N-CSRS 1 tefca_ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-04694

The American Funds Tax-Exempt Series II

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2019

Brian C. Janssen

The American Funds Tax-Exempt Series II

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Funds Short-Term Tax-Exempt Bond Fund^® Limited Term Tax-Exempt Bond Fund of America^® The Tax-Exempt Bond Fund of America^® American High-Income Municipal Bond Fund^® The Tax-Exempt Fund of California^® American Funds Tax-Exempt Fund of New York^®

Semi-annual reports for the six months ended January 31, 2019

Invest in
municipal bonds
for tax-advantaged
income.

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

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

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

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

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

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

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

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

Each fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For more than 85 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

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

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2018 (the most recent calendar quarter-end), and the total annual fund operating expense ratios as of the prospectus dated October 1, 2018 (as supplemented to date).

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

Reflecting 2.50% maximum sales charge
American Funds Short-Term Tax-Exempt Bond Fund		–1.59	%		0.26	%		0.83	%		0.58	%
Limited Term Tax-Exempt Bond Fund of America		–1.44			1.15			2.96			0.59

Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		–3.02			3.05			4.79			0.52
American High-Income Municipal Bond Fund		–2.22			5.10			7.25			0.68
The Tax-Exempt Fund of California		–3.07			3.26			5.74			0.60
American Funds Tax-Exempt Fund of New York		–3.39			2.83			3.02			0.72	^†

*	Applicable only to American Funds Tax-Exempt Fund of New York, which began operations on 11/1/10. All other funds reflect 10-year results.
^†	The net expense ratio for American Funds Tax-Exempt Fund of New York was 0.68% as of the prospectus dated October 1, 2018.

For other share class results, visit americanfunds.com.

The 10-year investment result for American Funds Short-Term Tax-Exempt Bond Fund includes the fund’s results as a money market fund through the date of its conversion (August 7, 2009) to a short-term tax-exempt bond fund, and therefore is not representative of the fund’s results had it operated as a short-term tax-exempt bond fund for the full term of that period. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. The investment adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt Fund of New York. Investment results and the net expense ratio reflect the reimbursement, without which the results would have been lower and the expense ratio would have been higher. This reimbursement will be in effect through at least October 1, 2019, unless modified or terminated by the fund’s board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit americanfunds.com for more information.

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

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

Contents

1	Letter to investors

11	Investment portfolios

44	Financial statements

52	Notes to financial statements

70	Financial highlights

Fellow investors:

This report covers the results of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York for the six months ended January 31, 2019. The municipal bond market faced pressure during the first quarter of the funds’ fiscal year, as macro-economic issues and the upward direction of Treasury yields led to some concern among investors in fixed income. But those worries gave way to a more bullish tone later in the period due to stronger U.S. Treasury market conditions, relatively attractive municipal yields compared with Treasuries and a low level of issuance of tax-exempt securities. Against this backdrop, total returns ranged from 1.63% for The Tax-Exempt Bond Fund of America to 0.97% for American Funds Short-Term Tax-Exempt Bond Fund. (See pages 4 through 10 for fund specific results and information.)

Economic and market overview

The tax-exempt bond market turned out to be a spot of stability during a challenging period for both equity and fixed income markets due in part to attractive after-tax yields, access to high quality issues and tax-advantaged income. The municipal bond market index ended the calendar year up more than 1% while broader measures of the total bond market ended essentially flat. Equity volatility was also pronounced. The Standard & Poor’s 500 Composite Index, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 4.40% in 2018. Much of the strength in the municipal bond market occurred late in 2018 and early 2019 as bond market sentiment shifted. During the first six months of the funds’ fiscal year, the Bloomberg Barclays Municipal Bond Index, a market value-weighted index designed to represent the long-term investment-grade (bonds rated BBB/Baa and above) tax-exempt bond market, returned 2.05%.

At the start of the funds’ fiscal period last August, the municipal bond market weakened slightly as investors worried that stronger-than-expected economic data would keep the Federal Reserve on track to steadily increase interest rates. The U.S. economy grew at 3.4% during the third quarter, which was faster than the 2.2% recorded in the first quarter. Unemployment stood at 3.7% in September, below the 4.1% rate it finished in 2017, which was already a 17-year low. Inflation remained muted, ending the third quarter at 2.3%. The Federal Open Market Committee raised its target federal funds rate twice over the six months, ending with a target rate of between 2.25% and 2.50% as of December 20, 2018. That was considerably higher than the 1.25% to 1.50% rate at the close of the prior year. The yield on the benchmark 10-year U.S. Treasury note was peaking at 3.05% as of September 30.

Tensions over global trade coupled with uncertainty around the midterm elections pressured fixed income markets through early November. But following the election, which put Democrats in control of the House, municipal bonds began to gain — following the lead of the U.S. Treasury market — with the 10-year note rallying. As of December 2018, the yield on the 10-year note, which moves opposite of price, had fallen to 2.69%. Meanwhile, the low supply of new issues created a favorable environment. Municipal issuance totaled $338 billion during 2018, which was down 25% from the previous year. Issuance had been unusually high in 2017 as many issuers came to market ahead of proposed tax

American Funds Tax-Exempt Funds

reforms that threatened to impact the municipal bond market. Changes in the tax code ultimately led to the elimination of most advance refundings of tax-exempt bonds.

Additionally, price changes in the municipal market continued to be relatively less correlated with equity markets and offered some stability in contrast to the volatility in other markets. Credit and curve positioning when fund managers believed they had identified value unrecognized by the market also helped the funds remain competitive with their primary benchmarks. Our long-term focus in sectors such as transportation, public power, housing and education results in higher exposure to revenue bonds than bonds issued by state and local governments. Not-for-profit hospitals are another theme in our tax-exempt security selection. Even in an uncertain health care sector, we have found favorable return potential amid a wave of hospital mergers and acquisitions.

Looking ahead

We maintain a relatively cautious approach to credit and duration risk across municipal portfolios. Market confidence is delicate as some investors remain unconvinced the Federal Reserve will completely back away from tightening. We are maintaining a comparatively neutral duration positioning.

The market’s longer term prospects look healthy, however. Going into 2019, the credit quality of municipal bonds continues to be generally sound. Even if the economy were to soften, the credit fundamentals of many municipal bonds are unlikely to be materially impaired. Given signals the Fed is looking to temper its rate-hiking plan, increases to the short end of the yield curve could moderate, creating a constructive environment for bond investors. For those seeking diversity from equities and preservation in their portfolios, tax-exempt bonds remain a solid option.

We believe that in the current low-yield environment we may continue to uncover potentially compelling investment opportunities. That being said, quality matters. Our focus on revenue bond issuers — which are not directly affected by the long-term liability issues facing state and local governments — present opportunity for long-term investors.

We thank you for the confidence you have placed in us and endeavor to be responsible stewards of your capital.

Sincerely,

Aaron Applebaum
President, American Funds Short-Term
Tax-Exempt Bond Fund

Mark A. Marinella
President, Limited Term Tax-Exempt
Bond Fund of America

Chad M. Rach
President, American High-Income
Municipal Bond Fund

Jerome H. Solomon
President, American Funds Tax-Exempt
Fund of New York

Karl J. Zeile
President, The Tax-Exempt Bond Fund
of America and The Tax-Exempt
Fund of California

March 15, 2019

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

2	American Funds Tax-Exempt Funds

Funds’ 30-day yields

Below is a summary of each fund’s 30-day yield and 12-month distribution rate for Class A shares as of February 28, 2019. Both measures reflect the 2.50%/3.75% maximum sales charge. Each fund’s 30-day yield is calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The SEC yield reflects the rate at which each fund is earning income on its current portfolio of securities while the distribution rate reflects the funds’ past dividends paid to shareholders. Accordingly, the funds’ SEC yields and distribution rates may differ. The equivalent taxable yield assumes a 40.8% tax rate.¹

Class A shares	SEC 30-day yield			Equivalent taxable yield			12-month distribution rate

Reflecting 2.50% maximum sales charge
American Funds Short-Term Tax-Exempt Bond Fund		1.45	%		2.45	%		1.43	%
Limited Term Tax-Exempt Bond Fund of America		1.63			2.75			1.96

Reflecting 3.75% maximum sales charge
The Tax-Exempt Bond Fund of America		2.27			3.83			2.74
American High-Income Municipal Bond Fund		3.09			5.22			3.50
The Tax-Exempt Fund of California		1.84			4.01	²		2.79
American Funds Tax-Exempt Fund of New York		1.98			3.93	³		2.47

¹	Based on 2019 federal tax rates. For the year 2019, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
²	For investors in the 54.10% federal and California state tax bracket.
³	For investors in the 49.62% federal and New York state tax bracket.

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

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

The fund registered a total return of 0.97% for the first half of its fiscal year. This trailed the 1.25% return posted by the Bloomberg Barclays Municipal Short 1–5 Years Index, a market value-weighted index that includes investment-grade (rated BBB/Baa and above) tax-exempt bonds with maturities of one to five years. The fund outpaced the 0.88% return of the Lipper Short Municipal Debt Funds Average, a peer group measure.

For the six months the fund paid monthly dividends totaling 8 cents a share. This amounts to a federally tax-exempt income return of 0.77% for investors who reinvested dividends. This is equivalent to a taxable income return of 1.30% for investors in the 40.8%¹maximum federal tax bracket. A portion of the fund’s return also may be exempt from some state and local taxes.

In a volatile environment, the fund’s managers continued to seek relative stability. They maintained a focus on issues of slightly shorter duration and higher quality, but sought to participate in what they believed were attractive investment opportunities when market volatility rose. Returns for municipals were on the whole positive, with local government general obligation bonds and revenue bonds backing housing offsetting detractors.

At the close of the period more than 80% of the fund’s assets were invested in revenue bonds.

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

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 1.42% tax-exempt distribution rate³as of January 31, 2019.

If your taxable income is …						… then your marginal			The fund’s tax-exempt distribution rate of 1.42% is
Single			Joint			federal tax rate is …			equivalent to a taxable rate of …

$	0 –	9,525	$	0 –	19,050		10.0	%		1.58	%
	9,526 –	38,700		19,051 –	77,400		12.0			1.61
	38,701 –	82,500		77,401 –	165,000		22.0			1.82
	82,501 –	157,500		165,001 –	250,000		24.0			1.87
	–			250,001 –	315,000		27.8	¹		1.97
	157,501 –	200,000		–			32.0			2.09
	–			315,001 –	400,000		35.8	¹		2.21
	200,001 –	500,000		400,001 –	600,000		38.8	¹		2.32
	Over 500,000			Over 600,000			40.8	¹		2.40

¹	For the year 2019, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income.
²	Based on 2019 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2019. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

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

4	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

The fund registered a total return of 1.49% for the six months ended January 31, a result that fell short of the 1.94% total return of the Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index, a market value-weighted index that includes investment-grade (rated BBB/Baa and above) tax-exempt bonds with maturities of one to 10 years. By way of comparison, the fund narrowly outpaced the 1.48% total return of the Lipper Short-Intermediate Municipal Debt Funds Average, a peer group measure.

The fund paid monthly dividends totaling about 16 cents a share. Those individuals who reinvested dividends received a federally tax-exempt income return of 1.03%. This is equivalent to a taxable income return of 1.74% for investors in the 40.8%¹ maximum federal tax bracket. The fund’s managers focus primarily on investment-grade bonds. Given the expectation that rates would rise modestly going forward, the portfolio had been positioned fairly conservatively at the start of the fiscal year, which helped mitigate the impact of rising volatility during the six months.

As of the close of the period, nearly 88% of the portfolio was invested in bonds rated AAA/Aaa, AA/Aa or A.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 1.96% tax-exempt distribution rate³as of January 31, 2019.

If your taxable income is …						… then your marginal			The fund’s tax-exempt distribution rate of 1.96% is
Single			Joint			federal tax rate is …			equivalent to a taxable rate of …

$	0 –	9,525	$	0 –	19,050		10.0	%		2.18	%
	9,526 –	38,700		19,051 –	77,400		12.0			2.23
	38,701 –	82,500		77,401 –	165,000		22.0			2.51
	82,501 –	157,500		165,001 –	250,000		24.0			2.58
	–			250,001 –	315,000		27.8	¹		2.71
	157,501 –	200,000		–			32.0			2.88
	–			315,001 –	400,000		35.8	¹		3.05
	200,001 –	500,000		400,001 –	600,000		38.8	¹		3.20
	Over 500,000			Over 600,000			40.8	¹		3.31

¹	For the year 2019, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income.
²	Based on 2019 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2019. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

The fund generated a 1.63% total return during the six-month period ended January 31, trailing the 2.05% return of the Bloomberg Barclays Municipal Bond Index, a market value-weighted index designed to represent the long-term investment-grade (rated BBB/Baa and above) tax-exempt bond market. The fund’s result bested the 1.24% total return of the Lipper General & Insured Municipal Debt Funds Average, a peer group measure.

During the first half of its fiscal year, the fund paid monthly dividends totaling over 18 cents a share, amounting to a federally tax-exempt income return of 1.46% for investors who reinvested dividends. This is equivalent to a taxable income return of 2.47% for investors in the 40.8%¹maximum federal tax bracket.

The fund was positioned relatively conservatively at the start of the fiscal year, as the fund’s managers were focused on upgrading the portfolio in an uncertain environment. This approach offered stability as the fund generated a positive return, albeit below the benchmark. At the close of the period more than 85% of the portfolio consisted of revenue bonds. Among the largest concentrations were holdings backing hospital facilities and water and sewer authorities. The fund does not invest in bonds subject to the Alternative Minimum Tax (AMT).

The Tax-Exempt Bond Fund of America uses derivatives to manage its exposure to interest rates and credit. Instruments such as futures are used when cash bonds are unavailable or not attractively priced. On a stand-alone basis, the fund’s derivative positions had a positive value, as of this reporting period. However, derivatives are used for the efficient management of the portfolio and so the mark-to-market value of these instruments in isolation can give an incomplete view.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.74% tax-exempt distribution rate³as of January 31, 2019.

If your taxable income is …						… then your marginal			The fund’s tax-exempt distribution rate of 2.74% is
Single			Joint			federal tax rate is …			equivalent to a taxable rate of …

$	0 –	9,525	$	0 –	19,050		10.0	%		3.04	%
	9,526 –	38,700		19,051 –	77,400		12.0			3.11
	38,701 –	82,500		77,401 –	165,000		22.0			3.51
	82,501 –	157,500		165,001 –	250,000		24.0			3.61
	–			250,001 –	315,000		27.8	¹		3.80
	157,501 –	200,000		–			32.0			4.03
	–			315,001 –	400,000		35.8	¹		4.27
	200,001 –	500,000		400,001 –	600,000		38.8	¹		4.48
	Over 500,000			Over 600,000			40.8	¹		4.63

¹	For the year 2019, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income.
²	Based on 2019 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2019. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

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

6	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

The fund produced a total return of 1.21% for the first half of its fiscal year, lagging the Bloomberg Barclays High Yield Municipal Bond Index (a market value-weighted index composed of municipal bonds rated below BBB/Baa), which returned 1.38%. By comparison, the Bloomberg Barclays Municipal Bond Index, a measure of the investment-grade municipal market, recorded a return of 2.05%. Meanwhile the fund’s return doubled that of the Lipper High Yield Municipal Debt Funds Average (a peer group measure), which rose 0.60%.

For the six months, the fund paid monthly dividends totaling about 29 cents a share, amounting to a federally tax-exempt income return of 1.84% for investors who reinvested dividends. This is equivalent to a taxable income return of 3.11% for investors in the 40.8%¹maximum federal tax bracket. A portion of the fund’s return also may be exempt from some state and local taxes.

Over a period that saw high-yield municipal bonds trail the broader tax-exempt market, the fund’s returns were muted. Holdings of bonds backing schools and utilities posted some of the strongest returns.

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

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 3.51% tax-exempt distribution rate³as of January 31, 2019.

If your taxable income is …						… then your marginal			The fund’s tax-exempt distribution rate of 3.51% is
Single			Joint			federal tax rate is …			equivalent to a taxable rate of …

$	0 –	9,525	$	0 –	19,050		10.0	%		3.90	%
	9,526 –	38,700		19,051 –	77,400		12.0			3.99
	38,701 –	82,500		77,401 –	165,000		22.0			4.50
	82,501 –	157,500		165,001 –	250,000		24.0			4.62
	–			250,001 –	315,000		27.8	¹		4.86
	157,501 –	200,000		–			32.0			5.16
	–			315,001 –	400,000		35.8	¹		5.47
	200,001 –	500,000		400,001 –	600,000		38.8	¹		5.74
	Over 500,000			Over 600,000			40.8	¹		5.93

¹	For the year 2019, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 40.8% marginal tax rate on their investment income.
²	Based on 2019 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2019. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

The fund posted a total return of 1.43% for the six months ended January 31. This result bested the 0.93% total return of the Lipper California Municipal Debt Funds Average, a peer group measure. The fund trailed the 1.65% return of the Bloomberg Barclays California Municipal Index, a market value-weighted index that includes only investment-grade (rated BBB/Baa and above) tax-exempt bonds of issuers within the state of California.

For the period, the fund paid monthly dividends totaling almost 26 cents a share. Those investors who reinvested dividends received an income return of 1.48%. This is equivalent to a taxable income return of 3.22% for investors in the 54.10%¹effective combined federal and California tax bracket. The California economy remains strong, growing at a 3.7% annual rate as of mid-2018, outpacing the national growth rate in 2018 of roughly 3.0%. With tax reform reducing the state and local tax deduction for some California taxpayers, municipal bonds may have increased appeal for residents in higher income tax brackets.

Tax-exempt yields vs. taxable yields

Find your estimated 2019 taxable income below to determine your combined federal and California tax rate,²then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.79% tax-exempt distribution rate³as of January 31, 2019.

If your taxable income is …						… then your marginal combined federal and California			The fund’s tax-exempt distribution rate of 2.79% is
Single			Joint			state tax rate is …			equivalent to a taxable rate of …

$	0 –	8,544	$	0 –	17,088		11.00	%		3.13	%
	8,545 –	9,525		17,089 –	19,050		12.00			3.17
	9,526 –	20,255		19,051 –	40,510		14.00			3.24
	20,256 –	31,969		40,511 –	63,938		16.00			3.32
	31,970 –	38,700		63,939 –	77,400		18.00			3.40
	38,701 –	44,377		77,401 –	88,754		28.00			3.88
	44,378 –	56,085		88,755 –	112,170		30.00			3.99
	56,086 –	82,500		112,171 –	165,000		31.30			4.06
	82,501 –	157,500		165,001 –	250,000		33.30			4.18
	–			250,001 –	315,000		37.10	¹		4.44
	157,501 –	200,000		–			41.30			4.75
	–			315,001 –	400,000		45.10	¹		5.08
	200,001 –	286,492		400,001 –	572,984		48.10	¹		5.38
	286,493 –	343,788		572,985 –	600,000		49.10	¹		5.48
	343,789 –	500,000		–			50.10	¹		5.59
	–			600,001 –	687,576		51.10	¹		5.71
	500,001 –	572,980		687,577 –	1,000,000		52.10	¹		5.82
	572,981 –	1,000,000		1,000,001 –	1,145,960		53.10	¹		5.95
	Over 1,000,000			Over 1,145,960			54.10	¹		6.08


¹	For the year 2019, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 54.10% marginal tax rate on their investment income.
²	Based on 2019 federal and 2018 California state tax rates. (State rates from 1.0% to 13.3% are individually calculated for each bracket. The federal brackets are expanded to include additional state brackets.) The effective combined tax rates paid by California residents may be lower than those shown due to the availability of income tax deductions.
³	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2019. Capital gains distributions, if any, are added back at the maximum offering price to determine the rate.

8	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

The fund recorded a total return of 1.40% for the first half of its fiscal year, trailing the Bloomberg Barclays New York Municipal Index, a market value-weighted index that includes only investment-grade (rated BBB/Baa and above) tax-exempt bonds of issuers within the state of New York, which returned 2.05%. The fund’s result topped the Lipper New York Municipal Debt Funds average, a peer group measure, which posted a 1.17% total return.

The fund paid monthly dividends totaling about 14 cents a share for the six months. This represents an income return of 1.30% for those who reinvested dividends. For investors in the 49.62%¹combined effective federal, New York state and New York City tax bracket, this is equivalent to a taxable income return of 2.58%. General obligation and revenue bonds supporting K-12 schools and higher education were beneficial to the fund’s return. Utility-related credits were also positive contributors.

Tax-exempt yields vs. taxable yields

Find your estimated 2019 taxable income below to determine your combined federal and New York state tax rate,^2,3then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.48% tax-exempt distribution rate⁴as of January 31, 2019.

If your taxable income is …						… then your marginal combined federal and New York			The fund’s tax-exempt distribution rate of 2.48% is
Single			Joint			state tax rate is …			equivalent to a taxable rate of …

$	0 –	8,500	$	0 –	17,150		14.00	%		2.88	%
	8,501 –	9,525		17,151 –	19,050		14.50			2.90
	9,526 –	11,700		19,051 –	23,600		16.50			2.97
	11,701 –	13,900		23,601 –	27,900		17.25			3.00
	13,901 –	21,400		27,901 –	43,000		17.90			3.02
	21,401 –	38,700		43,001 –	77,400		18.33			3.04
	38,701 –	80,650		77,401 –	161,550		28.33			3.46
	80,651 –	82,500		161,551 –	165,000		28.57			3.47
	82,501 –	157,500		165,001 –	250,000		30.57			3.57
	–			250,001 –	315,000		34.37	¹		3.78
	157,501 –	200,000		–			38.57			4.04
	–			315,001 –	323,200		42.37	¹		4.30
	–			323,201 –	400,000		42.65	¹		4.32
	200,001 –	215,400		–			45.37	¹		4.54
	215,401 –	500,000		400,001 –	600,000		45.65	¹		4.56
	500,001 –	1,077,550		600,001 –	2,155,350		47.65	¹		4.74
	Over 1,077,550			Over 2,155,350			49.62	¹		4.92


¹	For the year 2019, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 49.62% marginal tax rate on their investment income.
²	Income generated by the fund’s investments is also generally exempt from New York City taxes, offering additional tax advantages to New York City residents.
³	Based on 2019 federal and 2018 New York state tax rates. (State rates from 4.00% to 8.82% are individually calculated for each bracket. The federal brackets are expanded to include additional state brackets.) The effective combined tax rates paid by New York residents may be lower than those shown due to the availability of income tax deductions.
⁴	The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2019. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate.

American Funds Tax-Exempt Funds

Results at a glance

For periods ended January 31, 2019, with distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years		Lifetime^*

American Funds Short-Term Tax-Exempt Bond Fund (Class A shares)		1.47	%		0.80	%		—		1.24	%
Bloomberg Barclays Municipal Short 1–5 Years Index		2.19			1.23			—		1.72
Lipper Short Municipal Debt Funds Average		1.55			0.84			—		1.15

Limited Term Tax-Exempt Bond Fund of America (Class A shares)		2.11			1.60			2.91		3.80
Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index		2.94			2.08			2.79		4.05
Lipper Short-Intermediate Municipal Debt Funds Average		2.56			1.48			2.31		3.36

The Tax-Exempt Bond Fund of America (Class A shares)		2.58			3.56			4.83		6.32
Bloomberg Barclays Municipal Bond Index		3.26			3.57			4.55		—	^†
Lipper General & Insured Municipal Debt Funds Average		2.37			3.52			4.88		6.11

American High-Income Municipal Bond Fund (Class A shares)		3.05			5.45			7.21		5.46
Bloomberg Barclays Municipal Bond Index		3.26			3.57			4.55		5.22
Bloomberg Barclays High Yield Municipal Bond Index		6.46			5.98			8.57		—	^†
Lipper High Yield Municipal Debt Funds Average		2.98			5.21			7.13		4.95

The Tax-Exempt Fund of California (Class A shares)		2.42			3.67			5.62		5.40
Bloomberg Barclays California Municipal Index		3.00			3.63			4.98		—	^†
Lipper California Municipal Debt Funds Average		2.19			3.93			5.32		5.40

American Funds Tax-Exempt Fund of New York (Class A shares)		2.04			3.34			—		3.54
Bloomberg Barclays New York Municipal Index		3.00			3.45			—		3.49
Lipper New York Municipal Debt Funds Average		2.42			3.50			—		3.15

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

10	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

unaudited

Summary investment portfolio January 31, 2019

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 95.57%	Principal amount (000)			Value (000)
Alabama 1.42%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)		$	5,500	$	5,753
Other securities					10,407
					16,160

California 4.39%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.33% 2045 (put 2023)¹			6,600		6,654
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2007-E-3, (SIFMA Municipal Swap Index + 0.70%) 2.13% 2047 (put 2019)¹			3,000		3,002
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-A-1, (SIFMA Municipal Swap Index + 0.90%) 2.33% 2045 (put 2023)¹			1,250		1,260
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-G, (SIFMA Municipal Swap Index + 0.60%) 2.03% 2034 (put 2020)¹			2,000		2,002
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-D, (3-month USD-LIBOR x 0.70 + 0.55%) 2.51% 2045 (put 2021)¹			500		501
Other securities					36,614
					50,033

Colorado 1.82%
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2019-C, Class I, 4.25% 2049			6,500		6,993
Other securities					13,804
					20,797

District of Columbia 0.58%
G.O. Bonds, Series 2015-A, 5.00% 2024			5,255		6,108
Other securities					511
					6,619

Florida 4.22%
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2015-A, 5.00% 2024			5,525		6,422
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Senior Secured Bonds, Series 2012-A-1, 5.00% 2019			7,450		7,530
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050			5,265		5,675
JEA, Electric System Rev. Bonds, Series 2012-B, 5.00% 2026 (preref. 2021)			4,650		5,040
Other securities					23,418
					48,085

Hawaii 0.97%
Airports System Rev. Ref. Bonds, Series 2011, AMT, 5.00% 2019			5,000		5,064
Other securities					6,010
					11,074

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Illinois 10.08%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020		$	6,300	$	6,508
Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 1998-B, 1.875% 2025 (put 2019)			10,390		10,390
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 2.43% 2050 (put 2025)¹			5,525		5,482
Metropolitan Water Reclamation Dist. of Greater Chicago, Limited Tax G.O.Rev. Ref. Bonds, Series 2016-B, 5.00% 2025			4,370		5,117
Regional Transportation Auth., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2023			5,000		5,585
Other securities					81,765
					114,847

Indiana 1.87%
Hobart Building Corp., First Mortgage Bonds, Series 2006, National insured, 6.50% 2029 (preref. 2020)			6,000		6,271
Other securities					15,011
					21,282

Iowa 0.58%
Fin. Auth., State Revolving Fund Rev. Bonds, Series 2011, 5.00% 2026 (preref. 2021)			4,945		5,340
Other securities					1,236
					6,576

Michigan 2.53%
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049			5,500		5,910
Other securities					22,899
					28,809

Minnesota 3.37%
G.O. Bonds, Series 2015-D, 5.00% 2025			4,775		5,694
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 2045			5,790		6,039
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049			4,685		5,046
Other securities					21,670
					38,449

Montana 0.74%
Fin. Auth., Rev. Bonds (Billings Clinic Obligated Group), Series 2018-C, (SIFMA Municipal Swap Index + 0.55%) 1.98% 2037 (put 2023)¹			5,125		5,100
Other securities					3,378
					8,478

Nebraska 1.25%
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019)			6,700		6,856
Other securities					7,344
					14,200

New Jersey 2.29%
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048			6,150		6,660
Other securities					19,423
					26,083

New York 8.97%
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2023			5,000		5,630
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 2.01% 2039 (put 2020)¹			6,250		6,244
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2017-C-2A, 4.00% 2019			7,300		7,348
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021			5,250		5,196
Other securities					77,779
					102,197

12	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Principal amount (000)			Value (000)
North Carolina 1.95%
City of Charlotte, Water and Sewer System Rev. Ref. Bonds, Series 2018, 5.00% 2025		$	5,000	$	5,954
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047			5,615		5,915
Other securities					10,304
					22,173

Oregon 1.68%
Housing and Community Services Dept., Housing Dev. Rev. Bonds (The Henry Apartments Project), Series 2018-J, 2.20% 2021 (put 2020)			7,075		7,092
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-D, 4.75% 2050			4,300		4,723
Other securities					7,354
					19,169

Pennsylvania 3.22%
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (Central Pennsylvania Dev.), Series 2018, 2.45% 2022 (put 2021)			5,000		5,026
Other securities					31,692
					36,718

Texas 13.24%
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2013-B, 3.00% 2032 (put 2019)			6,000		6,040
G.O. Bonds, College Student Loan Bonds, Series 2013-B, AMT, 5.25% 2022			3,155		3,500
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2018-C, (1-month USD-LIBOR x 0.70 + 0.36%) 2.109% 2034 (put 2021)¹			5,650		5,627
City of Houston, Higher Education Fin. Corp., Higher Education Rev. Bonds (Rice University Project), Series 2010-A, 5.00% 2040 (preref. 2020)			5,410		5,635
City of Houston, Public Improvement Rev. Ref. Bonds, Series 2017-A, 5.00% 2020			2,850		2,950
North Texas Tollway Auth., Special Projects System Rev. Bonds, Series 2011-D, 5.00% 2029 (preref. 2021)			5,000		5,406
Public Fin. Auth., G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2021			5,000		5,424
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2009-A, 5.25% 2024 (preref. 2019)			1,100		1,100
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-A, 2.25% 2033 (put 2019)			9,000		9,030
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-B, 2.00% 2033 (put 2021)			3,040		3,031
Other securities					103,055
					150,798

Utah 0.49%
G.O. Bonds, Series 2018, 5.00% 2021			5,200		5,612

Washington 2.73%
Central Puget Sound Regional Transit Auth., Sales Tax Improvement Green Bonds, Series 2015-S-2B, (SIFMA Municipal Swap Index + 0.45%) 1.88% 2045 (put 2023)¹			6,150		6,132
G.O. Rev. Ref. Bonds, Series 2018-R-C, 5.00% 2021			5,000		5,406
Other securities					19,549
					31,087

Wisconsin 3.87%
G.O. Bonds, Series 2013-A, 5.00% 2025 (preref. 2022)			5,000		5,513
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023)			5,000		5,655
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2013-B-1, 1.375% 2038 (put 2019)			2,070		2,058
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2013-B-2, 4.00% 2043 (put 2019)			6,000		6,041

American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Wisconsin (continued)
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2013-B-3, 5.00% 2043 (put 2020)	$	4,500	$	4,668
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2016-A, AMT, 3.50% 2046		4,910		5,035
Other securities				15,133
				44,103

Other states & U.S. territories 23.31%
Other securities				265,452

Total bonds, notes & other debt instruments (cost: $1,088,959,000)				1,088,801

Short-term securities 7.63%
State of Connecticut, Health and Educational Facs. Auth., IAM Commercial Paper (Yale University Issue), Series 2019-S-1, 1.77% 2/1/2019		3,200		3,200
State of Connecticut, Health and Educational Facs. Auth., IAM Commercial Paper (Yale University Issue), Series 2019-S-2, 1.76% 2/1/2019		2,000		2,000
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 1.60% 2022¹		5,000		5,000
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2018-A, 4.00% 4/25/2019		6,000		6,032
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2018-C, 4.00% 6/20/2019		3,750		3,784
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 2007, 1.58% 2042¹		5,000		5,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2003, Series 2003-C-5, 1.60% 2031¹		3,585		3,585
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2010, Series 2010-G-5, 1.67% 2034¹		1,500		1,500
State of Texas, City of Houston, Anticipation Rev. and Tax Notes, Series 2018, 4.00% 6/28/2019		4,000		4,037
State of Texas, Port Arthur Navigation Dist. Industrial Dev. Corp., Rev. Bonds (Air Products Project), Series 2005, 1.58% 2040¹		9,000		9,000
State of Texas, Tax and Rev. Anticipation Notes, Series 2018, 4.00% 8/29/2019		4,225		4,281
State of Virginia, Rector and Visitors of the University of Virginia, IAM Commercial Paper, Series 2019-A, 1.55% 3/6/2019		1,570		1,570
State of Virginia, Rector and Visitors of the University of Virginia, IAM Commerical Paper, Series 2019-A, 1.76% 2/5/2019		5,600		5,600
State of Wyoming, County of Lincoln, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 1.60% 2044¹		1,500		1,500
Other securities				30,883

Total short-term securities (cost: $86,962,000)				86,972
Total investment securities 103.20% (cost: $1,175,921,000)				1,175,773
Other assets less liabilities (3.20)%				(36,464	)

Net assets 100.00%			$	1,139,309

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

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities (with an aggregate value of $4,991,000, which represented .44% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

14	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		²	Value at 1/31/2019 (000)		³	Unrealized appreciation (depreciation) at 1/31/2019 (000)
2 Year U.S. Treasury Note Futures	Long		389	April 2019		$ 77,800			$ 82,596			$	406
5 Year U.S. Treasury Note Futures	Long		300	April 2019		30,000			34,458				104
10 Year Ultra U.S. Treasury Note Futures	Short		90	March 2019		(9,000	)		(11,762	)			(68	)
												$	442

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America	unaudited
Summary investment portfolio January 31, 2019

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 95.05%	Principal amount (000)			Value (000)
Alabama 1.16%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)		$	12,620	$	13,201
Other securities					33,432
					46,633

California 6.30%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.33% 2045 (put 2023)¹			11,500		11,594
Other securities					241,348
					252,942

Colorado 2.54%
City and County of Denver, Airport System Rev. Bonds, Series 2018-A, AMT, 5.00% 2026			10,000		11,805
Other securities					90,033
					101,838

Florida 5.61%
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2014-B, 5.00% 2024			9,275		10,781
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2022			10,200		11,249
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 2048			11,475		12,126
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050			15,350		16,547
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021			11,600		12,462
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Rev. Ref. Bonds, Series 2012-A, 4.00% 2028			10,800		11,295
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2019-A, 5.00% 2026			9,365		11,293
Other securities					139,206
					224,959

Georgia 1.83%
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2023)			15,000		15,860
Municipal Electric Auth., Project One Bonds, Series 2011-A, 5.00% 2021			11,490		12,079
Other securities					45,596
					73,535

Illinois 12.56%
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2026			11,805		12,092
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 2022			10,500		11,530
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2028			10,590		12,436
City of Granite, Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2002-A, AMT, 2.25% 2027 (put 2019)			20,000		20,000

16	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 2.43% 2050 (put 2025)¹		$	11,625	$	11,534
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 (preref. 2021)			12,925		14,021
Regional Transportation Auth., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2027			10,000		11,835
Regional Transportation Auth., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2028			10,000		11,827
Other securities					398,492
					503,767

Maryland 1.23%
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2018, 5.00% 2031			11,000		13,335
Other securities					35,959
					49,294

Michigan 3.73%
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047			16,910		17,489
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049			16,820		18,076
Other securities					113,977
					149,542

Minnesota 1.60%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049			13,240		14,261
Other securities					49,805
					64,066

Nebraska 1.06%
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019)			11,850		12,125
Other securities					30,417
					42,542

Nevada 2.03%
County of Clark, Highway Rev. Ref. Bonds (Motor Vehicle Fuel Tax), Series 2011, 5.00% 2020			12,320		12,881
County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010, 1.875% 2031 (put 2020)			14,035		13,918
Other securities					54,496
					81,295

New York 8.29%
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2030			9,040		10,797
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.00% 2030			12,000		14,549
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2017-C-2A, 4.00% 2019			18,000		18,118
New York City G.O. Bonds, Fiscal 2012, Series 2012-I, 5.00% 2020			5,000		5,249
New York City G.O. Bonds, Fiscal 2014, Series 2014-G, 5.00% 2023			1,500		1,709
New York City G.O. Bonds, Fiscal 2015, Series 2015-A, 5.00% 2025			3,000		3,479
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2028			1,000		1,159
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2026			3,500		4,219
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2027			5,000		6,041
New York City G.O. Bonds, Fiscal 2017, Series 2017-C, 5.00% 2028			4,300		5,157
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2026			5,000		6,027
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2025			10,000		11,283
Other securities					244,962
					332,749

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Texas 9.66%
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2017, 3.00% 2021		$	10,580	$	10,851
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-A, 2.25% 2033 (put 2019)			16,000		16,053
Other securities					360,580
					387,484

Virginia 1.14%
G.O. Bonds, Series 2015-A, 5.00% 2026			11,795		14,018
County of Wise, Industrial Dev. Auth., Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2009-A, 2.15% 2040 (put 2020)			11,500		11,489
Other securities					20,352
					45,859

Washington 3.49%
G.O. Bonds, Series 2012-D, 5.00% 2023			5,015		5,488
G.O. Bonds, Series 2016-A-1, 5.00% 2026			10,950		12,963
G.O. Bonds, Series 2018-C, 5.00% 2027			7,500		9,099
G.O. Rev. Ref. Bonds, Series 2016-R-B, 5.00% 2029			10,000		11,722
G.O. Rev. Ref. Bonds, Series 2018-R-D, 5.00% 2027			10,000		12,219
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 2.43% 2035 (put 2021)¹			15,100		15,144
Other securities					73,210
					139,845

Wisconsin 3.33%
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023)			12,385		14,007
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2018-B, 5.00% 2038 (put 2023)			11,000		12,069
Transportation Rev. Ref. Bonds, Series 2017-2, 5.00% 2022			10,450		11,598
Other securities					96,012
					133,686

Other states & U.S. territories 29.49%
Other securities					1,183,428

Total bonds, notes & other debt instruments (cost: $3,782,084,000)					3,813,464

Short-term securities 6.66%
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-A, 1.57% 2044¹			14,150		14,150
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 1.60% 2022¹			5,000		5,000
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 1.58% 2043¹			100		100
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2018-A, 4.00% 4/25/2019			21,000		21,114
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2018-C, 4.00% 6/20/2019			8,000		8,073
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 2007, 1.58% 2042¹			20,520		20,520
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 1.60% 2030¹			2,300		2,300
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 1.60% 2035¹			2,500		2,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-F, 1.60% 2035¹			3,000		3,000
State of New York, New York City G.O. Bonds, Fiscal 2006, Series 2006-H-1, 1.63% 2036¹			8,850		8,850
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-J-5, 1.60% 2028¹			300		300
State of New York, New York City G.O. Bonds, Fiscal 2013, Series 2013-F-3, 1.60% 2042¹			18,700		18,700
State of New York, New York City G.O. Bonds, Fiscal 2014, Series 2014-D-3, 1.63% 2038¹			5,870		5,870
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2008, Series 2008-B-3, 1.60% 2025¹			8,400		8,400

18	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Principal amount (000)			Value (000)
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2011, Series 2011-FF-1, 1.60% 2044¹		$	5,000	$	5,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2003, Series 2003-C-5, 1.60% 2031¹			5,000		5,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2010, Series 2010-G-5, 1.67% 2034¹			1,000		1,000
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-4, 1.60% 2045¹			1,300		1,300
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-E-4, 1.63% 2045¹			6,130		6,130
State of New York, New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2003, Series 2003-1-C, 1.63% 2022¹			7,610		7,610
State of Texas, County of Jefferson, Port Arthur Navigation Dist., Pollution Control Rev. Ref. Bonds (Texaco Inc. Project), Series 1994, 1.60% 2024¹			15,100		15,100
State of Texas, Lower Neches Valley Auth. Industrial Dev. Corp., Rev. Bonds (ExxonMobil Project), Series 2011, 1.60% 2038¹			300		300
State of Texas, Port Arthur Navigation Dist. Industrial Dev. Corp., Rev. Bonds (Air Products Project), Series 2005, 1.58% 2040¹			4,000		4,000
State of Wyoming, County of Lincoln, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 1.60% 2044¹			11,000		11,000
Other securities					91,631

Total short-term securities (cost: $266,934,000)					266,948
Total investment securities 101.71% (cost: $4,049,018,000)					4,080,412
Other assets less liabilities (1.71)%					(68,426	)

Net assets 100.00%				$	4,011,986

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities (with an aggregate value of $28,636,000, which represented .71% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

Futures contracts

Contracts	Type	Number of contracts		Expiration		Notional amount (000)		²	Value at 1/31/2019 (000)		³	Unrealized appreciation (depreciation) at 1/31/2019 (000)
2 Year U.S. Treasury Note Futures	Long		364		April 2019		$ 72,800			$ 77,288			$	373
5 Year U.S. Treasury Note Futures	Long		1,622		April 2019		162,200			186,302				1,414
10 Year Ultra U.S. Treasury Note Futures	Short		475		March 2019		(47,500	)		(62,077	)			(347	)
													$	1,440

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements

20	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 96.30%	Principal amount (000)			Value (000)
Alabama 1.32%
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)		$	40,000	$	41,841
Other securities					208,566
					250,407

California 7.27%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.53% 2045 (put 2024)¹			30,850		31,418
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 5.00% 2047			28,205		36,440
Other securities					1,316,193
					1,384,051

Colorado 2.10%
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042			29,815		30,893
Other securities					367,805
					398,698

Florida 6.42%
Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2035			27,350		30,477
Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2017-B, 4.00% 2042			39,670		40,818
Other securities					1,150,140
					1,221,435

Georgia 2.07%
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. - Vogtle Project), Series 2013-A, 2.40% 2040 (put 2020)			31,610		31,566
Other securities					361,569
					393,135

Illinois 14.29%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2010, 5.00% 2021			5,750		6,040
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2011, 4.50% 2019			3,880		3,912
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2018-B, 5.00% 2033			3,500		3,777
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2010, 5.00% 2019			2,250		2,272
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2025			2,135		2,331
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2026			1,010		1,106
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2018-B, 5.00% 2053			40,000		43,966
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.25% 2049			27,500		30,060
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2051			33,585		35,705
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2046			34,260		36,482

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Illinois (continued)
Fin. Auth., Rev. Bonds (The Cable Foundation), Series 2016-A, 5.00% 2045	$	26,575	$	28,833
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2045		26,890		28,752
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043		40,015		42,409
G.O. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2020		660		675
G.O. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2022		230		234
G.O. Bonds, Series 2013, Assured Guaranty Municipal insured, 5.00% 2019		1,000		1,011
G.O. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2022		980		1,034
G.O. Bonds, Series 2014, 5.00% 2020		5,290		5,420
G.O. Bonds, Series 2014, 5.00% 2021		1,000		1,040
G.O. Bonds, Series 2014, 5.00% 2024		2,000		2,131
G.O. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2024		2,795		2,991
G.O. Bonds, Series 2016, 5.00% 2028		4,840		5,179
G.O. Bonds, Series 2016, 5.00% 2033		7,200		7,528
G.O. Bonds, Series 2016, 5.00% 2034		1,925		2,005
G.O. Bonds, Series 2016, 5.00% 2037		7,500		7,757
G.O. Bonds, Series 2016, 5.00% 2038		14,000		14,452
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2041		2,000		2,048
G.O. Bonds, Series 2017-A, 5.00% 2036		11,500		11,974
G.O. Bonds, Series 2017-B, 5.00% 2019		6,000		6,117
G.O. Bonds, Series 2017-C, 5.00% 2029		18,250		19,570
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2020		4,150		4,313
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2021		7,000		7,371
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2024		8,000		8,610
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2026		25,355		27,466
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2028		8,000		8,652
G.O. Rev. Ref. Bonds, Series 2007, 5.25% 2021		2,275		2,372
G.O. Rev. Ref. Bonds, Series 2012, 4.00% 2025		1,360		1,371
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2019		2,660		2,695
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2027		10,000		10,842
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028		3,000		3,227
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2024		2,000		2,151
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2025		1,320		1,426
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2026		3,500		3,789
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2027		3,000		3,259
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2028		6,000		6,497
G.O. Rev. Ref. Bonds, Series 2018-B, 5.00% 2033		2,565		2,706
Housing Dev. Auth., Homeowner Mortgage Rev. Bonds, Series 2018-A-1, 4.00% 2048		27,015		28,710
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2038		34,430		37,388
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2016-B, 5.00% 2041		25,980		28,746
Other securities				2,171,487
				2,719,889

Kansas 0.88%
Dept. of Transportation, Highway Rev. Bonds, Series 2004-C-4, (1-month USD-LIBOR x 0.70 + 0.50%) 2.263% 2024¹		28,000		27,995
University of Kansas Hospital Auth., Health Facs. and Improvement Rev. Bonds (University of Kansas Health System), Series 2017-A, 5.00% 2047		44,740		49,160
City of Wichita, Sales Tax Special Obligation Rev. Bonds (K-96 Greenwich Star Bond Project), Series 2013, 7.55% 2033 (preref. 2020)²		29,385		32,157
Other securities				57,507
				166,819

Louisiana 1.72%
Public Facs. Auth., Rev. and Rev. Ref. Bonds (Ochsner Clinic Foundation Project), Series 2017, 5.00% 2046		25,895		27,931
Other securities				299,796
				327,727

22	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
Michigan 3.88%
Hospital Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 4.00% 2036	$	31,480	$	32,376
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048		36,360		38,559
Other securities				667,742
				738,677

Minnesota 0.65%
City of Duluth, Econ. Dev. Auth., Health Care Facs. Rev. Bonds (Essentia Health Obligated Group), Series 2018-A, 5.00% 2058		30,000		32,491
Other securities				91,716
				124,207

New Jersey 2.27%
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048		41,810		45,276
Other securities				385,892
				431,168

New York 7.54%
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 2.513% 2033 (put 2023)¹		62,600		62,731
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2017-C-2A, 4.00% 2019		66,000		66,434
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 208, 4.00% 2048		29,845		31,441
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2041		31,500		36,212
Other securities				1,237,164
				1,433,982

North Carolina 0.74%
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 2.088% 2041 (put 2022)¹		52,050		51,869
Other securities				88,752
				140,621

Pennsylvania 4.70%
University of Pittsburgh - Of the Commonwealth System of Higher Education, PANTHERS, Series 2018, (SIFMA Municipal Swap Index + 0.24%) 1.67% 2021¹		42,235		42,172
Other securities				852,826
				894,998

South Carolina 1.29%
Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-A, 5.00% 2048		32,000		34,785
Other securities				211,249
				246,034

Tennessee 1.12%
Metropolitan Government of Nashville and Davidson County, G.O. Improvement Bonds, Series 2013-A, 5.00% 2029 (preref. 2023)		31,610		35,512
Other securities				176,787
				212,299

Texas 9.75%
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2016, 5.00% 2041		26,405		29,829
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Bonds, Series 2013-B, 5.00% 2053		32,800		35,261
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2017-A, 5.00% 2043		31,970		36,003
Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, Series 2002-A, AMBAC insured, 0% 2028		40,795		30,976
Other securities				1,723,295
				1,855,364

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Virginia 2.64%
City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), Series 2015, 5.33% 2045²	$	41,100	$	43,119
Other securities				458,553
				501,672

Washington 3.06%
Convention Center Public Facs. Dist., Lodging Tax Bonds, Series 2010-B, 5.00% 2043		35,000		39,356
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 2.43% 2035 (put 2021)¹		49,750		49,894
Other securities				493,927
				583,177

Wisconsin 2.45%
General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 (preref. 2019)		54,460		55,042
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-2, (SIFMA Municipal Swap Index + 0.45%) 1.88% 2054 (put 2022)¹		31,145		31,031
Other securities				380,046
				466,119

Other states & U.S. territories 20.14%
Other securities				3,832,248

Total bonds, notes & other debt instruments (cost: $18,048,983,000)				18,322,727

Short-term securities 3.42%
Freddie Mac Multi Family Certificates, Class A, Series 2018-M-042, (SIFMA Municipal Swap Index + 0.30%) 1.68% 2033¹		37,245		37,245
State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1985, 1.60% 2025¹		10,825		10,825
State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project), Series 2001, 1.60% 2029¹		20,255		20,255
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2010-B, 1.60% 2040¹		17,560		17,560
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2011, 1.60% 2051¹		10,470		10,470
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 1.60% 2022¹		15,945		15,945
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2010-A, 1.60% 2035¹		19,450		19,450
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2018-A, 4.00% 4/25/2019		32,500		32,675
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2018-C, 4.00% 6/20/2019		57,000		57,517
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 1.60% 2030¹		22,500		22,500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 1.60% 2030¹		7,000		7,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-J, 1.60% 2035¹		16,800		16,800
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-E, 1.60% 2035¹		7,000		7,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-F, 1.60% 2035¹		6,000		6,000
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2017-C-1A, 4.00% 2/15/2019		15,000		15,014
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2017-C-1D, 4.00% 2/15/2019		20,000		20,018
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-A-1, 4.00% 8/15/2019		35,000		35,402
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-B-2, 5.00% 2021		5,000		5,327

24	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Principal amount (000)		Value (000)
State of New York, New York City G.O. Bonds, Fiscal 2006, Series 2006-H-1, 1.63% 2036¹	$	1,680	$	1,680
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-J-5, 1.60% 2028¹		5,530		5,530
State of New York, New York City G.O. Bonds, Fiscal 2008, Series 2008-L-3, 1.60% 2036¹		16,715		16,715
State of New York, New York City G.O. Bonds, Fiscal 2013, Series 2013-F-3, 1.60% 2042¹		7,855		7,855
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2008, Series 2008-B-3, 1.60% 2025¹		5,000		5,000
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2011, Series 2011-FF-1, 1.60% 2044¹		20,310		20,310
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2012, Series 2012-A, 1.63% 2044¹		5,305		5,305
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-BB-1, 1.60% 2049¹		1,045		1,045
State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1995, 1.60% 2020¹		16,600		16,600
State of Texas, County of Harris, Industrial Dev. Corp., Pollution Control Rev. Bonds (Exxon Project), Series 1984-A, 1.60% 2024¹		1,200		1,200
State of Wyoming, County of Lincoln, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 1.60% 2044¹		12,800		12,800
State of Wyoming, County of Sublette, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 1.60% 2044¹		4,000		4,000
Other securities				196,648

Total short-term securities (cost: $651,660,000)				651,691
Total investment securities 99.72% (cost: $18,700,643,000)				18,974,418
Other assets less liabilities 0.28%				53,250

Net assets 100.00%			$	19,027,668

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security which was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security which was valued under fair value procedures was $6,547,000, which represented .03% of the net assets of the fund.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Futures contracts

Contracts	Type	Number of contracts	Expiration		Notional amount (000)		³	Value at 1/31/2019 (000)		⁴	Unrealized appreciation (depreciation) at 1/31/2019 (000)
2 Year U.S. Treasury Note Futures	Long	3,645		April 2019	$	729,000		$	773,936			$	4,712
5 Year U.S. Treasury Note Futures	Long	3,000		April 2019		300,000			344,578				1,850
30 Year Ultra U.S. Treasury Bond Futures	Short	1,200		March 2019		(120,000	)		(193,350	)			(7,004	)
												$	(442	)

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $363,442,000, which represented 1.91% of the net assets of the fund.
³	Notional amount is calculated based on the number of contracts and notional contract size.
⁴	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements

26	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund	unaudited
Summary investment portfolio January 31, 2019

Portfolio quality summary*

Percent of net assets

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

Bonds, notes & other debt instruments 96.96%	Principal amount (000)		Value (000)
Arizona 2.73%
City of Phoenix, Industrial Dev. Auth., Education Fac. Rev. Bonds (Legacy Traditional Schools East Mesa and Cadence Campuses), Series 2017-A, 4.00% 2022¹	$	18,900	$	18,599
Other securities				166,326
				184,925

California 6.13%
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Pacific Gas and Electric Company), Series 2008-F, 1.75% 2026 (put 2022)		25,575		21,867
Other securities				393,489
				415,356

Colorado 5.51%
City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), Series 2017, AMT, 5.00% 2032		8,905		9,384
Health Facs. Auth., Rev. Ref. Bonds (Frasier Meadows), Series 2017-A, 5.25% 2047		12,230		13,023
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041		13,800		14,040
Other securities				336,809
				373,256

District of Columbia 0.86%
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Bonds, Series 2006-A, 0% 2046		173,025		26,774
Other securities				31,763
				58,537

Florida 5.33%
North Broward Hospital Dist., Rev. Bonds (Broward Health), Series 2017-B, 5.00% 2042		17,500		18,598
Other securities				342,498
				361,096

Georgia 1.80%
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. - Vogtle Project), Series 2017-C, 4.125% 2045		13,525		13,192
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2015-A, 5.50% 2060		19,100		19,969
Other securities				89,030
				122,191

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Hawaii 0.46%
Dept. of Budget and Fin., Special Purpose Rev. Ref. Bonds (Hawaiian Electric Co., Inc.), Series 2017-B, AMT, 4.00% 2037	$	13,800	$	13,942
Other securities				16,962
				30,904

Illinois 15.16%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Alternate Rev.), Series 2015-C, 5.25% 2039		8,890		9,104
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2011-A, 5.50% 2039		1,625		1,652
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2016-B, 6.50% 2046		6,910		7,759
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-A, 7.00% 2046¹		26,060		30,718
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2030		3,000		3,159
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 6.75% 2030¹		3,500		4,204
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-B, 7.00% 2042¹		28,185		33,358
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2021		2,000		2,079
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2024		2,000		2,111
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2025		4,000		4,234
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 2021		1,500		1,560
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-F, 5.00% 2024		2,000		2,111
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2044		5,000		5,042
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036		12,000		12,344
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046		7,800		7,849
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2025		1,015		792
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 2031		2,170		1,270
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1998-B-1, National insured, 0% 2031		5,210		3,050
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 1999-A, National insured, 0% 2024		2,070		1,684
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2011-A, 5.00% 2041		12,405		12,423
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042		8,635		8,664
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2016-A, 7.00% 2044		14,830		16,987
City of Chicago, Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2051		21,750		23,123
Fin. Auth., Rev. Bonds (Friendship Village Schaumburg), Series 2017, 5.125% 2045		19,500		17,694
Fin. Auth., Rev. Bonds (Mercy Health Corp.), Series 2016, 5.00% 2046		17,165		18,278
Fin. Auth., Student Housing Rev. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043		19,125		20,269
G.O. Bonds, Series 2013, 5.00% 2021		860		900
G.O. Bonds, Series 2013, 5.00% 2023		685		730
G.O. Bonds, Series 2014, 5.00% 2022		885		932
G.O. Bonds, Series 2014, 5.00% 2024		3,000		3,197
G.O. Bonds, Series 2014, 5.00% 2026		2,025		2,140
G.O. Bonds, Series 2014, 5.00% 2027		2,000		2,137

28	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount		Value
	(000)		(000)
G.O. Bonds, Series 2014, 5.00% 2039	$	13,550	$	13,783
G.O. Bonds, Series 2016, 5.00% 2025		1,000		1,074
G.O. Bonds, Series 2016, 5.00% 2028		1,500		1,605
G.O. Bonds, Series 2016, 5.00% 2033		4,000		4,182
G.O. Bonds, Series 2016, 5.00% 2038		1,000		1,032
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2041		2,125		2,176
G.O. Bonds, Series 2017-A, 5.00% 2035		1,000		1,043
G.O. Bonds, Series 2017-A, 5.00% 2036		3,000		3,124
G.O. Bonds, Series 2017-B, 5.00% 2019		3,550		3,619
G.O. Bonds, Series 2017-C, 5.00% 2029		7,500		8,043
G.O. Bonds, Series 2017-D, 5.00% 2027		13,770		14,956
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2026		10,000		10,833
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2028		10,500		11,356
G.O. Rev. Ref. Bonds, Series 2012, 4.00% 2025		405		408
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2026		3,000		3,242
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028		3,000		3,227
G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2030		750		787
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2023		2,500		2,668
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2025		3,750		4,051
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2026		5,500		5,954
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2027		2,000		2,173
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2028		4,000		4,331
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2029		2,000		2,160
G.O. Rev. Ref. Bonds, Series 2018-B, 5.00% 2033		3,000		3,164
Other securities				655,693
				1,026,238

Indiana 1.74%
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2032		17,560		17,596
Other securities				99,890
				117,486

Iowa 0.89%
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.25% 2025		12,450		13,210
Other securities				47,229
				60,439

Massachusetts 1.57%
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2016-J, AMT, 3.50% 2033		15,000		15,044
Other securities				91,555
				106,599

Michigan 3.02%
County of Wayne, Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-D, AMT, 5.00% 2028		12,000		13,161
Other securities				191,088
				204,249

New Jersey 4.00%
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, (SIFMA Municipal Swap Index + 1.60%) 3.03% 2028²		13,500		13,430
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 4.875% 2019		6,960		7,057
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.125% 2023		3,500		3,777
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 2029		16,300		17,694
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT, 5.625% 2030		3,750		4,232
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 2033		3,500		3,843

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New Jersey (continued)
Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012, AMT, 5.75% 2027	$	4,500	$	4,953
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2014-A, 5.00% 2039		12,650		13,513
Other securities				202,025
				270,524

New York 4.14%
City of Glen Cove, Local Econ. Assistance Corp., Convertible Capital Appreciation Rev. Bonds (Garvies Point Public Improvement Project), Series 2016-C, 0% 2055 (5.62% on 1/1/2024)³		16,320		13,265
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049		13,360		13,875
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2017-C-2A, 4.00% 2019		32,000		32,210
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2020		15,850		16,396
Transportation Dev. Corp., Special Facs. Bonds (LaGuardia Airport Terminal B Redev. Project), Series 2016-A, AMT, 5.25% 2050		16,950		18,039
Other securities				186,714
				280,499

Ohio 4.51%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Convertible Capital Appreciation Bonds, Series 2007-A-3, 6.25% 2037³		9,060		8,914
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 5.875% 2047		15,670		14,591
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2007-A-2, 6.50% 2047		61,020		60,489
County of Lucas, Hospital Rev. Bonds (Promedica Healthcare Obligated Group), Series 2018-A, 5.25% 2048		18,250		19,773
Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, 5.00% 2053		20,455		21,482
Other securities				179,982
				305,231

Oklahoma 0.66%
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2001-B, AMT, 5.50% 2035		15,875		16,981
Other securities				27,454
				44,435

Pennsylvania 5.63%
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2034		16,300		17,849
County of Montgomery, Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2045		14,440		15,497
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2012-A, 5.625% 2042		12,320		13,068
Other securities				335,069
				381,483

Puerto Rico 3.26%
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-A, 5.25% 2042		23,055		21,326
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033		15,180		15,771
Other securities				183,560
				220,657

30	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Principal amount		Value
	(000)		(000)
Texas 6.29%
County of Harris, Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2016, 5.00% 2048	$	21,330	$	21,790
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.50% 2030		9,300		10,065
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.625% 2038		3,000		3,218
City of Houston, Airport System Special Facs. Rev. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series 2018-C, AMT, 5.00% 2028		15,000		17,199
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 4.75% 2024		5,500		5,923
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 5.00% 2029		6,745		7,364
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series 2015-B-1, AMT, 5.00% 2030		3,000		3,261
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal Improvement Projects), Series 2015-C, AMT, 5.00% 2020		8,485		8,760
Turnpike Auth., Central Texas Turnpike System, Rev. Bonds, Series 2002-A, AMBAC insured, 0% 2028		17,800		13,516
Other securities				334,799
				425,895

Utah 0.50%
Hideout Local Dist. No. 1, Special Assessment Bonds, Series 2017, 6.75% 2037¹		27,800		27,320
Other securities				6,883
				34,203

Virginia 1.92%
City of Newport News, Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), Series 2015, 5.33% 2045¹		27,900		29,270
Other securities				100,495
				129,765

Wisconsin 2.59%
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2016-A, AMT, 3.50% 2046		14,905		15,285
Public Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2017-A-3, AMT, 2.15% 2027 (put 2019)		17,000		17,000
Other securities				143,125
				175,410

Other states & U.S. territories 18.26%
Other securities				1,235,162

Total bonds, notes & other debt instruments (cost: $6,465,728,000)				6,564,540

Short-term securities 2.86%
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2018-A, 4.00% 4/25/2019		19,000		19,102
State of Massachusetts, G.O. Rev. Anticipation Notes, Series 2018-C, 4.00% 6/20/2019		15,000		15,136
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 1.60% 2030²		10,125		10,125
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-B, 1.60% 2030²		600		600
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-F, 1.60% 2035²		2,000		2,000
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2017-C-1A, 4.00% 2/15/2019		1,500		1,501
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2017-C-1D, 4.00% 2/15/2019		16,900		16,915

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Short-term securities (continued)	Principal amount (000)		Value (000)
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-E-3, (SIFMA Municipal Swap Index + 1.70%) 1.59% 2050²	$	1,000	$	1,000
State of Texas, County of Jefferson, Port Arthur Navigation Dist., Pollution Control Rev. Ref. Bonds (Texaco Inc. Project), Series 1994, 1.60% 2024²		700		700
Other securities				126,724

Total short-term securities (cost: $193,782,000)				193,803
Total investment securities 99.82% (cost: $6,659,510,000)				6,758,343
Other assets less liabilities 0.18%				12,231

Net assets 100.00%			$	6,770,574

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $6,632,000, which represented .10% of the net assets of the fund.

32	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

Futures contracts

											Unrealized
											appreciation
					Notional			Value at			(depreciation)
		Number of			amount		⁴	1/31/2019		⁵	at 1/31/2019
Contracts	Type	contracts		Expiration	(000)			(000)			(000)
2 Year U.S. Treasury Note Futures	Long		660	April 2019	$	132,000		$	140,136			$	935
30 Year Ultra U.S. Treasury Bond Futures	Short		475	March 2019		(47,500	)		(76,534	)			(3,931	)
												$	(2,996	)

¹	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $860,351,000, which represented 12.71% of the net assets of the fund.
²	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
³	Step bond; coupon rate may change at a later date.
⁴	Notional amount is calculated based on the number of contracts and notional contract size.
⁵	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California	unaudited
Summary investment portfolio January 31, 2019

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 95.82%	Principal amount (000)				Value (000)
California 94.86%
State issuers 36.20%
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2017-B, 4.00% 2047		$	10,575	$	10,663
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2031			8,615		9,198
G.O. Bonds, Series 2009, 6.00% 2039			2,000		2,060
G.O. Bonds, Series 2011, 5.25% 2028			5,000		5,439
G.O. Bonds, Series 2011, 5.25% 2028			2,000		2,171
G.O. Bonds, Series 2013-E, (1-month USD-LIBOR + 0.43%) 1.86% 2029 (put 2023)¹			1,500		1,496
G.O. Bonds, Series 2015, 5.25% 2032			5,000		5,849
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026			11,000		9,297
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 4.00% 2044			12,940		13,217
Health Facs. Fncg. Auth., Rev. Ref. Bonds (El Camino Hospital), Series 2015-A, 5.00% 2040			8,700		9,548
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2034			11,000		12,994
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics), Series 2010-B, 5.25% 2031 (preref. 2020)			8,000		8,525
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 2.63% 2037 (put 2022)¹			8,500		8,684
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, (1-month USD-LIBOR x 0.70 + 0.50%) 2.249% 2047 (put 2019)¹			10,000		10,006
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), Series 2009, 5.50% 2039 (preref. 2019)			1,500		1,500
Municipal Fin. Auth., Charter School Rev. Bonds (Bella Mente Montessori Academy), Series 2018-A, 5.00% 2048²			1,150		1,188
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2027			300		355
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2028			150		179
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2029			225		266
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2030			225		264
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2031			200		233
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2032			225		261
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2033			225		259
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 4.00% 2047			3,900		3,847
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2025			585		669
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2031			2,695		3,074
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2034			1,320		1,488
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2035			1,000		1,122
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2043			3,000		3,277
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2047			8,705		9,474
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project), Series 2018, 5.00% 2040			4,610		5,070
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project), Series 2018, 5.00% 2043			6,525		7,126
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2018, 5.00% 2043			2,000		2,191

34	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2018, 5.00% 2052		$	7,500	$	8,121
Pollution Control Fncg. Auth., Rev. Bonds (San Jose Water Company Project), Series 2016, AMT, 4.75% 2046			11,475		12,303
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2030			2,585		2,980
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2032			1,165		1,323
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2038			1,000		1,102
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2048			2,000		2,181
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2048			1,500		1,618
Statewide Communities Dev. Auth., Insured Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025			1,500		1,524
Statewide Communities Dev. Auth., Insured Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2026			4,000		4,056
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010-A, 4.50% 2029			2,705		2,744
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 4.00% 2042			1,240		1,263
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2032			1,000		1,174
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2033			1,150		1,340
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2035			1,465		1,686
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2014, 5.00% 2044			8,500		9,241
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2012-A, 5.00% 2042			6,500		6,966
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2018-A, 5.50% 2058²			1,000		1,089
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00% 2041²			10,920		11,785
Statewide Communities Dev. Auth., Student Housing Rev. Custodial Bonds, Series 2017, 4.305% 2032			8,300		8,646
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2034			750		864
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2035			3,750		4,306
Regents of the University of California, Limited Project Rev. Ref. Bonds, Series 2018-O, 5.00% 2048			2,695		3,063
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2037			1,585		1,654
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2038			1,000		1,038
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, (3-month USD-LIBOR + 0.67%) 2.422% 2037¹			5,100		4,707
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, (3-month USD-LIBOR + 0.74%) 2.492% 2043¹			8,000		7,024
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048			17,915		19,124
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045			8,155		8,391
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series AW, 4.00% 2035			20,840		22,479
Other securities					526,021
					830,803

City, county & other issuers 58.66%
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2025			1,700		1,939
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2026			6,375		7,261
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2034			2,000		2,232
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2036			1,000		1,108

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California (continued)
City, county & other issuers (continued)
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2037		$	3,790	$	4,187
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2035			2,500		2,632
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2037			2,000		2,080
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2036			1,500		1,693
Baldwin Park Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2031			6,420		6,987
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2035			7,350		7,811
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.33% 2045 (put 2023)¹			2,000		2,016
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.53% 2045 (put 2024)¹			7,900		8,045
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-G, (SIFMA Municipal Swap Index + 0.60%) 2.03% 2034 (put 2020)¹			825		826
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-H, (SIFMA Municipal Swap Index + 0.70%) 2.13% 2034 (put 2021)¹			4,000		4,011
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-B, 2.85% 2047 (put 2025)			1,000		1,043
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-D, (3-month USD-LIBOR x 0.70 + 0.55%) 2.51% 2045 (put 2021)¹			2,100		2,104
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-F-1, 5.00% 2056			5,000		5,596
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.125% 2039 (preref. 2019)			2,000		2,012
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.625% 2044 (preref. 2019)			1,670		1,681
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-F-1, 5.00% 2054			1,475		1,615
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 2028			4,500		5,676
Coachella Valley Unified School Dist., G.O. Bonds, 2005 Election, Series 2016-E, Assured Guaranty Municipal insured, 4.00% 2045			6,555		6,740
County of Contra Costa, Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2018-A, (1-month USD-LIBOR x 0.70 + 0.25%) 2.014% 2034 (put 2021)¹			11,675		11,678
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 5.00% 2046			8,065		8,631
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053			7,500		8,583
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2014-A, 6.00% 2049			5,800		6,646
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 2036			6,915		7,280
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2029			1,450		1,681
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2031			2,395		2,743
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2033			500		568
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2036			1,000		1,124
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2030			1,000		1,170
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2032			1,000		1,156
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2033			1,000		1,151
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2034			1,250		1,432
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2035			1,000		1,142
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2036			1,400		1,593

36	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Principal amount (000)			Value (000)
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2037		$	1,260	$	1,428
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2033			1,255		1,462
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2036			1,345		1,547
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2037			1,450		1,661
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2044			2,880		3,242
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-B, AMT, 5.00% 2032			5,000		5,858
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00% 2033			5,880		6,942
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-A, 5.00% 2049			10,000		11,489
Oakland Unified School Dist., G.O. Bonds, Series 2015-A, 5.00% 2040			5,550		6,344
Oxnard Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2045			6,770		7,692
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2029			9,350		6,771
County of Sacramento, Sanitation Dist. Fncg. Auth., Rev. Ref. Bonds (Sacramento Regional County Sanitation Dist.), Series 2007-B, FGIC-National insured, (3-month USD-LIBOR + 0.53%) 2.364% 2035¹			13,500		13,163
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041			10,825		11,821
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-A, AMT, 5.00% 2049			11,000		12,368
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2016-A, 4.00% 2037			6,575		6,860
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.50% 2030			8,000		8,531
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-2, 5.25% 2034			4,900		5,206
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2020			2,080		2,150
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2035			2,000		2,263
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2037			1,000		1,123
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2041			1,500		1,666
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2047			5,000		5,520
Stockton Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2031			7,800		8,997
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046			7,800		7,800
Twin Rivers Unified School Dist., G.O. Bonds, 2006 Election, Series 2016, Assured Guaranty Municipal insured, 0% 2041			15,700		6,210
City of Whittier, Health Fac. Rev. Bonds (PIH Health), Series 2014, 5.00% 2044			10,000		10,763
Other securities					1,051,803
					1,346,553

Guam 0.37%
Other securities					8,496

Puerto Rico 0.59%
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033			7,900		8,207
Other securities					5,422
					13,629

Total bonds, notes & other debt instruments (cost: $2,151,674,000)					2,199,481

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

Short-term securities 4.10%	Principal amount (000)			Value (000)
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-A, 1.34% 2035¹		$	18,725	$	18,725
Kindergarten-University Public Education Facs. Bonds, Series 2004-B-3, 1.35% 2034¹			6,000		6,000
County of Los Angeles, Lease Rev. IAM Commercial Paper, Series 2019-B, 1.47% 2/6/2019			5,000		5,000
County of Los Angeles, Tax and Rev. Anticipation Notes, Series 2018, 4.00% 6/28/2019			1,750		1,767
Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 1.34% 2025¹			2,500		2,500
Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 1.41% 2042¹			6,700		6,700
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2002, 1.34% 2024¹			14,410		14,410
Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 1.33% 2048¹			4,600		4,600
Regents of the University of California, IAM Commercial Paper, Series 2019-A, 1.43% 2/21/2019			13,000		13,000
Regents of the University of California, IAM Commercial Paper, Series 2019-A, 1.48% 3/5/2019			11,000		11,000
Regents of the University of California, IAM Commercial Paper, Series 2019-A, 1.56% 3/7/2019			4,000		4,000
Dept. of Water Resources, Water System Rev. IAM Commercial Paper, Series 2019-1, 1.45% 3/7/2019			1,900		1,900
Other securities					4,510

Total short-term securities (cost: $94,111,000)					94,112
Total investment securities 99.92% (cost: $2,245,785,000)					2,293,593
Other assets less liabilities 0.08%					1,798

Net assets 100.00%				$	2,295,391

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

¹	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $75,210,000, which represented 3.28% of the net assets of the fund.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

See notes to financial statements

38	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York	unaudited
Summary investment portfolio January 31, 2019

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 92.55%	Principal amount (000)			Value (000)
New York 90.32%
State issuers 46.01%
Brooklyn Arena Local Dev. Corp., Pilot Rev. Ref. Bonds (Brooklyn Events Center LLC), Series 2016-A, 5.00% 2026		$	500	$	573
Brooklyn Arena Local Dev. Corp., Pilot Rev. Ref. Bonds (Brooklyn Events Center LLC), Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2034			240		252
Brooklyn Arena Local Dev. Corp., Pilot Rev. Ref. Bonds (Brooklyn Events Center LLC), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2030			500		562
Brooklyn Arena Local Dev. Corp., Pilot Rev. Ref. Bonds (Brooklyn Events Center LLC), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2042			1,500		1,612
Dormitory Auth., Income Tax Rev. Bonds, Series 2009-A, 5.25% 2025 (preref. 2019)			1,160		1,161
Dormitory Auth., Income Tax Rev. Bonds, Series 2017-B, 5.00% 2042			1,130		1,281
Dormitory Auth., Montefiore Obligated Group Bonds, Series 2018-A, 5.00% 2031			1,000		1,155
Dormitory Auth., New York University Rev. Bonds, Series 2018-A, 5.00% 2032			500		598
Dormitory Auth., North Shore-Long Island Jewish Obligated Group Rev. Bonds, Series 2011-A, 5.00% 2032 (preref. 2021)			1,500		1,611
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 2040¹			1,000		1,074
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2017, 5.00% 2035¹			1,000		1,104
Dormitory Auth., School Dist. Rev. Bond Fncg. Program Rev. Bonds, Series 2018-A, 5.00% 2032			1,000		1,158
Dormitory Auth., Skidmore College Rev. Bonds, Series 2011-A, 5.50% 2041			1,110		1,198
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2018-A, 5.25% 2037			1,000		1,191
Environmental Facs. Corp., Rev. Green Bonds (Revolving Funds), Series 2016-B, 4.00% 2036			1,950		2,062
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.15% 2034¹			1,250		1,337
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2031			1,500		1,611
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049			1,500		1,558
Long Island Power Auth., Electric System General Rev. Bonds, Series 2008-A, 6.00% 2033 (preref. 2019)			1,595		1,612
Long Island Power Auth., Electric System General Rev. Bonds, Series 2011-A, 5.00% 2038 (preref. 2021)			500		537
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2035			1,215		1,385
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2038			750		844
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 2.513% 2033 (put 2023)²			1,500		1,503
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2035			1,000		1,153
Long Island Power Auth., Electric System General Rev. Bonds, Series 2017, 5.00% 2047			3,000		3,361

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
New York (continued)
State issuers (continued)
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, (SIFMA Municipal Swap Index + 1.00%) 2.43% 2020²		$	2,000	$	2,012
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-1, 5.00% 2039			250		273
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 2.01% 2039 (put 2020)²			500		499
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 2035			1,750		1,951
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.25% 2030			280		323
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2017-A-1, 5.25% 2057			750		836
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2A, Assured Guaranty Municipal insured, (1-month USD-LIBOR x 0.69 + 0.68%) 2.418% 2032 (put 2021)²			600		604
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 4.00% 2034			1,000		1,044
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2028			750		887
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043			265		272
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, AMT, 3.50% 2034			320		326
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 194, AMT, 3.50% 2035			450		460
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 195, 4.00% 2046			1,525		1,590
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044			715		738
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 200, 3.50% 2045			255		262
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047			965		999
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 206, AMT, 4.00% 2037			610		639
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 208, 4.00% 2048			580		611
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047			500		538
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 46, 5.00% 2029			20		20
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 48, 2.625% 2041			995		998
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, AMT, 3.50% 2030			715		732
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 54, 4.00% 2047			1,545		1,622
Mortgage Agcy., Homeowner Mortgage Rev. Ref. Bonds, Series 45, 4.50% 2029			55		56
Port Auth., Consolidated Bonds, Series 166, 5.00% 2031			1,000		1,056
Port Auth., Consolidated Bonds, Series 205, 5.00% 2047			1,000		1,135
Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2025			1,000		1,058
Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2034			500		533
Port Auth., Consolidated Rev. Ref. Bonds, Series 186, AMT, 5.00% 2044			500		548
Power Auth., Rev. Ref. Bonds, Series 2011-A, 5.00% 2038			1,500		1,621
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2020			1,125		1,164
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2026			500		524
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 2031			2,500		2,592
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 2030			1,500		1,725
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2027			750		858
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2026			1,500		1,798
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2032			1,000		1,150
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (State Facs. and Equipment), Series 2009-B-1, 5.25% 2038 (preref. 2019)			1,000		1,004
Utility Debt Securitization Auth., Restructuring Bonds, Series 2016-A, 5.00% 2035			1,170		1,349
Other securities					45,550
					113,450

40	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

	Principal amount (000)			Value (000)
City, county & other issuers 44.31%
Buffalo and Erie County Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.00% 2023		$	1,600	$	1,783
Buffalo and Erie County Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.00% 2040			1,050		1,122
Buffalo and Erie County Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.25% 2035			500		549
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Buffalo State College Foundation Housing Corp. Project), Series 2011-A, 5.375% 2041			1,400		1,497
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2019			485		486
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2021			525		536
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 4.00% 2022			545		560
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 5.50% 2043			1,000		1,045
Village of Dobbs Ferry, Local Dev. Corp., Rev. Bonds (Mercy College Project), Series 2014, 5.00% 2039			1,625		1,794
County of Dutchess, Local Dev. Corp., Rev. Bonds (Health Quest Systems, Inc. Project), Series 2016-B, 4.00% 2041			750		753
County of Dutchess, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2010, 5.75% 2030			500		531
County of Dutchess, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2010, 5.75% 2040			1,000		1,059
County of Dutchess, Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2014-A, 5.00% 2028			430		486
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.25% 2047			955		1,012
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.25% 2047 (preref. 2021)			45		48
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.75% 2047			435		467
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012, Series 2012-A, 5.75% 2047 (preref. 2021)			565		612
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2033			2,700		3,133
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2017, Series 2017-A, 5.00% 2035			1,000		1,147
County of Nassau, G.O. Bonds, Series 2014-A, 5.00% 2028			1,250		1,405
County of Nassau, G.O. Bonds, Series 2016-B, 5.00% 2025			1,000		1,178
County of Nassau, G.O. General Improvement Rev. Ref. Bonds, Series 2016-A, 5.00% 2027			500		584
County of Nassau, G.O. General Improvement Rev. Ref. Bonds, Series 2016-A, 5.00% 2030			1,795		2,061
New York City G.O. Bonds, Fiscal 2015, Series 2015-C, 5.00% 2033			1,000		1,139
New York City G.O. Bonds, Fiscal 2016, Series 2016-A, 5.00% 2026			1,000		1,182
New York City G.O. Bonds, Fiscal 2016, Series 2016-C, 5.00% 2031			1,000		1,154
New York City G.O. Bonds, Fiscal 2017, Series 2017-A-1, 5.00% 2034			1,000		1,148
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2027			1,500		1,830
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2031			1,000		1,190
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2032			1,720		2,034
New York City G.O. Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 2037			1,150		1,332
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2015-H, 2.95% 2045 (put 2026)			750		756
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-A-1-A, 3.80% 2037			885		892
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021			400		396
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021)			750		748
New York City Housing Dev. Corp., Multi Family Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048			1,670		1,679
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2011, Series 2011-EE, 5.375% 2043			1,000		1,063
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-EE, 5.00% 2045			500		553
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2015, Series 2015-HH, 5.00% 2039			500		562
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-DD, 5.00% 2047			1,055		1,189

American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
New York (continued)
City, county & other issuers (continued)
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2033		$	750	$	880
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-BB-1, 5.00% 2046			1,250		1,413
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2018, Series 2018-EE, 5.00% 2040			2,000		2,292
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2019, Series 2019-DD-1, 5.25% 2049			1,500		1,743
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2017, Series 2017-EE, 5.00% 2036			750		867
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-1, 5.00% 2043			1,000		1,135
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2019, Series 2019-S-3, 5.00% 2036			1,000		1,161
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011, Series 2011-C, 5.25% 2025			700		742
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011, Series 2011-C, 5.25% 2025 (preref. 2020)			300		319
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-C, 5.00% 2032			1,000		1,169
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-E-1, 5.00% 2043			1,000		1,125
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2039			750		853
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2017, Series 2017-F-1, 5.00% 2042			1,000		1,129
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2018, Series 2018-A-3, 4.00% 2042			1,080		1,115
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2036			2,380		2,781
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2016, Series 2016-C, 5.00% 2026			1,000		1,189
County of Onondaga, Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2030			1,750		1,951
Town of Southold, Local Dev. Corporation, Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2045			1,500		1,536
County of Suffolk, Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 5.875% 2030			1,000		1,053
County of Westchester, Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030			130		138
County of Westchester, Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030 (preref. 2020)			870		934
County of Westchester, Health Care Corp., Rev. Bonds, Series 2011-A, 5.00% 2021			100		107
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2034			1,150		1,256
County of Westchester, Local Dev. Corp., Rev. Bonds (Westchester Medical Center Obligated Group Project), Series 2016, 5.00% 2046			1,000		1,062
Other securities					38,635
					109,280

Other U.S. Territories 2.23%
Other securities					5,491

Total bonds, notes & other debt instruments (cost: $224,683,000)					228,221

42	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

Short-term securities 7.01%	Principal amount (000)			Value (000)
Dormitory Auth., IAM Commercial Paper, Series 2002-C, 1.72% 2/5/2019		$	2,000	$	2,000
Dormitory Auth., IAM Commercial Paper, Series 2002-C, 1.77% 3/4/2019			2,000		2,000
Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2012, AMT, 2.15% 2030 (put 2019)³			3,000		3,000
Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-A-1, 4.00% 8/15/2019			1,500		1,517
New York City G.O. Bonds, Fiscal 2006, Series 2006-H-1, 1.63% 2036²			1,000		1,000
New York City Transitional Fin. Auth., Future Tax Secured Subordinate Bonds, Fiscal 2019, Series 2019-A-4, 1.63% 2045²			4,000		4,000
City of Syracuse, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2008-A-1, 1.58% 2037²			1,055		1,055
City of Syracuse, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2008-A-2, JPMorgan Chase LOC, 1.58% 2037²			2,400		2,400
Other securities					300

Total short-term securities (cost: $17,274,000)					17,272
Total investment securities 99.56% (cost: $241,957,000)					245,493
Other assets less liabilities 0.44%					1,094

Net assets 100.00%				$	246,587

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

¹	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $10,170,000, which represented 4.12% of the net assets of the fund.
²	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
³	For short-term securities, the mandatory put date is considered to be the maturity date.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

American Funds Tax-Exempt Funds

Financial statements

Statements of assets and liabilities
at January 31, 2019

	American Funds Short-Term Tax-Exempt Bond Fund			Limited Term Tax-Exempt Bond Fund of America
Assets:
Investment securities in unaffiliated issuers, at value	$	1,175,773		$	4,080,412
Cash		256			668
Cash pledged for futures contracts		292			778
Receivables for:
Sales of investments		—			10,703
Sales of fund’s shares		2,021			12,334
Interest		9,006			35,487
Variation margin on futures contracts		154			443
Other		128			492
		1,187,630			4,141,317

Liabilities:
Payables for:
Purchases of investments		44,137			120,892
Repurchases of fund’s shares		3,672			6,006
Dividends on fund’s shares		41			519
Investment advisory services		349			782
Services provided by related parties		49			784
Trustees’ deferred compensation		31			133
Variation margin on futures contracts		42			214
Other		—	*		1
		48,321			129,331
Net assets at January 31, 2019	$	1,139,309		$	4,011,986

Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,144,320		$	3,982,882
Total (accumulated loss) distributable earnings		(5,011	)		29,104
Net assets at January 31, 2019	$	1,139,309		$	4,011,986

Investment securities in unaffiliated issuers, at cost	$	1,175,921		$	4,049,018

*	Amount less than one thousand.

See notes to financial statements

44	American Funds Tax-Exempt Funds

unaudited

(dollars in thousands)

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

$	18,974,418	$	6,758,343	$	2,293,593	$	245,493
	1,867		1,082		171		77
	2,451		1,693		—		—

	28,012		9,992		14,898		—
	95,300		13,781		4,190		914
	179,254		65,351		27,648		2,451
	1,703		160		—		—
	2,531		1,072		328		33
	19,285,536		6,851,474		2,340,828		248,968

	210,926		64,829		39,029		2,000
	36,528		10,719		4,636		131
	2,480		1,695		700		112
	3,351		1,612		565		69
	2,385		1,294		377		50
	615		125		129		1
	1,575		624		—		—
	8		2		1		18
	257,868		80,900		45,437		2,381
$	19,027,668	$	6,770,574	$	2,295,391	$	246,587

$	18,752,162	$	6,692,941	$	2,250,366	$	243,006
	275,506		77,633		45,025		3,581
$	19,027,668	$	6,770,574	$	2,295,391	$	246,587

$	18,700,643	$	6,659,510	$	2,245,785	$	241,957

American Funds Tax-Exempt Funds

Statements of assets and liabilities
at January 31, 2019

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

Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class A:	Net assets	$	784,202	$	2,945,319
	Shares outstanding		77,980		188,970
	Net asset value per share	$	10.06	$	15.59
Class C:	Net assets			$	20,243
	Shares outstanding		Not applicable		1,299
	Net asset value per share			$	15.59
Class T:	Net assets	$	10	$	10
	Shares outstanding		1		1
	Net asset value per share	$	10.06	$	15.59
Class F-1:	Net assets	$	7,238	$	56,546
	Shares outstanding		720		3,628
	Net asset value per share	$	10.06	$	15.59
Class F-2:	Net assets	$	179,945	$	450,950
	Shares outstanding		17,893		28,933
	Net asset value per share	$	10.06	$	15.59
Class F-3:	Net assets	$	42,388	$	245,868
	Shares outstanding		4,215		15,774
	Net asset value per share	$	10.06	$	15.59
Class R-6:	Net assets	$	125,526	$	293,050
	Shares outstanding		12,482		18,802
	Net asset value per share	$	10.06	$	15.59

See notes to financial statements

46	American Funds Tax-Exempt Funds

unaudited

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

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

$	9,924,960	$	4,124,866	$	1,626,350	$	177,453
	773,853		263,039		93,377		16,706
$	12.83	$	15.68	$	17.42	$	10.62
$	397,593	$	226,896	$	65,765	$	11,148
	31,000		14,469		3,776		1,050
$	12.83	$	15.68	$	17.42	$	10.62
$	10	$	10	$	10	$	10
	1		1		1		1
$	12.83	$	15.68	$	17.42	$	10.62
$	329,985	$	171,663	$	68,987	$	1,831
	25,729		10,947		3,961		172
$	12.83	$	15.68	$	17.42	$	10.62
$	2,305,622	$	951,911	$	355,931	$	26,943
	179,770		60,703		20,436		2,537
$	12.83	$	15.68	$	17.42	$	10.62
$	5,488,191	$	713,735	$	178,348	$	29,202
	427,915		45,514		10,239		2,749
$	12.83	$	15.68	$	17.42	$	10.62
$	581,307	$	581,493
	45,325		37,081		Not applicable		Not applicable
$	12.83	$	15.68

American Funds Tax-Exempt Funds

Statements of operations
for the six months ended January 31, 2019

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

Investment income:
Income:
Interest	$	11,106		$	51,968

Fees and expenses*:
Investment advisory services		1,873			4,541
Distribution services		565			4,545
Transfer agent services		183			825
Administrative services		114			398
Reports to shareholders		12			53
Registration statement and prospectus		161			252
Trustees’ compensation		2			7
Auditing and legal		1			2
Custodian		1			5
Federal, state and local taxes		1			7
Other		2			7
Total fees and expenses		2,915			10,642
Net investment income		8,191			41,326

Net realized (loss) gain and unrealized appreciation (depreciation):
Net realized (loss) gain on:
Investments in unaffiliated issuers		(1,819	)		(3,707	)
Futures contracts		(211	)		(113	)
		(2,030	)		(3,820	)

Net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		4,530			19,251
Futures contracts		543			1,351
		5,073			20,602
Net realized (loss) gain and unrealized appreciation (depreciation)		3,043			16,782
Net increase in net assets resulting from operations	$	11,234		$	58,108

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.
^†	Amount less than one thousand.

See notes to financial statements

48	American Funds Tax-Exempt Funds

unaudited

(dollars in thousands)

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

$	327,180		$	147,074		$	40,293		$	4,000

	19,957			9,368			3,327			402
	14,963			7,493			2,478			283
	3,415			1,698			389			42
	2,763			845			239			25
	280			116			19			3
	1,264			490			105			67
	10			26			—	^†		1
	9			5			2			1
	26			11			3			—	^†
	801			1,705			162			1
	26			65			4			19
	43,514			21,822			6,728			844
	283,666			125,252			33,565			3,156

	(8,255	)		(6,805	)		(4,362	)		32
	9,499			1,514			—			—
	1,244			(5,291	)		(4,362	)		32

	18,210			(36,267	)		2,129			246
	(2,311	)		(2,893	)		—			—
	15,899			(39,160	)		2,129			246
	17,143			(44,451	)		(2,233	)		278
$	300,809		$	80,801		$	31,332		$	3,434

American Funds Tax-Exempt Funds

Statements of changes in net assets

	American Funds Short-Term Tax-Exempt Bond Fund						Limited Term Tax-Exempt Bond Fund of America						The Tax-Exempt Bond Fund of America
	Six months ended January 31 2019*			Year ended July 31 2018			Six months ended January 31 2019*			Year ended July 31 2018			Six months ended January 31 2019*			Year ended July 31 2018
Operations:
Net investment income	$	8,191		$	13,449		$	41,326		$	81,421		$	283,666		$	497,672
Net realized (loss) gain		(2,030	)		(1,290	)		(3,820	)		127			1,244			21,037
Net unrealized appreciation (depreciation)		5,073			(10,029	)		20,602			(65,002	)		15,899			(262,868	)
Net increase in net assets resulting from operations		11,234			2,130			58,108			16,546			300,809			255,841

Distributions paid or accrued to shareholders		(8,172	)		(13,421	)		(41,200	)		(81,415	)		(282,153	)		(496,829	)

Net capital share transactions		158,060			(9,712	)		29,767			167,187			(19,050	)		4,798,328

Total increase (decrease) in net assets		161,122			(21,003	)		46,675			102,318			(394	)		4,557,340

Net assets:
Beginning of period		978,187			999,190			3,965,311			3,862,993			19,028,062			14,470,722
End of period	$	1,139,309		$	978,187		$	4,011,986		$	3,965,311		$	19,027,668		$	19,028,062

*	Unaudited.

See notes to financial statements

50	American Funds Tax-Exempt Funds

(dollars and shares in thousands)

American High-Income Municipal Bond Fund						The Tax-Exempt Fund of California						American Funds Tax-Exempt Fund of New York
Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended
January 31			July 31			January 31			July 31			January 31			July 31
2019*			2018			2019*			2018			2019*			2018

$	125,252		$	227,543		$	33,565		$	63,832		$	3,156		$	5,760
	(5,291	)		48,562			(4,362	)		7,138			32			132
	(39,160	)		(37,622	)		2,129			(32,836	)		246			(4,196	)
	80,801			238,483			31,332			38,134			3,434			1,696

	(123,470	)		(224,199	)		(33,357	)		(63,679	)		(3,135	)		(5,766	)

	321,827			963,626			42,054			157,339			7,787			31,122

	279,158			977,910			40,029			131,794			8,086			27,052

	6,491,416			5,513,506			2,255,362			2,123,568			238,501			211,449
$	6,770,574		$	6,491,416		$	2,295,391		$	2,255,362		$	246,587		$	238,501

American Funds Tax-Exempt Funds

Notes to financial statements

unaudited

1. Organization

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

Each fund’s investment objectives are as follows:

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

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

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

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

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

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

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

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

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

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

52	American Funds Tax-Exempt Funds

2. Significant accounting policies

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

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

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes of each fund based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class of each fund.

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

3. Valuation

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

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

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

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

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

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

American Funds Tax-Exempt Funds

that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

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

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

Classifications — The funds’ investment adviser classifies each fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of January 31, 2019 (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Texas	$	—	$	150,798	$	—	$	150,798
Illinois		—		114,847		—		114,847
New York		—		102,197		—		102,197
California		—		50,033		—		50,033
Florida		—		48,085		—		48,085
Wisconsin		—		44,103		—		44,103
Minnesota		—		38,449		—		38,449
Pennsylvania		—		36,718		—		36,718
Washington		—		31,087		—		31,087
Massachusetts		—		29,374		—		29,374
Other		—		443,110		—		443,110
Short-term securities		—		86,972		—		86,972
Total	$	—	$	1,175,773	$	—	$	1,175,773

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	510		$	—	$	—	$	510
Liabilities:
Unrealized depreciation on futures contracts		(68	)		—		—		(68	)
Total	$	442		$	—	$	—	$	442

54	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Illinois	$	—	$	503,767	$	—	$	503,767
Texas		—		387,484		—		387,484
New York		—		332,749		—		332,749
California		—		252,942		—		252,942
Pennsylvania		—		227,869		—		227,869
Florida		—		224,959		—		224,959
Michigan		—		149,542		—		149,542
Washington		—		139,845		—		139,845
Wisconsin		—		133,686		—		133,686
New Jersey		—		131,629		—		131,629
Other		—		1,328,992		—		1,328,992
Short-term securities		—		266,948		—		266,948
Total	$	—	$	4,080,412	$	—	$	4,080,412

		Other investments*
		Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,787		$	—	$	—	$	1,787
Liabilities:
Unrealized depreciation on futures contracts		(347	)		—		—		(347	)
Total	$	1,440		$	—	$	—	$	1,440

The Tax-Exempt Bond Fund of America

	Investment securities
		Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Illinois	$	—	$	2,719,889	$	—	$	2,719,889
Texas		—		1,855,364		—		1,855,364
New York		—		1,433,982		—		1,433,982
California		—		1,384,051		—		1,384,051
Florida		—		1,214,888		6,547		1,221,435
Pennsylvania		—		894,998		—		894,998
Michigan		—		738,677		—		738,677
Washington		—		583,177		—		583,177
Virginia		—		501,672		—		501,672
Ohio		—		475,806		—		475,806
Other		—		6,513,676		—		6,513,676
Short-term securities		—		651,691		—		651,691
Total	$	—	$	18,967,871	$	6,547	$	18,974,418

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	6,562		$	—	$	—	$	6,562
Liabilities:
Unrealized depreciation on futures contracts		(7,004	)		—		—		(7,004	)
Total	$	(442	)	$	—	$	—	$	(442	)

See end of tables for footnote.

American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Illinois	$	—	$	1,026,238	$	—	$	1,026,238
Texas		—		425,895		—		425,895
California		—		415,356		—		415,356
Pennsylvania		—		381,483		—		381,483
Colorado		—		373,256		—		373,256
Florida		—		354,464		6,632		361,096
Ohio		—		305,231		—		305,231
New York		—		280,499		—		280,499
New Jersey		—		270,524		—		270,524
Puerto Rico		—		220,657		—		220,657
Other		—		2,504,305		—		2,504,305
Short-term securities		—		193,803		—		193,803
Total	$	—	$	6,751,711	$	6,632	$	6,758,343

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	935		$	—	$	—	$	935
Liabilities:
Unrealized depreciation on futures contracts		(3,931	)		—		—		(3,931	)
Total	$	(2,996	)	$	—	$	—	$	(2,996	)

*	Futures contracts are not included in the investment portfolio.

The Tax-Exempt Fund of California

At January 31, 2019, all of the fund’s investment securities were classified as Level 2.

American Funds Tax-Exempt Fund of New York

At January 31, 2019, all of the fund’s investment securities were classified as Level 2.

4. Risk factors

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

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

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

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

56	American Funds Tax-Exempt Funds

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

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

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

Liquidity risk — Certain fund holdings may be deemed to be less liquid or illiquid because they cannot be readily sold or converted to cash without significantly impacting the value of the holdings. Liquidity risk may result from the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs.

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

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

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

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

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

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

American Funds Tax-Exempt Funds

5. Certain investment techniques

Futures contracts — 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 have 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. Securities deposited as initial margin, if any, are disclosed in the investment portfolio and cash deposited as initial margin, if any, is reflected as restricted cash pledged for futures contracts in the fund’s statement of assets and liabilities.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to each fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations. The average month-end notional amount of futures contracts while held by 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 was $61,050,000, $108,922,000, $734,758,000 and $146,142,000, respectively.

The following tables identify the location of and fair value amounts on the funds’ statements of assets and liabilities and the effect on the funds’ statements of operations resulting from the funds’ use of futures contracts as of, or for the six months ended, January 31, 2019 (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

510

Unrealized depreciation*

Net realized loss

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized loss on futures contracts

(211

)

Net unrealized appreciation on futures contracts

543

Limited Term Tax-Exempt Bond Fund of America

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

1,787

Unrealized depreciation*

347

Net realized loss

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized loss on futures contracts

(113

)

Net unrealized appreciation on futures contracts

1,351

58	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

6,562

Unrealized depreciation*

7,004

Net realized gain

Net unrealized depreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized gain on futures contracts

9,499

Net unrealized depreciation on futures contracts

(2,311

)

American High-Income Municipal Bond Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

935

Unrealized depreciation*

3,931

Net realized gain

Net unrealized depreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized gain on futures contracts

1,514

Net unrealized depreciation on futures contracts

(2,893

)

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

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

American Funds Tax-Exempt Funds

6. Taxation and distributions

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

As of and during the period ended January 31, 2019, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

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

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

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

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

	American Funds Short-Term Tax-Exempt Bond Fund			Limited Term Tax-Exempt Bond Fund of America			The Tax-Exempt Bond Fund of America			American High-Income Municipal Bond Fund			The Tax-Exempt Fund of California			American Funds Tax-Exempt Fund of New York
As of July 31, 2018
Undistributed tax-exempt income	$	66		$	571		$	3,310		$	3,556		$	868		$	127
Post-October capital loss deferral*		—			—			(6,970	)		—			(408	)		—
Capital loss carryforward^†:
No expiration		(3,334	)		(249	)		—			—			—			(79	)
Expiring 2019		—			—			—			(24,408	)		—			—
		(3,334	)		(249	)		—			(24,408	)		—			(79	)
As of January 31, 2019
Gross unrealized appreciation on investments		4,639			47,680			395,958			185,707			62,571			4,815
Gross unrealized depreciation on investments		(4,328	)		(14,553	)		(111,199	)		(74,104	)		(13,585	)		(1,205	)
Net unrealized appreciation on investments		311			33,127			284,759			111,603			48,986			3,610
Cost of investments		1,175,904			4,048,725			18,689,217			6,643,744			2,244,607			241,883

*	This deferral is considered incurred in the subsequent year.
^†	The capital loss carryforward will be used to offset any capital gains realized by the funds in the current year or in subsequent years through the expiration date. The funds will not make distributions from capital gains while a capital loss carryforward remains.

60	American Funds Tax-Exempt Funds

Distributions paid or accrued from each fund were characterized as tax-exempt income for tax purposes as follows (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

	Six months ended			Year ended
Share class	January 31, 2019			July 31, 2018
Class A	$	5,645		$	10,014
Class T		—	*		—	*
Class F-1		43			93
Class F-2		1,029			711
Class F-3		422			716
Class R-6		1,033			1,887
Total	$	8,172		$	13,421

Limited Term Tax-Exempt Bond Fund of America

	Six months ended			Year ended
Share class	January 31, 2019			July 31, 2018
Class A	$	29,928		$	61,392
Class C		131			288
Class T		—	*		—	*
Class F-1		582			1,510
Class F-2		4,526			7,833
Class F-3		2,660			3,549
Class R-6		3,373			6,843
Total	$	41,200		$	81,415

The Tax-Exempt Bond Fund of America

	Six months ended			Year ended
Share class	January 31, 2019			July 31, 2018
Class A	$	144,228		$	290,885
Class C		4,333			9,684
Class T		—	*		—	*
Class F-1		4,771			12,057
Class F-2		33,767			61,316
Class F-3		86,055			108,231
Class R-6		8,999			14,656
Total	$	282,153		$	496,829

American High-Income Municipal Bond Fund

	Six months ended			Year ended
Share class	January 31, 2019			July 31, 2018
Class A	$	74,714		$	141,994
Class C		3,302			6,687
Class T		—	*		—	*
Class F-1		3,340			7,964
Class F-2		17,153			26,981
Class F-3		13,599			22,072
Class R-6		11,362			18,501
Total	$	123,470		$	224,199

See end of tables for footnote.

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Six months ended			Year ended
Share class	January 31, 2019			July 31, 2018
Class A	$	24,017		$	48,366
Class C		729			1,638
Class T		—	*		—	*
Class F-1		1,027			2,065
Class F-2		4,774			6,945
Class F-3		2,810			4,665
Total	$	33,357		$	63,679

American Funds Tax-Exempt Fund of New York

	Six months ended			Year ended
Share class	January 31, 2019			July 31, 2018
Class A	$	2,320		$	4,525
Class C		101			209
Class T		—	*		—	*
Class F-1		25			68
Class F-2		297			374
Class F-3		392			590
Total	$	3,135		$	5,766

*	Amount less than one thousand.

7. Fees and transactions with related parties

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

Investment advisory services — Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. The agreement for each fund, except American Funds Short-Term Tax-Exempt Bond Fund, also provides for monthly fees accrued daily based on a series of decreasing rates on each fund’s monthly gross income.

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

	Rates						Net asset level (in billions)				Rates						Monthly gross income				Annualized rates for the six months ended
Fund	Beginning with			Ending with			Up to		In excess of		Beginning with			Ending with			Up to		In excess of		January 31, 2019
American Funds Short-Term Tax-Exempt Bond Fund		.390	%		.290	%	$	.20	$	1.2												.357	%
Limited Term Tax-Exempt Bond Fund of America		.300			.150			.06		1.0		3.00	%		2.50	%	$	3,333,333	$	3,333,333		.231
The Tax-Exempt Bond Fund of America		.300			.110			.06		21.0		3.00			2.00			3,333,333		8,333,333		.210
American High-Income Municipal Bond Fund		.300			.140			.06		6.0		3.00			2.50			3,333,333		3,333,333		.282
The Tax-Exempt Fund of California		.300			.180			.06		1.0		3.00			2.50			3,333,333		3,333,333		.293
American Funds Tax-Exempt Fund of New York		.300			.180			.06		1.0		3.00			2.50			3,333,333		3,333,333		.331

62	American Funds Tax-Exempt Funds

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

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

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

	American High-Income Municipal Bond Fund					The Tax-Exempt Fund of California						American Funds Tax-Exempt Fund of New York
Share class	Currently approved limits		Plan limits			Currently approved limits			Plan limits			Currently approved limits			Plan limits
Class A	0.30	%		0.30	%		0.25	%		0.25	%		0.25	%		0.30	%
Class C	1.00			1.00			1.00			1.00			1.00			1.00
Classes T and F-1	0.25			0.50			0.25			0.50			0.25			0.50

For Class A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. This share class of each fund reimburses AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit is not exceeded. As of January 31, 2019, unreimbursed expenses subject to reimbursement for Class A shares of each fund were as follows (dollars in thousands):

Fund	Class A
American Funds Short-Term Tax-Exempt Bond Fund	$	1,188
Limited-Term Tax-Exempt Bond Fund of America		62
The Tax-Exempt Bond Fund of America		7,307
American High-Income Municipal Bond Fund		47
The Tax-Exempt Fund of California		1,579
American Funds Tax-Exempt Fund of New York		55

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

American Funds Tax-Exempt Funds

Administrative services — Each fund has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to each of the funds’ Class A, C, T, F and R shares. Administrative services are provided by CRMC 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 between each fund and the investment adviser provides each fund the ability to charge an administrative services fee of 0.05% of average daily net assets for all share classes. Currently Class A shares of each fund pay an annual fee of 0.01% of average daily net assets (which could be increased as noted above) and Class C, T, F and R shares of each fund pay an annual fee of 0.05% of their respective average daily net assets.

For the six months ended January 31, 2019, class-specific expenses under the agreements for each fund were as follows (dollars in thousands):

American Funds Short-Term Tax-Exempt Bond Fund

Distribution

Transfer agent

Administrative

Share class

services

Class A

$556

$138

$37

Class T

—

Class F-1

Class F-2

Not applicable

Class F-3

Not applicable

Class R-6

Not applicable

—

Total class-specific expenses

$565

$183

$114

Limited Term Tax-Exempt Bond Fund of America

	Distribution		Transfer agent			Administrative
Share class	services		services			services
Class A		$4,371		$563			$147
Class C		100		4			5
Class T		—		—	*		—	*
Class F-1		74		40			15
Class F-2		Not applicable		215			102
Class F-3		Not applicable		3			57
Class R-6		Not applicable		—	*		72
Total class-specific expenses		$4,545		$825			$398

The Tax-Exempt Bond Fund of America

	Distribution		Transfer agent			Administrative
Share class	services		services			services
Class A		$12,471		$1,778			$499
Class C		2,063		74			103
Class T		—		—	*		—	*
Class F-1		429		228			87
Class F-2		Not applicable		1,263			558
Class F-3		Not applicable		72			1,373
Class R-6		Not applicable		—	*		143
Total class-specific expenses		$14,963		$3,415			$2,763

American High-Income Municipal Bond Fund

	Distribution		Transfer agent			Administrative
Share class	services		services			services
Class A		$6,134		$1,002			$204
Class C		1,127		56			57
Class T		—		—	*		—	*
Class F-1		232		125			47
Class F-2		Not applicable		501			222
Class F-3		Not applicable		14			172
Class R-6		Not applicable		—	*		143
Total class-specific expenses		$7,493		$1,698			$845

The Tax-Exempt Fund of California

	Distribution		Transfer agent			Administrative
Share class	services		services			services
Class A		$2,048		$182			$82
Class C		339		8			17
Class T		—		—	*		—	*
Class F-1		91		43			18
Class F-2		Not applicable		156			78
Class F-3		Not applicable		—	*		44
Total class-specific expenses		$2,478		$389			$239

American Funds Tax-Exempt Fund of New York

	Distribution		Transfer agent			Administrative
Share class	services		services			services
Class A		$225		$28			$9
Class C		56		2			3
Class T		—		—	*		—	*
Class F-1		2		1			1
Class F-2		Not applicable		11			5
Class F-3		Not applicable		—	*		7
Total class-specific expenses		$283		$42			$25

*	Amount less than one thousand.

64	American Funds Tax-Exempt Funds

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):

			Decrease in value of			Total trustees’
Fund	Current fees		deferred amounts			compensation
American Funds Short-Term Tax-Exempt Bond Fund	$	4	$	(2	)	$	2
Limited Term Tax-Exempt Bond Fund of America		15		(8	)		7
The Tax-Exempt Bond Fund of America		58		(48	)		10
American High-Income Municipal Bond Fund		33		(7	)		26
The Tax-Exempt Fund of California		8		(8	)		—	*
American Funds Tax-Exempt Fund of New York		1		—	*		1

*	Amount less than one thousand.

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

Security transactions with related funds — Each fund may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by each fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the funds, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The funds did not lend or borrow cash through the interfund lending program at any time during the six months ended January 31, 2019.

8. Committed line of credit

American High-Income Municipal Bond Fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund’s statement of operations. The fund did not borrow on this line of credit at any time during the six months ended January 31, 2019.

American Funds Tax-Exempt Funds

9. Capital share transactions

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

American Funds Short-Term Tax-Exempt Bond Fund

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

Six months ended January 31, 2019
Class A	$	353,710		35,364	$	5,421		542	$	(328,461	)		(32,835	)	$	30,670			3,071
Class T		—		—		—		—		—			—			—			—
Class F-1		1,654		165		43		4		(1,418	)		(141	)		279			28
Class F-2		156,049		15,638		993		99		(30,872	)		(3,084	)		126,170			12,653
Class F-3		31,715		3,167		390		39		(34,791	)		(3,482	)		(2,686	)		(276	)
Class R-6		14,061		1,407		1,033		103		(11,467	)		(1,146	)		3,627			364
Total net increase (decrease)	$	557,189		55,741	$	7,880		787	$	(407,009	)		(40,688	)	$	158,060			15,840

Year ended July 31, 2018
Class A	$	278,215		27,610	$	9,626		957	$	(266,056	)		(26,429	)	$	21,785			2,138
Class T		—		—		—		—		—			—			—			—
Class F-1		2,640		262		92		9		(5,104	)		(507	)		(2,372	)		(236	)
Class F-2		32,700		3,244		702		70		(26,794	)		(2,661	)		6,608			653
Class F-3		47,782		4,729		533		53		(80,218	)		(7,922	)		(31,903	)		(3,140	)
Class R-6		16,157		1,599		1,887		187		(21,874	)		(2,174	)		(3,830	)		(388	)
Total net increase (decrease)	$	377,494		37,444	$	12,840		1,276	$	(400,046	)		(39,693	)	$	(9,712	)		(973	)

Limited Term Tax-Exempt Bond Fund of America

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

Six months ended January 31, 2019
Class A	$	540,214		34,938	$	28,661		1,853	$	(691,507	)		(44,746	)	$	(122,632	)		(7,955	)
Class C		4,472		290		128		8		(4,810	)		(311	)		(210	)		(13	)
Class T		—		—		—		—		—			—			—			—
Class F-1		4,645		300		557		36		(12,479	)		(807	)		(7,277	)		(471	)
Class F-2		226,903		14,712		4,086		264		(135,667	)		(8,773	)		95,322			6,203
Class F-3		140,087		9,072		2,278		147		(85,677	)		(5,532	)		56,688			3,687
Class R-6		31,363		2,032		3,373		218		(26,860	)		(1,738	)		7,876			512
Total net increase (decrease)	$	947,684		61,344	$	39,083		2,526	$	(957,000	)		(61,907	)	$	29,767			1,963

Year ended July 31, 2018
Class A	$	707,137		45,220	$	58,703		3,763	$	(696,821	)		(44,622	)	$	69,019			4,361
Class C		4,357		279		280		18		(9,044	)		(579	)		(4,407	)		(282	)
Class T		—		—		—		—		—			—			—			—
Class F-1		28,021		1,791		1,451		92		(47,647	)		(3,055	)		(18,175	)		(1,172	)
Class F-2		247,425		15,810		6,716		431		(203,930	)		(13,081	)		50,211			3,160
Class F-3		121,425		7,770		2,877		185		(46,337	)		(2,972	)		77,965			4,983
Class R-6		38,084		2,428		6,843		439		(52,353	)		(3,359	)		(7,426	)		(492	)
Total net increase (decrease)	$	1,146,449		73,298	$	76,870		4,928	$	(1,056,132	)		(67,668	)	$	167,187			10,558

66	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

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

Six months ended January 31, 2019
Class A	$	891,987		70,078	$	136,122		10,696	$	(1,213,995	)		(95,608	)	$	(185,886	)		(14,834	)
Class C		27,768		2,183		4,161		327		(65,939	)		(5,188	)		(34,010	)		(2,678	)
Class T		—		—		—		—		—			—			—			—
Class F-1		31,435		2,471		4,563		358		(75,657	)		(5,954	)		(39,659	)		(3,125	)
Class F-2		675,382		53,145		31,788		2,498		(581,691	)		(45,847	)		125,479			9,796
Class F-3		836,739		65,740		84,562		6,645		(836,471	)		(65,844	)		84,830			6,541
Class R-6		36,085		2,827		8,997		707		(14,886	)		(1,168	)		30,196			2,366
Total net increase (decrease)	$	2,499,396		196,444	$	270,193		21,231	$	(2,788,639	)		(219,609	)	$	(19,050	)		(1,934	)

Year ended July 31, 2018
Class A	$	1,681,309		130,015	$	272,626		21,145	$	(1,405,277	)		(108,925	)	$	548,658			42,235
Class C		80,078		6,193		9,249		717		(125,594	)		(9,732	)		(36,267	)		(2,822	)
Class T		—		—		—		—		—			—			—			—
Class F-1		104,060		8,060		11,599		899		(201,331	)		(15,621	)		(85,672	)		(6,662	)
Class F-2		993,761		77,009		58,043		4,502		(756,576	)		(58,582	)		295,228			22,929
Class F-3		4,363,042		337,721		106,056		8,255		(569,494	)		(44,325	)		3,899,604			301,651
Class R-6		183,540		14,204		14,656		1,138		(21,419	)		(1,668	)		176,777			13,674
Total net increase (decrease)	$	7,405,790		573,202	$	472,229		36,656	$	(3,079,691	)		(238,853	)	$	4,798,328			371,005

American High-Income Municipal Bond Fund

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

Six months ended January 31, 2019
Class A	$	453,031		28,986	$	70,693		4,521	$	(434,026	)		(27,823	)	$	89,698			5,684
Class C		23,792		1,522		3,137		201		(25,089	)		(1,606	)		1,840			117
Class T		—		—		—		—		—			—			—			—
Class F-1		21,056		1,345		3,250		208		(58,727	)		(3,754	)		(34,421	)		(2,201	)
Class F-2		333,627		21,366		15,347		982		(190,868	)		(12,232	)		158,106			10,116
Class F-3		133,287		8,521		11,764		752		(73,112	)		(4,686	)		71,939			4,587
Class R-6		35,246		2,243		11,361		726		(11,942	)		(764	)		34,665			2,205
Total net increase (decrease)	$	1,000,039		63,983	$	115,552		7,390	$	(793,764	)		(50,865	)	$	321,827			20,508

Year ended July 31, 2018
Class A	$	782,611		49,463	$	133,367		8,440	$	(508,503	)		(32,164	)	$	407,475			25,739
Class C		47,927		3,029		6,316		400		(57,636	)		(3,644	)		(3,393	)		(215	)
Class T		—		—		—		—		—			—			—			—
Class F-1		78,860		4,990		7,756		490		(113,570	)		(7,178	)		(26,954	)		(1,698	)
Class F-2		441,075		27,866		24,137		1,528		(272,343	)		(17,228	)		192,869			12,166
Class F-3		288,409		18,214		19,098		1,209		(83,527	)		(5,278	)		223,980			14,145
Class R-6		172,242		10,880		18,502		1,171		(21,095	)		(1,341	)		169,649			10,710
Total net increase (decrease)	$	1,811,124		114,442	$	209,176		13,238	$	(1,056,674	)		(66,833	)	$	963,626			60,847

See end of tables for footnote.

American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

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

Six months ended January 31, 2019
Class A	$	181,256		10,460	$	21,804		1,260	$	(251,791	)		(14,605	)	$	(48,731	)		(2,885	)
Class C		4,071		235		698		40		(10,249	)		(592	)		(5,480	)		(317	)
Class T		—		—		—		—		—			—			—			—
Class F-1		5,232		303		955		56		(12,025	)		(694	)		(5,838	)		(335	)
Class F-2		157,552		9,146		4,144		239		(64,191	)		(3,718	)		97,505			5,667
Class F-3		35,873		2,075		2,418		139		(33,693	)		(1,953	)		4,598			261
Total net increase (decrease)	$	383,984		22,219	$	30,019		1,734	$	(371,949	)		(21,562	)	$	42,054			2,391

Year ended July 31, 2018
Class A	$	259,065		14,726	$	43,350		2,472	$	(246,151	)		(14,019	)	$	56,264			3,179
Class C		14,343		815		1,554		89		(26,591	)		(1,515	)		(10,694	)		(611	)
Class T		—		—		—		—		—			—			—			—
Class F-1		27,505		1,567		1,914		109		(29,310	)		(1,670	)		109			6
Class F-2		112,357		6,393		6,168		352		(58,335	)		(3,326	)		60,190			3,419
Class F-3		67,902		3,867		3,891		222		(20,323	)		(1,158	)		51,470			2,931
Total net increase (decrease)	$	481,172		27,368	$	56,877		3,244	$	(380,710	)		(21,688	)	$	157,339			8,924

American Funds Tax-Exempt Fund of New York

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

Six months ended January 31, 2019
Class A	$	20,949		1,987	$	1,833		174	$	(28,170	)		(2,684	)	$	(5,388	)		(523	)
Class C		772		73		96		9		(1,437	)		(136	)		(569	)		(54	)
Class T		—		—		—		—		—			—			—			—
Class F-1		212		20		19		2		(419	)		(40	)		(188	)		(18	)
Class F-2		16,867		1,609		295		28		(6,231	)		(592	)		10,931			1,045
Class F-3		13,520		1,283		271		26		(10,790	)		(1,023	)		3,001			286
Total net increase (decrease)	$	52,320		4,972	$	2,514		239	$	(47,047	)		(4,475	)	$	7,787			736

Year ended July 31, 2018
Class A	$	38,634		3,605	$	3,569		334	$	(25,328	)		(2,369	)	$	16,875			1,570
Class C		2,347		219		196		19		(3,139	)		(293	)		(596	)		(55	)
Class T		—		—		—		—		—			—			—			—
Class F-1		1,142		106		57		5		(1,670	)		(157	)		(471	)		(46	)
Class F-2		9,234		861		358		33		(4,652	)		(435	)		4,940			459
Class F-3		12,329		1,152		433		40		(2,388	)		(225	)		10,374			967
Total net increase (decrease)	$	63,686		5,943	$	4,613		431	$	(37,177	)		(3,479	)	$	31,122			2,895

*	Includes exchanges between share classes of the fund.

68	American Funds Tax-Exempt Funds

10. Investment transactions

Each fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the six months ended January 31, 2019, as follows (dollars in thousands):

Fund	Purchases		Sales
American Funds Short-Term Tax-Exempt Bond Fund	$	389,503	$	201,258
Limited Term Tax-Exempt Bond Fund of America		735,497		652,329
The Tax-Exempt Bond Fund of America		2,480,187		2,231,522
American High-Income Municipal Bond Fund		1,151,245		740,669
The Tax-Exempt Fund of California		367,076		303,291
American Funds Tax-Exempt Fund of New York		32,238		21,597

11. Ownership concentration

At January 31, 2019, CRMC held aggregate ownership of 14% of the outstanding shares of American Funds Tax-Exempt Fund of New York. The ownership represents the seed money invested in the fund when it began operations on November 1, 2010. In addition, American Funds Tax-Exempt Preservation Portfolio held 11% of the outstanding shares of American Funds Short-Term Tax-Exempt Bond Fund. CRMC is the investment adviser to all of the funds.

American Funds Tax-Exempt Funds

Financial highlights

American Funds Short-Term Tax-Exempt Bond Fund

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/2019^3,4	$	10.04	$	.08	$	.02		$	.10		$	(.08	)	$	10.06		.97	%⁵	$	784			.59	%⁶		1.53	%⁶
7/31/2018		10.15		.13		(.11	)		.02			(.13	)		10.04		.24			752			.58			1.33
7/31/2017		10.22		.12		(.07	)		.05			(.12	)		10.15		.46			739			.59			1.15
7/31/2016		10.17		.10		.05			.15			(.10	)		10.22		1.51			688			.59			1.02
7/31/2015		10.25		.11		(.08	)		.03			(.11	)		10.17		.26			653			.58			1.04
7/31/2014		10.21		.11		.04			.15			(.11	)		10.25		1.43			737			.58			1.04
Class T:
1/31/2019^3,4		10.04		.08		.02			.10			(.08	)		10.06		1.02	^5,7		—	⁸		.48	^6,7		1.62	^6,7
7/31/2018		10.15		.15		(.11	)		.04			(.15	)		10.04		.36	⁷		—	⁸		.47	⁷		1.44	⁷
7/31/2017^3,9		10.11		.04		.04			.08			(.04	)		10.15		.82	^5,7		—	⁸		.15	^5,7		.42	^5,7
Class F-1:
1/31/2019^3,4		10.04		.06		.02			.08			(.06	)		10.06		.85	⁵		7			.83	⁶		1.29	⁶
7/31/2018		10.15		.11		(.11	)		—	¹⁰		(.11	)		10.04		.02			7			.80			1.10
7/31/2017		10.22		.09		(.07	)		.02			(.09	)		10.15		.23			9			.82			.92
7/31/2016		10.17		.08		.05			.13			(.08	)		10.22		1.29			13			.81			.80
7/31/2015		10.25		.08		(.08	)		—	¹⁰		(.08	)		10.17		.05			9			.80			.83
7/31/2014		10.21		.08		.04			.12			(.08	)		10.25		1.19			14			.82			.80
Class F-2:
1/31/2019^3,4		10.04		.08		.02			.10			(.08	)		10.06		1.01	⁵		180			.51	⁶		1.63	⁶
7/31/2018		10.15		.14		(.11	)		.03			(.14	)		10.04		.28			52			.54			1.37
7/31/2017		10.22		.12		(.07	)		.05			(.12	)		10.15		.49			47			.57			1.17
7/31/2016		10.17		.11		.05			.16			(.11	)		10.22		1.55			80			.56			1.06
7/31/2015		10.25		.11		(.08	)		.03			(.11	)		10.17		.29			64			.55			1.08
7/31/2014		10.21		.11		.04			.15			(.11	)		10.25		1.47			46			.54			1.07

70	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-3:
1/31/2019^3,4	$	10.04	$	.08	$	.02		$	.10	$	(.08	)	$	10.06		1.04	%⁵	$	42		.45	%⁶		1.66	%⁶
7/31/2018		10.15		.15		(.11	)		.04		(.15	)		10.04		.38			45		.44			1.45
7/31/2017^3,11		10.07		.07		.08			.15		(.07	)		10.15		1.49	⁵		77		.47	⁶		1.35	⁶
Class R-6:
1/31/2019^3,4		10.04		.08		.02			.10		(.08	)		10.06		1.05	⁵		126		.44	⁶		1.67	⁶
7/31/2018		10.15		.15		(.11	)		.04		(.15	)		10.04		.38			122		.44			1.48
7/31/2017^3,12		10.09		.05		.06			.11		(.05	)		10.15		1.20	⁵		127		.17	⁵		.51	⁵

	Six months ended January 31,		Year ended July 31
	2019^3,4,5		2018			2017			2016			2015			2014
Portfolio turnover rate for all share classes		22%		34	%		26	%		21	%		38	%		20	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for a period that is less than a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁸	Amount less than $1 million.
⁹	Class T shares began investment operations on April 7, 2017.
¹⁰	Amount less than $.01.
¹¹	Class F-3 shares began investment operations on January 27, 2017.
¹²	Class R-6 shares began investment operations on March 17, 2017.

See notes to financial statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

Limited Term Tax-Exempt Bond Fund of America

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/2019^3,4	$	15.52	$	.16	$	.07		$	.23		$	(.16	)	$	15.59		1.49	%⁵	$	2,945			.59	%⁶		2.05	%⁶
7/31/2018		15.77		.31		(.25	)		.06			(.31	)		15.52		.40			3,057			.59			2.00
7/31/2017		16.04		.32		(.27	)		.05			(.32	)		15.77		.34			3,038			.59			2.04
7/31/2016		15.92		.35		.12			.47			(.35	)		16.04		2.97			3,055			.59			2.17
7/31/2015		16.10		.38		(.18	)		.20			(.38	)		15.92		1.23			2,670			.57			2.36
7/31/2014		15.94		.40		.16			.56			(.40	)		16.10		3.56			2,615			.60			2.51
Class C:
1/31/2019^3,4		15.52		.10		.07			.17			(.10	)		15.59		1.11	⁵		20			1.33	⁶		1.31	⁶
7/31/2018		15.77		.20		(.25	)		(.05	)		(.20	)		15.52		(.34	)		20			1.34			1.26
7/31/2017		16.04		.20		(.27	)		(.07	)		(.20	)		15.77		(.40	)		25			1.33			1.30
7/31/2016		15.92		.23		.12			.35			(.23	)		16.04		2.20			30			1.33			1.43
7/31/2015		16.10		.26		(.18	)		.08			(.26	)		15.92		.47			30			1.33			1.60
7/31/2014		15.94		.28		.16			.44			(.28	)		16.10		2.80			38			1.34			1.78
Class T:
1/31/2019^3,4		15.52		.18		.07			.25			(.18	)		15.59		1.62	^5,7		—	⁸		.33	^6,7		2.31	^6,7
7/31/2018		15.77		.36		(.25	)		.11			(.36	)		15.52		.68	⁷		—	⁸		.33	⁷		2.26	⁷
7/31/2017^3,9		15.68		.12		.09			.21			(.12	)		15.77		1.32	^5,7		—	⁸		.10	^5,7		.74	^5,7
Class F-1:
1/31/2019^3,4		15.52		.15		.07			.22			(.15	)		15.59		1.44	⁵		57			.68	⁶		1.96	⁶
7/31/2018		15.77		.30		(.25	)		.05			(.30	)		15.52		.33			64			.66			1.93
7/31/2017		16.04		.31		(.27	)		.04			(.31	)		15.77		.26			83			.67			1.96
7/31/2016		15.92		.33		.12			.45			(.33	)		16.04		2.88			90			.67			2.09
7/31/2015		16.10		.36		(.18	)		.18			(.36	)		15.92		1.13			84			.67			2.27
7/31/2014		15.94		.39		.16			.55			(.39	)		16.10		3.49			105			.67			2.45

72	American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of America

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/2019^3,4	$	15.52	$	.17	$	.07		$	.24	$	(.17	)	$	15.59		1.58	%⁵	$	451		.40	%⁶		2.24	%⁶
7/31/2018		15.77		.34		(.25	)		.09		(.34	)		15.52		.58			353		.41			2.18
7/31/2017		16.04		.35		(.27	)		.08		(.35	)		15.77		.51			309		.42			2.22
7/31/2016		15.92		.38		.12			.50		(.38	)		16.04		3.15			291		.41			2.34
7/31/2015		16.10		.40		(.18	)		.22		(.40	)		15.92		1.39			208		.41			2.52
7/31/2014		15.94		.43		.16			.59		(.43	)		16.10		3.75			183		.42			2.69
Class F-3:
1/31/2019^3,4		15.52		.18		.07			.25		(.18	)		15.59		1.64	⁵		246		.30	⁶		2.34	⁶
7/31/2018		15.77		.36		(.25	)		.11		(.36	)		15.52		.70			187		.30			2.29
7/31/2017^3,10		15.59		.19		.18			.37		(.19	)		15.77		2.37	⁵		112		.30	⁶		2.36	⁶
Class R-6:
1/31/2019^3,4		15.52		.18		.07			.25		(.18	)		15.59		1.64	⁵		293		.30	⁶		2.34	⁶
7/31/2018		15.77		.36		(.25	)		.11		(.36	)		15.52		.70			284		.30			2.29
7/31/2017		16.04		.37		(.27	)		.10		(.37	)		15.77		.63			296		.30			2.33
7/31/2016		15.92		.39		.12			.51		(.39	)		16.04		3.26			284		.30			2.45
7/31/2015		16.10		.42		(.18	)		.24		(.42	)		15.92		1.50			190		.31			2.62
7/31/2014		15.94		.45		.16			.61		(.45	)		16.10		3.86			133		.31			2.80

	Six months ended
	January 31,			Year ended July 31
	2019^3,4,5			2018			2017			2016			2015			2014
Portfolio turnover rate for all share classes		18	%		28	%		27	%		16	%		19	%		9	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for a period that is less than a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁸	Amount less than $1 million.
⁹	Class T shares began investment operations on April 7, 2017.
¹⁰	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

The Tax-Exempt Bond Fund of America

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/2019^3,4	$	12.81	$	.19	$	.02		$	.21		$	(.19	)	$	12.83		1.63	%⁵	$	9,925			.53	%⁶		2.91	%⁶
7/31/2018		12.98		.38		(.17	)		.21			(.38	)		12.81		1.60			10,102			.53			2.91
7/31/2017		13.40		.40		(.42	)		(.02	)		(.40	)		12.98		(.09	)		9,692			.53			3.12
7/31/2016		12.96		.41		.44			.85			(.41	)		13.40		6.69			9,510			.54			3.15
7/31/2015		12.92		.42		.04			.46			(.42	)		12.96		3.62			7,385			.54			3.28
7/31/2014		12.44		.45		.48			.93			(.45	)		12.92		7.60			6,772			.56			3.57
Class C:
1/31/2019^3,4		12.81		.13		.02			.15			(.13	)		12.83		1.22	⁵		398			1.32	⁶		2.12	⁶
7/31/2018		12.98		.27		(.17	)		.10			(.27	)		12.81		.80			432			1.32			2.12
7/31/2017		13.40		.30		(.42	)		(.12	)		(.30	)		12.98		(.88	)		474			1.32			2.33
7/31/2016		12.96		.31		.44			.75			(.31	)		13.40		5.85			517			1.33			2.35
7/31/2015		12.92		.32		.04			.36			(.32	)		12.96		2.80			349			1.33			2.50
7/31/2014		12.44		.35		.48			.83			(.35	)		12.92		6.75			325			1.35			2.79
Class T:
1/31/2019^3,4		12.81		.20		.02			.22			(.20	)		12.83		1.73	^5,7		—	⁸		.33	^6,7		3.11	^6,7
7/31/2018		12.98		.40		(.17	)		.23			(.40	)		12.81		1.83	⁷		—	⁸		.32	⁷		3.12	⁷
7/31/2017^3,9		12.85		.14		.13			.27			(.14	)		12.98		2.07	^5,7		—	⁸		.10	^5,7		1.06	^5,7
Class F-1:
1/31/2019^3,4		12.81		.18		.02			.20			(.18	)		12.83		1.55	⁵		330			.66	⁶		2.77	⁶
7/31/2018		12.98		.36		(.17	)		.19			(.36	)		12.81		1.48			370			.65			2.80
7/31/2017		13.40		.39		(.43	)		(.04	)		(.38	)		12.98		(.22	)		461			.66			2.99
7/31/2016		12.96		.39		.44			.83			(.39	)		13.40		6.53			518			.67			3.04
7/31/2015		12.92		.41		.04			.45			(.41	)		12.96		3.49			1,474			.67			3.16
7/31/2014		12.44		.43		.48			.91			(.43	)		12.92		7.46			1,389			.68			3.46

74	American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/2019^3,4	$	12.81	$	.19	$	.02		$	.21		$	(.19	)	$	12.83		1.69	%⁵	$	2,306		.40	%⁶		3.04	%⁶
7/31/2018		12.98		.39		(.17	)		.22			(.39	)		12.81		1.74			2,177		.39			3.05
7/31/2017		13.40		.42		(.42	)		—	¹⁰		(.42	)		12.98		.03			1,909		.41			3.24
7/31/2016		12.96		.43		.44			.87			(.43	)		13.40		6.84			2,879		.40			3.26
7/31/2015		12.92		.44		.04			.48			(.44	)		12.96		3.76			990		.41			3.42
7/31/2014		12.44		.46		.48			.94			(.46	)		12.92		7.74			662		.42			3.70
Class F-3:
1/31/2019^3,4		12.81		.20		.02			.22			(.20	)		12.83		1.75	⁵		5,488		.29	⁶		3.15	⁶
7/31/2018		12.98		.41		(.17	)		.24			(.41	)		12.81		1.84			5,397		.28			3.11
7/31/2017^3,11		12.75		.22		.23			.45			(.22	)		12.98		3.54	⁵		1,555		.29	⁶		3.34	⁶
Class R-6:
1/31/2019^3,4		12.81		.20		.02			.22			(.20	)		12.83		1.75	⁵		581		.29	⁶		3.15	⁶
7/31/2018		12.98		.41		(.17	)		.24			(.41	)		12.81		1.85			550		.28			3.15
7/31/2017		13.40		.44		(.43	)		.01			(.43	)		12.98		.15			380		.29			3.36
7/31/2016		12.96		.44		.44			.88			(.44	)		13.40		6.95			391		.29			3.39
7/31/2015		12.92		.46		.04			.50			(.46	)		12.96		3.86			270		.30			3.52
7/31/2014		12.44		.48		.48			.96			(.48	)		12.92		7.86			165		.31			3.81

	Six months ended
	January 31,		Year ended July 31
	2019^3,4,5		2018			2017			2016			2015			2014
Portfolio turnover rate for all share classes		12%		17	%		20	%		13	%		14	%		10	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for a period that is less than a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁸	Amount less than $1 million.
⁹	Class T shares began investment operations on April 7, 2017.
¹⁰	Amount less than $.01.
¹¹	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

American High-Income Municipal Bond Fund

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/2019^3,4	$	15.78	$	.29	$	(.10	)	$	.19		$	(.29	)	$	15.68		1.21	%⁵	$	4,125			.71	%⁶		3.71	%⁶
7/31/2018		15.73		.59		.04			.63			(.58	)		15.78		4.05			4,062			.68			3.72
7/31/2017		16.21		.60		(.49	)		.11			(.59	)		15.73		.76			3,645			.67			3.86
7/31/2016		15.40		.63		.79			1.42			(.61	)		16.21		9.45			3,519			.67			4.02
7/31/2015		15.22		.64		.17			.81			(.63	)		15.40		5.34			2,700			.68			4.13
7/31/2014		14.48		.68		.73			1.41			(.67	)		15.22		9.99			2,357			.68			4.59
Class C:
1/31/2019^3,4		15.78		.23		(.10	)		.13			(.23	)		15.68		.83	⁵		227			1.45	⁶		2.97	⁶
7/31/2018		15.73		.47		.04			.51			(.46	)		15.78		3.29			227			1.43			2.97
7/31/2017		16.21		.48		(.49	)		(.01	)		(.47	)		15.73		.00			229			1.43			3.10
7/31/2016		15.40		.52		.79			1.31			(.50	)		16.21		8.62			247			1.43			3.26
7/31/2015		15.22		.52		.17			.69			(.51	)		15.40		4.55			182			1.44			3.37
7/31/2014		14.48		.56		.73			1.29			(.55	)		15.22		9.12			161			1.48			3.80
Class T:
1/31/2019^3,4		15.78		.31		(.10	)		.21			(.31	)		15.68		1.34	^5,7		—	⁸		.45	^6,7		3.97	^6,7
7/31/2018		15.73		.63		.04			.67			(.62	)		15.78		4.34	⁷		—	⁸		.43	⁷		3.98	⁷
7/31/2017^3,9		15.50		.20		.23			.43			(.20	)		15.73		2.77	^5,7		—	⁸		.12	^5,7		1.28	^5,7
Class F-1:
1/31/2019^3,4		15.78		.28		(.10	)		.18			(.28	)		15.68		1.18	⁵		172			.78	⁶		3.63	⁶
7/31/2018		15.73		.58		.04			.62			(.57	)		15.78		3.99			208			.75			3.65
7/31/2017		16.21		.59		(.49	)		.10			(.58	)		15.73		.68			234			.75			3.77
7/31/2016		15.40		.62		.79			1.41			(.60	)		16.21		9.37			282			.74			3.95
7/31/2015		15.22		.62		.17			.79			(.61	)		15.40		5.27			207			.75			4.06
7/31/2014		14.48		.66		.73			1.39			(.65	)		15.22		9.87			178			.79			4.49

76	American Funds Tax-Exempt Funds

American High-Income Municipal Bond Fund

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/2019^3,4	$	15.78	$	.30	$	(.10	)	$	.20	$	(.30	)	$	15.68		1.31	%⁵	$	952		.52	%⁶		3.91	%⁶
7/31/2018		15.73		.62		.04			.66		(.61	)		15.78		4.26			798		.49			3.91
7/31/2017		16.21		.63		(.49	)		.14		(.62	)		15.73		.93			605		.50			4.05
7/31/2016		15.40		.66		.79			1.45		(.64	)		16.21		9.65			775		.48			4.18
7/31/2015		15.22		.66		.17			.83		(.65	)		15.40		5.53			321		.49			4.32
7/31/2014		14.48		.70		.73			1.43		(.69	)		15.22		10.15			223		.53			4.71
Class F-3:
1/31/2019^3,4		15.78		.31		(.10	)		.21		(.31	)		15.68		1.36	⁵		714		.41	⁶		4.01	⁶
7/31/2018		15.73		.64		.04			.68		(.63	)		15.78		4.37			646		.38			4.02
7/31/2017^3,10		15.30		.32		.43			.75		(.32	)		15.73		4.96	⁵		421		.37	⁶		4.04	⁶
Class R-6:
1/31/2019^3,4		15.78		.31		(.10	)		.21		(.31	)		15.68		1.37	⁵		581		.41	⁶		4.02	⁶
7/31/2018		15.73		.64		.04			.68		(.63	)		15.78		4.37			550		.38			4.02
7/31/2017		16.21		.64		(.49	)		.15		(.63	)		15.73		1.05			380		.38			4.16
7/31/2016		15.40		.68		.79			1.47		(.66	)		16.21		9.76			269		.38			4.31
7/31/2015		15.22		.68		.17			.85		(.67	)		15.40		5.64			188		.39			4.42
7/31/2014		14.48		.72		.73			1.45		(.71	)		15.22		10.27			108		.42			4.82

	Six months ended January 31,		Year ended July 31
	2019^3,4,5		2018			2017			2016			2015			2014
Portfolio turnover rate for all share classes		12%		24	%		30	%		21	%		23	%	24	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for a period that is less than a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁸	Amount less than $1 million.
⁹	Class T shares began investment operations on April 7, 2017.
¹⁰	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

The Tax-Exempt Fund of California

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income to average net assets
Class A:
1/31/2019^3,4	$	17.43	$	.26	$	(.01	)	$	.25		$	(.26	)	$	17.42		1.43	%⁵	$	1,626			.60	%⁶		2.95	%⁶
7/31/2018		17.63		.51		(.20	)		.31			(.51	)		17.43		1.77			1,678			.61			2.90
7/31/2017		18.21		.54		(.59	)		(.05	)		(.53	)		17.63		(.22	)		1,641			.60			3.05
7/31/2016		17.62		.57		.58			1.15			(.56	)		18.21		6.65			1,678			.60			3.17
7/31/2015		17.52		.60		.09			.69			(.59	)		17.62		3.98			1,386			.62			3.38
7/31/2014		16.72		.63		.80			1.43			(.63	)		17.52		8.72			1,265			.63			3.72
Class C:
1/31/2019^3,4		17.43		.19		(.01	)		.18			(.19	)		17.42		1.03	⁵		66			1.39	⁶		2.16	⁶
7/31/2018		17.63		.37		(.20	)		.17			(.37	)		17.43		.97			71			1.40			2.11
7/31/2017		18.21		.40		(.59	)		(.19	)		(.39	)		17.63		(1.00	)		83			1.39			2.26
7/31/2016		17.62		.43		.58			1.01			(.42	)		18.21		5.82			97			1.39			2.38
7/31/2015		17.52		.46		.09			.55			(.45	)		17.62		3.16			78			1.40			2.59
7/31/2014		16.72		.50		.80			1.30			(.50	)		17.52		7.87			76			1.42			2.94
Class T:
1/31/2019^3,4		17.43		.27		(.01	)		.26			(.27	)		17.42		1.53	^5,7		—	⁸		.39	^6,7		3.16	^6,7
7/31/2018		17.63		.54		(.20	)		.34			(.54	)		17.43		1.98	⁷		—	⁸		.40	⁷		3.10	⁷
7/31/2017^3,9		17.42		.18		.21			.39			(.18	)		17.63		2.24	^5,7		—	⁸		.12	^5,7		1.02	^5,7
Class F-1:
1/31/2019^3,4		17.43		.24		(.01	)		.23			(.24	)		17.42		1.36	⁵		69			.74	⁶		2.82	⁶
7/31/2018		17.63		.49		(.20	)		.29			(.49	)		17.43		1.64			75			.73			2.77
7/31/2017		18.21		.51		(.58	)		(.07	)		(.51	)		17.63		(.35	)		76			.73			2.93
7/31/2016		17.62		.55		.58			1.13			(.54	)		18.21		6.52			83			.73			3.04
7/31/2015		17.52		.58		.09			.67			(.57	)		17.62		3.85			63			.74			3.26
7/31/2014		16.72		.61		.80			1.41			(.61	)		17.52		8.59			65			.76			3.60

78	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income to average net assets
Class F-2:
1/31/2019^3,4	$	17.43	$	.27	$	(.01	)	$	.26		$	(.27	)	$	17.42		1.49	%⁵	$	356		.47	%⁶		3.09	%⁶
7/31/2018		17.63		.53		(.20	)		.33			(.53	)		17.43		1.89			257		.48			3.03
7/31/2017		18.21		.56		(.59	)		(.03	)		(.55	)		17.63		(.09	)		200		.48			3.18
7/31/2016		17.62		.60		.58			1.18			(.59	)		18.21		6.79			213		.48			3.29
7/31/2015		17.52		.62		.09			.71			(.61	)		17.62		4.10			134		.49			3.51
7/31/2014		16.72		.65		.80			1.45			(.65	)		17.52		8.85			110		.51			3.84
Class F-3:
1/31/2019^3,4		17.43		.28		(.01	)		.27			(.28	)		17.42		1.55	⁵		178		.37	⁶		3.18	⁶
7/31/2018		17.63		.55		(.20	)		.35			(.55	)		17.43		2.01			174		.37			3.13
7/31/2017^3,10		17.27		.29		.36			.65			(.29	)		17.63		3.79	⁵		124		.38	⁶		3.25	⁶

	Six months ended January 31,		Year ended July 31
	2019^3,4,5		2018			2017			2016			2015			2014
Portfolio turnover rate for all share classes		14%		14	%		21	%		11	%		17	%	8	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for a period that is less than a full year.
⁴	Unaudited.
⁵	Not annualized.
⁶	Annualized.
⁷	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁸	Amount less than $1 million.
⁹	Class T shares began investment operations on April 7, 2017.
¹⁰	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements

American Funds Tax-Exempt Funds

Financial highlights (continued)

American Funds Tax-Exempt Fund of New York

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements³			Ratio of net income to average net assets³
Class A:
1/31/2019^4,5	$	10.61	$	.14	$	.01		$	.15		$	(.14	)	$	10.62		1.40	%^6,7	$	178			.70	%^7,8		.70	%^7,8		2.60	%^7,8
7/31/2018		10.80		.27		(.19	)		.08			(.27	)		10.61		.75	⁷		183			.72	⁷		.69	⁷		2.52	⁷
7/31/2017		11.12		.27		(.32	)		(.05	)		(.27	)		10.80		(.39	)⁷		169			.74	⁷		.69	⁷		2.55	⁷
7/31/2016		10.66		.28		.45			.73			(.27	)		11.12		6.95	⁷		161			.72	⁷		.69	⁷		2.54	⁷
7/31/2015		10.58		.32		.07			.39			(.31	)		10.66		3.65	⁷		124			.72	⁷		.67	⁷		2.91	⁷
7/31/2014		10.21		.31		.37			.68			(.31	)		10.58		6.83	⁷		102			.73	⁷		.63	⁷		3.07	⁷
Class C:
1/31/2019^4,5		10.61		.10		.01			.11			(.10	)		10.62		1.00	⁶		11			1.49	⁸		1.49	⁸		1.81	⁸
7/31/2018		10.80		.19		(.19	)		—	⁹		(.19	)		10.61		(.04	)		12			1.52			1.48			1.73
7/31/2017		11.12		.19		(.32	)		(.13	)		(.19	)		10.80		(1.17	)		12			1.52			1.48			1.76
7/31/2016		10.66		.20		.45			.65			(.19	)		11.12		6.11			14			1.51			1.48			1.75
7/31/2015		10.58		.23		.07			.30			(.22	)		10.66		2.79			10			1.56			1.50			2.07
7/31/2014		10.21		.22		.37			.59			(.22	)		10.58		5.89			8			1.60			1.51			2.19
Class T:
1/31/2019^4,5		10.61		.15		.01			.16			(.15	)		10.62		1.50	^6,7		—	¹⁰		.50	^7,8		.50	^7,8		2.78	^7,8
7/31/2018		10.80		.29		(.19	)		.10			(.29	)		10.61		.98	⁷		—	¹⁰		.52	⁷		.48	⁷		2.73	⁷
7/31/2017^4,11		10.68		.09		.13			.22			(.10	)		10.80		2.02	^6,7		—	¹⁰		.19	^6,7		.15	^6,7		.87	^6,7
Class F-1:
1/31/2019^4,5		10.61		.13		.01			.14			(.13	)		10.62		1.37	^6,7		2			.76	^7,8		.76	^7,8		2.54	^7,8
7/31/2018		10.80		.26		(.19	)		.07			(.26	)		10.61		.69	⁷		2			.79	⁷		.75	⁷		2.45	⁷
7/31/2017		11.12		.27		(.32	)		(.05	)		(.27	)		10.80		(.38	)⁷		3			.73	⁷		.68	⁷		2.56	⁷
7/31/2016		10.66		.29		.45			.74			(.28	)		11.12		7.02	⁷		2			.65	⁷		.62	⁷		2.61	⁷
7/31/2015		10.58		.31		.07			.38			(.30	)		10.66		3.58	⁷		2			.80	⁷		.74	⁷		2.83	⁷
7/31/2014		10.21		.31		.37			.68			(.31	)		10.58		6.77	⁷		1			.77	⁷		.68	⁷		3.03	⁷


80	American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New York

			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements³			Ratio of net income to average net assets³
Class F-2:
1/31/2019^4,5	$	10.61	$	.14	$	.01		$	.15		$	(.14	)	$	10.62		1.48	%⁶	$	27		.56	%⁸		.56	%⁸		2.74	%⁸
7/31/2018		10.80		.29		(.19	)		.10			(.29	)		10.61		.89			16		.59			.54			2.67
7/31/2017		11.12		.29		(.32	)		(.03	)		(.29	)		10.80		(.26	)		11		.58			.56			2.68
7/31/2016		10.66		.30		.45			.75			(.29	)		11.12		7.10			31		.58			.55			2.68
7/31/2015		10.58		.33		.07			.40			(.32	)		10.66		3.77			20		.61			.56			3.02
7/31/2014		10.21		.32		.37			.69			(.32	)		10.58		6.89			16		.66			.57			3.13
Class F-3:
1/31/2019^4,5		10.61		.15		.01			.16			(.15	)		10.62		1.52	⁶		29		.46	⁸		.46	⁸		2.84	⁸
7/31/2018		10.80		.30		(.19	)		.11			(.30	)		10.61		1.00			26		.48			.44			2.78
7/31/2017^4,12		10.58		.15		.22			.37			(.15	)		10.80		3.54	⁶		16		.58	⁸		.45	⁸		2.79	⁸


	Six months ended January 31,		Year ended July 31
	2019^4,5,6			2018		2017		2016		2015		2014
Portfolio turnover rate for all share classes		10%		21	%	27	%	14	%	42	%	25	%


¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	This column reflects the impact, if any, of certain reimbursements from CRMC. During the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses.
⁴	Based on operations for a period that is less than a full year.
⁵	Unaudited.
⁶	Not annualized.
⁷	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁸	Annualized.
⁹	Amount less than $.01.
¹⁰	Amount less than $1 million.
¹¹	Class T shares began investment operations on April 7, 2017.
¹²	Class F-3 shares began investment operations on January 27, 2017.

See notes to financial statements

American Funds Tax-Exempt Funds

Expense example

unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (August 1, 2018, through January 31, 2019).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

Note that the expenses shown in the table on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

82	American Funds Tax-Exempt Funds

American Funds Short-Term Tax-Exempt Bond Fund

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2018		1/31/2019		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,009.72	$	2.99		.59	%
Class A – assumed 5% return		1,000.00		1,022.23		3.01		.59
Class T – actual return		1,000.00		1,010.23		2.43		.48
Class T – assumed 5% return		1,000.00		1,022.79		2.45		.48
Class F-1 – actual return		1,000.00		1,008.48		4.20		.83
Class F-1 – assumed 5% return		1,000.00		1,021.02		4.23		.83
Class F-2 – actual return		1,000.00		1,010.06		2.58		.51
Class F-2 – assumed 5% return		1,000.00		1,022.63		2.60		.51
Class F-3 – actual return		1,000.00		1,010.44		2.28		.45
Class F-3 – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class R-6 – actual return		1,000.00		1,010.46		2.23		.44
Class R-6 – assumed 5% return		1,000.00		1,022.99		2.24		.44

Limited Term Tax-Exempt Bond Fund of America

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2018		1/31/2019		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,014.86	$	3.00		.59	%
Class A – assumed 5% return		1,000.00		1,022.23		3.01		.59
Class C – actual return		1,000.00		1,011.12		6.74		1.33
Class C – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class T – actual return		1,000.00		1,016.22		1.68		.33
Class T – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class F-1 – actual return		1,000.00		1,014.43		3.45		.68
Class F-1 – assumed 5% return		1,000.00		1,021.78		3.47		.68
Class F-2 – actual return		1,000.00		1,015.83		2.03		.40
Class F-2 – assumed 5% return		1,000.00		1,023.19		2.04		.40
Class F-3 – actual return		1,000.00		1,016.36		1.52		.30
Class F-3 – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class R-6 – actual return		1,000.00		1,016.41		1.52		.30
Class R-6 – assumed 5% return		1,000.00		1,023.69		1.53		.30

See end of tables for footnote.

American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of America

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2018		1/31/2019		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,016.25	$	2.69		.53	%
Class A – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class C – actual return		1,000.00		1,012.20		6.69		1.32
Class C – assumed 5% return		1,000.00		1,018.55		6.72		1.32
Class T – actual return		1,000.00		1,017.25		1.68		.33
Class T – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class F-1 – actual return		1,000.00		1,015.53		3.35		.66
Class F-1 – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class F-2 – actual return		1,000.00		1,016.92		2.03		.40
Class F-2 – assumed 5% return		1,000.00		1,023.19		2.04		.40
Class F-3 – actual return		1,000.00		1,017.50		1.47		.29
Class F-3 – assumed 5% return		1,000.00		1,023.74		1.48		.29
Class R-6 – actual return		1,000.00		1,017.50		1.47		.29
Class R-6 – assumed 5% return		1,000.00		1,023.74		1.48		.29

American High-Income Municipal Bond Fund

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2018		1/31/2019		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,012.11	$	3.60		.71	%
Class A – assumed 5% return		1,000.00		1,021.63		3.62		.71
Class C – actual return		1,000.00		1,008.35		7.34		1.45
Class C – assumed 5% return		1,000.00		1,017.90		7.37		1.45
Class T – actual return		1,000.00		1,013.43		2.28		.45
Class T – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class F-1 – actual return		1,000.00		1,011.75		3.96		.78
Class F-1 – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class F-2 – actual return		1,000.00		1,013.10		2.64		.52
Class F-2 – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class F-3 – actual return		1,000.00		1,013.65		2.08		.41
Class F-3 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class R-6 – actual return		1,000.00		1,013.66		2.08		.41
Class R-6 – assumed 5% return		1,000.00		1,023.14		2.09		.41

84	American Funds Tax-Exempt Funds

The Tax-Exempt Fund of California

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2018		1/31/2019		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,014.26	$	3.05		.60	%
Class A – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class C – actual return		1,000.00		1,010.29		7.04		1.39
Class C – assumed 5% return		1,000.00		1,018.20		7.07		1.39
Class T – actual return		1,000.00		1,015.34		1.98		.39
Class T – assumed 5% return		1,000.00		1,023.24		1.99		.39
Class F-1 – actual return		1,000.00		1,013.60		3.76		.74
Class F-1 – assumed 5% return		1,000.00		1,021.48		3.77		.74
Class F-2 – actual return		1,000.00		1,014.94		2.39		.47
Class F-2 – assumed 5% return		1,000.00		1,022.84		2.40		.47
Class F-3 – actual return		1,000.00		1,015.48		1.88		.37
Class F-3 – assumed 5% return		1,000.00		1,023.34		1.89		.37

American Funds Tax-Exempt Fund of New York

	Beginning		Ending
	account value		account value		Expenses paid		Annualized
	8/1/2018		1/31/2019		during period*		expense ratio
Class A – actual return	$	1,000.00	$	1,014.03	$	3.55		.70	%
Class A – assumed 5% return		1,000.00		1,021.68		3.57		.70
Class C – actual return		1,000.00		1,010.03		7.55		1.49
Class C – assumed 5% return		1,000.00		1,017.69		7.58		1.49
Class T – actual return		1,000.00		1,015.02		2.54		.50
Class T – assumed 5% return		1,000.00		1,022.68		2.55		.50
Class F-1 – actual return		1,000.00		1,013.73		3.86		.76
Class F-1 – assumed 5% return		1,000.00		1,021.37		3.87		.76
Class F-2 – actual return		1,000.00		1,014.75		2.84		.56
Class F-2 – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class F-3 – actual return		1,000.00		1,015.24		2.34		.46
Class F-3 – assumed 5% return		1,000.00		1,022.89		2.35		.46

*	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

American Funds Tax-Exempt Funds

Results of special meeting of shareholders

American Funds Short-Term Tax-Exempt Bond Fund

Held November 28, 2018

Shares outstanding (all classes) on August 31, 2018 (record date)

96,716,931

Total shares voting on November 28, 2018

81,585,324 (84.4% of shares outstanding)

The proposal: to elect board members

			Percent					Percent
			of shares			Votes		of shares
	Votes for		voting for			withheld		withheld
William H. Baribault		80,418,130		98.6	%		1,167,194		1.4	%
James G. Ellis		80,071,450		98.1			1,513,874		1.9
Nariman Farvardin		79,838,650		97.9			1,746,674		2.1
Michael C. Gitlin		80,355,811		98.5			1,229,513		1.5
Mary Davis Holt		80,530,275		98.7			1,055,049		1.3
R. Clark Hooper		79,695,716		97.7			1,889,608		2.3
Merit E. Janow		79,247,410		97.1			2,337,914		2.9
Laurel B. Mitchell		80,430,986		98.6			1,154,338		1.4
Margaret Spellings		79,961,760		98.0			1,623,564		2.0
Alexandra Trower		80,486,713		98.7			1,098,611		1.3
Karl J. Zeile		80,420,982		98.6			1,164,342		1.4

86	American Funds Tax-Exempt Funds

Results of special meeting of shareholders

Limited Term Tax-Exempt Bond Fund of America

Held November 28, 2018

Shares outstanding (all classes) on August 31, 2018 (record date)

249,483,455

Total shares voting on November 28, 2018

225,836,342 (90.5% of shares outstanding)

The proposal: to elect board members

			Percent					Percent
			of shares			Votes		of shares
	Votes for		voting for			withheld		withheld
William H. Baribault		222,187,368		98.4	%		3,648,974		1.6	%
James G. Ellis		222,072,696		98.3			3,763,646		1.7
Nariman Farvardin		221,942,473		98.3			3,893,869		1.7
Michael C. Gitlin		222,272,946		98.4			3,563,396		1.6
Mary Davis Holt		222,419,450		98.5			3,416,892		1.5
R. Clark Hooper		222,009,715		98.3			3,826,627		1.7
Merit E. Janow		222,314,200		98.4			3,522,142		1.6
Laurel B. Mitchell		222,371,331		98.5			3,465,011		1.5
Margaret Spellings		222,354,513		98.5			3,481,829		1.5
Alexandra Trower		222,520,335		98.5			3,316,007		1.5
Karl J. Zeile		222,226,786		98.4			3,609,556		1.6

American Funds Tax-Exempt Funds

Results of special meeting of shareholders

The Tax-Exempt Bond Fund of America

Held November 28, 2018

Shares outstanding (all classes) on August 31, 2018 (record date)

1,492,900,515

Total shares voting on November 28, 2018

1,356,001,587 (90.8% of shares outstanding)

The proposal: to elect board members

			Percent					Percent
			of shares			Votes		of shares
	Votes for		voting for			withheld		withheld
William H. Baribault		1,336,135,312		98.5	%		19,866,275		1.5	%
James G. Ellis		1,336,430,669		98.6			19,570,918		1.4
Nariman Farvardin		1,336,617,020		98.6			19,384,567		1.4
Michael C. Gitlin		1,337,796,117		98.7			18,205,470		1.3
Mary Davis Holt		1,338,554,381		98.7			17,447,206		1.3
R. Clark Hooper		1,336,303,287		98.5			19,698,300		1.5
Merit E. Janow		1,336,970,182		98.6			19,031,405		1.4
Laurel B. Mitchell		1,338,659,475		98.7			17,342,112		1.3
Margaret Spellings		1,337,923,312		98.7			18,078,275		1.3
Alexandra Trower		1,338,654,203		98.7			17,347,384		1.3
Karl J. Zeile		1,337,720,703		98.7			18,280,884		1.3

88	American Funds Tax-Exempt Funds

Results of special meeting of shareholders

American High-Income Municipal Bond Fund

Held November 28, 2018

Shares outstanding (all classes) on August 31, 2018 (record date)

416,325,891

Total shares voting on November 28, 2018

375,527,633 (90.2% of shares outstanding)

The proposal: to elect board members

			Percent					Percent
			of shares			Votes		of shares
	Votes for		voting for			withheld		withheld
William H. Baribault		368,897,945		98.2	%		6,629,688		1.8	%
James G. Ellis		368,024,759		98.0			7,502,874		2.0
Nariman Farvardin		369,540,504		98.4			5,987,129		1.6
Michael C. Gitlin		369,815,819		98.5			5,711,814		1.5
Mary Davis Holt		369,821,820		98.5			5,705,813		1.5
R. Clark Hooper		368,297,573		98.1			7,230,060		1.9
Merit E. Janow		369,056,829		98.3			6,470,804		1.7
Laurel B. Mitchell		369,886,084		98.5			5,641,549		1.5
Margaret Spellings		369,943,697		98.5			5,583,936		1.5
Alexandra Trower		369,531,355		98.4			5,996,278		1.6
Karl J. Zeile		369,623,993		98.4			5,903,640		1.6

American Funds Tax-Exempt Funds

Results of special meeting of shareholders

The Tax-Exempt Fund of California

Held November 28, 2018

Shares outstanding (all classes) on August 31, 2018 (record date)

130,046,199

Total shares voting on November 28, 2018

100,980,889 (77.7% of shares outstanding)

The proposal: to elect board members

			Percent					Percent
			of shares			Votes		of shares
	Votes for		voting for			withheld		withheld
William H. Baribault		99,626,521		98.7	%		1,354,368		1.3	%
James G. Ellis		99,665,947		98.7			1,314,942		1.3
Nariman Farvardin		99,690,719		98.7			1,290,170		1.3
Michael C. Gitlin		99,902,740		98.9			1,078,149		1.1
Mary Davis Holt		99,866,857		98.9			1,114,032		1.1
R. Clark Hooper		99,392,867		98.4			1,588,022		1.6
Merit E. Janow		99,436,539		98.5			1,544,350		1.5
Laurel B. Mitchell		99,857,990		98.9			1,122,899		1.1
Margaret Spellings		99,730,058		98.8			1,250,831		1.2
Alexandra Trower		99,845,500		98.9			1,135,389		1.1
Karl J. Zeile		99,464,715		98.5			1,516,174		1.5

90	American Funds Tax-Exempt Funds

Results of special meeting of shareholders

American Funds Tax-Exempt Fund of New York

Held November 28, 2018

Shares outstanding (all classes) on August 31, 2018 (record date)

22,698,177

Total shares voting on November 28, 2018

14,724,985 (64.9% of shares outstanding)

The proposal: to elect board members

			Percent					Percent
			of shares			Votes		of shares
	Votes for		voting for			withheld		withheld
William H. Baribault		14,197,507		96.4	%		527,478		3.6	%
James G. Ellis		14,243,161		96.7			481,824		3.3
Nariman Farvardin		14,243,161		96.7			481,824		3.3
Michael C. Gitlin		14,244,418		96.7			480,567		3.3
Mary Davis Holt		14,259,249		96.8			465,736		3.2
R. Clark Hooper		14,201,678		96.4			523,307		3.6
Merit E. Janow		14,243,161		96.7			481,824		3.3
Laurel B. Mitchell		14,259,249		96.8			465,736		3.2
Margaret Spellings		14,212,033		96.5			512,952		3.5
Alexandra Trower		14,259,249		96.8			465,736		3.2
Karl J. Zeile		14,238,990		96.7			485,995		3.3

American Funds Tax-Exempt Funds

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92	American Funds Tax-Exempt Funds

Offices of the funds and of the investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

6455 Irvine Center Drive

Irvine, CA 92618-4518

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address near you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Counsel

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

Custodians of assets

Bank of New York Mellon

One Wall Street

New York, NY 10286

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

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

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

Complete January 31, 2019, portfolios of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York’s investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).

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

This report is for the information of shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the funds. If used as sales material after March 31, 2019, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

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

Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2019 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

The Capital Advantage^®

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

	Aligned with investor success
	We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment experience, including 20 years at our company, reflecting a career commitment to our long-term approach.¹

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

	American Funds’ superior long-term track record
	Equity funds have beaten their Lipper peer indexes in 92% of 10-year periods and 99% of 20-year periods. Fixed income funds have beaten their Lipper indexes in 75% of 10-year periods and 80% of 20-year periods.²Fund management fees have been among the lowest in the industry.³

	¹	Portfolio manager experience as of December 31, 2018.
	²	Based on Class F-2 share results for rolling periods through December 31, 2018. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary. Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on Class A share results without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Please see americanfunds.com for more information on specific expense adjustments and the actual dates of first sale.
	³	On average, our management fees were in the lowest quintile 70% of the time, based on the 20-year period ended December 31, 2018, versus comparable Lipper categories, excluding funds of funds.

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

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

The Tax-Exempt Fund of California®

Investment portfolio

January 31, 2019

unaudited

Bonds, notes & other debt instruments 95.82% California 94.86% State issuers 36.20%	Principal amount (000)	Value (000)
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 4.00% 2034	$2,000	$2,123
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 4.00% 2035	2,000	2,115
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 4.00% 2049 (put 2021)	5,000	5,228
Trustees of the California State University, Systemwide Rev. Ref. Bonds, Series 2012-A, 5.00% 2027	3,000	3,367
Econ. Recovery Rev. Ref. Bonds, Series 2009-A, 5.25% 2021 (preref. 2019)	1,185	1,203
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2032	950	1,110
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2034	760	879
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2035	1,300	1,495
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2036	1,000	1,144
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2037	1,265	1,440
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2038	1,140	1,291
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 2044	4,000	4,474
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2017-B, 4.00% 2047	10,575	10,663
Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 5.00% 2021 (preref. 2020)	1,625	1,690
Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 6.00% 2040 (preref. 2020)	2,000	2,103
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2018-A, 5.00% 2043	1,000	1,135
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2018-A, 5.00% 2053	3,985	4,475
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2026	3,000	3,211
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2031	8,615	9,198
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2015, 5.00% 2032	2,500	2,850
Educational Facs. Auth., Rev. Ref. Bonds (Loyola Marymount University), Series 2001-A, National insured, 0% 2033	2,000	1,201
Educational Facs. Auth., Rev. Ref. Bonds (Occidental College), Series 2013-A, 5.00% 2029	3,265	3,714
Educational Facs. Auth., Rev. Ref. Bonds (University of Redlands), Series 2014-A, 5.00% 2026	1,035	1,204
Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2015, 5.00% 2030	1,000	1,161
Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2015, 5.00% 2032	2,500	2,884
G.O. Bonds, Series 2009, 6.00% 2038	4,520	4,550
G.O. Bonds, Series 2009, 6.00% 2038 (preref. 2019)	4,035	4,064
G.O. Bonds, Series 2009, 6.00% 2039	2,000	2,060
G.O. Bonds, Series 2009, 6.50% 2033	2,285	2,302
G.O. Bonds, Series 2009, 6.50% 2033 (preref. 2019)	2,715	2,737
G.O. Bonds, Series 2011, 5.25% 2028	5,000	5,439
G.O. Bonds, Series 2011, 5.25% 2028	2,000	2,171
G.O. Bonds, Series 2013, (SIFMA Municipal Swap Index + 0.38%) 1.81% 2027 (put 2027)1	2,000	2,000
G.O. Bonds, Series 2013-E, (1-month USD-LIBOR + 0.43%) 1.86% 2029 (put 2023)1	1,500	1,496
G.O. Bonds, Series 2015, 5.25% 2032	5,000	5,849
G.O. Bonds, Series 2018, 5.00% 2023	750	859
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2005-A, AMBAC insured, 0% 2027	3,460	2,790
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026	11,000	9,297
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2032	3,250	3,678

The Tax-Exempt Fund of California — Page 1 of 28

unaudited

Bonds, notes & other debt instruments (continued) California (continued) State issuers (continued)	Principal amount (000)	Value (000)
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2033	$2,765	$3,115
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2045	3,580	3,927
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022	3,640	4,009
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A-1, 5.00% 2047	3,955	3,747
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A-1, 5.25% 2047	315	311
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A-2, 5.00% 2047	5,000	4,737
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-G, 5.50% 2025	3,360	3,372
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2009-A, 6.00% 2029 (preref. 2019)	1,500	1,527
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 2036	500	573
Health Facs. Fncg. Auth., Rev. Bonds (Children’s Hospital of Orange County), Series 2011-A, 5.25% 2041	2,000	2,181
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2042	2,500	2,789
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Home), Series 2002-B, 6.00% 2032 (preref. 2020)	3,600	3,758
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 4.00% 2044	12,940	13,217
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 5.00% 2047	3,500	4,522
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A, 5.00% 2043	1,000	1,089
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016-B, 5.00% 2055	2,000	2,190
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017-A, 5.00% 2042	1,000	1,119
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017-A, 5.00% 2056	2,000	2,192
Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% 2031	400	466
Health Facs. Fncg. Auth., Rev. Bonds (Presbyterian Homes and Services, Inc.), Series 2015, 5.00% 2039	400	456
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 4.00% 2034	500	528
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 4.00% 2036	650	681
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-2, 4.00% 2036 (put 2024)	2,000	2,215
Health Facs. Fncg. Auth., Rev. Bonds (Rady Children’s Hospital - San Diego), Series 2011, 5.25% 2041	5,000	5,322
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.25% 2031	2,000	2,170
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2034	1,000	1,161
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2035	1,500	1,727
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2036	2,000	2,300
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2037	1,000	1,139
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-A-1, 5.00% 2027	2,000	2,488
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-C, 5.00% 2031 (put 2022)	1,000	1,114
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2011-A, 5.25% 2041	2,000	2,113
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2015, 5.00% 2030	500	587
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2015, 5.00% 2031	1,300	1,521
Health Facs. Fncg. Auth., Rev. Ref. Bonds (El Camino Hospital), Series 2015-A, 5.00% 2030	3,000	3,426
Health Facs. Fncg. Auth., Rev. Ref. Bonds (El Camino Hospital), Series 2015-A, 5.00% 2040	8,700	9,548
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Memorial Health Services), Series 2012-A, 5.00% 2033	1,000	1,104
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-C, 5.00% 2043 (put 2019)	2,000	2,043
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2031	5,000	5,997
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2034	11,000	12,994
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics), Series 2010-B, 5.25% 2031 (preref. 2020)	8,000	8,525
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2008-A, 5.25% 2022	2,000	2,050
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2033	1,000	1,140

The Tax-Exempt Fund of California — Page 2 of 28

unaudited

Bonds, notes & other debt instruments (continued) California (continued) State issuers (continued)	Principal amount (000)	Value (000)
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2034	$2,000	$2,269
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-A, 5.00% 2035	2,000	2,262
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 4.00% 2038	4,165	4,283
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 2035	1,000	1,140
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Performing Arts Center of Los Angeles County), Series 2007, 5.00% 2027	1,000	1,003
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Performing Arts Center of Los Angeles County), Series 2007, 5.00% 2037	1,500	1,504
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2030	1,080	1,278
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2031	1,230	1,443
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2032	1,140	1,331
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2033	1,105	1,285
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 2.63% 2037 (put 2022)1	8,500	8,684
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Academy of Sciences, San Francisco), Series 2018-C, (3-month USD-LIBOR x 0.70 + 0.38%) 2.129% 2047 (put 2021)1	4,925	4,928
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, (1-month USD-LIBOR x 0.70 + 0.50%) 2.249% 2047 (put 2019)1	10,000	10,006
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 2023	1,000	1,135
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2017, 5.00% 2028	2,000	2,431
Mobilehome Park Fncg. Auth., Mobile Home Park Rev. Ref. Bonds (Union City Tropics), Series 2006-A, 4.50% 2036	3,980	3,983
Mobilehome Park Fncg. Auth., Mobile Home Park Rev. Ref. Bonds (Union City Tropics), Series 2006-A, 5.00% 2023	3,630	3,638
Mobilehome Park Fncg. Auth., Mobile Home Park Rev. Ref. Bonds (Union City Tropics), Series 2006-B, 5.50% 2041	1,000	1,001
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), Series 2009, 5.50% 2039 (preref. 2019)	1,500	1,500
Municipal Fin. Auth., Charter School Rev. Bonds (Bella Mente Montessori Academy), Series 2018-A, 5.00% 20482	1,150	1,188
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 5.00% 2036	500	534
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 5.00% 2046	750	790
Municipal Fin. Auth., Insured Senior Living Rev. Ref. Bonds (Pilgrim Place in Claremont), Series 2016-A, 5.00% 2031	500	580
Municipal Fin. Auth., Jurupa Lease Rev. Ref. Bonds (Wineville Unified School Dist.), Series 2015-A, BAM insured, 5.00% 2042	4,500	5,062
Municipal Fin. Auth., Lease Rev. Bonds (Orange County Civic Center Infrastructure Improvement Program), Series 2017-A, 5.00% 2042	5,000	5,688
Municipal Fin. Auth., Rev. Bonds (Biola University), Series 2013, 5.00% 2042	1,000	1,067
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.375% 20402	2,335	2,549
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.50% 20452	2,800	3,068
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 4.00% 20212	850	869
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 20362	3,500	3,786
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2027	300	355
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2028	150	179
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2029	225	266
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2030	225	264
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2031	200	233
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2032	225	261
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2033	225	259
Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-A, 5.25% 2049	1,750	1,884

The Tax-Exempt Fund of California — Page 3 of 28

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Bonds, notes & other debt instruments (continued) California (continued) State issuers (continued)	Principal amount (000)	Value (000)
Municipal Fin. Auth., Rev. Bonds (Channing House Project), Series 2017-A, 5.00% 2033	$1,000	$1,170
Municipal Fin. Auth., Rev. Bonds (Emerson College), Series 2017-B, 5.00% 2035	1,500	1,683
Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.00% 2029 (preref. 2019)	1,500	1,570
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 4.00% 2047	3,900	3,847
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2025	585	669
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2031	2,695	3,074
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2034	1,320	1,488
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2035	1,000	1,122
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2043	3,000	3,277
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 2047	8,705	9,474
Municipal Fin. Auth., Rev. Bonds (Pomona College), Series 2017, 4.00% 2048	2,215	2,292
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A, 5.00% 2029	390	466
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A, 5.00% 2030	250	299
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A, 5.00% 2031	1,250	1,490
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A, 5.00% 2032	925	1,105
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2010-A, 5.75% 2025 (preref. 2020)	2,100	2,217
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2010-A, 6.125% 2030 (preref. 2020)	1,000	1,060
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2029	1,000	1,194
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2030	1,500	1,778
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2031	650	763
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2032	1,000	1,166
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2033	1,000	1,159
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2035	1,000	1,147
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2036	1,150	1,313
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2043	4,380	4,899
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 2041 (preref. 2021)	4,150	4,714
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2023	600	646
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2024	600	651
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2028	1,135	1,221
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2029	1,390	1,486
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2030	750	873
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2033	500	572
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2034	440	501
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2039	615	686
Municipal Fin. Auth., Rev. Ref. Bonds (City of Anaheim System Dist. Facs. Qualified Obligations), Series 2015-A, (SIFMA Municipal Swap Index + 0.35%) 1.78% 2045 (put 2020)1	3,500	3,495
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2033	650	734
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2034	2,675	3,009
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2035	2,000	2,238
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2036	1,000	1,115
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2037	1,250	1,385
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2042	1,250	1,366
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 2047	1,000	1,089
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2033	1,450	1,638
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2034	600	675
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2035	625	699
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2036	600	669
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2037	600	665
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2042	1,000	1,093
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 2047	4,010	4,365
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2032	1,500	1,716
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2039	1,000	1,125
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 2032	3,000	3,410

The Tax-Exempt Fund of California — Page 4 of 28

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Bonds, notes & other debt instruments (continued) California (continued) State issuers (continued)	Principal amount (000)	Value (000)
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 2037	$2,000	$2,246
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 2045	4,000	4,441
Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2011-B, 5.00% 2031	1,750	1,888
Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2012-A, 5.00% 2031	1,475	1,629
Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2012-A, 5.00% 2032	1,000	1,103
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2017-A, AMT, 2.00% 2044 (put 2020)	4,900	4,866
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project), Series 2018, 5.00% 2040	4,610	5,070
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project), Series 2018, 5.00% 2043	6,525	7,126
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2018, 5.00% 2043	2,000	2,191
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2018, 5.00% 2052	7,500	8,121
Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, (3-month USD-LIBOR + 0.67%) 2.594% 20271	5,700	5,574
Northern California Power Agcy., Hydroelectric Project No. 1, Rev. Ref. Bonds, Series 2010-A, 5.00% 2023	3,680	3,730
Northern California Power Agcy., Hydroelectric Project No. 1, Rev. Ref. Bonds, Series 2012-A, 5.00% 2029	1,570	1,736
Northern California Power Agcy., Hydroelectric Project No. 1, Rev. Ref. Bonds, Series 2012-A, 5.00% 2030	1,000	1,105
Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One, Series 2010-A, 5.00% 2020	1,425	1,492
Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One, Series 2010-A, 5.00% 2025 (preref. 2020)	4,200	4,392
Pollution Control Fncg. Auth., Rev. Bonds (San Jose Water Company Project), Series 2016, AMT, 4.75% 2046	11,475	12,303
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2015-B-2, AMT, 3.125% 2040 (put 2025)	2,000	2,041
Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (San Diego County Water Auth. Desalination Project Pipeline), Series 2019, 5.00% 20232	1,085	1,208
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 2023	200	220
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 2037	2,000	2,163
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 2047	4,750	5,075
Public Works Board, Lease Rev. Bonds (Regents of the University of California, Various University of California Projects), Series 2009-E, 5.00% 2034 (preref. 2019)	1,500	1,508
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.125% 2029 (preref. 2019)	2,000	2,068
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.625% 2034	35	35
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2010-A-1, 5.75% 2030 (preref. 2020)	2,000	2,092
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2010-A-1, 6.00% 2035 (preref. 2020)	2,000	2,097
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2012-A, 5.00% 2033	1,500	1,629
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2012-A, 5.00% 2037	4,500	4,865
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections and Rehabilitation, State Prison - Monterey County (Soledad II)), Series 2006-F, FGIC-National insured, 5.25% 2019	1,500	1,541
Public Works Board, Lease Rev. Ref. Bonds (Regents of the University of California, Various University of California Projects), Series 2007-A, FGIC-National insured, 5.25% 2023 (escrowed to maturity)	1,890	2,187
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2013-A-1, 7.375% 2043 (preref. 2022)	3,465	4,067
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 4.00% 20272	750	759
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 20322	2,500	2,627
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 20372	1,485	1,541
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 20442	805	828
School Fin. Auth., Charter School Rev. Bonds (Downtown College Prep - Obligated Group), Series 2016, 4.75% 20362	1,365	1,378
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy - Obligated Group), Series 2018-A, 5.00% 20292	3,345	3,570

The Tax-Exempt Fund of California — Page 5 of 28

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Bonds, notes & other debt instruments (continued) California (continued) State issuers (continued)	Principal amount (000)	Value (000)
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy - Obligated Group), Series 2018-A, 5.00% 20412	$3,000	$3,078
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy - Obligated Group), Series 2018-A, 5.00% 20482	2,795	2,852
School Fin. Auth., Charter School Rev. Bonds (Larchmont Charter School Project), Series 2018-A, 5.00% 20552	1,000	1,020
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education - Obligated Group), Series 2016-A, 5.00% 20362	1,000	1,026
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education - Obligated Group), Series 2016-A, 5.00% 20462	750	761
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education - Obligated Group), Series 2017-A, 5.00% 20342	750	775
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools - Obligated Group), Series 2017-G, 5.00% 20302	315	331
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools - Obligated Group), Series 2017-G, 5.00% 20472	250	255
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2015-A, 6.375% 20462	4,300	4,800
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% 20302	1,950	2,075
School Fin. Auth., Educational Facs. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00% 20372	2,105	2,184
School Fin. Auth., School Fac. Rev. Bonds (Kipp LA Projects), Series 2017-A, 5.00% 20372	590	644
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00% 20372	1,455	1,555
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00% 20492	5,400	5,695
Southern California Home Fncg. Auth., Single Family Mortgage Rev. Bonds, Series 2007-A, AMT, 5.80% 2049	40	40
Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.25% 2025	3,000	3,449
Southern California Public Power Auth., Rev. Bonds (Milford Wind Corridor Phase I Project), Series 2010-1, 5.00% 2030	2,000	2,055
Southern California Public Power Auth., Rev. Bonds (Milford Wind Corridor Phase II Project), Series 2011-1, 5.25% 2028	2,500	2,698
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2017-1, 2.00% 2036 (put 2020)	4,500	4,504
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2030	2,585	2,980
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2032	1,165	1,323
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2038	1,000	1,102
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2048	2,000	2,181
Statewide Communities Dev. Auth., Hospital Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2048	1,500	1,618
Statewide Communities Dev. Auth., Insured Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging), Series 2008, 5.00% 2028	1,500	1,504
Statewide Communities Dev. Auth., Insured Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging), Series 2008, 5.00% 2037	2,000	2,005
Statewide Communities Dev. Auth., Insured Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025	1,500	1,524
Statewide Communities Dev. Auth., Insured Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2026	4,000	4,056
Statewide Communities Dev. Auth., Insured Senior Living Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging - Fountainview at Gonda), Series 2014-A, 5.00% 2044	1,000	1,107
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2006-A, 1.90% 2028	1,025	1,017

The Tax-Exempt Fund of California — Page 6 of 28

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Bonds, notes & other debt instruments (continued) California (continued) State issuers (continued)	Principal amount (000)	Value (000)
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2006-D, 2.625% 2033 (put 2023)	$1,875	$1,844
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010-A, 4.50% 2029	2,705	2,744
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2031	2,000	2,307
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2032	2,115	2,425
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2035	3,000	3,384
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 4.00% 2042	1,240	1,263
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2032	1,000	1,174
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2033	1,150	1,340
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2035	1,465	1,686
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2010, 6.00% 2029	1,125	1,154
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2010, 6.25% 2039	5,300	5,441
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2021	335	356
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2045	1,700	1,797
Statewide Communities Dev. Auth., Rev. Bonds (Beverly Community Hospital Association), Series 2015, 5.00% 2030	1,800	1,972
Statewide Communities Dev. Auth., Rev. Bonds (Beverly Community Hospital Association), Series 2015, 5.00% 2035	1,500	1,606
Statewide Communities Dev. Auth., Rev. Bonds (Beverly Community Hospital Association), Series 2015, 5.00% 2045	2,250	2,364
Statewide Communities Dev. Auth., Rev. Bonds (Buck Institute for Research on Aging), Series 2014, Assured Guaranty Municipal insured, 5.00% 2049	5,250	5,836
Statewide Communities Dev. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2013-C, 5.625% 2036	2,000	2,247
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 5.00% 2029	405	478
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 5.00% 2047	1,500	1,660
Statewide Communities Dev. Auth., Rev. Bonds (Hebrew Home for Aged Disabled), Series 2016, 5.00% 2036	3,500	4,014
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2014, 5.00% 2044	8,500	9,241
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 4.00% 2048	500	498
Statewide Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2016-A, 4.00% 2046	3,820	3,847
Statewide Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2016-A, 4.00% 2051	2,750	2,759
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2012-A, 5.00% 2042	6,500	6,966
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.625% 2033	1,350	1,485
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.875% 2043	935	1,026
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2014-A, 5.25% 2044	4,155	4,400
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2016-A, 5.25% 20562	1,400	1,476
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2018-A, 5.50% 20582	1,000	1,089
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 2029	625	717
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 2031	1,135	1,284
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 2032	1,500	1,691
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 5.25% 2024 (preref. 2020)	1,000	1,056
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 6.00% 2042 (preref. 2020)	3,150	3,361
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2042	1,750	1,861

The Tax-Exempt Fund of California — Page 7 of 28

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Bonds, notes & other debt instruments (continued) California (continued) State issuers (continued)	Principal amount (000)	Value (000)
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2047	$2,000	$2,122
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00% 20322	2,025	2,235
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00% 20412	10,920	11,785
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Cottage Health System Obligated Group), Series 2010, 5.00% 2040	2,000	2,083
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2031	1,000	1,158
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2034	500	572
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2035	5,050	5,758
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2019	100	101
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2032	700	749
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2047	2,100	2,210
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2031	1,750	1,954
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, 5.00% 20362	3,500	3,750
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A, 5.00% 20462	2,250	2,381
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 2027	640	788
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2041	1,500	1,612
Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 7.25% 20412	2,000	2,072
Statewide Communities Dev. Auth., Student Housing Rev. Custodial Bonds, Series 2017, 4.305% 2032	8,300	8,646
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2029	1,000	1,143
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2030	1,500	1,703
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2035	1,250	1,387
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments, Phase I), Series 2011, 5.375% 2038	1,260	1,338
Transmission Agcy. of Northern California, Rev. Ref. Bonds (California-Oregon Transmission Project), Series 2009-A, 5.00% 2022	895	902
Transmission Agcy. of Northern California, Rev. Ref. Bonds (California-Oregon Transmission Project), Series 2009-A, 5.00% 2022 (preref. 2019)	1,105	1,114
Transmission Agcy. of Northern California, Rev. Ref. Bonds (California-Oregon Transmission Project), Series 2016-A, 5.00% 2037	2,000	2,279
Transmission Agcy. of Northern California, Rev. Ref. Bonds (California-Oregon Transmission Project), Series 2016-A, 5.00% 2038	1,000	1,134
Transmission Agcy. of Northern California, Rev. Ref. Bonds (California-Oregon Transmission Project), Series 2016-A, 5.00% 2039	1,000	1,135
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2034	750	864
Regents of the University of California, Limited Project Rev. Bonds, Series 2016-K, 5.00% 2035	3,750	4,306
Regents of the University of California, Limited Project Rev. Ref. Bonds, Series 2018-O, 5.00% 2048	2,695	3,063
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2037	1,585	1,654
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 4.00% 2038	1,000	1,038

The Tax-Exempt Fund of California — Page 8 of 28

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Bonds, notes & other debt instruments (continued) California (continued) State issuers (continued)	Principal amount (000)	Value (000)
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, (3-month USD-LIBOR + 0.67%) 2.422% 20371	$5,100	$4,707
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, (3-month USD-LIBOR + 0.74%) 2.492% 20431	8,000	7,024
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045	1,930	1,996
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048	17,915	19,124
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, AMT, 2.45% 2031	4,155	4,087
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045	8,155	8,391
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series AW, 4.00% 2035	20,840	22,479
		830,803
City, county & other issuers 58.66%
City of Adelanto, Public Utility Auth., Rev. Ref. Bonds (Utility System Project), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2039	2,000	2,284
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2025	1,700	1,939
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2026	6,375	7,261
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2034	2,000	2,232
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2036	1,000	1,108
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, 5.00% 2037	3,790	4,187
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2035	2,500	2,632
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2037	2,000	2,080
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2036	1,500	1,693
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, Series 2016, 5.00% 2042	1,000	1,081
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds, Series 2016, 5.00% 2046	500	538
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2029	500	568
City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.625% 2040 (preref. 2020)	3,750	3,954
City of Anaheim, Housing and Public Improvements Auth., Rev. Ref. Bonds, Series 2017-B, 5.00% 2024	2,000	2,265
City of Anaheim, Public Fncg. Auth., Lease Rev. Bonds (Anaheim Convention Center Expansion Project), Series 2014-A, 5.00% 2028	1,000	1,149
City of Anaheim, Public Fncg. Auth., Lease Rev. Bonds (Anaheim Public Improvement Project), Series 1997-C, Assured Guaranty Municipal insured, 0% 2022	600	557
City of Anaheim, Public Fncg. Auth., Rev. Ref. Bonds (Electric Distribution System Ref.), Series 2012-A, 5.00% 2027 (preref. 2022)	3,500	3,941
City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, Series 2007, 5.00% 2027	1,120	1,133
Baldwin Park Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2031	6,420	6,987
Banning Unified School Dist., G.O. Rev. Bonds, Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2035	955	1,110
Banning Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2031	1,500	1,624
Banning Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 4.00% 2032	1,000	1,076
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Casa de las Campanas, Inc.), Series 2010, 6.00% 2037	2,200	2,344
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Channing House), Series 2010, 6.00% 2030 (preref. 2020)	2,000	2,112
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Channing House), Series 2010, 6.125% 2040 (preref. 2020)	3,000	3,173

The Tax-Exempt Fund of California — Page 9 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Bonds (Odd Fellows Home of California), Series 2012-A, 5.00% 2032	$5,000	$5,530
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2011, 6.125% 2041	3,000	3,223
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-A, 5.00% 2047	4,000	4,187
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-B, 5.00% 2019	545	553
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-B, 5.00% 2021	515	554
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2021	1,000	1,064
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2035	7,350	7,811
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare), Series 2009-B, 6.25% 2039 (preref. 2019)	4,000	4,092
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare), Series 2011-A, 6.00% 2030	1,000	1,105
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare), Series 2014-A, 5.00% 2043	1,000	1,090
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.33% 2045 (put 2023)1	2,000	2,016
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.53% 2045 (put 2024)1	7,900	8,045
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-G, (SIFMA Municipal Swap Index + 0.60%) 2.03% 2034 (put 2020)1	825	826
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-H, (SIFMA Municipal Swap Index + 0.70%) 2.13% 2034 (put 2021)1	4,000	4,011
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-B, 2.85% 2047 (put 2025)	1,000	1,043
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-D, (3-month USD-LIBOR x 0.70 + 0.55%) 2.51% 2045 (put 2021)1	2,100	2,104
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-F-1, 5.00% 2056	5,000	5,596
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.125% 2039 (preref. 2019)	2,000	2,012
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.625% 2044 (preref. 2019)	1,670	1,681
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-F-1, 5.00% 2054	1,475	1,615
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 2028	4,500	5,676
City of Beaumont, Community Facs. Dist. No. 93-1 (Improvement Area No. 8C), Special Tax Bonds, Series 2018-A, 5.00% 2043	1,605	1,748
City of Beaumont, Community Facs. Dist. No. 93-1 (Improvement Area No. 8C), Special Tax Bonds, Series 2018-A, 5.00% 2048	5,715	6,199
California County Tobacco Securitization Agcy., Tobacco Settlement Asset-Backed Bonds (Alameda County, Tobacco Asset Securitization Corp.), Series 2002, 5.75% 2029	360	364
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Rev. Ref. Bonds, Series 2013, 4.25% 2032	1,350	1,367
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Rev. Ref. Bonds, Series 2013, 5.00% 2035	1,300	1,361
City of Cathedral City, Public Fncg. Auth., Tax Allocation Housing Rev. Bonds (2006 Merged Redev. Project Area), Series 2007-C, 5.00% 2030	3,675	3,679
City of Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2014-B, Assured Guaranty Municipal insured, 5.00% 2030	1,050	1,196

The Tax-Exempt Fund of California — Page 10 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
Centinela Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-C, Assured Guaranty Municipal insured, 4.00% 2033	$2,500	$2,679
Cerritos Community College Dist., G.O. Bonds, 2004 Election, Series 2012-D, 5.00% 2038	1,000	1,095
City of Cerritos, Public Fncg. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2019	1,000	1,028
City of Cerritos, Public Fncg. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2020	1,500	1,563
City of Cerritos, Public Fncg. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2021	500	522
Chabot-Las Positas Community College Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 4.00% 2042	1,500	1,559
City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2030	1,010	1,161
City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2031	500	572
City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 2004-C, 5.875% 2034	2,260	2,283
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2021	970	1,046
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2022	1,455	1,611
City of Chula Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2029	890	1,043
City of Chula Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2030	920	1,070
City of Chula Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2034	1,180	1,346
City of Clovis, Wastewater Rev. Bonds, Series 2017, BAM insured, 5.00% 2030	500	603
City of Clovis, Wastewater Rev. Bonds, Series 2017, BAM insured, 5.00% 2034	665	784
City of Clovis, Wastewater Rev. Bonds, Series 2017, BAM insured, 5.00% 2035	965	1,134
City of Clovis, Wastewater Rev. Bonds, Series 2017, BAM insured, 5.00% 2036	1,155	1,351
City of Clovis, Wastewater Rev. Bonds, Series 2017, BAM insured, 5.00% 2037	1,150	1,339
City of Clovis, Wastewater Rev. Bonds, Series 2017, BAM insured, 5.00% 2038	515	598
Coachella Valley Unified School Dist., G.O. Bonds, 2005 Election, Series 2016-E, Assured Guaranty Municipal insured, 4.00% 2045	6,555	6,740
Colton Joint Unified School Dist., G.O. Bonds, 2008 Election, Series 2016-D, BAM insured, 4.00% 2030	1,300	1,421
Colton Joint Unified School Dist., G.O. Bonds, 2008 Election, Series 2016-D, BAM insured, 4.00% 2031	1,200	1,301
Community of Santaluz, Community Facs. Dist. No. 2, Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2011-A, 5.00% 2028	875	938
Community of Santaluz, Community Facs. Dist. No. 2, Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2011-A, 5.00% 2029	1,405	1,506
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2018-A, BAM insured, 5.00% 2032	1,065	1,218
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2018-A, BAM insured, 5.00% 2033	1,080	1,229
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2018-A, BAM insured, 5.00% 2034	1,355	1,536
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2018-A, BAM insured, 5.00% 2035	1,515	1,712
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2018-A, BAM insured, 5.00% 2037	1,875	2,097
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2018-A, BAM insured, 5.00% 2038	2,075	2,310
City of Concord, Successor Agcy. of the Redev. Agcy., Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2023	925	1,041
County of Contra Costa, Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2018-A, (1-month USD-LIBOR x 0.70 + 0.25%) 2.014% 2034 (put 2021)1	11,675	11,678
Corona-Norco Unified School Dist., Community Facs. Dist. No. 05-1, Special Tax Bonds, Series 2016, 5.00% 2025	530	602
Corona-Norco Unified School Dist., Community Facs. Dist. No. 05-1, Special Tax Bonds, Series 2016, 5.00% 2036	2,010	2,201
Cotati-Rohnert Park Unified School Dist., G.O. Bonds, 2014 Election, Series 2018-E, BAM insured, 4.00% 2043	2,000	2,057
Eastern Municipal Water Dist., Rev. Ref. Water and Wastewater Rev. Bonds, Series 2018-B, (1-month USD-LIBOR x 0.70 + 0.30%) 2.063% 2030 (put 2021)1	4,875	4,865

The Tax-Exempt Fund of California — Page 11 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2024	$1,500	$1,652
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2025	2,585	2,834
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2032	1,000	1,153
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2033	1,000	1,149
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2034	1,000	1,143
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2035	1,000	1,141
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 4.00% 2020	250	256
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 4.00% 2032	2,500	2,559
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 5.00% 2041	4,680	5,027
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 5.00% 2046	8,065	8,631
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2033	945	1,040
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2035	1,150	1,258
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2043	1,040	1,116
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 2048	2,500	2,672
Elk Grove Unified School Dist., Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, Series 2012, 4.00% 2033	2,535	2,610
City of Emeryville, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2023	1,500	1,718
City of Emeryville, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2026	2,000	2,336
Fairfield-Suisun Unified School Dist., G.O. Bonds, 2016 Election, Series 2018, 4.00% 2041	5,760	5,995
City of Fontana, Community Facs. Dist. No. 31 (Citrus Heights North), Special Tax Rev. Ref. Bonds, Series 2018, 5.00% 2034	1,255	1,388
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053	7,500	8,583
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-B-1, 3.95% 2053	3,500	3,480
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2014-A, 6.00% 2049	5,800	6,646
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Assured Guaranty Municipal insured, Series 2015-A, 0% 2035	2,000	1,120
City of Fremont, Community Facs. Dist. No. 1 (Pacific Commons), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2030	2,220	2,433
Fresno Joint Powers Fin. Auth., Rev. Ref. Bonds (Master Lease Projects), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2029	1,000	1,183
Fresno Unified School Dist., G.O. Bonds, Series 2016-A, 4.00% 2034	3,000	3,204
Fresno Unified School Dist., G.O. Bonds, Series 2018-A, 5.00% 2039	1,830	2,095
City of Garden Grove, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Bonds, Series 2016, BAM insured, 5.00% 2029	1,500	1,768
City of Glendale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Central Glendale Redev. Project), Series 2016, BAM insured, 4.00% 2023	500	552
Golden Empire Schools, Fin. Auth., Lease Rev. Ref. Notes (Kern High School Dist. Projects), Series 2018, 5.00% 2021	2,000	2,145
Grossmont Union High School Dist., G.O. Bonds, 2004 Election, Series 2008, 0% 2032	7,000	4,543
Hartnell Community College Dist., G.O. Bonds, Election 2016, Series 2017-A 4.00% 2047	4,555	4,701
Hemet Unified School Dist., Fincg. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2039	1,850	1,965
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016-B-2, 4.00% 2032	1,830	1,975
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016-B-2, 5.00% 2041	1,425	1,610
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 2036	6,915	7,280
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 2041	2,200	2,275
Independent Cities Fin. Auth., Mobile Home Park Rev. Ref. Bonds (San Juan Mobile Estates), Series 2015, 5.00% 2030	2,000	2,221
City of Indian Wells, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Consolidated Whitewater Redev. Proj. Area), Series 2016-A, National insured, 4.00% 2030	1,250	1,340

The Tax-Exempt Fund of California — Page 12 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
City of Indian Wells, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Consolidated Whitewater Redev. Proj. Area), Series 2016-A, National insured, 4.00% 2031	$1,250	$1,331
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series 2017-A, BAM insured, 5.00% 2031	250	291
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series 2017-A, BAM insured, 5.00% 2033	1,250	1,442
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series 2017-A, BAM insured, 5.00% 2034	500	574
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series 2017-A, BAM insured, 5.00% 2035	415	474
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series 2017-A, BAM insured, 5.00% 2038	1,000	1,129
Inglewood Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM insured, 5.00% 2029	230	268
Inglewood Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM insured, 5.00% 2030	500	578
Inglewood Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM insured, 5.00% 2033	500	568
Inglewood Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM insured, 5.00% 2034	685	774
Inglewood Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM insured, 5.00% 2036	800	898
Inglewood Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM insured, 5.00% 2038	650	724
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 1, Special Tax Bonds, Series 2014, 5.00% 2044	2,705	2,871
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 1, Special Tax Bonds, Series 2014, 5.00% 2049	1,000	1,059
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series 2016, 4.00% 2028	825	870
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series 2016, 4.00% 2031	400	415
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series 2016, 4.00% 2033	1,615	1,664
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2035	550	609
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2037	650	715
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2038	1,000	1,098
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2043	2,670	2,926
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, 5.00% 2048	5,250	5,740
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2051	1,250	1,379
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 4.00% 2020	1,000	1,037
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2024	825	937
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2025	710	803
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2028	1,050	1,163
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2024	3,195	3,746
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2029	2,600	2,885
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2030	1,700	1,874
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2031	1,500	1,646
City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2032	800	875
City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2042	1,000	1,077
Irvine Unified School Dist., Community Facs. Dist. No. 01-1, Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2031	2,000	2,273
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2023	1,000	1,100

The Tax-Exempt Fund of California — Page 13 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2024	$2,000	$2,229
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2029	200	226
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2030	370	417
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2031	420	471
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2032	450	504
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2032	175	196
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2033	245	273
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2034	250	278
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2035	250	277
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2036	350	386
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2037	270	298
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, BAM insured, 5.00% 2042	1,000	1,091
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, BAM insured, 4.00% 2053	1,250	1,227
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, BAM insured, 5.00% 2042	1,000	1,091
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-D, BAM insured, 5.00% 2057	1,665	1,799
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, BAM insured, 5.00% 2039	820	899
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, BAM insured, 5.00% 2040	810	885
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, BAM insured, 5.00% 2045	1,500	1,631
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2027	2,000	2,302
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2042	1,000	1,111
Jurupa Unified School Dist., Community Facs. Dist. No. 11, Special Tax Bonds, Series 2018-B, 5.00% 2043	1,165	1,265
Jurupa Unified School Dist., Community Facs. Dist. No. 11, Special Tax Bonds, Series 2018-B, 5.00% 2048	2,265	2,449
Jurupa Unified School Dist., Community Facs. Dist. No. 17, Special Tax Bonds, Series 2018-A, 5.00% 2048	1,815	1,967
County of Kern, Certs. of Part. (Capital Improvements Projects), Series 2009-A, Assured Guaranty Municipal insured, 5.75% 2035 (preref. 2019)	1,600	1,600
City of La Quinta, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Redev. Project Area Nos. 1 and 2), Series 2013-A, 5.00% 2028	2,130	2,409
City of La Quinta, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Redev. Project Area Nos. 1 and 2), Series 2014-A, 5.00% 2029	1,000	1,161
City of La Quinta, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Redev. Project Area Nos. 1 and 2), Series 2014-A, 5.00% 2032	1,515	1,747
City of La Quinta, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Redev. Project Area Nos. 1 and 2), Series 2014-A, 5.00% 2034	2,150	2,465
City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2036	1,350	1,398
City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2029	4,570	5,057
City of Lake Elsinore, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2035	1,375	1,495

The Tax-Exempt Fund of California — Page 14 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
City of Lake Elsinore, School Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, 5.00% 2025	$260	$308
City of Lake Elsinore, School Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, 5.00% 2026	435	522
City of Lake Elsinore, School Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, 5.00% 2027	300	365
City of Lake Elsinore, School Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, 5.00% 2028	225	271
City of Lake Elsinore, School Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, 5.00% 2029	240	287
City of Lake Elsinore, School Fncg. Auth., Special Tax Rev. Bonds, Series 2017-A, 5.00% 2030	250	296
City of Lee Lake, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2027	2,000	2,275
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2021	1,220	1,330
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2024	1,000	1,085
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2025	1,000	1,084
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2026	1,000	1,081
City of Long Beach, Harbor Rev. Bonds, Series 2017-A, AMT, 5.00% 2031	1,210	1,417
City of Long Beach, Harbor Rev. Bonds, Series 2017-A, AMT, 5.00% 2032	1,750	2,040
City of Long Beach, Harbor Rev. Bonds, Series 2017-A, AMT, 5.00% 2033	1,350	1,567
City of Long Beach, Harbor Rev. Bonds, Series 2017-B, AMT, 5.00% 2043	500	561
City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2019	2,450	2,480
City of Long Beach, Marina Rev. Bonds (Alamitos Bay Marina Project), Series 2015, 5.00% 2034	1,125	1,240
City of Long Beach, Marina Rev. Bonds (Alamitos Bay Marina Project), Series 2015, 5.00% 2045	1,750	1,894
Long Beach Community College Dist., G.O. Bonds, 2008 Election, Series 2012-B, 5.00% 2026 (preref. 2022)	3,575	4,007
Long Beach Unified School Dist., G.O. Rev. Ref. Bonds, 2016 Election, Series 2016, 4.00% 2031	3,720	4,049
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2026	1,000	1,155
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2027	2,000	2,297
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2028	1,700	1,944
City of Los Angeles, Community Redev. Agcy., Lease Rev. Bonds (Vermont Manchester Social Services Project), Series 2005, AMBAC insured, 5.00% 2024	3,250	3,259
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2010-B, 5.00% 2035	1,000	1,041
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-A, AMT, 5.00% 2027	1,250	1,450
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-A, AMT, 5.00% 2029	1,560	1,793
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 4.00% 2034	1,000	1,044
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2035	2,000	2,256
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-A, AMT, 5.00% 2042	1,000	1,107
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2029	1,450	1,681
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2031	2,395	2,743
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2033	500	568
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00% 2036	1,000	1,124
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2030	1,000	1,170

The Tax-Exempt Fund of California — Page 15 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2032	$1,000	$1,156
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2033	1,000	1,151
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2034	1,250	1,432
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2035	1,000	1,142
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2036	1,400	1,593
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00% 2037	1,260	1,428
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2033	1,255	1,462
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2036	1,345	1,547
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2037	1,450	1,661
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 2044	2,880	3,242
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-B, AMT, 5.00% 2032	5,000	5,858
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-C, AMT, 5.00% 2032	3,450	4,017
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00% 2023	2,000	2,248
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00% 2033	5,880	6,942
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2009-A, 5.25% 2029	2,000	2,022
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2010-A, 5.00% 2029	2,000	2,092
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-A, 5.00% 2045	4,000	4,610
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-A, 5.00% 2049	10,000	11,489
City of Los Angeles, Harbor Dept., Rev. Bonds, Series 2009-A, 5.00% 2027	2,000	2,032
City of Los Angeles, Harbor Dept., Rev. Bonds, Series 2009-B, 5.25% 2039 (preref. 2019)	1,000	1,019
City of Los Angeles, Harbor Dept., Rev. Bonds, Series 2014-B, AMT, 5.00% 2032	3,000	3,397
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2021	2,085	2,241
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2011-B, 5.00% 2023	1,000	1,083
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2021	1,000	1,075
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2016-A, AMT, 5.00% 2024	2,000	2,311
City of Los Angeles, Housing Auth., Mortgage Rev. Ref. Bonds (Property Acquisition Ref.), Series 2009-A, 6.375% 2039	2,000	2,022
City of Los Angeles, Wastewater System Rev. Green Bonds, Series 2018-A, 5.00% 2048	2,000	2,292
City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2009-A, 5.375% 2039 (preref. 2019)	4,500	4,557
City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2009-A, 5.75% 2034 (preref. 2019)	1,000	1,014
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Ref. Bonds, Series 2009-E, 5.00% 2026	2,000	2,028
County of Los Angeles, Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (Bunker Hill Project), Series 2014-C, Assured Guaranty Municipal insured, 5.00% 2027	1,000	1,167
County of Los Angeles, Sanitation Dist. Fncg. Auth., Capital Projects Rev. Bonds (Dist. No. 14), Series 2015-A, 5.00% 2032	2,000	2,326
Los Angeles Community College Dist., G.O. Bonds, 2008 Election, Series 2010-C, 5.25% 2039 (preref. 2020)	1,000	1,055

The Tax-Exempt Fund of California — Page 16 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
Los Angeles County Facs. Inc., Lease Rev. Bonds (Vermont Corridor County Administration Building), Series 2018-A, 5.00% 2043	$3,250	$3,710
Los Angeles County Facs. Inc., Lease Rev. Bonds (Vermont Corridor County Administration Building), Series 2018-A, 5.00% 2051	1,500	1,695
Los Angeles Unified School Dist., G.O. Bonds (Dedicated Unlimited Ad Valorem Property Tax Bonds), 2005 Election, Series 2018-B-1, 5.00% 2032	1,465	1,756
Los Angeles Unified School Dist., G.O. Bonds, 2004 Election, Series 2009-I, 5.00% 2034	600	608
Los Rios Community College Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2012, 5.00% 2028	3,000	3,329
M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 2039	2,100	2,894
Manhattan Beach Unified School Dist., G.O. Bonds, Series 1999-C, FGIC-National insured, 0% 2024	1,050	918
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 3, Special Tax Bonds, Series 2018, 4.00% 2032	430	441
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 3, Special Tax Bonds, Series 2018, 4.00% 2033	470	481
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 3, Special Tax Bonds, Series 2018, 4.00% 2034	515	524
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 5.00% 2034	1,000	1,132
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 5.00% 2038	1,100	1,226
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2030	2,065	2,411
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2031	560	652
Montebello Unified School Dist., G.O. Rev. Bonds, Series 2016-A, 5.00% 2034	1,095	1,256
Montebello Unified School Dist., G.O. Rev. Bonds, Series 2016-A, 5.00% 2035	1,465	1,674
Montebello Unified School Dist., G.O. Rev. Bonds, Series 2016-A, 5.00% 2036	1,290	1,468
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2033	2,505	2,850
Monterey Peninsula Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 0% 2028	1,500	1,172
Monterey Peninsula Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 2033	3,165	3,380
Moorpark Unified School Dist., G.O. Bonds, 2008 Election, Series 2011-B, Assured Guaranty Municipal insured, 0% 2036	2,000	1,017
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 2028	1,090	1,226
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 2030	1,280	1,430
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 2032	1,480	1,642
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 2034	1,720	1,894
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 2035	925	1,016
City of Morgan Hill, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2013-A, 5.00% 2031	3,000	3,385
Mountain View Shoreline Regional Park Community, Rev. Bonds, Series 2011-A, 5.625% 2035	1,300	1,415
City of Murrieta, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2022	1,000	1,107
City of Murrieta, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2024	1,000	1,099
City of Murrieta, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2031	3,000	3,231
Murrieta Valley Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, BAM insurance, 5.00% 2030	1,250	1,464
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 4.00% 2021	1,000	1,046
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2025	2,795	3,176
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2026	400	455
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2027	300	338
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2028	3,320	3,700
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2029	3,520	3,901
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2030	1,750	1,933
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2033	2,790	3,172
Natomas Unified School Dist., G.O. Bonds, Series 2017, BAM insured, 5.00% 2032	1,000	1,158
New Haven Unified School Dist., G.O. Bonds, 2014 Election, Series 2017-B, 4.00% 2047	4,000	4,149

The Tax-Exempt Fund of California — Page 17 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
City of Norco, Community Facs. Dist. No. 2001-1 (Norco Ridge Ranch), Special Tax Rev. Ref. Bonds, Series 2017, BAM insured, 5.00% 2033	$1,000	$1,161
Oak Park Unified School Dist., G.O. Bonds, Election of 2016, Series 2018-B, 5.00% 2047	1,095	1,238
Oakland Unified School Dist., G.O. Bonds, Series 2013, 6.625% 2038 (preref. 2021)	4,000	4,501
Oakland Unified School Dist., G.O. Bonds, Series 2015-A, 5.00% 2030	1,250	1,461
Oakland Unified School Dist., G.O. Bonds, Series 2015-A, 5.00% 2031	1,500	1,750
Oakland Unified School Dist., G.O. Bonds, Series 2015-A, 5.00% 2040	5,550	6,344
Oakland Unified School Dist., G.O. Bonds, Series 2017-C, 5.00% 2031	2,000	2,339
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-C, 5.00% 2035	3,245	3,726
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-C, 5.00% 2036	2,000	2,285
Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2021	1,250	1,334
Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2026	2,100	2,283
Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2022	1,645	1,825
Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2023	4,825	5,460
Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2024	2,570	2,961
Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2027	4,895	5,876
Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2028	500	596
Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2029	250	296
Ohlone Community College Dist., G.O. Bonds, 2010 Election, Series 2016-C, 4.00% 2033	1,000	1,080
Ohlone Community College Dist., G.O. Bonds, 2010 Election, Series 2016-C, 4.00% 2034	1,000	1,074
Ohlone Community College Dist., G.O. Bonds, 2010 Election, Series 2016-C, 4.00% 2035	1,000	1,068
Ohlone Community College Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2026	1,750	1,947
City of Orange, Community Facs. Dist. No. 91-2 (Serrano Heights Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2024	820	907
City of Orange, Community Facs. Dist. No. 91-2 (Serrano Heights Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2025	1,720	1,895
County of Orange, Community Facs. Dist. No. 2004-1 (Ladera Ranch), Special Tax Rev. Ref. Bonds, Series 2014-A, 5.00% 2034	2,100	2,260
County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Rev. Ref. Bonds, Series A, 5.00% 2029	1,000	1,097
County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Rev. Ref. Bonds, Series A, 5.00% 2033	1,400	1,519
County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Rev. Ref. Bonds, Series A, 5.25% 2045	675	731
County of Orange, Community Facs. Dist. No. 2017-1 (Esencia Village), Improvement Area No. 1, Special Tax Bonds, Series 2018-A, 5.00% 2042	5,000	5,418
County of Orange, Sanitation Dist., Certs. of Part., Series 2009-A, 5.00% 2029 (preref. 2019)	900	900
Oxnard Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2036	2,000	2,326
Oxnard Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2045	6,770	7,692
City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, Series 2007, 5.05% 2027	2,740	2,770
City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, Series 2007, 5.10% 2037	1,820	1,838
City of Palmdale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-B, National insured, 5.00% 2031	1,000	1,173
City of Palmdale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-B, National insured, 5.00% 2032	1,000	1,168
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Capital Appreciation Bonds, Series 1999, Assured Guaranty Municipal insured, 0% 2038	1,190	552
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Capital Appreciation Bonds, Series 1999, Assured Guaranty Municipal insured, 0% 2039	240	106
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Capital Appreciation Bonds, Series 2012-A, Assured Guaranty Municipal insured, 0% 2032	255	159

The Tax-Exempt Fund of California — Page 18 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Capital Appreciation Bonds, Series 2012-A, Assured Guaranty Municipal insured, 0% 2037	$1,600	$779
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Capital Appreciation Bonds, Series 2012-A, Assured Guaranty Municipal insured, 0% 2038	1,505	698
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Capital Appreciation Bonds, Series 2012-A, Assured Guaranty Municipal insured, 0% 2039	840	370
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2041	4,250	4,771
Palomar Community College Dist., Rev. Ref. Bonds, Series 2015, 5.00% 2032	3,000	3,484
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2034	970	1,097
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-B, 4.00% 2030	1,000	1,076
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-B, 4.00% 2031	1,000	1,067
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 2025	1,000	1,145
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 2039	1,120	1,194
Palomar Health, Rev. Ref. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2042	3,375	3,591
Palomar Pomerado Health, Certs. of Part., Series 2009, 6.75% 2039 (preref. 2019)	3,500	3,632
Palomar Pomerado Health, Certs. of Part., Series 2010, 6.00% 2030 (preref. 2020)	1,500	1,613
Palomar Pomerado Health, Certs. of Part., Series 2010, 6.00% 2041 (preref. 2020)	3,710	3,989
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2028	3,000	2,266
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2029	9,350	6,771
Palomar Pomerado Health, G.O. Bonds, 2004 Election, Series 2009-A, Assured Guaranty insured, 0% 2031	3,000	1,964
Pasadena Unified School Dist., G.O. Bonds, 2008 Election, Series 2016, 4.00% 2036	2,250	2,366
Paso Robles Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, BAM insured, 4.00% 2028	915	1,024
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA No. 4), Series 2017-B, 5.00% 2024	990	1,092
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA No. 4), Series 2017-B, 5.00% 2025	940	1,044
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA No. 4), Series 2017-B, 5.00% 2029	1,265	1,409
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA No. 4), Series 2017-B, 5.00% 2033	1,480	1,627
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA No. 4), Series 2017-B, 5.00% 2035	1,000	1,092
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA No. 4), Series 2017-B, 5.00% 2037	1,325	1,438
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2031	1,325	1,441
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2032	2,675	2,897
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2033	2,885	3,117
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2034	1,490	1,607
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2041	2,000	2,146
City of Poway, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Paguay Redev. Project), Series 2015-A, 5.00% 2030	1,590	1,979
City of Poway, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Paguay Redev. Project), Series 2015-A, 5.00% 2031	500	626
Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Rev. Ref Bonds, Series 2012, BAM insured, 5.00% 2033	975	1,071
Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Rev. Ref Bonds, Series 2012, BAM insured, 5.00% 2036	525	574
Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Rev. Ref. Bonds, Series 2016, BAM insured, 5.00% 2034	995	1,134
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 5.00% 2030	990	1,105
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2030	1,345	1,467
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2032	1,600	1,735
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2034	995	1,073

The Tax-Exempt Fund of California — Page 19 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2035	$995	$1,070
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-B, BAM insured, 5.00% 2030	990	1,154
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-B, BAM insured, 5.00% 2033	1,230	1,419
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2030	1,855	2,154
Poway Unified School Dist., School Facs. Improvement Dist. No. 2007-1, G.O. Bonds, 2008 Election, Series 2011-B, 0% 2035	7,325	4,073
City of Rancho Cordova, Community Facs. Dist. No. 2003-1 (Sunridge Anatolia), Special Tax Bonds, Series 2016, 4.00% 2037	500	501
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Rancho Redev. Project Area, Tax Allocation Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2025	1,500	1,754
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Rancho Redev. Project Area, Tax Allocation Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2026	1,000	1,168
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Rancho Redev. Project Area, Tax Allocation Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2029	4,065	4,682
City of Redding, Electric System Rev. Ref. Bonds, Series 2017, 5.00% 2027	1,250	1,547
City of Redding, Electric System Rev. Ref. Bonds, Series 2017, 5.00% 2028	1,000	1,225
City of Redding, Electric System Rev. Ref. Bonds, Series 2017, 5.00% 2029	1,250	1,521
City of Redding, Redev. Agcy., Tax Allocation Bonds (SHASTEC Redev. Project), Series 2006, 5.00% 2029	655	657
City of Redding, Redev. Agcy., Tax Allocation Bonds (SHASTEC Redev. Project), Series 2006, 5.00% 2036	1,585	1,642
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2013, 5.50% 2039	2,455	2,702
Rio Hondo Community College Dist., G.O. Bonds, 2004 Election, Series 2010-C, 0% 2028	1,000	769
Rio Hondo Community College Dist., G.O. Bonds, 2004 Election, Series 2010-C, 0% 2029	2,000	1,479
City of Riverside, Sewer Rev. Bonds, Series 2015-A, 5.00% 2031	2,500	2,911
City of Riverside, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, 5.00% 2022	2,295	2,580
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2016-A, BAM insured, 5.00% 2026	2,500	2,962
County of Riverside, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Jurupa Valley Redev. Project Area), Series 2015-B, Assured Guaranty Municipal insured, 5.00% 2028	2,000	2,332
County of Riverside, Transportation Commission, Toll Rev. Bonds, Series 2013-A, 5.75% 2044	2,500	2,726
County of Riverside, Transportation Commission, Toll Rev. Bonds, Series 2013-A, 5.75% 2048	3,000	3,266
Riverside Unified School Dist., Fncg. Auth., 2015 Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2033	2,315	2,634
Riverside Unified School Dist., Fncg. Auth., 2015 Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2034	1,500	1,688
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2032	1,100	1,253
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2035	890	1,009
RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2037	1,500	1,696
RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2041	3,000	3,346
Romoland School Dist., Special Tax Community Facs. Dist. No. 2006-1 (Brendle Mills), Special Tax Bonds, Series 2017, 5.00% 2039	990	1,078
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2027	250	285
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2028	360	407
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2030	760	847

The Tax-Exempt Fund of California — Page 20 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2031	$830	$922
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2032	900	996
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2033	975	1,076
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2034	855	941
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2035	1,140	1,251
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2037	1,000	1,092
Romoland School Dist., Special Tax Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 2041	1,255	1,360
City of Roseville, Fiddyment Ranch Community Facs. Dist. No. 1 (Public Facs.), Special Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2031	1,000	1,118
City of Roseville, Fiddyment Ranch Community Facs. Dist. No. 1 (Public Facs.), Special Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2032	1,635	1,814
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2027	900	1,123
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2028	305	378
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2029	1,000	1,229
City of Roseville, Natural Gas Fncg. Auth., Gas Rev. Bonds, Series 2007, 5.00% 2022	4,920	5,313
City of Roseville, Natural Gas Fncg. Auth., Gas Rev. Bonds, Series 2007, 5.00% 2024	3,300	3,706
City of Roseville, Westpark Community Facs. Dist. No. 1 (Public Facs.), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2023	1,000	1,105
City of Roseville, Westpark Community Facs. Dist. No. 1 (Public Facs.), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2024	1,005	1,122
City of Roseville, Westpark Community Facs. Dist. No. 1 (Public Facs.), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2028	1,000	1,103
City of Roseville, Westpark Community Facs. Dist. No. 1 (Public Facs.), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2030	500	546
City of Roseville, Westpark Community Facs. Dist. No. 1 (Public Facs.), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2032	2,000	2,167
City of Sacramento, Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project), Series 2009, 5.25% 2020	995	1,048
City of Sacramento, Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project), Series 2009, 5.25% 2021	900	980
City of Sacramento, Housing Auth., Multi Family Housing Rev. Bonds (Imperial Tower Project), Series 2018-C, 2.15% 2021 (put 2020)	1,000	1,003
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024	2,000	2,277
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.80% 2019	2,100	2,138
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 2013-A, 5.00% 2041	4,500	5,040
City of Sacramento, Natomas Central Community Facs. Dist. No. 2006-02, Special Tax Bonds, Series 2016, 5.00% 2041	235	252
City of Sacramento, Natomas Central Community Facs. Dist. No. 2006-02, Special Tax Bonds, Series 2016, 5.00% 2046	1,750	1,869
City of Sacramento, North Natomas Community Facs. Dist. No. 4, Special Tax Rev. Ref. Bonds, Series 2013-E, 5.00% 2030	1,250	1,385
City of Sacramento, North Natomas Community Facs. Dist. No. 4, Special Tax Rev. Ref. Bonds, Series 2013-E, 5.25% 2025	2,565	2,919
City of Sacramento, Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2036	460	480
City of Sacramento, Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2036 (preref. 2020)	540	569
City of Sacramento, Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2042	1,875	1,956
City of Sacramento, Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2042 (preref. 2020)	1,125	1,186

The Tax-Exempt Fund of California — Page 21 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2016-B, 5.00% 2036	$1,000	$1,131
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2016-B, 5.00% 2041	2,200	2,452
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 2033	3,000	3,475
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 2034	3,000	3,459
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 2035	4,000	4,595
County of Sacramento, Community Facs. Dist. No. 2004-1 (McClellan Park), Special Tax Bonds, Series 2017, 5.00% 2040	1,960	2,113
County of Sacramento, Community Facs. Dist. No. 2005-2 (North Vineyard Station No. 1), Special Tax Bonds, Series 2016, 5.00% 2040	1,090	1,170
County of Sacramento, Sanitation Dist. Fncg. Auth., Rev. Ref. Bonds (Sacramento Regional County Sanitation Dist.), Series 2007-B, FGIC-National insured, (3-month USD-LIBOR + 0.53%) 2.364% 20351	13,500	13,163
County of Sacramento, Single Family Mortgage Rev. Bonds (GNMA Mortgage-Backed Securities Program), Series 1987-A, AMT, 9.00% 2019 (escrowed to maturity)	1,500	1,578
County of Sacramento, Water Fncg. Auth., Rev. Ref. Bonds (Water Agcy. Zones 40 and 41), Series 2007-B, FGIC-National insured, (3-month USD-LIBOR + 0.55%) 2.385% 20341	5,000	4,835
Sacramento Area Flood Control Agcy., Consolidated Capital Assessment Dist. No. 2, Rev. Bonds, Series 2016-A, 5.00% 2041	1,000	1,133
Sacramento Unified School Dist., G.O. Bonds, 2002 Election, Series 2007, Assured Guaranty Municipal insured, 0% 2028	6,525	4,972
County of San Bernardino, Community Facs. Dist. No. 2006-1 (Lytle Creek North), Improvement Area No. 6, Special Tax Bonds, Series 2018, 5.00% 2043	1,860	2,030
County of San Bernardino, Community Facs. Dist. No. 2006-1 (Lytle Creek North), Improvement Area No. 6, Special Tax Bonds, Series 2018, 5.00% 2048	1,775	1,932
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2024	1,250	1,427
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2025	1,000	1,139
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2028	1,245	1,409
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-D, Assured Guaranty Municipal insured, 4.00% 2042	2,175	2,227
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041	10,825	11,821
City of San Clemente, Community Facs. Dist. No. 2006-1 (Marblehead Coastal), Special Tax Bonds, Series 2015, 5.00% 2030	250	273
City of San Clemente, Community Facs. Dist. No. 2006-1 (Marblehead Coastal), Special Tax Bonds, Series 2015, 5.00% 2031	490	533
City of San Clemente, Community Facs. Dist. No. 2006-1 (Marblehead Coastal), Special Tax Bonds, Series 2015, 5.00% 2032	495	536
City of San Diego, Community Facs. Dist. No. 4 (Black Mountain Ranch Villages), Special Tax Bonds, Series 2016, 5.00% 2037	980	1,057
City of San Diego, Public Facs. Fncg. Auth., Sewer Rev. Bonds, Series 2009-A, 5.25% 2034 (preref. 2019)	1,500	1,516
City of San Diego, Public Facs. Fncg. Auth., Sewer Rev. Bonds, Series 2009-A, 5.375% 2034 (preref. 2019)	2,000	2,022
City of San Diego, Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series 2009-B, 5.00% 2022 (preref. 2019)	1,400	1,414
City of San Diego, Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series 2016-B, 5.00% 2039	5,000	5,692
County of San Diego, Certs. of Part. (Salk Institute for Biological Studies), Series 2010, 5.125% 2040 (preref. 2020)	3,000	3,147
County of San Diego, Certs. of Part. (Salk Institute for Biological Studies), Series 2010, 5.25% 2030 (preref. 2020)	2,000	2,101
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2010-A, 5.00% 2028	1,000	1,045
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2013-B, AMT, 5.00% 2043	2,000	2,163
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-A, 5.00% 2035	1,000	1,152
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2029	1,980	2,317
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2035	2,495	2,830

The Tax-Exempt Fund of California — Page 22 of 28

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Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2036	$750	$848
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2037	750	844
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 2047	1,000	1,105
San Diego Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 2032	2,910	3,138
San Diego Unified School Dist., G.O. Bonds, 2012 Election, Series 2013-C, 5.00% 2035	2,000	2,247
San Diego Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015-R-4, 5.00% 2027	5,000	5,981
San Diego Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-R-5, 4.00% 2029	1,500	1,686
San Diego Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-SR-1, 4.00% 2032	1,000	1,080
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-A, 4.90% 2029	4,805	4,930
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E, 6.00% 2039	2,770	2,800
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E, 6.00% 2039 (preref. 2019)	230	233
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2016-B, AMT, 5.00% 2046	4,000	4,389
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-A, AMT, 5.00% 2049	11,000	12,368
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2010-F, 5.00% 2040	3,000	3,105
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2011-F, AMT, 5.00% 2028	2,630	2,804
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2028	1,000	1,092
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2030	1,000	1,088
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2016-A, 5.00% 2029	1,375	1,650
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2042	2,000	2,224
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2047	3,000	3,320
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 2027	1,000	1,194
City and County of San Francisco, Certs. of Part., (Moscone Convention Center Expansion Project), Series 2017-B, 4.00% 2038	2,000	2,085
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2009-A, 5.00% 2024 (preref. 2019)	2,000	2,052
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2016-A, 4.00% 2037	6,575	6,860
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2018-C, 2.125% 2048 (put 2023)	2,000	2,015
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6, Special Tax Rev. Ref. Bonds (Mission Bay South Public Improvements), Series 2013-A, 5.00% 2024	1,510	1,654
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6, Special Tax Rev. Ref. Bonds (Mission Bay South Public Improvements), Series 2013-A, 5.00% 2028	1,400	1,521
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project), Series 2011-C, 6.75% 2033 (preref. 2021)	500	552
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project), Series 2011-C, 6.75% 2041 (preref. 2021)	1,875	2,068
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2009-D, 6.50% 2030 (preref. 2019)	975	999
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2011-D, 7.00% 2033 (preref. 2021)	810	897

The Tax-Exempt Fund of California — Page 23 of 28

unaudited

Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2011-D, 7.00% 2041 (preref. 2021)	$2,500	$2,768
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2014-A, 5.00% 2043	2,100	2,330
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2016-B, 5.00% 2031	425	496
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2016-C, 5.00% 2033	1,000	1,153
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2016-C, National insured, 5.00% 2041	2,100	2,338
City of San Francisco, Municipal Transportation Agcy., Rev. Bonds, Series 2012-B, 5.00% 2042	5,000	5,426
City of San Jacinto, Community Facs. Dist. No. 2002-1 (Rancho San Jacinto Phase 2), Special Tax Rev. Ref. Bonds, Series 2016, 5.00% 2027	900	1,010
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2017, 5.00% 2034	765	831
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2017, 5.00% 2035	200	216
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Bonds, Series 1993, 0% 2023 (escrowed to maturity)	5,900	5,516
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2014-A, 5.00% 2034	2,300	2,527
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.50% 2030	8,000	8,531
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-2, 5.25% 2034	4,900	5,206
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2020	2,080	2,150
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2035	2,000	2,263
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2037	1,000	1,123
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2041	1,500	1,666
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 2047	5,000	5,520
San Juan Unified School Dist., G.O. Bonds, Election of 2012, Series 2019, 4.00% 2029	2,470	2,790
City of San Marcos, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, 5.00% 2023	900	1,038
City of San Marcos, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, 5.00% 2024	150	177
City of San Marcos, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, 5.00% 2029	2,000	2,374
San Marcos Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2034	2,115	2,487
San Marcos Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2035	1,280	1,497
San Mateo Community College Dist., G.O. Bonds, 2014 Election, Series 2018-B, 5.00% 2045	4,000	4,643
City of San Ramon, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2038	2,000	2,228
City of Santa Ana, Redev. Agcy., Tax Allocation Bonds, Series 2011-A, 6.25% 2024	3,500	3,837
City of Santa Clara, Electric Rev. Ref. Bonds, Series 2011-A, 5.25% 2032	2,000	2,170
City of Santa Clara, Electric Rev. Ref. Bonds, Series 2011-A, 6.00% 2031	1,250	1,381
City of Santa Clara, Redev. Agcy., Tax Allocation Bonds (Bayshore North Project), Series 2011, 0% 2024 (preref. 2021)	4,310	3,323
City of Santa Clara, Redev. Agcy., Tax Allocation Bonds (Bayshore North Project), Series 2011, 0% 2025 (preref. 2021)	4,000	2,843
County of Santa Cruz, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, 5.00% 2044	3,750	4,101
City of Santa Fe Springs, Community Dev. Commission, Consolidated Redev. Project, Tax Allocation Bonds, Capital Appreciation Bonds, Series 2006-A, National insured, 0% 2022	1,135	1,053
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2026	835	922
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2029	2,150	2,337
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2038	460	492

The Tax-Exempt Fund of California — Page 24 of 28

unaudited

Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
City of Santa Monica, Redev. Agcy., Tax Allocation Bonds (Earthquake Recovery Redev. Project), Series 2011, 5.00% 2032	$2,000	$2,158
City of Santa Monica, Redev. Agcy., Tax Allocation Bonds (Earthquake Recovery Redev. Project), Series 2011, 5.875% 2036	1,250	1,372
City of Santa Monica, Redev. Agcy., Tax Allocation Bonds (Earthquake Recovery Redev. Project), Series 2011, 5.875% 2042	2,500	2,737
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 2033	1,240	1,353
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 2041	3,720	3,973
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 2046	3,495	3,719
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2022	1,000	1,115
Sonoma-Marin Area Rail Transit Dist., Measure Q Sales Tax Rev. Bonds, Series 2011-A, 5.00% 2028	3,500	3,865
South Orange County Public Fncg. Auth., Central Utility Fac. Lease Rev. Bonds, Series 2016, 5.00% 2031	1,250	1,466
South Orange County Public Fncg. Auth., Central Utility Fac. Lease Rev. Bonds, Series 2016, 5.00% 2032	1,750	2,041
South Orange County Public Fncg. Auth., Central Utility Fac. Lease Rev. Bonds, Series 2016, 5.00% 2035	2,000	2,298
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2011-C, 5.25% 2023 (preref. 2020)	2,000	2,130
Southwestern Community College Dist., G.O. Rev. Ref. Bonds (2019 Crossover), Series 2016-B, 4.00% 2035	500	529
City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (1998 Wastewater Project and 2003 Wastewater Project), Series 2014, BAM insured, 5.00% 2024	500	581
City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (1998 Wastewater Project and 2003 Wastewater Project), Series 2014, BAM insured, 5.00% 2028	1,000	1,152
Stockton Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2029	4,000	4,683
Stockton Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2031	7,800	8,997
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 2047	4,750	4,817
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2032	5,000	5,626
Temecula Valley Unified School Dist., Fncg. Auth. Rev. Bonds, Series 2015, BAM insured, 5.00% 2050	1,000	1,093
Temecula Valley Unified School Dist., Fncg. Auth. Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2034	2,065	2,344
Temecula Valley Unified School Dist., Fncg. Auth. Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2040	1,600	1,794
Temecula Valley Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2030	1,000	1,148
Temecula Valley Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2031	1,500	1,717
Temecula Valley Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2033	1,000	1,139
Temecula Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2045	2,000	2,035
City of Thousand Oaks, Community Facs. Dist. No. 1994-1 (Marketplace Public Pedestrian, Traffic Circulation and Parking Facs.), Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2022	690	715
City of Thousand Oaks, Community Facs. Dist. No. 1994-1 (Marketplace Public Pedestrian, Traffic Circulation and Parking Facs.), Special Tax Rev. Ref. Bonds, Series 2012, 5.375% 2031	3,265	3,378
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.00% 2037	5,930	5,930
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046	7,800	7,800
City of Torrance, Rev. Bonds (Torrance Memorial Medical Center), Series 2010-A, 5.00% 2040	5,185	5,426
City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2010-A, 5.00% 2035 (preref. 2020)	2,000	2,064
City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2011, 5.50% 2041	3,000	3,186
City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2016, 5.00% 2036	2,000	2,289

The Tax-Exempt Fund of California — Page 25 of 28

unaudited

Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy/Columbus Villages), Special Tax Rev. Ref. Bonds, Series 2015-A, 4.00% 2035	$250	$249
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy/Columbus Villages), Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2026	865	1,020
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy/Columbus Villages), Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2030	2,750	2,982
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy/Columbus Villages), Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2031	1,000	1,143
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy/Columbus Villages), Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2033	1,135	1,287
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy/Columbus Villages), Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2040	750	809
Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-1A, 5.00% 2028	3,000	3,405
Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-1A, 5.00% 2029	1,000	1,129
Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-1A, 5.00% 2030	1,535	1,724
Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-1A, BAM insured, 5.00% 2038	2,500	2,809
Twin Rivers Unified School Dist., G.O. Bonds, 2006 Election, Series 2016, Assured Guaranty Municipal insured, 0% 2041	15,700	6,210
Upper Santa Clara Valley Joint Powers Auth., Rev. Bonds, Series 2016-A, 5.00% 2046	3,000	3,368
Val Verde Unified School Dist., G.O. Bonds, 2012 Election, Series 2016-C, Assured Guaranty Municipal insured, 4.00% 2045	2,200	2,265
County of Ventura, Public Fncg. Auth., Lease Rev. Bonds, Series 2013-A, 5.00% 2043	3,000	3,313
Victor Elementary School Dist., Community Facs. Dist. No. 2005-1, Special Tax Bonds, Series 2018, 5.00% 2046	1,250	1,392
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, BAM insured, 4.00% 2031	1,000	1,083
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, BAM insured, 4.00% 2032	4,680	5,034
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2035	3,630	3,842
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2036	1,665	1,751
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2037	5,400	5,649
City of Walnut, Energy Center Auth., Rev. Ref. Bonds, Series 2010-A, 5.00% 2035	2,000	2,055
Washington Township Health Care Dist., Rev. Bonds, Series 2010-A, 5.00% 2025	1,500	1,554
Washington Township Health Care Dist., Rev. Bonds, Series 2010-A, 5.25% 2030	2,000	2,082
Washington Township Health Care Dist., Rev. Bonds, Series 2017-A, 5.00% 2042	1,000	1,083
Washington Township Health Care Dist., Rev. Bonds, Series 2017-B, 5.00% 2029	600	690
Washington Township Health Care Dist., Rev. Bonds, Series 2017-B, 5.00% 2030	2,500	2,851
Washington Township Health Care Dist., Rev. Bonds, Series 2017-B, 5.00% 2032	1,350	1,521
Washington Township Health Care Dist., Rev. Bonds, Series 2017-B, 5.00% 2033	1,000	1,122
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Series 2010-D-2, Assured Guaranty Municipal insured, 0% 2036	6,000	3,143
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2027	3,000	3,327
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2032	3,500	3,872
City of West Hollywood, Community Dev. Commission, Tax Allocation Bonds (East Side Redev. Project), Series 2011-A, 7.50% 2042	1,250	1,422
Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Bonds, Series 2017-A, 5.00% 2042	1,150	1,225
Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, 5.00% 2030	600	689

The Tax-Exempt Fund of California — Page 26 of 28

unaudited

Bonds, notes & other debt instruments (continued) California (continued) City, county & other issuers (continued)	Principal amount (000)	Value (000)
Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, 5.00% 2032	$1,240	$1,403
City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax Allocation Rev. Ref. Bonds, Series 2016-B, BAM insured, 4.00% 2031	3,105	3,338
City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax Allocation Rev. Ref. Bonds, Series 2016-B, BAM insured, 4.00% 2035	2,220	2,342
City of Whittier, Health Fac. Rev. Bonds (PIH Health), Series 2014, 5.00% 2044	10,000	10,763
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and Capital Projects Bonds, Series 2019, 5.00% 2033	1,380	1,534
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and Capital Projects Bonds, Series 2019, 5.00% 2038	1,575	1,721
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and Capital Projects Bonds, Series 2019, 5.00% 2044	1,600	1,735
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and Capital Projects Bonds, Series 2019, 5.00% 2048	1,800	1,946
		1,346,553
Guam 0.37%
Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.50% 2040	4,000	4,286
Port Auth., Port Rev. Bonds, Series 2018-B, AMT, 5.00% 2037	400	431
Power Auth., Rev. Ref. Bonds, Series 2017-A, 5.00% 2036	1,300	1,411
Power Auth., Rev. Ref. Bonds, Series 2017-A, 5.00% 2037	1,200	1,297
Power Auth., Rev. Ref. Bonds, Series 2017-A, 5.00% 2040	1,000	1,071
		8,496
Puerto Rico 0.59%
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033	7,900	8,207
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2021	500	487
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 2026 (escrowed to maturity)	1,830	2,304
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 2026 (escrowed to maturity)3	170	214
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2026	1,500	1,425
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2019	1,000	992
		13,629
Total bonds, notes & other debt instruments (cost: $2,151,674,000)		2,199,481
Short-term securities 4.10%
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-A, 1.34% 20351	18,725	18,725
City of Irvine, Reassessment Dist. No. 87-8, Limited Obligation Improvement Bonds, Series 1999, 1.30% 20241	1,500	1,500
Kindergarten-University Public Education Facs. Bonds, Series 2004-B-3, 1.35% 20341	6,000	6,000
County of Los Angeles, Lease Rev. IAM Commercial Paper, Series 2019-B, 1.47% 2/6/2019	5,000	5,000
County of Los Angeles, Tax and Rev. Anticipation Notes, Series 2018, 4.00% 6/28/2019	1,750	1,767
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-1, 1.34% 20371	2,000	2,000
Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 1.34% 20251	2,500	2,500
Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 1.41% 20421	6,700	6,700
County of Riverside, Tax and Rev. Anticipation Notes, Series 2018, 4.00% 6/28/2019	1,000	1,010

The Tax-Exempt Fund of California — Page 27 of 28

unaudited

Short-term securities (continued)	Principal amount (000)	Value (000)
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2002, 1.34% 20241	$14,410	$14,410
Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 1.33% 20481	4,600	4,600
Regents of the University of California, IAM Commercial Paper, Series 2019-A, 1.43% 2/21/2019	13,000	13,000
Regents of the University of California, IAM Commercial Paper, Series 2019-A, 1.48% 3/5/2019	11,000	11,000
Regents of the University of California, IAM Commercial Paper, Series 2019-A, 1.56% 3/7/2019	4,000	4,000
Dept. of Water Resources, Water System Rev. IAM Commercial Paper, Series 2019-1, 1.45% 3/7/2019	1,900	1,900
Total short-term securities (cost: $94,111,000)		94,112
Total investment securities 99.92% (cost: $2,245,785,000)		2,293,593
Other assets less liabilities 0.08%		1,798
Net assets 100.00%		$2,295,391

1	Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
2	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $75,210,000, which represented 3.28% of the net assets of the fund.
3	Step bond; coupon rate may change at a later date.

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

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

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

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

MFGEFPX-020-0319O-S66075

The Tax-Exempt Fund of California — Page 28 of 28

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

(b)	Effective May 28, 2018, the The American Funds Tax-Exempt Series II’s investment adviser implemented a new fixed income order management, trading, and compliance system. In connection with introducing this new system, additional automated and manual controls were implemented and some existing controls were modified. None of these changes were in response to any identified deficiency or weakness in the The American Funds Tax-Exempt Series II’s internal control over financial reporting.

ITEM 12 – Exhibits

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

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

SIGNATURES

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

	THE AMERICAN FUNDS TAX-EXEMPT SERIES II

	By __/s/ Kristine M. Nishiyama____________________
	Kristine M. Nishiyama, Executive Vice President and Principal Executive Officer

	Date: March 29, 2019

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

By __/s/ Kristine M. Nishiyama_________________

Kristine M. Nishiyama, Executive Vice President and

Principal Executive Officer

Date: March 29, 2019

By ___/s/ Brian C. Janssen __________

Brian C. Janssen, Treasurer and

Principal Financial Officer

Date: March 29, 2019