N-Q 1 stbf_nq.htm N-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM N-Q

Quarterly Schedule of Portfolio Holdings of

Registered Management Investment Company

 

Investment Company Act File Number: 811-21928

 

 

 

Short-Term Bond Fund of America

(Exact Name of Registrant as Specified in Charter)

 

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

 

 

 

 

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

 

Date of fiscal year end: August 31

 

Date of reporting period: May 31, 2017

 

 

 

 

 

Steven I. Koszalka

Short-Term Bond Fund of America

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

 

 

 
 

ITEM 1 – Schedule of Investments

 

Short-Term Bond Fund of America®
Investment portfolio
May 31, 2017
unaudited
Bonds, notes & other debt instruments 91.20%
U.S. Treasury bonds & notes 29.64%
U.S. Treasury 21.22% 		Principal amount
(000) 		Value
(000)
U.S. Treasury 0.75% 2018 $50,000 $49,797
U.S. Treasury 0.75% 2018 5,860 5,827
U.S. Treasury 1.125% 20181 75,000 74,942
U.S. Treasury 1.25% 2018 91,985 92,001
U.S. Treasury 1.25% 2018 84,140 84,161
U.S. Treasury 0.75% 2019 180,000 177,838
U.S. Treasury 0.75% 2019 36,640 36,334
U.S. Treasury 0.875% 2019 99,900 98,916
U.S. Treasury 1.00% 2019 125,000 124,414
U.S. Treasury 1.00% 2019 7,400 7,344
U.S. Treasury 1.125% 2019 189,700 189,313
U.S. Treasury 1.25% 2019 48,730 48,703
U.S. Treasury 1.375% 2020 22,000 22,002
U.S. Treasury 1.50% 2020 35,000 35,068
U.S. Treasury 1.50% 2020 9,751 9,772
U.S. Treasury 1.375% 2021 10,780 10,699
U.S. Treasury 1.75% 2021 25,000 25,054
U.S. Treasury 1.75% 2022 5,000 5,001
U.S. Treasury 1.875% 2022 65,000 65,368
U.S. Treasury 2.125% 2023 25,000 25,268
U.S. Treasury 2.00% 2024 38,000 37,991
    1,225,813
U.S. Treasury inflation-protected securities 8.42%    
U.S. Treasury Inflation-Protected Security 0.130% 20202 52,053 52,525
U.S. Treasury Inflation-Protected Security 0.125% 20222 117,238 117,928
U.S. Treasury Inflation-Protected Security 0.125% 20242 25,669 25,549
U.S. Treasury Inflation-Protected Security 0.625% 20242 52,243 53,672
U.S. Treasury Inflation-Protected Security 0.257% 20252 20,586 20,499
U.S. Treasury Inflation-Protected Security 0.386% 20252 61,919 62,367
U.S. Treasury Inflation-Protected Security 0.125% 20262 25,427 24,935
U.S. Treasury Inflation-Protected Security 0.625% 20262 30,781 31,477
U.S. Treasury Inflation-Protected Security 0.375% 20272 97,897 97,829
    486,781
Total U.S. Treasury bonds & notes   1,712,594
Corporate bonds & notes 21.91%
Financials 7.86% 		   
ACE INA Holdings Inc. 2.30% 2020 7,405 7,462
ACE INA Holdings Inc. 2.875% 2022 1,275 1,304
ACE INA Holdings Inc. 3.35% 2026 1,275 1,317
AIG Global Funding 1.65% 20173 10,000 10,014
Bank of New York Mellon Corp. (3-month USD-LIBOR + 0.56%) 1.730% 20184 20,000 20,139
Bank of Nova Scotia 1.65% 2019 6,750 6,717
Berkshire Hathaway Finance Corp. 1.15% 2018 3,545 3,535
Short-Term Bond Fund of America — Page 1 of 16
unaudited
Bonds, notes & other debt instruments
Corporate bonds & notes (continued)
Financials (continued) 		Principal amount
(000) 		Value
(000)
Berkshire Hathaway Finance Corp. 1.45% 2018 $10,000 $10,015
Berkshire Hathaway Finance Corp. 1.30% 2019 11,685 11,619
Berkshire Hathaway Finance Corp. 1.70% 2019 10,000 10,040
Citigroup Inc. 1.70% 2018 7,000 6,999
Commonwealth Bank of Australia 2.25% 20203 7,500 7,537
Commonwealth Bank of Australia (3-month USD-LIBOR + 0.70%) 1.809% 20223,4 5,000 4,998
Goldman Sachs Group, Inc. 2.30% 2019 5,000 5,021
Goldman Sachs Group, Inc. (3-month USD-LIBOR + 1.36%) 2.516% 20214 10,395 10,606
Goldman Sachs Group, Inc. (3-month USD-LIBOR + 1.11%) 2.277% 20224 1,855 1,867
HSBC Holdings PLC 2.65% 2022 15,000 14,995
MetLife Global Funding I 2.30% 20193 6,745 6,812
Metropolitan Life Global Funding I, 1.75% 20183 14,560 14,557
Morgan Stanley 2.45% 2019 9,250 9,323
Morgan Stanley (3-month USD-LIBOR + 1.18%) 2.336% 20224 15,000 15,152
National Australia Bank Ltd. 1.375% 2019 4,200 4,151
New York Life Global Funding 1.95% 20203 3,645 3,654
New York Life Global Funding 2.00% 20203 20,000 20,071
New York Life Global Funding 1.70% 20213 5,000 4,882
Nordea Bank AB 1.875% 20183 11,425 11,449
PNC Bank 1.50% 2017 2,000 2,001
PRICOA Global Funding I 1.35% 20173 2,000 2,000
Rabobank Nederland 2.50% 2021 6,535 6,602
Rabobank Nederland 2.75% 2022 4,100 4,172
Royal Bank of Canada 2.125% 2020 30,315 30,426
Royal Bank of Canada (3-month USD-LIBOR + 0.73%) 1.900% 20224 10,295 10,398
Svenska Handelsbanken AB 1.50% 2019 7,080 7,011
Swedbank AB 2.80% 20223 10,000 10,149
Toronto-Dominion Bank 1.45% 2018 34,155 34,079
Toronto-Dominion Bank 1.625% 2018 23,300 23,336
Toronto-Dominion Bank 1.75% 2018 7,000 7,014
US Bancorp. (3-month USD-LIBOR + 0.40%) 1.556% 20194 20,000 20,095
US Bancorp.1.375% 2017 15,000 15,002
Wells Fargo & Co. 1.65% 2018 9,250 9,260
Wells Fargo & Co. 1.80% 2018 7,415 7,431
Wells Fargo & Co. 1.75% 2019 15,000 14,998
Wells Fargo & Co. 2.15% 2019 5,930 5,960
Westpac Banking Corp. 2.15% 2020 20,000 20,072
    454,242
Energy 3.40%    
Chevron Corp. (3-month USD-LIBOR + 0.50%) 1.680% 20184 26,600 26,729
Chevron Corp. 1.561% 2019 15,000 14,976
Chevron Corp. 1.686% 2019 30,315 30,358
Chevron Corp. 1.991% 2020 8,845 8,887
Chevron Corp. 2.498% 2022 1,215 1,231
Exxon Mobil Corp. (3-month USD-LIBOR + 0.15%) 1.281% 20194 31,820 31,898
Exxon Mobil Corp. 1.708% 2019 10,000 10,035
Royal Dutch Shell PLC 1.375% 2019 11,345 11,258
Royal Dutch Shell PLC 1.75% 2021 6,160 6,076
Schlumberger BV 1.90% 20173 15,000 15,034
Schlumberger BV 3.00% 20203 3,645 3,737
Shell International Finance BV 2.125% 2020 5,000 5,042
Short-Term Bond Fund of America — Page 2 of 16
unaudited
Bonds, notes & other debt instruments
Corporate bonds & notes (continued)
Energy (continued) 		Principal amount
(000) 		Value
(000)
Statoil ASA 2.25% 2019 $18,660 $18,826
TransCanada PipeLines Ltd. 1.875% 2018 12,500 12,519
    196,606
Health care 3.04%    
AbbVie Inc. 1.80% 2018 5,000 5,008
AbbVie Inc. 2.30% 2021 9,955 9,951
Aetna Inc. (3-month USD-LIBOR + 0.65%) 1.756% 20174 4,170 4,182
AstraZeneca PLC 1.75% 2018 10,000 10,012
Bristol-Myers Squibb Co. 1.60% 2019 5,000 4,994
Eli Lilly and Co. 1.25% 2018 7,400 7,396
EMD Finance LLC 1.70% 20183 7,000 7,005
EMD Finance LLC 2.40% 20203 15,775 15,908
Johnson & Johnson 1.125% 2019 20,745 20,653
Johnson & Johnson 2.25% 2022 11,790 11,941
Merck & Co., Inc. (3-month USD-LIBOR + 0.36%) 1.541% 20184 26,200 26,304
Novartis Capital Corp. 1.80% 2020 15,000 15,045
Pfizer Inc. 1.20% 2018 15,000 14,979
Pfizer Inc. (3-month USD-LIBOR + 0.30%) 1.431% 20184 10,000 10,027
Roche Holdings, Inc. 1.35% 20173 2,000 2,001
UnitedHealth Group Inc. 1.70% 2019 10,000 10,008
    175,414
Information technology 2.59%    
Apple Inc. 1.10% 2019 15,000 14,873
Apple Inc. 1.55% 2019 25,300 25,350
Apple Inc. 1.90% 2020 10,300 10,362
Apple Inc. 2.50% 2022 7,355 7,465
Cisco Systems, Inc. 1.40% 2019 21,530 21,420
International Business Machines Corp. 1.125% 2018 10,000 9,987
Microsoft Corp. 1.30% 2018 15,000 14,989
Microsoft Corp. 1.10% 2019 11,355 11,258
Microsoft Corp. 1.85% 2020 25,330 25,461
Microsoft Corp. 2.875% 2024 3,435 3,500
Oracle Corp. 2.50% 2022 5,000 5,066
    149,731
Consumer discretionary 1.94%    
Amazon.com, Inc. 2.60% 2019 5,000 5,104
Starbucks Corp. 2.10% 2021 7,640 7,715
Starbucks Corp. 2.70% 2022 2,140 2,199
Toyota Motor Credit Corp. 1.45% 2018 20,000 20,017
Toyota Motor Credit Corp. 1.70% 2019 27,000 27,051
Toyota Motor Credit Corp. 1.70% 2019 20,560 20,601
Toyota Motor Credit Corp. 2.15% 2020 23,000 23,202
Walt Disney Co. 1.65% 2019 6,355 6,367
    112,256
Consumer staples 1.56%    
Anheuser-Busch InBev NV 2.65% 2021 11,675 11,872
Coca-Cola Co. 1.375% 2019 35,000 34,911
Philip Morris International Inc. 1.375% 2019 6,000 5,960
Philip Morris International Inc. 1.625% 2019 18,000 17,966
Short-Term Bond Fund of America — Page 3 of 16
unaudited
Bonds, notes & other debt instruments
Corporate bonds & notes (continued)
Consumer staples (continued) 		Principal amount
(000) 		Value
(000)
Philip Morris International Inc. 2.00% 2020 $10,615 $10,656
Procter & Gamble Co. 1.70% 2021 8,820 8,771
    90,136
Utilities 0.56%    
Consolidated Edison, Inc. 2.00% 2020 11,225 11,243
Duke Energy Progress Inc. (3-month USD-LIBOR + 0.20%) 1.372% 20174 8,540 8,541
National Rural Utilities Cooperative Finance Corp. 2.30% 2020 4,470 4,495
Public Service Electric and Gas Co., 1.90% 2021 4,735 4,700
Xcel Energy Inc. 2.60% 2022 3,645 3,684
    32,663
Real estate 0.42%    
Scentre Group 2.375% 20193 1,380 1,383
Scentre Group 2.375% 20213 2,970 2,953
WEA Finance LLC 1.75% 20173 14,420 14,425
WEA Finance LLC 3.25% 20203 5,185 5,297
    24,058
Industrials 0.34%    
3M Co. 1.625% 2021 7,000 6,944
Boeing Company 1.65% 2020 5,635 5,598
Siemens AG 1.45% 20183 7,000 6,995
    19,537
Telecommunication services 0.20%    
Verizon Communications Inc. 2.946% 20223 11,205 11,375
Total corporate bonds & notes   1,266,018
Asset-backed obligations 17.16%    
Aesop Funding II LLC, Series 2013-1A, Class A, 1.92% 20193,5 5,415 5,416
Aesop Funding LLC, Series 2012-3A, Class A, 2.10% 20193,5 2,500 2,506
Aesop Funding LLC, Series 2013-2A, Class A, 2.97% 20203,5 4,525 4,585
Aesop Funding LLC, Series 2014-2A, Class A, 2.50% 20213,5 10,480 10,459
AmeriCredit Automobile Receivables Trust, Series 2014-3, Class A3, 1.15% 20195 2,203 2,203
AmeriCredit Automobile Receivables Trust, Series 2015-1, Class A3, 1.26% 20195 2,221 2,220
AmeriCredit Automobile Receivables Trust, Series 2014-4, Class A3, 1.27% 20195 430 430
AmeriCredit Automobile Receivables Trust, Series 2016-4, Class A2A, 1.34% 20205 905 904
AmeriCredit Automobile Receivables Trust, Series 2017-1, Class A2A, 1.51% 20205 4,160 4,161
AmeriCredit Automobile Receivables Trust, Series 2017-2, Class A2A, 1.65% 20205 3,935 3,938
AmeriCredit Automobile Receivables Trust, Series 2016-1, Class C, 2.89% 20225 7,020 7,117
Angel Oak Capital Advisors, LLC, Series 2013-9A, Class A1R, CLO, (3-month USD-LIBOR + 1.01%)
2.166% 20253,4,5 		8,105 8,105
Avant Loans Funding Trust, Series 2016-C, Class A, 2.96% 20193,5 225 225
Avant Loans Funding Trust, Series 2016-B, Class A, 3.92% 20193,5 659 661
Avant Loans Funding Trust, Series 2017-A, Class A, 2.41% 20213,5 8,130 8,133
Babson CLO Ltd., Series 2012-2A, Class A1R, CLO, (3-month USD-LIBOR + 1.24%) 2.422% 20233,4,5 3,079 3,086
BlueMountain CLO Ltd., Series 2013-4A, Class AR, (3-month USD-LIBOR + 1.01%) 2.160% 20253,4,5 15,100 15,100
Cabela’s Master Credit Card Trust, Series 2016-1, Class A1, 1.78% 20225 25,090 25,092
Cabela’s Master Credit Card Trust, Series 2015-2, Class A1, 2.25% 20235 3,540 3,573
California Republic Auto Receivables Trust, Series 2015-1, Class A3, 1.33% 20195 2,078 2,078
California Republic Auto Receivables Trust, Series 2015-1, Class A4, 1.82% 20205 14,315 14,337
California Republic Auto Receivables Trust, Series 2014-4, Class A4, 1.84% 20205 609 610
Capital One Multi-asset Execution Trust, Series 2014-A5, Class A, 1.48% 20205 4,000 4,002
Short-Term Bond Fund of America — Page 4 of 16
unaudited
Bonds, notes & other debt instruments
Asset-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Capital One Multi-asset Execution Trust, Series 2015-A5, Class A5, 1.60% 20215 $9,000 $9,018
Carlyle Global Market Strategies Commodities Fund, Series 2015-1A, Class A,
(3-month USD-LIBOR + 1.50%) 2.498% 20203,4,5,6,7 		6,386 4,236
Carlyle Global Market Strategies Commodities Fund, Series 2014-1A, Class A,
(3-month USD-LIBOR + 1.90%) 3.058% 20213,4,5,6,7 		803 523
CarMaxAuto Owner Trust, Series 2014-3, Class A3, 1.16% 20195 681 681
CarMaxAuto Owner Trust, Series 2014-4, Class A3, 1.25% 20195 1,415 1,414
CarMaxAuto Owner Trust, Series 2015-1, Class A3, 1.38% 20195 1,298 1,298
CarMaxAuto Owner Trust, Series 2015-2, Class A3, 1.37% 20205 11,374 11,369
Chase Issuance Trust, Series 2016-A7, Class A, 1.06% 20195 3,000 2,998
Chase Issuance Trust, Series 2016-A6, Class A6, 1.10% 20205 34,310 34,248
Chase Issuance Trust, Series 2015-A1, Class A, (1-month USD-LIBOR + 0.32%) 1.309% 20204,5 10,000 10,019
Chase Issuance Trust, Series 2015-A5, Class A, 1.36% 20205 1,600 1,600
Chase Issuance Trust, Series 2015-A2, Class A, 1.59% 20205 8,000 8,013
Chrysler Capital Auto Receivables Trust, Series 2015-AA, Class A3, 1.22% 20193,5 9,072 9,069
Chrysler Capital Auto Receivables Trust, Series 2015-BA, Class A3, 1.91% 20203,5 1,398 1,402
CIFC Funding Ltd., Series 2013-4A, Class A1R, (3-month USD-LIBOR + 1.12%) 2.322% 20243,4,5 20,000 20,001
CIFC Funding Ltd., Series 2012-2A, Class A1R, CLO, (3-month USD-LIBOR + 1.35%) 2.45% 20243,4,5 1,877 1,881
Citi Held For Issuance, Series 2015-PM3, Class A, 2.56% 20223,5 1,185 1,186
Citibank Credit Card Issuance Trust, Series 2014-A8, Class A8, 1.73% 20205 400 401
Citibank Credit Card Issuance Trust, Series 2017-A2, Class A2, 1.74% 20215 25,350 25,444
CLI Funding V LLC, Series 2013-2A, Class Note, 3.22% 20283,5 850 845
CLI Funding V LLC, Series 2014-1A, Class A, 3.29% 20293,5 5,200 5,172
CLI Funding V LLC, Series 2014-2A, Class A, 3.38% 20293,5 5,880 5,812
CPS Auto Receivables Trust, Series 2015-C, Class A, 1.77% 20193,5 539 540
CPS Auto Receivables Trust, Series 2016-B, Class A, 2.07% 20193,5 3,745 3,756
CPS Auto Receivables Trust, Series 2016-A, Class A, 2.25% 20193,5 5,347 5,361
CPS Auto Receivables Trust, Series 2017-A, Class A, 1.68% 20203,5 9,128 9,123
CPS Auto Receivables Trust, Series 2017-B, Class A, 1.75% 20203,5 20,889 20,903
CPS Auto Receivables Trust, Series 2016-A, Class B, 3.34% 20203,5 1,000 1,014
CPS Auto Receivables Trust, Series 2017-B, Class B, 2.33% 20213,5 8,000 8,056
CPS Auto Receivables Trust, Series 2015-A, Class B, 2.79% 20213,5 1,000 1,009
Discover Card Execution Note Trust, Series 2015-A1, Class A1, (1-month USD-LIBOR + 0.35%)
1.339% 20204,5 		18,420 18,458
DRB Prime Student Loan Trust, Series 2015-D, Class A3, 2.50% 20363,5 754 756
Drive Auto Receivables Trust, Series 2017-BA, Class A1, 1.20% 20183,5 6,176 6,176
Drive Auto Receivables Trust, Series 2017-BA, Class A2, 1.59% 20183,5 9,200 9,212
Drive Auto Receivables Trust, Series 2016-CA, Class A2, 1.41% 20193,5 8,335 8,333
Drive Auto Receivables Trust, Series 2017-AA, Class A2A, 1.48% 20193,5 4,230 4,229
Drive Auto Receivables Trust, Series 2016-BA, Class A3, 1.67% 20193,5 3,559 3,559
Drive Auto Receivables Trust, Series 2017-BA, Class A3, 1.74% 20193,5 6,000 6,003
Drive Auto Receivables Trust, Series 2015-DA, Class B, 2.59% 20193,5 447 448
Drive Auto Receivables Trust, Series 2017-AA, Class A3, 1.77% 20203,5 11,590 11,605
Drive Auto Receivables Trust, Series 2016-BA, Class B, 2.56% 20203,5 3,800 3,813
Drive Auto Receivables Trust, Series 2016-AA, Class B, 3.17% 20203,5 414 416
Drive Auto Receivables Trust, Series 2017-AA, Class B, 2.51% 20213,5 2,045 2,056
Drive Auto Receivables Trust, Series 2015-CA, Class C, 3.01% 20213,5 2,770 2,788
Drive Auto Receivables Trust, Series 2015-AA, Class C, 3.06% 20213,5 8,564 8,611
Drive Auto Receivables Trust, Series 2016-AA, Class C, 3.91% 20213,5 5,000 5,088
Drive Auto Receivables Trust, Series 2016-BA, Class C, 3.19% 20223,5 5,780 5,856
Drivetime Auto Owner Trust, Series 2016-2A, Class A, 1.73% 20193,5 1,693 1,693
Drivetime Auto Owner Trust, Series 2016-3A, Class A, 1.75% 20193,5 6,811 6,815
Drivetime Auto Owner Trust, Series 2016-1A, Class A, 2.00% 20193,5 145 145
Drivetime Auto Owner Trust, Series 2017-1A, Class A, 1.56% 20203,5 11,930 11,923
Drivetime Auto Owner Trust, Series 2017-2A, Class A, 1.72% 20203,5 7,870 7,875
Short-Term Bond Fund of America — Page 5 of 16
unaudited
Bonds, notes & other debt instruments
Asset-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Drivetime Auto Owner Trust, Series 2017-1A, Class B, 2.26% 20213,5 $4,100 $4,100
Drivetime Auto Owner Trust, Series 2016-1A, Class C, 3.54% 20213,5 6,835 6,900
Drivetime Auto Owner Trust, Series 2014-1A, Class D, 3.98% 20213,5 2,164 2,181
Drivetime Auto Owner Trust, Series 2017-1A, Class C, 2.70% 20223,5 2,500 2,511
Drivetime Auto Owner Trust, Series 2016-3A, Class C, 3.15% 20223,5 5,000 5,034
Drivetime Auto Owner Trust, Series 2016-2A, Class C, 3.67% 20223,5 2,940 2,975
Dryden Senior Loan Fund, Series 2012-24RA, Class AR, CLO, (3-month USD-LIBOR + 1.29%) 2.472% 20233,4,5 1,313 1,316
Emerson Park CLO Ltd, Series 2013-1A, Class A1AR, CLO, (3-month USD-Libor + .98%) 2.138% 20253,4,5 7,960 7,960
Enterprise Fleet Financing LLC, Series 2017-1, Class A1, 1.05% 20183,5 5,844 5,841
Enterprise Fleet Financing LLC, Series 2015-1, Class A2, 1.30% 20203,5 3,635 3,632
Enterprise Fleet Financing LLC, Series 2014-2, Class A3, 1.64% 20203,5 725 725
Enterprise Fleet Financing LLC, Series 2016-2, Class A2, 1.74% 20223,5 3,686 3,684
Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13% 20223,5 7,445 7,473
Exeter Automobile Receivables Trust, Series 2016-1A, Class A, 2.35% 20203,5 3,710 3,715
Exeter Automobile Receivables Trust, Series 2015-1A, Class B, 2.84% 20203,5 375 377
Exeter Automobile Receivables Trust, Series 2017-1A, Class A, 1.96% 20213,5 8,015 8,006
Fifth Third Auto Trust, Series 2014-3, Class A3, 0.96% 20195 1,316 1,315
Finn Square CLO Ltd., Series 2012-1A, Class A1R, CLO, (3-month USD-LIBOR + 1.21%) 2.207% 20233,4,5 14,003 14,009
First Investors Auto Owner Trust, Series 2017-1A, Class A1, 1.69% 20213,5 3,868 3,867
Ford Credit Auto Owner Trust, Series 2014-1A, 2.26% 20253,5 12,010 12,145
Ford Credit Auto Owner Trust, Series 2015-1, Class A, 2.12% 20263,5 12,600 12,697
Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.03% 20273,5 8,375 8,347
Ford Credit Auto Owner Trust, Series 2015-2, Class A, 2.44% 20273,5 17,160 17,431
Ford Credit Floorplan Master Owner Trust, Series 2015-1, Class A1, 1.42% 20205 8,200 8,199
Ford Credit Floorplan Master Owner Trust, Series 2016-3, Class A1, 1.55% 20215 17,170 17,107
Global SC Finance II SRL, Series 2013-1A, Class A, 2.98% 20283,5 707 701
Global SC Finance II SRL, Series 2014-1A, Class A1, 3.19% 20293,5 1,460 1,449
Global SC Finance II SRL, Series 2017-1A, Class A, 3.85% 20373,5 4,970 5,029
Hertz Fleet Lease Funding LP, Series 2014-1A, (1-month USD-LIBOR + 0.40%) 1.394% 20283,4,5 2,062 2,062
Hertz Fleet Lease Funding LP, Series 2014-1B, (1-month USD-LIBOR + 0.75%) 1.744% 20283,4,5 2,700 2,697
Hertz Vehicle Financing LLC, Rental Car Asset-backed Notes, Series 2013-1A, Class A2, 1.83% 20193,5 39,895 39,806
Hertz Vehicle Financing LLC, Rental Car Asset-backed Notes, Series 2015-1, Class A, 2.73% 20213,5 12,907 12,852
Madison Park Funding Ltd., CLO, Series 2014-13A, Class AR, (3-month USD-LIBOR + 1.11%) 2.216% 20253,4,5 8,000 8,000
Marine Park CLO Ltd., Series 2012-1A, Class A1AR, CLO, (3-month USD-LIBOR + 1.28%) 2.462% 20233,4,5 727 728
Navient Student Loan Trust, Series 2015-2, Class A1, (1-month USD-LIBOR + 0.28%) 1.304% 20244,5 775 775
Navient Student Loan Trust, Series 2015-2, Class A2, (1-month USD-LIBOR + 0.42%) 1.444% 20294,5 3,369 3,375
Neuberger Berman CLO Ltd, Series 2013-15A, Class A1, CLO, (3-month USD-LIBOR + 1.40%)
2.558% 20253,4,5 		750 750
Nissan Master Owner Trust Receivables, Series 2016-A, Class A2, 1.54% 20215 1,000 996
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A, CLO, (3-month USD-LIBOR + 1.29%)
2.315% 20253,4,5 		13,823 13,835
Onemain Financial Issuance Trust, Series 2015-2-A, Class A, 2.57% 20253,5 2,892 2,901
Palmer Square Ltd., Series 2013-1, Class A1R, (3-month USD-LIBOR + 0.97%) 2.152% 20253,4,5 6,680 6,680
Prestige Auto Receivables Trust, Series 2016-1A, Class A2, 1.78% 20193,5 5,126 5,131
Prestige Auto Receivables Trust, Series 2015-1, Class A3, 1.53% 20213,5 4,638 4,637
Prestige Auto Receivables Trust, Series 2015-1, Class B, 2.04% 20213,5 3,750 3,759
Prestige Auto Receivables Trust, Series 2015-1, Class C, 2.40% 20213,5 6,120 6,153
Race Point CLO Ltd., Series 2012-7A, Class AR, CLO, (3-month USD-LIBOR + 1.20%) 2.379% 20243,4,5 7,247 7,247
Santander Drive Auto Receivables Trust, Series 2016-3, Class A2, 1.34% 20195 822 822
Santander Drive Auto Receivables Trust, Series 2015-5, Class A3, 1.58% 20195 5,024 5,025
Santander Drive Auto Receivables Trust, Series 2014-5, Class B, 1.76% 20195 621 621
Santander Drive Auto Receivables Trust, Series 2013-2, Class C, 1.95% 20195 3,203 3,203
Santander Drive Auto Receivables Trust, Series 2017-1, Class A2, 1.49% 20205 4,735 4,733
Santander Drive Auto Receivables Trust, Series 2016-2, Class A3, 1.56% 20205 4,915 4,918
Santander Drive Auto Receivables Trust, Series 2017-1, Class A3, 1.77% 20205 1,850 1,853
Short-Term Bond Fund of America — Page 6 of 16
unaudited
Bonds, notes & other debt instruments
Asset-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Santander Drive Auto Receivables Trust, Series 2014-1, Class C, 2.36% 20205 $1,019 $1,021
Santander Drive Auto Receivables Trust, Series 2014-4, Class C, 2.60% 20205 1,500 1,508
Santander Drive Auto Receivables Trust, Series 2017-1, Class B, 2.10% 20215 2,170 2,174
Santander Drive Auto Receivables Trust, Series 2015-1, Class C, 2.57% 20215 22,260 22,419
Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.66% 20215 7,645 7,688
Santander Drive Auto Receivables Trust, Series 2015-3, Class C, 2.74% 20215 6,305 6,378
Santander Drive Auto Receivables Trust, Series 2015-4, Class C, 2.97% 20215 1,000 1,014
Santander Drive Auto Receivables Trust, Series 2017-1, Class C, 2.58% 20225 2,170 2,177
Santander Drive Auto Receivables Trust, Series 2016-1, Class C, 3.09% 20225 500 507
SLM Private Credit Student Loan Trust, Series 2014-A, Class A1, (1-month USD-LIBOR + 0.60%)
1.589% 20223,4,5 		40 40
SLM Private Credit Student Loan Trust, Series 2008-2, Class A3, (3-month USD-LIBOR + 0.75%)
1.906% 20234,5 		1,352 1,345
SLM Private Credit Student Loan Trust, Series 2008-7, Class A4, (3-month USD-LIBOR + 0.90%)
2.056% 20234,5 		1,500 1,501
SLM Private Credit Student Loan Trust, Series 2008-6, Class A4, (3-month USD-LIBOR + 1.10%)
2.256% 20234,5 		1,500 1,511
SLM Private Credit Student Loan Trust, Series 2010-1, Class A, (1-month USD-LIBOR + 0.40%) 1.424% 20254,5 1,397 1,376
Social Professional Loan Program LLC, Series 2015-C, Class A1, (1-month USD-LIBOR + 1.05%)
2.074% 20353,4,5 		3,830 3,864
Social Professional Loan Program LLC, Series 2015-D, Class A2, 2.72% 20363,5 7,697 7,776
Sound Point CLO Ltd, Series 2013-2A, Class A1R, CLO, (3-month USD LIBOR + 99) 2.148% 20253,4,5 11,595 11,595
Symphony CLO Ltd, Series 2013-12A, Class AR, CLO, (3-month USD-LIBOR + 1.03%) 2.180% 20253,4,5 19,350 19,351
TAL Advantage V LLC, Series 2013-1A, Class A, 2.83% 20383,5 8,625 8,529
TAL Advantage V LLC, Series 2013-2A, Class A, 3.55% 20383,5 7,222 7,164
TAL Advantage V LLC, Series 2014-3A, Class A, 3.27% 20393,5 645 642
TAL Advantage V LLC, Series 2014-2A, Class A2, 3.33% 20393,5 3,068 3,069
TAL Advantage V LLC, Series 2014-1A, Class A, 3.51% 20393,5 5,697 5,723
TAL Advantage V LLC, Series 2017-1A, Class A, 4.50% 20423,5 7,455 7,767
Verizon Owner Trust, Series 2016-1A, Class A, 1.42% 20213,5 6,500 6,484
Verizon Owner Trust, Series 2016-2A, Class A, 1.68% 20213,5 19,975 19,987
Verizon Owner Trust, Series 2017-1A, Class A, 2.06% 20213,5 26,770 26,982
Westlake Automobile Receivables Trust, Series 2017-1A, Class A2, 1.78% 20203,5 11,805 11,818
Westlake Automobile Receivables Trust, Series 2015-1-A, Class C, 2.29% 20203,5 806 807
Westlake Automobile Receivables Trust, Series 2016-1A, Class C, 3.29% 20213,5 11,250 11,382
Wheels SPV 2 LLC, Series 2016-1A, Class A2, 1.59% 20253,5 4,275 4,279
World Financial Network Credit Card Master Note Trust, Series 2013-A, Class A, 1.61% 20215 1,980 1,981
World Financial Network Credit Card Master Note Trust, Series 2016-B, Class A, 1.44% 20225 2,000 1,996
World Financial Network Credit Card Master Note Trust, Series 2015-A, Class A,
(1-month USD-LIBOR + 0.48%) 1.469% 20224,5 		4,000 4,009
World Financial Network Credit Card Master Note Trust, Series 2012-A, Class A, 3.14% 20235 1,000 1,025
World Omni Auto Receivables Trust, Series 2014-B, Class A3, 1.14% 20205 1,189 1,187
    991,552
Bonds & notes of governments & government agencies outside the U.S. 11.31%    
Asian Development Bank 0.75% 2017 4,000 3,997
Bank Nederlandse Gemeenten NV 1.00% 20183 9,000 8,944
Bank of England 1.25% 20183 6,500 6,509
Belgium (Kingdom of) 1.125% 20193 14,600 14,466
Council of Europe Development Bank 1.00% 2019 15,000 14,878
CPPIB Capital Inc. 1.25% 20193 20,000 19,834
European Bank for Reconstruction & Development 1.75% 2019 4,000 4,019
European Bank for Reconstruction & Development 1.125% 2020 15,000 14,734
European Investment Bank 1.25% 2019 3,570 3,538
European Investment Bank 1.625% 2020 22,500 22,442
Short-Term Bond Fund of America — Page 7 of 16
unaudited
Bonds, notes & other debt instruments
Bonds & notes of governments & government agencies outside the U.S. (continued) 		Principal amount
(000) 		Value
(000)
European Investment Bank 1.75% 2020 $10,000 $10,029
European Investment Bank 1.375% 2021 13,333 13,081
European Investment Bank 1.625% 2021 12,000 11,894
European Investment Bank 2.00% 2021 10,000 10,064
European Investment Bank 2.25% 2022 11,265 11,435
European Investment Bank 2.25% 2022 6,000 6,087
European Investment Bank 2.375% 2022 20,000 20,420
Finland (Republic of) 1.00% 20183 5,000 4,988
Inter-American Development Bank 1.00% 2019 15,000 14,863
Inter-American Development Bank 1.625% 2020 14,500 14,511
Inter-American Development Bank 1.25% 2021 20,000 19,531
Inter-American Development Bank 1.875% 2021 10,000 10,038
Inter-American Development Bank 2.125% 2022 10,000 10,120
Inter-American Development Bank 2.00% 2026 15,000 14,561
International Bank for Reconstruction and Development 1.00% 2018 5,000 4,984
International Bank for Reconstruction and Development 0.875% 2019 20,000 19,704
International Bank for Reconstruction and Development 1.125% 2019 9,000 8,919
International Bank for Reconstruction and Development 1.875% 2020 20,000 20,164
International Bank for Reconstruction and Development 1.375% 2021 12,000 11,804
International Bank for Reconstruction and Development 1.375% 2021 10,000 9,804
International Bank for Reconstruction and Development 1.625% 2022 5,000 4,945
International Bank for Reconstruction and Development 0.00% 2030 18,790 12,172
KfW 0.875% 2017 3,000 2,994
KfW 1.00% 2018 14,000 13,930
KfW 1.00% 2018 8,000 7,992
KfW 1.125% 2018 9,000 8,960
KfW 1.125% 2018 6,000 5,989
KfW 1.00% 2019 12,000 11,864
KfW 1.25% 2019 15,000 14,890
KfW 1.50% 2019 10,000 10,022
KfW 1.50% 2020 8,000 7,968
KfW 1.50% 2021 9,000 8,889
KfW 2.125% 2022 16,655 16,798
Landwirtschaftliche Rentenbank 2.00% 2021 14,020 14,031
Landwirtschaftliche Rentenbank 2.375% 2025 5,000 5,025
Oesterreichische Kontrollbank AG 1.125% 2019 10,500 10,400
Oesterreichische Kontrollbank AG 1.75% 2020 10,460 10,472
Oesterreichische Kontrollbank Aktiengesellschaft 1.625% 2019 1,000 1,000
Oesterreichische Kontrollbank Aktiengesellschaft 1.50% 2020 10,500 10,388
Oesterreichische Kontrollbank Aktiengesellschaft 2.375% 2021 2,000 2,035
Ontario (Province of) 1.625% 2019 15,000 15,004
Sweden (Kingdom of) 1.00% 20173 5,000 4,996
Sweden (Kingdom of) 1.125% 20183 4,900 4,894
Sweden (Kingdom of) 1.125% 20193 65,000 64,454
Sweden (Kingdom of) 1.625% 20203 8,500 8,515
Sweden (Kingdom of) 1.25% 20213 15,000 14,684
    653,673
Mortgage-backed obligations 7.46%
Federal agency mortgage-backed obligations 4.49% 		   
Fannie Mae 4.00% 20195 1,252 1,301
Fannie Mae 4.00% 20195 590 613
Fannie Mae 4.00% 20195 558 580
Fannie Mae 5.00% 20235 385 423
Fannie Mae 5.00% 20235 298 328
Short-Term Bond Fund of America — Page 8 of 16
unaudited
Bonds, notes & other debt instruments
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Fannie Mae 3.50% 20255 $1,055 $1,105
Fannie Mae 4.50% 20255 2,324 2,455
Fannie Mae 3.50% 20265 2,263 2,371
Fannie Mae 3.50% 20355 11,864 12,416
Fannie Mae 3.50% 20355 1,910 1,999
Fannie Mae 3.50% 20365 38,165 39,865
Fannie Mae 6.00% 20385 3,746 4,262
Fannie Mae 6.00% 20385 1,554 1,760
Fannie Mae 6.00% 20385 125 141
Fannie Mae 5.00% 20415 3,931 4,335
Fannie Mae 4.00% 20475,8 10,000 10,559
Fannie Mae 4.00% 20475,8 3,230 3,404
Fannie Mae Pool #555538 3.016% 20334,5 1,048 1,102
Fannie Mae Pool #888521 2.907% 20344,5 1,878 1,977
Fannie Mae Pool #848751 2.90% 20364,5 498 524
Fannie Mae Pool #AC1676 3.085% 20394,5 510 540
Fannie Mae Pool #AC2106 3.09% 20394,5 396 419
Fannie Mae Pool #AC6266 3.426% 20394,5 635 671
Fannie Mae, Series 2007-114, Class A7, (1-month USD-LIBOR + 0.20%) 1.224% 20374,5 7,000 6,976
Freddie Mac 5.50% 20245 3,618 3,762
Freddie Mac 5.50% 20345 468 531
Freddie Mac 3.50% 20355 1,199 1,255
Freddie Mac 5.50% 20365 364 406
Freddie Mac Pool #782818 2.788% 20344,5 1,010 1,066
Freddie Mac Pool #781228 2.955% 20344,5 1,325 1,397
Freddie Mac Pool #1H2524 2.929% 20354,5 2,900 3,057
Freddie Mac Pool #848365 2.875% 20364,5 1,289 1,336
Freddie Mac Pool #1L1292 2.935% 20364,5 1,934 2,049
Freddie Mac Pool #1L1476 3.078% 20364,5 1,055 1,114
Freddie Mac Pool #1B4386 3.099% 20394,5 363 385
Freddie Mac Pool #1B8916 3.259% 20414,5 2,069 2,172
Freddie Mac Pool #760014 2.982% 20454,5 4,493 4,630
Government National Mortgage Assn. 4.50% 20435 1,092 1,169
Government National Mortgage Assn. 4.50% 20435 47 51
Government National Mortgage Assn. 4.50% 20445 866 928
Government National Mortgage Assn. 4.50% 20445 10 11
Government National Mortgage Assn. 4.50% 20455 17,407 18,643
Government National Mortgage Assn. 4.50% 20455 11,204 11,999
Government National Mortgage Assn. 4.50% 20455 2,891 3,096
Government National Mortgage Assn. 4.50% 20455 2,776 2,973
Government National Mortgage Assn. 4.50% 20455 918 983
Government National Mortgage Assn. 4.50% 20455 505 540
Government National Mortgage Assn. 5.46% 20595 558 581
Government National Mortgage Assn. 4.690% 20615 637 657
Government National Mortgage Assn. 4.70% 20615 4,266 4,366
Government National Mortgage Assn. 4.70% 20615 589 603
Government National Mortgage Assn. 4.72% 20615 249 255
Government National Mortgage Assn. 4.795% 20615 261 268
Government National Mortgage Assn. 4.808% 20615 479 490
Government National Mortgage Assn. 4.809% 20615 287 295
Government National Mortgage Assn. 4.822% 20615 1,395 1,424
Government National Mortgage Assn. 5.081% 20615 850 881
Government National Mortgage Assn. 5.091% 20615 1,597 1,662
Government National Mortgage Assn. 4.626% 20635 1,369 1,416
Short-Term Bond Fund of America — Page 9 of 16
unaudited
Bonds, notes & other debt instruments
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Government National Mortgage Assn. 4.65% 20635 $1,409 $1,457
Government National Mortgage Assn. 4.666% 20635 652 671
Government National Mortgage Assn. 4.672% 20635 1,349 1,388
Government National Mortgage Assn. 4.986% 20635 532 551
Government National Mortgage Assn. 4.631% 20645 1,357 1,403
Government National Mortgage Assn. 4.633% 20645 1,363 1,408
Government National Mortgage Assn. 4.672% 20645 1,429 1,471
Government National Mortgage Assn. 4.704% 20645 2,805 2,916
Government National Mortgage Assn. 4.704% 20645 1,244 1,288
Government National Mortgage Assn. 4.717% 20645 1,306 1,352
Government National Mortgage Assn. 4.882% 20645 463 478
Government National Mortgage Assn. 6.48% 20645 373 390
Government National Mortgage Assn. 6.64% 20645 1,502 1,568
Government National Mortgage Assn. 4.696% 20655 501 526
Government National Mortgage Assn. Pool #AG8149 1.499% 20644,5 480 485
Government National Mortgage Assn., Series 2012-H20, Class PT, 1.682% 20624,5 34,379 34,798
Government National Mortgage Assn., Series 2012-H12, Class FT,
(1 Year CMT Weekly Rate + 0.70%) 1.73% 20624,5 		2,947 2,974
Government National Mortgage Assn., Series 2014-H08, Class FT,
(1 Year CMT Weekly Rate + 0.60%) 1.63% 20644,5 		14,559 14,691
Seasoned Credit Risk Transfer, Series 2017-1, Class HA, 2.00% 20565 13,001 13,053
    259,445
Collateralized mortgage-backed (privately originated) 2.20%    
Connecticut Avenue Securities, Series 2014-C03, Class 2M1, (1-month USD-LIBOR + 1.20%) 2.224% 20244,5 255 256
Connecticut Avenue Securities, Series 2014-C04, Class 1M1, (1-month USD-LIBOR + 1.95%) 2.974% 20244,5 149 149
Connecticut Avenue Securities, Series 2015-C03, Class 2M1, (1-month USD-LIBOR + 1.50%) 2.524% 20254,5 64 65
Freddie Mac, Series 2014-DN1, Class M1, (1-month USD-LIBOR + 1.00%) 2.024% 20244,5 100 100
Freddie Mac, Series 2014-DN3, Class M2, (1-month USD-LIBOR + 2.40%) 3.424% 20244,5 361 362
Freddie Mac, Series 2014-DN4, Class M2, (1-month USD-LIBOR + 2.40%) 3.424% 20244,5 126 126
Freddie Mac, Series 2015-HQ2, Class M1, (1-month USD-LIBOR + 1.10%) 2.124% 20254,5 914 916
Freddie Mac, Series 2015-DN1, Class M2, (1-month USD-LIBOR + 2.40%) 3.424% 20254,5 2,824 2,839
Mill City Mortgage Trust, Series 2015-2, Class A1, 3.00% 20573,4,5 64 64
Mill City Mortgage Trust, Series 2017-1, Class A1, 2.75% 20583,4,5 647 653
Mortgage Repurchase Agreement Financing Trust, Series 2017-1, Class A1,
(1-month USD-LIBOR + 0.85%) 1.844% 20193,4,5,6 		33,505 33,505
Nationstar HECM Loan Trust, Series 2016-3A, Class A, 2.013% 20263,5,6 2,561 2,579
Nationstar HECM Loan Trust, Series 2016-2A, Class A, 2.239% 20263,5,6 3,379 3,407
Nationstar HECM Loan Trust, Series 2017-1A, Class A, 1.968 % 20273,5,6 11,680 11,675
Nationstar HECM Loan Trust, Series 2017-1A, Class M1, 2.9419% 20273,5,6 2,105 2,106
PMT Loan Trust, Series 2013-J1, Class A6, 3.50% 20433,4,5 6,280 6,316
Station Place Securitization Trust, Series 2017-1, Class A, (1-month USD-LIBOR + 0.90%) 1.924% 20493,4,5 11,352 11,351
Towd Point Mortgage Trust, Series 2016-3, Class A1, 2.25% 20563,4,5 17,220 17,193
Towd Point Mortgage Trust, Series 2016-4, Class A1, 2.25% 20563,4,5 10,208 10,216
Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75% 20563,4,5 23,261 23,473
    127,351
Commercial mortgage-backed securities 0.66%    
Banc of America Commercial Mortgage Inc., Series 2007-5, Class A4, 5.492% 20515 2,821 2,830
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW17, Class A1A, 5.65% 20504,5 2,050 2,057
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW18, Class AM, 6.084% 20504,5 3,400 3,449
Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.701% 20494,5 2,054 2,053
Citigroup-Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4, 5.886% 20444,5 1,079 1,081
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A1A, 5.704% 20495 1,626 1,634
Short-Term Bond Fund of America — Page 10 of 16
unaudited
Bonds, notes & other debt instruments
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued) 		Principal amount
(000) 		Value
(000)
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class A1A, 5.746% 20514,5 $13,779 $13,838
LB Commercial Mortgage Trust, Series 2007-C3, Class A1A, multifamily 5.967% 20444,5 1,300 1,301
LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3, 5.866% 20454,5 7,127 7,190
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class A4, 5.70% 20495 1,263 1,268
ML-CFC Commercial Mortgage Trust, Series 2007-8, Class A3, 5.894% 20494,5 1,441 1,439
    38,140
Other mortgage-backed securities 0.11%    
Fannie Mae, Series 2015-M14, multifamily 1.646% 20195 6,080 6,087
Total mortgage-backed obligations   431,023
Federal agency bonds & notes 2.17%    
Fannie Mae 1.00% 2019 10,000 9,941
Fannie Mae 1.75% 2019 4,000 4,032
Fannie Mae 1.75% 2019 3,000 3,022
Fannie Mae 1.625% 2020 5,000 5,027
Fannie Mae 2.00% 2022 29,415 29,640
Federal Home Loan Bank 0.875% 2018 42,860 42,715
Federal Home Loan Bank 0.875% 2019 16,500 16,327
Federal Home Loan Bank 1.375% 2019 6,000 6,002
United States Agency for International Development, Ukraine, 1.471% 2021 8,820 8,694
    125,400
Municipals 1.55%
California 0.41% 		   
City of South Pasadena, Water Rev. Ref. Bonds, BAM insured, 2.00% 2017 260 261
City of South Pasadena, Water Rev. Ref. Bonds, BAM insured, 2.00% 2018 150 152
City of South Pasadena, Water Rev. Ref. Bonds, BAM insured, 3.00% 2019 225 235
City of South Pasadena, Water Rev. Ref. Bonds, BAM insured, 3.00% 2020 360 381
City of South Pasadena, Water Rev. Ref. Bonds, BAM insured, 4.00% 2021 405 450
High-Speed Passenger Train G.O. Ref. Bonds, Series 2017-B, 2.193% 2047 (put 2020) 7,200 7,262
State of California, Industry Public Facs. Auth., Tax Allocation Rev. Ref. Bonds (Civic - Recreational Project), Series 2015-A, Assured Guaranty Municipal insured, 3.139% 2020 14,755 15,067
Florida 0.37%    
State of Florida, Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2011-C, 4.50% 2030 1,010 1,048
State of Florida, State Board of Administration Fin. Corp., Rev. Bonds, Series 2016-A, 2.163% 2019 20,000 20,187
Illinois 0.41%    
Fin. Auth., Taxable Rev. Ref. Bonds (Elmhurst Memorial Healthcare), Series 2013-A, 4.545% 2018 22,920 23,598
Indiana 0.04%    
State of Indiana, Trustees of Indiana University, Indiana University Student Fee Rev. Ref. Bonds,
Series V-1, 5.00% 2018 		2,000 2,096
New Jersey 0.28%    
State of New Jersey, Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-YY,
4.447% 2020 		12,500 12,892
State of New Jersey, Higher Education Student Assistance Auth., Student Loan Rev. Bonds,
Series 2013-1-A, AMT, 5.00% 2017 		3,200 3,258
Short-Term Bond Fund of America — Page 11 of 16
unaudited
Bonds, notes & other debt instruments
Municipals (continued)
Ohio 0.03% 		Principal amount
(000) 		Value
(000)
State of Ohio, Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2011-2, 4.50% 2028 $690 $725
State of Ohio, Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2011-3, 4.50% 2029 820 860
Tennessee 0.01%    
State of Tennessee, Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-2-C, 4.00% 2038 755 792
    89,264
Total bonds, notes & other debt instruments (cost: $5,261,867,000)   5,269,524
Short-term securities 10.84%    
American Honda Finance Corp. 0.95% due 7/5/2017 25,000 24,979
Australia & New Zealand Banking Group, Ltd. 0.97% due 6/26/20173 44,900 44,871
Bank of Tokyo-Mitsubishi UFJ, Ltd. 0.90%–1.40% due 6/7/2017–10/31/2017 159,800 159,772
Federal Home Loan Bank 0.88%–0.94% due 7/14/2017–8/18/2017 116,300 116,112
Hydro-Québec 0.88% due 6/1/20173 25,000 25,000
Société Générale 0.87%–0.98% due 6/7/2017–6/27/20173 95,000 94,972
Toronto-Dominion Bank 1.05% due 7/14/20173 75,000 74,909
Total Capital Canada Ltd. 0.85% due 6/8/20173 85,400 85,383
Total short-term securities (cost: $625,981,000)   625,998
Total investment securities 102.04% (cost: $5,887,848,000)   5,895,522
Other assets less liabilities (2.04)%   (117,780)
Net assets 100.00%   $5,777,742
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000)9 		Value at
5/31/2017
(000)10 		Unrealized
appreciation
(depreciation)
at 5/31/2017
(000)
10 Year U.S. Treasury Note Futures Long 190 September 2017 $19,000 $23,996 $72
20 Year U.S. Treasury Bond Futures Short 40 September 2017 (4,000) (6,152) (46)
30 Year Ultra U.S. Treasury Bond Futures Short 117 September 2017 (11,700) (19,320) (121)
10 Year Ultra U.S. Treasury Note Futures Short 203 September 2017 (20,300) (27,554) (136)
2 Year U.S. Treasury Note Futures Long 3,241 October 2017 648,200 701,626 141
5 Year U.S. Treasury Note Futures Long 813 October 2017 81,300 96,188 158
            $68
Swap contracts
Interest rate swaps
Receive Pay Expiration
date 		Notional
(000) 		Value at
5/31/2017
(000) 		Upfront
payments/
receipts
(000) 		Unrealized
(depreciation)
appreciation
at 5/31/2017
(000)
U.S. EFFR 1.19125% 11/1/2017 $5,340,000 $— $— $—
U.S. EFFR 1.201% 11/1/2017 1,025,000 — — —
U.S. EFFR 1.19875% 11/1/2017 1,025,000 — — —
Short-Term Bond Fund of America — Page 12 of 16
unaudited
Receive Pay Expiration
date 		Notional
(000) 		Value at
5/31/2017
(000) 		Upfront
payments/
receipts
(000) 		Unrealized
(depreciation)
appreciation
at 5/31/2017
(000)
U.S. EFFR 1.195% 11/1/2017 $630,000 $— $— $—
1.11875% U.S. EFFR 3/14/2018 800,000 (440) — (440)
3-month USD-LIBOR 1.0015% 8/30/2018 333,000 1,625 — 1,625
3-month USD-LIBOR 1.022% 2/2/2019 250,000 1,843 — 1,843
3-month USD-LIBOR 1.209% 3/18/2019 100,000 487 — 487
3-month USD-LIBOR 1.875% 3/20/2019 4,420,000 (1,901) — (1,901)
1.329% U.S. EFFR 3/27/2019 953,000 105 — 105
1.32625% U.S. EFFR 4/5/2019 738,400 — — —
1.348% U.S. EFFR 5/26/2019 355,000 39 — 39
1.2% 3-month USD-LIBOR 11/1/2019 200,000 (1,744) — (1,744)
1.919% 3-month USD-LIBOR 3/14/2020 100,000 828 — 828
3-month USD-LIBOR 1.2285% 5/19/2021 35,000 686 — 686
3-month USD-LIBOR 1.276% 10/11/2021 103,000 2,173 — 2,173
3-month USD-LIBOR 1.968% 5/3/2022 25,000 (172) — (172)
2.296% 3-month USD-LIBOR 3/21/2024 38,000 801 — 801
2.589% 3-month USD-LIBOR 2/10/2025 212,000 3,074 — 3,074
3-month USD-LIBOR 2.2365% 9/2/2025 50 (1) — (1)
3-month USD-LIBOR 2.0325% 10/22/2025 80,000 218 — 218
3-month USD-LIBOR 1.743% 2/8/2026 75,000 2,069 — 2,069
3-month USD-LIBOR 1.623% 5/19/2026 30,000 1,182 — 1,182
3-month USD-LIBOR 1.3805% 7/5/2026 37,000 2,254 — 2,254
3-month USD-LIBOR 2.214% 4/19/2027 82,500 (513) — (513)
3-month USD-LIBOR 2.2197% 4/19/2027 82,500 (556) — (556)
3-month USD-LIBOR 2.27% 5/3/2027 8,000 (89) — (89)
3-month USD-LIBOR 2.298% 5/3/2027 25,200 (345) — (345)
3-month USD-LIBOR 2.1385% 6/2/2027 79,000 — — —
3-month USD-LIBOR 2.7595% 2/10/2030 113,000 (2,954) — (2,954)
3-month USD-LIBOR 2.752% 3/21/2047 29,000 (2,079) — (2,079)
3-month USD-LIBOR 2.601% 4/6/2047 17,500 (669) — (669)
3-month USD-LIBOR 2.609% 4/6/2047 17,500 (700) — (700)
          $— $5,221
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 A portion of this security was pledged as collateral. The total value of pledged collateral was $32,431,000, which represented .56% of the net assets of the fund.
2 Index-linked bond whose principal amount moves with a government price index.
3 Acquired in a transaction exempt from registration under Rule 144A or Section 4(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 $1,464,360,000, which represented 25.34% of the net assets of the fund.
4 Coupon rate may change periodically.
5 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
6 Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $58,031,000, which represented 1.00% of the net assets of the fund.
7 Value determined using significant unobservable inputs.
8 Purchased on a TBA basis.
9 Notional amount is calculated based on the number of contracts and notional contract size.
10 Value is calculated based on the notional amount and current market price.
Short-Term Bond Fund of America — Page 13 of 16
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class Examples of standard inputs
All 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 (collectively referred to as “standard inputs”)
Bonds & notes of governments & government agencies Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity.
Exchange-traded futures are generally valued at the official settlement price of, or the last reported sale price on, the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued or, lacking any sales, at the last available bid price. Prices for each future are taken from the exchange or market on which the security trades. The average month-end notional amount of futures contracts while held was $2,635,241,000. Interest rate swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency. The average month-end notional amount of interest rate swaps while held was $7,730,925,000.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value
Short-Term Bond Fund of America — Page 14 of 16
unaudited
decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of May 31, 2017 (dollars in thousands):
  Investment securities
  Level 1 Level 2 Level 3 Total
Assets:        
Bonds, notes & other debt instruments:        
U.S. Treasury bonds & notes $— $1,712,594 $— $1,712,594
Corporate bonds & notes — 1,266,018 — 1,266,018
Asset-backed obligations — 986,793 4,759 991,552
Bonds & notes of governments & government agencies outside the U.S. — 653,673 — 653,673
Mortgage-backed obligations — 431,023 — 431,023
Federal agency bonds & notes — 125,400 — 125,400
Municipals — 89,264 — 89,264
Short-term securities — 625,998 — 625,998
Total $— $5,890,763 $4,759 $5,895,522
    
  Other investments*
  Level 1 Level 2 Level 3 Total
Assets:        
Unrealized appreciation on futures contracts $371 $— $— $371
Unrealized appreciation on interest rate swaps — 17,384 — 17,384
Liabilities:        
Unrealized depreciation on futures contracts (303) — — (303)
Unrealized depreciation on interest rate swaps — (12,163) — (12,163)
Total $68 $5,221 $— $5,289
* Futures contracts and interest rate swaps are not included in the investment portfolio.
Federal income tax information (dollars in thousands)
Gross unrealized appreciation on investment securities $21,276
Gross unrealized depreciation on investment securities (15,896)
Net unrealized appreciation on investment securities 5,380
Cost of investment securities 5,890,142
    
Short-Term Bond Fund of America — Page 15 of 16
unaudited
Key to abbreviations and symbol
AMT = Alternative Minimum Tax
Auth. = Authority
CLO = Collateralized Loan Obligations
Dev. = Development
Econ. = Economic
EFFR = Effective Federal Funds Rate
Facs. = Facilities
Fin. = Finance
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
Ref. = Refunding
Rev. = Revenue
TBA = To-be-announced
USD/$ = U.S. dollars
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.
MFGEFPX-048-0717O-S60721 Short-Term Bond Fund of America — Page 16 of 16

 

 

ITEM 2 – Controls and Procedures

 

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

 

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

 

 

ITEM 3 – Exhibits

 

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

 

 
 

SIGNATURES

 

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

 

  SHORT-TERM BOND FUND OF AMERICA
   
  By /s/ John R. Queen
 

John R. Queen, President and

Principal Executive Officer

   
  Date: July 28, 2017

 

 

 

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

 

 

By /s/ John R. Queen

John R. Queen, President and

Principal Executive Officer

 
Date: July 28, 2017

 

 

 

By /s/ Brian C. Janssen

Brian C. Janssen, Treasurer and

Principal Financial Officer

 
Date: July 28, 2017