital's policies regarding gifts and entertainment, political contributions, insider trading and personal investing are summarized below.

Gifts and Entertainment Policy

The Gifts and Entertainment Policy is intended to ensure that gifts and entertainment involving associates do not raise questions of propriety regarding Capital's current or prospective business relationships, or Capital's interactions with government officials. If a gift or entertainment is excessive, repetitive or extravagant, it can raise the appearance of favoritism or the potential for a conflict of interest. By understanding and following the Gifts and Entertainment Policy requirements, associates help Capital safeguard the company and ensure compliance with regulatory rules.

- Associates are prohibited from receiving or extending cash gifts, including cash equivalents, such as credit gift cards or cryptocurrencies. Any gifts from or to a Business Partner, a Business Partner Employee or Contingent Worker who is currently on

assignment at Capital is also prohibited. Associates may also not accept from or give to any one individual or entity a gift or group of gifts exceeding in aggregate US$100 in a 12-month calendar year period if such a person or entity conducts, or may conduct, business with Capital. Trading department associates are subject to different limits and reporting requirements and are generally not permitted to receive gifts. Trading associates may be asked to return gifts received.

Associates must receive approval from their manager and the Code of Ethics Team before accepting or extending entertainment with a market value greater than US$500. This value is cumulative for associates and their invited guests. All ticketed events should be approved by the associate's manager. Trading department associates are prohibited from accepting entertainment, regardless of value, unless the associate or Capital pays.

Submit pre-approval for an entertainment request directly in the compliance reporting application.

Gifts or entertainment extended by a Capital associate and approved by the associate's manager for reimbursement by Capital do not need to be reported (or pre-approved). Trading department associates should report gifts and entertainment extended regardless of reimbursement. Dollar amounts refer to U.S. dollars.

Please note CCG/PCS associates are subject to separate policies regarding extending or receiving gifts and entertainment and are also required under the Gifts and Entertainment Policy to report all gifts and entertainment, regardless of value.

Capital Group is registered as a federal lobbyist and special rules apply to gifts and entertainment involving government officials and employees as a result. Associates must receive approval from Capital's Code of Ethics Team prior to either: (1) hosting a federal government official or employee at a Capital facility if anything of value (e.g. food, tangible item) will be presented to that individual; or (2) providing anything of value to a federal government official or employee if Capital will pay or reimburse for the related cost.

Reporting

The limitations relating to gifts and entertainment apply to all associates as described above, and associates will be asked to complete quarterly disclosures. Associates must report any gift exceeding $50 and business entertainment in which an event exceeds $75 (although it is recommended that associates report all gifts and entertainment). Trading department associates should notify the Code of Ethics Team *when gifts are received* and report such gifts quarterly, whether the gift is received by an individual associate or by a department. In addition, trading associates should report all gifts and entertainment regardless of reimbursement.

Charitable contributions

Associates must not allow Capital's present or anticipated business to be a factor in soliciting political or charitable contributions from outside parties. In addition, it is generally not appropriate to solicit these outside parties or Capital associates for donations to a family-run non-profit organization, family foundation, donor-advised fund or other charitable organization in which an associate or their family members are significantly involved. Board membership alone would not be considered significant involvement.

Entertainment, Gifts and Personal Investing Committee (Committee)

The Committee oversees administration of the Gifts and Entertainment Policy. Questions regarding the Gifts and Entertainment Policy may be directed to the Code of Ethics Team.

Political Contributions Policy

Associates must be cautious when engaging in personal political activities, particularly when supporting officials, candidates, or organizations that may be in a position to influence decisions to award business to investment management firms. Associates should not make political contributions to officials or candidates (in any country) for the purpose of influencing the hiring of a Capital Group company as an advisor to a governmental entity. Associates are encouraged to contact the Code of Ethics Team with any questions about the Political Contributions Policy.

Associates may not use Capital offices or equipment to engage in political fundraising or solicitation activity, for example, hosting a fundraising event at the office or using Capital phones or email systems to help solicit donations for an elected official, a candidate, Political Action Committee (PAC) or political party. Associates may volunteer their time on behalf of a candidate or political organization but should limit volunteer activities to non-work hours.

For contributions or activities supporting candidates or political organizations *within the U.S.*, we have adopted the guidelines set forth below, which apply to associates classified as "Restricted Associates."<br>

Guidelines for political contributions and activities within the U.S.

<br> U.S. Securities and Exchange Commission (SEC) regulations limit political contributions to certain Covered Government Officials by certain employees of investment advisory firms and certain affiliated companies. "Covered Government Official," for purposes of the Political Contributions Policy, is defined as: (1) a state or local official; (2) a candidate for state or local office; or (3) a federal candidate currently holding state or local office.

Many U.S. cities and states have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. Some associates are also subject to these regulations.

Restricted Associates

Certain associates are deemed "Restricted Associates" under the Political Contributions Policy. Restricted Associates include (1) "covered associates" as defined in the SEC's rule relating to political contributions by investment advisers (Rule 206(4)-5 under the Investment Advisors Act of 1940); and (2) other associates who do not meet that definition but whom Capital has determined should be subject to the restrictions on political contributions contained in the Political Contributions Policy based on their roles and responsibilities at Capital. Contributions by Restricted Associates and their spouse/spouse equivalent are subject to specific limitations, pre-approval, and reporting requirements as described below.

Pre-approval of political contributions

Contributions by Restricted Associates to any of the following must be pre-approved:

- State or local officials, or candidates for state or local office

- Federal candidate campaigns and affiliated committees, including federal incumbents and presidential candidates

- Political organizations such as Political Action Committees (PACs), Super PACs and 527 organizations and ballot measure committees

- Non-profit organizations that may engage in political activities, such as 501(c)(4) and 501(c)(6) organizations

Restricted Associates must also obtain pre-approval for U.S. political contributions by their spouse/spouse equivalent to any of the foregoing, as well as contributions to any state, local or federal political party or political party committee, **<u>if</u>** the aggregate contributions by the Restricted Associate and spouse/spouse equivalent to any one candidate or political entity equals or exceeds $100,000 in a calendar year.

Certain documentation is required for contributions to Covered Governmental Officials, PACs or Super PACs, and may be required for contributions to other entities that engage in political activity. See "Required documentation" below for further details. Submit pre-approval requests directly in the compliance reporting application.

Contributions include:

- Monetary contributions, gifts or loans

- "In kind" contributions (for example, donations of goods or services or underwriting or hosting fundraisers)

- Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses, and purchasing tickets to inaugural events)

- Contributions to joint fund-raising committees

- Contributions made by a Political Action Committee (PAC) controlled by a Restricted Associate<sup>[1]</sup>

<sup>[1]</sup> "Control" for this purpose includes service as an officer or member of the board (or other governing body) of a PAC.

Required documentation

Restricted Associates must obtain additional documentation from an independent legal authority before they will be approved to contribute to Covered Government Officials. The purpose of the legal documentation is to verify that a specific state or local office does not have the ability to directly or indirectly influence the awarding of business to an investment manager. For contributions to PACs, Super PACs, or other entities that engage in political activities, Restricted Associates may be required to obtain a certification that the entity does not contribute to Covered Government Officials. The Code of Ethics Team will provide language for the documentation when you obtain pre-approval for the contribution.

If a candidate currently holds a state/local office and is running for a different state/local office, legal documentation must be obtained for both the current position and the office for which the candidate is running. Exceptions to the documentation requirements may be granted on a case-by-case basis.

Special political contribution requirements – CollegeAmerica and ABLEAmerica

Certain associates involved with "CollegeAmerica," the American Funds 529 college savings plan and "ABLEAmerica," the American Funds nationwide plan for individuals with disabilities, sponsored by the Commonwealth of Virginia, are subject to additional restrictions which prohibit them from contributing to Virginia political candidates or parties.

Administration of the Political Contributions Policy

The U.S. Public Policy Coordinating Group oversees the administration of the Political Contributions Policy, including considering and granting possible exceptions. Questions regarding the Political Contributions Policy may be directed to the Code of Ethics Team.

Insider Trading Policy

Antifraud provisions of U.S. securities laws as well as the laws of other countries generally prohibit persons in possession of material non-public information from trading on or communicating the information to others. Sanctions for violations can include civil injunctions, permanent bars from the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines and jail sentences. In addition, trading in fund shares while in possession of material, non-public information that may have an immediate impact on the value of the fund's shares may constitute insider trading.

While investment research analysts are most likely to come in contact with material non-public information, the rules (and sanctions) in this area apply to all Capital associates and extend to activities both within and outside each associate's duties. Associates who believe they have material non-public information should contact any lawyer in the organization.

Personal Investing Policy

*This policy applies only to "Covered Associates." Special rules apply to certain associates in some non-U.S. offices.*

The Personal Investing Policy sets forth specific rules regarding personal investments that apply to "covered" associates. These associates may have access to confidential information that places them in a position of special trust. Under the Code of Ethics, associates are responsible for maintaining the highest ethical standards. Associates are reminded that the requirements of the Code of Ethics apply to personal investing activities, even if the matter is not covered by a specific provision of the Personal Investing Policy.

**Personal investing should be viewed as a privilege, not a right. As such, the Personal Investing Committee may place limitations on the number of preclearance/trade requests and/or transactions associates make.** 

Covered Associates

"Covered Associates" are associates with access to non-public information relating to current or imminent fund/client transactions, investment recommendations or fund portfolio holdings.<br> The Personal Investing Policy applies to the personal investments of Covered Associates, as well as those of any Covered Family Members. Covered Family Members include your spouse or dependent family member, whether they do or do not reside in your household. It also includes any immediate family members or a person with whom you have a committed relationship residing in your household. A family member may be children, siblings, and parents, including adoptive, step and in-law relationships.

Questions regarding coverage status should be directed to the Code of Ethics Team.

Additional rules apply to Investment Access Persons

Under this policy, additional restrictions apply to Investment Access Persons, including:

- Investment Professionals, such as portfolio managers, research analysts, research directors, trading associates, and fundamental research group associates, and

- Other associates in roles that support certain investment group activities or applications, such as private wealth advisors, investment group administrative assistants, global investment control associates, environmental and social governance associates, and investment group technology associates.

These restrictions also apply to any Covered Family Members.

Prohibited transactions

The following transactions are prohibited:

- Initial Public Offering (IPO) investments (this prohibition applies to all Capital associates)

*Note: Exceptions are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).*

- Initial Coin Offering (ICO) investments (this prohibition applies to all Capital associates)

- Excessive trading of Capital-affiliated funds

- Spread betting/contracts for difference (CFD) on securities

- Transactions in derivatives on securities and financial contracts, such as options, futures and forwards contracts, with limited exceptions described below

- Short selling of securities – including short selling "against the box," with limited exceptions described below

- Interest rate swaps (IRS), with limited exceptions described below

Exceptions:

- Derivatives, financial contracts, and short selling transactions are permitted only if they are based on non-reportable instruments (such as currencies and commodities) or if they are based on the S&P 500, Russell 2000 or MSCI EAFE indices

- Interest rate swaps are permitted if based on currencies and government bonds of the G7

Reporting requirements

Covered Associates are required to report any securities accounts, holdings and transactions: (1) in which the Covered Associate or any Covered Family Member has a pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security) or (2) over which the Covered Associate or any Covered Family Member exercises investment discretion or has direct or indirect influence or control. Quarterly or annual certifications of accounts, holdings and transactions must also be submitted. An electronic reporting platform is available for these disclosures.

Examples of accounts that must be disclosed include: (1) trusts if the Covered Associate or Covered Family Member are the grantor or serve as trustee or custodian or have the ability to appoint or remove the trustee, (2) trusts that you or a Covered Family Member have the power to revoke, (3) trusts for which you or a Covered Family Member are a beneficiary and exercise investment discretion or have direct or indirect influence or control, and (4) accounts of another person or entity if the Covered Associate or Covered Family Member makes or influences

investment decisions, such as by suggesting purchases and sales of securities in the account. The obligation to disclose accounts includes professionally managed accounts. Please see "Professionally managed accounts" in the Personal Investing Policy for more information.

Covered Associates should immediately notify the Code of Ethics Team when opening new securities accounts by logging into the compliance reporting application and entering the account information directly.

All Covered Associates and Covered Family Members must use an approved electronic reporting firm for all U.S.-based brokerage accounts. There are some exceptions to this requirement which include professionally managed accounts, employer-sponsored retirement accounts, and employee stock purchase plans. Contact the Code of Ethics Team with questions.

Account documentation, such as statements, trade confirmations or approved equivalent documentation is required for compliance purposes. This requirement includes employer-sponsored retirement accounts and employee stock purchase plans (ESPP, ESOP, 401(k)). Documentation allowing the acquisition of shares via an employer-sponsored plan may be required.

Pre-approval procedures

**Certain transactions may be exempt from pre-approval; please refer to the Personal Investing Policy for more details.**

Before any purchase or sale of securities subject to pre-approval, including securities that are not publicly traded, Covered Associates must receive approval from the Code of Ethics Team. This requirement applies to any purchase or sale of securities in which the Covered Associate or any Covered Family Member (1) has, or by reason of such transaction may acquire, pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security), or (2) exercises investment discretion or direct or indirect influence or control. Transactions in an approved professionally managed account are not subject to pre-approval, except for private investments or other limited offerings which require pre-approval and reporting. Please refer to the Personal Investing Policy for more details on securities that require pre-approval.

**Submitting preclearance/trade requests**

Submit preclearance/trade requests directly in the compliance reporting application.

Requests are reviewed during New York Stock Exchange (NYSE) hours. A response will generally be sent within one business day.

Unless a different period is specified, clearance is good until the close of the NYSE on the day of the request.

If the pre-approved trade has not been executed within the approved timeframe, a preclearance/trade request **must** be submitted again. For this reason, limit orders and margin accounts are strongly discouraged. Preclearance/trade requests should be submitted in the amount intended to trade and in the specific account in which the trade will take place.

Private investments or other limited offerings

Participation in private investments or other limited offerings are subject to special review. The following types of private investments must be pre-approved:

- Hedge funds

- Private companies

- Limited Liability Companies (LLCs)

- Limited Partnerships (LPs)

- Private equity funds

- Private funds

- Private placements

- Private real estate investment companies

- Venture capital funds

In addition, opportunities to acquire a stock that is "limited" (that is, a broker-dealer is only given a certain number of shares to sell and is offering the opportunity to buy) may be subject to the Gifts and Entertainment Policy.

**Pre-approval procedures for private investments**

Submit pre-approval for private investments directly in the compliance reporting application. Pre-approval is also required for additional investments in the same vehicle.

Additional policies for Investment Access Persons and CIKK associates

Ban on short-term trading

Investment Access Persons and CIKK associates are prohibited from engaging in short-term trading of reportable securities.

Associates and their Covered Family Members may not buy and then sell or sell and then buy the same security:

- Within 60 calendar days for Investment Access Persons

- Within 6 months for CIKK associates

This ban applies to transactions in all your accounts as well as accounts held by your Covered Family Members. For example, if you sell ABC company in your account, your spouse cannot purchase ABC company for 60 calendar days in their account.

Failure to comply with this requirement may result in remedial action, including disgorgement of the profits.

Blackout periods

Investment Access Persons may not buy or sell a security during the seven calendar days after Capital has transacted in that security's issuer for a fund or client account.

If Capital transacts in securities of the same issuer within seven calendar days after you transact, your personal transaction may be reviewed to determine the appropriate action, if any. For example, if you received a better price than the fund or client accounts, you may be subject to a price adjustment, and may be asked to donate to a charitable organization. This blackout period helps mitigate the appearance of front running.

Report cross-holdings for certain Investment Professionals

Portfolio managers, research directors and investment analysts are required to report issuers owned personally by you or a Covered Family Member that you also own professionally, on a quarterly basis. If you are a research director or an investment analyst, you are also required to report issuers owned personally by you or a Covered Family Member that are within your research responsibilities. This reporting must be made to the Code of Ethics Team and may be reviewed by various Capital committees.

When recommending a security for purchase or sale in a fund or client account that you or a Covered Family Member own personally, you should first disclose such personal ownership either in writing (in a company write-up) or verbally (when discussing the company at investment meetings) prior to making a recommendation. This disclosure requirement is consistent with both the CFA Institute standards as well as the ICI Advisory Group Guidelines.

Penalties for violating the Personal Investing Policy

Covered Associates may be subject to penalties for violating the Personal Investing Policy, such as restrictions on personal trading, disgorgement of profits, and other disciplinary action, up to and including termination. In addition, information about particular transactions may be provided to an associate's manager, appropriate Human Resources manager and/or a Chief Compliance Officer (CCO) by the Code of Ethics Team if the transactions are in violation of the Personal Investing Policy. These violations may raise conflict of interest-related issues or impact the associate's performance review.

Violations to the Personal Investing Policy include failure to obtain approval before trading and failure to report securities transactions, and accounts and reportable holdings.

Entertainment, Gifts and Personal Investing Committee (Committee)

The Committee oversees the administration of the Personal Investing Policy. Among other duties, the Committee considers certain types of preclearance/trade requests as well as requests for exceptions to the Personal Investing Policy.

Questions regarding the Personal Investing Policy may be directed to the Code of Ethics Team.

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Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

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[Logo – American Funds®]

The following is representative of the Code of Ethics in effect for each Fund:

**CODE OF ETHICS**

With respect to non-affiliated Board members and all other access persons to the extent that they are not covered by The Capital Group Companies, Inc. policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Board member shall so use his or her position or knowledge gained therefrom as to create a conflict between his or her personal interest and that of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Board member shall engage in excessive trading of shares of the fund or any other affiliated fund to take advantage of short-term market movements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each non-affiliated Board member shall report to the Secretary of the Fund not later than thirty (30) days after the end of each calendar quarter any transaction in securities which such Board member has effected during the quarter which the Board member then knows to have been effected within fifteen (15) days before or after a date on which the Fund purchased or sold, or considered the purchase or sale of, the same security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For purposes of this Code of Ethics, transactions involving United States Government securities as defined in the Investment Company Act of 1940, bankers' acceptances, bank certificates of deposit, commercial paper, or shares of registered open-end investment companies are exempt from reporting as are non-volitional transactions such as dividend reinvestment programs and transactions over which the Board member exercises no control.

\* \* \* \*

In addition, the Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code of Ethics to an appropriate person or persons identified in the Code of Ethics; and 5) accountability for adherence to the Code of Ethics. These provisions shall apply to the principal executive officer or chief executive officer and treasurer ("Covered Officers") of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest. Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Duties of Covered Officers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acting with integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adhering to a high standard of business ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund's auditors, independent directors, governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies' Personal Investing Committee. The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund. The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate. The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Material amendments to these provisions must be ratified by a majority vote of the Board. As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed.