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®

Prospectus Supplement

July 1, 2019

(for prospectus dated October 1, 2018, as supplemented to date)

1. The “Fees and expenses of the fund” section of the prospectus for American Funds Tax-Exempt Fund of New York is amended by replacing the “Annual fund operating expenses” table and the cumulative estimated expense example table under the heading “Example” with the updated tables set forth below. Except as indicated below, footnotes in the prospectus remain unchanged.

American Funds Tax-Exempt Fund of New York

2. The second and third paragraphs of the “Rollovers from retirement plans to IRAs” section of the prospectus areamended to read as follows:

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

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

3. The second paragraph of the “Fund expenses” section of the prospectus is amended to read as follows:

For all share classes, “Other expenses” items in the Annual Fund Operating Expenses table in this prospectus include fees for administrative services provided by the fund’s investment adviser and its affiliates. Administrative services are provided by the investment adviser and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact

fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund’s investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to Class A, C, T and F shares (which could be increased as noted above) for its provision of administrative services.

4. The following sections under the title “Raymond James & Associates, Inc., Raymond James Financial Services, Inc., & Raymond James affiliates (“Raymond James”) Class A share Front-End Sales Charge Waiver” in the “Appendix” section of the prospectus is amended to read as follows:

Raymond James & Associates, Inc., Raymond James Financial Services, Inc., and each entity’s affiliates (“Raymond James”) Class A share Front-End Sales Charge Waiver

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or SAI.

Front-end sales charge waivers on Class A shares available at Raymond James

CDSC Waivers on Classes A and C shares available at Raymond James

Front-end sales charge discounts available at Raymond James: breakpoints, rights of accumulation and/or letters of intent

Keep this supplement with your prospectus.

Lit. No. MFGEBS-342-0719P Printed in USA CGD/AFD/10039-S74868

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®

Prospectus Supplement

July 1, 2019

(for prospectus dated October 1, 2018)

The second paragraph of the “Fund expenses” section of the prospectus is amended to read as follows:

“Other expenses” items in the Annual Fund Operating Expenses tables in this prospectus include fees for administrative services provided by the fund’s investment adviser and its affiliates. Administrative services are provided by the investment adviser and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund's investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to Class R-6 shares (which could be increased as noted above) for administrative services provided to this share class.

Keep this supplement with your prospectus. 

Lit. No. MFGEBS-341-0719P Printed in USA CGD/AFD/10039-S74867

Statement of Additional Information Supplement July 1, 2019

For the following funds with statements of additional information dated August 1, 2018 – June 1, 2019 (as supplemented to date):

Changes apply to all funds unless otherwise noted below.

1. The third footnote under the “Fund shares owned by trustees” table in the “Management of the fund” section of the American Funds U.S. Government Money Market Fund statement of additional information is amended to read as follows:

2. The first footnote under the “Trustee compensation” table in the “Management of the fund” section of the American Funds U.S. Government Money Market Fund statement of additional information is amended to read as follows:

3. The table under the heading “Portfolio manager fund holdings and other managed accounts” in the “Management of the fund” section of the American Balanced Fund statement of additional information is amended to read as follows. Footnotes in the statement of additional information remain unchanged.

4. The table under the heading “Portfolio manager fund holdings and other managed accounts” in the “Management of the fund” section of The Income Fund of America statement of additional information is amended to read as follows. Except as indicated below the table, footnotes in the statement of additional information remain unchanged.

⁴ Information is as of May 31, 2019.

⁵ Information is as of September 15, 2017.

5. The fourth paragraph under the heading “Investment Advisory and Service Agreement” in the “Management of the Fund” section of American Funds Corporate Bond Fund statement of additional information is amended to read as follows:

Under the Agreement, the investment adviser receives a management fee at the annual rate of .377% of the average daily net assets of the fund. Management fees are paid monthly and accrued daily.

6. The management fee table under the heading “Investment Advisory and Service Agreement” in the “Management of the Fund” section of American Funds Strategic Bond Fund statement of additional information is amended to read as follows:

Under the Agreement, the investment adviser receives a management fee based on the following annualized rates and daily net asset levels:

Management fees are paid monthly and accrued daily.

7. The management fee table under the heading “Investment Advisory and Service Agreement” in the “Management of the Fund” section of American Funds Tax-Exempt Fund of New York statement of additional information is amended to read as follows:

8. The third paragraph under the heading “Administrative services” in the “Management of the fund” section of the statement of additional information is amended to read as follows:

The Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund’s investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to Class A, C, T, F, R and 529 shares (which could be increased as noted above) for its provision of administrative services. Administrative services fees are paid monthly and accrued daily.

9. The third paragraph under the heading “Administrative services” in the “Management of the series” section of the American Funds Tax-Exempt Fund Series statement of additional information is amended to read as follows:

The Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund’s investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to Class A, C, T, F and R-6 shares (which could be increased as noted above) for its provision of administrative services. Administrative services fees are paid monthly and accrued daily.

Keep this supplement with your statement of additional information.

Lit No. MFGEBS-338-0719O CGD/10149-S74845