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

 

May 1, 2022

(for prospectus dated October 1, 2021, as supplemented to date)

 

1. The “Annual fund operating expenses” and “Example” tables in the “Fees and expenses of the fund” summary section of the prospectus for each of the funds listed above, except American Funds Short-Term Tax-Exempt Bond Fund, are amended to read as follows. Except as indicated below, footnotes in the prospectus remain unchanged.

 

Limited Term Tax-Exempt Bond Fund of America

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Share class: A C T F-1 F-2 F-3
Management fees1 0.18% 0.18% 0.18% 0.18% 0.18% 0.18%
Distribution and/or service (12b-1) fees 0.30 1.00 0.25 0.25 none none
Other expenses 0.08 0.08 0.08 0.16 0.14 0.04
Total annual fund operating expenses 0.56 1.26 0.51 0.59 0.32 0.22
1Restated to reflect current fees.

 

Share class: A C T F-1 F-2 F-3 For the share class listed to the right, you would pay the following if you did not redeem your shares: Share class: C
1 year $306 $228 $301 $60 $33 $23 1 year $128
3 years 425 400 409 189 103 71 3 years 400
5 years 555 692 528 329 180 124 5 years 692
10 years 934 1,329 874 738 406 280 10 years 1,329

 

American High-Income Municipal Bond Fund

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Share class: A C T F-1 F-2 F-3
Management fees1 0.24% 0.24% 0.24% 0.24% 0.24% 0.24%
Distribution and/or service (12b-1) fees 0.30 1.00 0.25 0.25 none none
Other expenses 0.10 0.10 0.10 0.17 0.16 0.06
Total annual fund operating expenses 0.64 1.34 0.59 0.66 0.40 0.30
1Restated to reflect current fees.

 

Share class: A C T F-1 F-2 F-3 For the share class listed to the right, you would pay the following if you did not redeem your shares: Share class: C
1 year $438 $236 $309 $67 $41 $31 1 year $136
3 years 572 425 434 211 128 97 3 years 425
5 years 718 734 571 368 224 169 5 years 734
10 years 1,143 1,420 969 822 505 381 10 years 1,420

 

The Tax-Exempt Fund of California

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Share class: A C T F-1 F-2 F-3
Management fees1 0.23% 0.23% 0.23% 0.23% 0.23% 0.23%
Distribution and/or service (12b-1) fees 0.25 1.00 0.25 0.25 none none
Other expenses 0.06 0.06 0.08 0.16 0.14 0.04
Total annual fund operating expenses 0.54 1.29 0.56 0.64 0.37 0.27
1Restated to reflect current fees.

 

Share class: A C T F-1 F-2 F-3 For the share class listed to the right, you would pay the following if you did not redeem your shares: Share class: C
1 year $428 $231 $306 $65 $38 $28 1 year $131
3 years 542 409 425 205 119 87 3 years 409
5 years 665 708 555 357 208 152 5 years 708
10 years 1,027 1,349 934 798 468 343 10 years 1,349
 
 

 

 

American Funds Tax-Exempt Fund of New York

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Share class: A C T F-1 F-2 F-3
Management fees3 0.24% 0.24% 0.24% 0.24% 0.24% 0.24%
Distribution and/or service (12b-1) fees 0.25 1.00 0.25 0.25 none none
Other expenses 0.13 0.13 0.14 0.19 0.21 0.11
Total annual fund operating expenses 0.62 1.37 0.63 0.68 0.45 0.35
Expense reimbursement2 0.05 0.05 0.05 0.05 0.05 0.05
Total annual fund operating expenses after expense reimbursement 0.57 1.32 0.58 0.63 0.40 0.30
2The investment adviser is currently reimbursing a portion of the other expenses. This reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.
3Restated to reflect current fees.

 

Share class: A C T F-1 F-2 F-3 For the share class listed to the right, you would pay the following if you did not redeem your shares: Share class: C
1 year $431 234 $308 $64 $41 $31 1 year $134
3 years 561 429 442 213 139 107 3 years 429
5 years 703 745 588 374 247 191 5 years 745
10 years 1,116 1,436 1,012 842 562 438 10 years 1,436

 


2. The “Annual fund operating expenses” table and the information under the heading “Example” in the “Fees and expenses of the fund” summary section of the prospectus for American Funds Short-Term Tax-Exempt Bond Fund is amended to read as follows. Except as indicated below, footnotes in the prospectus remain unchanged.

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Share class: A T F-1 F-2 F-3
Management fees1 0.20% 0.20% 0.20% 0.20% 0.20%
Distribution and/or service (12b-1) fees 0.15 0.25 0.25 none none
Other expenses 0.09 0.09 0.17 0.12 0.05
Total annual fund operating expenses 0.44 0.54 0.62 0.32 0.25
Expense reimbursement2 0.01 0.01 0.01 0.01 0.01
Total annual fund operating expenses after expense reimbursement 0.43 0.53 0.61 0.31 0.24
1Restated to reflect current fees.
2The investment adviser is currently reimbursing a portion of the other expenses. This reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.

 

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

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

Share class: A T F-1 F-2 F-3
1 year              $293               $303                $62                $32                 $25
3 years               387               418               198               102                 79
5 years               489               543               345               179               140
10 years               790               909               773               405               317

 

 

 

 

Keep this supplement with your prospectus.

 

 

 

Lit. No. MFGEBS-516 -0522P Printed in USA CGD/TM/10039-S88305

 

 

American Funds Short-Term Tax-Exempt Bond Fund®
Limited Term Tax-Exempt Bond Fund of America®
American High-Income Municipal Bond Fund®

Prospectus Supplement

 

May 1, 2022

(for prospectus dated October 1, 2021)

 

1. The “Annual fund operating expenses” and “Example” tables in the “Fees and expenses of the fund” summary section of the prospectus for Limited Term Tax-Exempt Bond Fund of America and American High-Income Municipal Bond Fund are amended to read as follows. Except as indicated below, footnotes in the prospectus remain unchanged.

 

Limited Term Tax-Exempt Bond Fund of America

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Share class: R-6
Management fees* 0.18%
Distribution and/or service (12b-1) fees none
Other expenses 0.04
Total annual fund operating expenses 0.22

 

*Restated to reflect current fees.

 

Share class 1 year 3 years 5 years 10 years
R-6 $23 $71 $124 $280

 

American High-Income Municipal Bond Fund

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Share class: R-6
Management fees* 0.24%
Distribution and/or service (12b-1) fees none
Other expenses 0.06
Total annual fund operating expenses 0.30

 

*Restated to reflect current fees.

 

Share class 1 year 3 years 5 years 10 years
R-6 $31 $97 $169 $381

 

2. The “Annual fund operating expenses” table and the information under the heading “Example” in the “Fees and expenses of the fund” summary section of the prospectus for American Funds Short-Term Tax-Exempt Bond Fund is amended to read as follows. Except as indicated below, footnotes in the prospectus remain unchanged.

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Share class: R-6
Management fees1 0.20%
Distribution and/or service (12b-1) fees none
Other expenses 0.05
Total annual fund operating expenses 0.25
Expense reimbursement2 0.01
Total annual fund operating expenses after expense reimbursement 0.24

 

1Restated to reflect current fees.
2The investment adviser is currently reimbursing a portion of the other expenses. This reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.

 

 

 

 

 
 

 

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

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The example reflects the expense reimbursement described above through the expiration date of such reimbursement and total annual fund operating expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share class 1 year 3 years 5 years 10 years
R-6 $25 $79 $140 $317

 

 

 

 

 

 

 

 

 

 

 

 

Keep this supplement with your prospectus.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lit. No. MFGEBS-520-0522O CGD/10039-S88350

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

 

Statement of Additional
Information Supplement

May 1, 2022

(for statement of additional information dated October 1, 2021)


1. The table under the heading “Investment Advisory and Service Agreement” in the “Management of the fund” section of the statement of additional information for American Funds Short-Term Tax-Exempt Bond Fund is amended to read as follows:

Rate Net asset level
In excess of Up to
0.204% $                         0 $15,000,000,000
0.175 15,000,000,000  

 

2. The net asset level table under the heading “Investment Advisory and Service Agreement” in the “Management of the fund” section of the statement of additional information for each of the funds listed below is amended to read as follows:

 

Limited-Term Tax-Exempt Bond Fund of America

Rate Net asset level
In excess of Up to
0.143% $                         0 $15,000,000,000
0.120 15,000,000,000  

 

American High-Income Municipal Bond Fund

Rate Net asset level
In excess of Up to
0.151% $                         0 $15,000,000,000
0.130 15,000,000,000  

 

The Tax-Exempt Fund of California

Rate Net asset level
In excess of Up to
0.157% $                           0 $15,000,000,000
0.130 15,000,000,000  

 

American Funds Tax-Exempt Fund of New York

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

Rate Net asset level
In excess of Up to
0.157% $                           0 $15,000,000,000
0.130 15,000,000,000  

 

3. Under the heading “Investment Advisory and Service Agreement” in the “Management of the fund” section of the statement of additional information for American Funds Short-Term Tax-Exempt Bond Fund, the following paragraph is added:

 

Fee waiver - The investment adviser is currently reimbursing a portion of the expenses for each share class of STEX. These reimbursements will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursements at that time.

 
 

4. Under the heading “Investment Advisory and Service Agreement” in the “Management of the fund” section of the statement of additional information for American Funds Tax-Exempt Fund of New York, the following paragraph is amended as follows:

 

Fee waiver - The investment adviser is currently reimbursing a portion of the expenses for each share class of TEFNY. These reimbursements will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursements at that time. For each of the fiscal years ended July 31, 2021, 2020 and 2019, the total expenses reimbursed by the investment adviser were $161,000, $121,000 and $7,000, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Keep this supplement with your statement of additional information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lit No. MFGEBS-519 -0522P Printed in USA CGD/TM/10149-S88349